Finance | - Part 158

World Bank Stops Funding World’s Biggest Power Plant Plan

LAGOS, Nigeria, Capital Markets in Africa: The World Bank has suspended funding to help develop a $14 billion hydropower project in the Democratic Republic of Congo, a stage in what could become the world’s biggest power plant, after a disagreement with the nation over implementation plans. The announcement to halt financing the Inga 3 project followed the Congo’s decision “to take the project in a different strategic direction to that agreed between the World Bank and the government in…

Egypt Seeks $12 Billion IMF Loan to Repair Battered Economy

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CAIRO, Egypt, Capital Markets in Africa: Egypt plans to secure a $12 billion loan from the International Monetary Fund to ease a crippling dollar squeeze and restore confidence in the economy, an accord that would be the fund’s biggest aid package in a region pummelled by political unrest and the plunge in oil prices. Stocks surged after authorities said on Tuesday evening they will finalize terms with an IMF team set to visit Cairo from July…

Mozambique | Plunging Tuna Bonds Wreck Africa’s Most Promising Economy

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MAPUTO, Capital Markets in Africa: Even by the standards of Africa, it’s been a wild ride for Mozambique. There’s little sign it will end well. Blowing through more than $2 billion of borrowed money just as the currency and the price of commodity exports plunged has left the former Portuguese colony with near-empty coffers. Its creditors, which bought debt sold by Credit Suisse Group AG and VTB Group, may be left holding the bag. Nor does it help…

Infrastructure | South Sudan to Tap Solar Amid Teetering Peace Deal

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South Sudan, Capital Markets in Africa: Gigawatt Global Cooperatief UA, an Amsterdam-based renewable-energy developer, is working on South Sudan’s first solar project even as the country’s cease-fire teeters. The world’s youngest country, which gained independence from Sudan in 2011, struck a peace deal in August after a two-year civil war. Sitting atop Africa’s third-largest oil reserves, South Sudan has no working central electricity system and is powered entirely by privately owned diesel generators. “Some of…

Flows From Single Deal Will Help Double Tanzania’s FDI in 2016

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Tanzania, Capital Markets in Africa: Tanzania may receive $4.2 billion in foreign direct investment this year, double the average annual amount, boosted by inflows for a single project, the head of the Tanzania Investment Centre said. “A few days ago, we got someone who is bringing investment that’s more than the annual combined investment that we have been getting,” acting Executive Director Clifford Tandari said, declining to provide any details. “So the future outlook is…

Kenya | Shakeout Looms for Kenyan Insurers Squeezed by Capital Rules

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NAIROBI, Capital Markets in Africa: A push by Kenyan regulators to clean up the East African country’s insurance industry is poised to trigger stake sales or exits by underwriters unable to meet the new capital requirements, according to an industry group. Most companies missed a June deadline to start building capital levels over the next three years, leaving many of them stuck with having to find investors to raise cash or to sell their companies completely, Association…

Investment | Chinese to Invest $2.8 Billion in South Africa Economic Zone

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South Africa, Capital Markets in Africa: A group of Chinese investors will invest more than 40 billion rand ($2.8 billion) in an energy and metals-related industrial park in South Africa, giving a boost to the country’s government as it seeks to grow the manufacturing industry and ease unemployment. The consortium, led by Hong Kong Mining Exchange Co., will develop and manage the park, which will house plants to process minerals including chrome, manganese, coking coal and…

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