Finance | - Part 151

IMF Disburses Further $116 Million to Ghana in Bailout Plan

ACCRA (Capital Markets in Africa) – The International Monetary Fund approved the release of a $116 million installment to Ghana after a review of economic and monetary reforms that are part of an almost $1 billion bailout plan for the West African nation. The total disbursements under the program amount to $465 million so far, the Washington-based lender said in an e-mailed statement on Wednesday. Ghana turned to the IMF in April 2015 after lower…

Eurobond Investors Warm to Nigeria as OPEC Deal Aids Rally

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LAGOS (Capital Markets in Africa) – Nigeria, heading for its first full-year contraction in 25 years and in need of funding to cover a record budget deficit, may take heart from the performance of its dollar debt and OPEC’s agreement to cut oil production as the West African country prepares to tap the Eurobond market for the first time since 2013. Demand for the nation’s U.S. currency-denominated securities drove yields to the lowest in 15 months, handing…

Billionaire Christo Wiese Invests $1.8 Billion More in Steinhoff

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JOHANNESBURG, Capital Markets in Africa: Christo Wiese, South Africa’s richest man, is investing a further $1.8 billion in Steinhoff International Holdings NV to help finance the furniture retailer’s acquisition spree in Europe and North America. Steinhoff raised 2.45 billion euros ($2.74 billion) as it also sold shares to other investors, including a fund that’s linked to South Africa’s program to promote black ownership, the company said on Wednesday. Steinhoff shares rose 4.8 percent to 5.29 euros at 4:28 p.m. in…

Nigeria Mulling Oil Assets Sale That Could Reshape Industry

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LAGOS, Capital Markets in Africa: Nigeria’s possible sale of some of its oil and gas assets to raise money and boost the contracting economy in Africa’s most populous country could reduce the government’s influence over its biggest industry. President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance payment for license rounds, infrastructure concessioning,” to help deal with the slump in oil…

Zambia, Zimbabwe Pick AfDB Advisers for $4 Billion Batoka Plant

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HARARE, Capital Markets in Africa: Zambia and Zimbabwe have appointed the African Development Bank as lead financial advisers for the construction of the 2,400-megawatt Batoka Gorge hydro-power project that’s expected to cost $4 billion, an official said. The two southern African nations face severe power shortages as years of under-investment are amplified by low water levels at the Kariba dam hydro-power station that they each rely on for about half of total supplies. “Only yesterday, we were talking…

Eni asks banks for billions to finance Mozambique gas project

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MAPUTO, Capital Markets in Africa: Italian oil firm Eni has approached banks for billions of dollars to finance a huge offshore gas development in Mozambique, a significant step in getting a long-delayed project off the ground, the company and sources said. Eni confirmed it met bankers in London last week about project financing to develop the Coral field, part of the huge reserves discovered six years ago in the Area 4 concession off the Mozambican…

AfDB Seeks Investors for $7.6-Billion Tanzanian Railway Line

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DAR ES SALAAM, Capital Markets in Africa: The African Development Bank will hold an investors’ roadshow to attract as much as $7.6 billion in financing for a railway line linking Tanzania’s port in Dar es Salaam with neighboring landlocked countries. The Abidjan, Ivory Coast-based lender is teaming up with the World Economic Forum to help attract investors to bankroll the 2,200-kilometer (1,370-mile) line, according to Gabriel Negatu, AfDB’s regional director for East Africa. “We are convening a meeting of…

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