Finance | - Part 155

South Africa Said to Consider Partial Sale of Broadband Infraco

$South Africa Said to Consider Partial Sale of Broadband Infraco$

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s government will decide this week whether to part-privatize the country’s second-largest fixed-line operator, Broadband Infraco, as the company runs short of cash, according to two people familiar with the matter. A sale process would interest Vodacom Group Limited, South Africa’s largest mobile operator by customer numbers, spokesman Byron Kennedy said in e-mailed comments on Tuesday, without saying whether he was aware of government plans. Dark Fibre Africa, South…

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal

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CAIRO, Egypt, Capital Markets in Africa: The United Arab Emirates agreed to deposit $1 billion with Egypt’s central bank to help the North African nation meet the requirements for a $12 billion loan deal with the International Monetary Fund. Egypt has secured an initial agreement with the Washington-based lender, but the IMF’s executive board will not consider the loan deal before the country secures commitments of as much as $6 billion from bilateral creditors. The deposit has a six-year tenor,…

Egypt’s El-Sisi Sets Stage for Tough Reforms as IMF Loan Awaits

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CAIRO, Egypt, Capital Markets in Africa: Egypt is moving to end its dollar exchange rate problem within months, President Abdel-Fattah El-Sisi said, warning that the Arab world’s most populous nation could no longer put off tough measures if it hopes to revive its economy. In an interview with three state-run newspapers published Tuesday, the Egyptian leader said officials had waited too long to act, and that piecemeal measures taken over the years were no longer tenable. His…

Sub-Saharan Africa May Help Soak Up Global LNG Glut, Says BMI

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LAGOS, Capital Markets in Africa: Sub-Saharan Africa holds the highest potential to become a “niche” market for liquefied natural gas to feed power plants as the world faces a growing surplus of the fuel, according to BMI research. Ivory Coast, Ghana and South Africa are the most likely destinations for LNG in the region, the analysts wrote in a note dated Thursday. As most countries have limited domestic consumption and infrastructure, integrated LNG-to-power projects will…

INFRASTRUCTURE FINANCE IN AFRICA: A LEGAL VIEWPOINT

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LAGOS, Nigeria, Capital Markets in Africa: The key to unlocking Africa’s growth potential The continued downturn in global commodities prices has, according to the World Bank’s Africa’s Pulse April 2016 report, reduced Sub-Saharan Africa’s economic growth to 3% in 2015 from 4.5% in 2014. Despite this fall, Africa’s economic growth of 3% for 2015 is higher than the global average growth rate. It is undeniable that developing the continent’s road, rail, power and urban infrastructure…

Egypt Expects Arab Allies to Provide Aid as Part of IMF Deal

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CAIRO, Egypt, Capital Markets in Africa: Egypt expects its oil-rich allies such as Saudi Arabia and the United Arab Emirates to provide funding as the country moves to finalize a $12 billion loan program with the International Monetary Fund, Prime Minister Sherif Ismail said. International financial institutions will also help finance the government’s three-year program with the Washington-based lender, Ismail told Bloomberg News in Cairo on Wednesday. The IMF’s Executive Board will not consider the loan deal before…

Nigeria Seeks $7 Billion to Kick-Start Mines, Steel Industry

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Lagos, Nigeria, Capital Markets in Africa: Nigeria is looking for investments of $7 billion in mining and steel over the next decade as it seeks to develop gold and iron ore extraction industries to diversify its oil-dependent economy. One of the government’s priorities is to meet its annual steel demand of 6.8 million metric tons, from a current output of a third of that, produced mainly from scrap iron, Solid Minerals Development Minister Kayode Fayemi said. “About…

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