Finance | - Part 158

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

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…

Senegal | Woodside to Buy Conoco’s Senegal Assets for $350 Million

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DAKAR, Senegal, Capital Markets in Africa: Woodside Petroleum Limited agreed to buy ConocoPhillips’s assets in Senegal for $350 million to gain a stake in exploration blocks off the West African nation. ConocoPhillips holds 35 percent of a contract with the Senegal government covering three offshore blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, Perth-based Woodside said in a statement to the stock exchange Thursday. “This is a gutsy move from Woodside, which will only pay off…

Africa’s Biggest Pension Fund Invests $730 Million in Home Loans

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South Africa, Capital Markets in Africa: South Africa’s Government Employees Pension Fund, the continent’s largest, invested 10.5 billion rand ($730 million) in mortgage provider SA Home Loans Ltd. to boost government workers’ access to housing. The investment will be done by the Public Investment Corp. on behalf of the GEPF, according to a statement distributed in Johannesburg on Wednesday. Of the funds, 5 billion rand is earmarked for civil servants, 2 billion rand will be allocated to affordable…

Big Oil’s $45 Billion of New Projects Signal Spending Revival

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LAGOS, Nigeria, Capital Markets in Africa: Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead. Chevron Corp. gave the go-ahead to a $37 billion expansion in Kazakhstan, the industry’s biggest undertaking since crude started tumbling two years ago. BP Plc signed off on the $8 billion expansion of…

Angola Said to Discuss $500 Million Loan With Gemcorp

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ANGOLA, Capital Markets in Africa: Gemcorp Capital LLP is negotiating with Angola about providing Africa’s biggest oil producer with a loan of about $500 million even as the IMF said the country called off talks over financial support, according to a person familiar with the matter. Talks are continuing to set up a facility for the Angolan Ministry of Finance to enable it to get dollars for the purchase of medicine and food and an…

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