Finance | - Part 158

Zambeef Rises by Record as U.K.’s CDC to Invest $65 Million

LUSAKA, Zambia, Capital Markets in Africa: Zambeef Products, the Zambian agricultural company, rose the most on record in London after announcing a $65 million investment by the U.K.’s Commonwealth Development Corp. The company’s stock jumped 39 percent on the Alternative Investment Market to 11.125 pence, having climbed as much as 58 percent earlier in the day, giving it a market value of 27.6 million pounds ($36.3 million). Seventeen times the three-month daily average volume of stock was traded…

Private Equity: Norfund, FMO and Rabobank join forces and invest in financial institutions to support growth in Africa

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Norfund, FMO and Rabobank have entered into a partnership to reaffirm their long-term commitment to Africa’s future development, growth potential, and the local financial sector. The partners are committed to strengthening and develop effective, inclusive financial systems in Africa. It is also envisioned that Banco Montepio, a financial group based in Portugal with banking investments in Africa, will join the partnership in the near future. The partners currently hold…

Ghana Pitches Eurobond to Investors Just as Costs Rise

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s latest plan to sell Eurobonds is starting to unravel. As the West African nation markets its fifth sale of dollar securities in nine years, its bonds are faltering as investors fret about the government’s commitment to fiscal targets in an election year. Ghana’s $1 billion of bonds due 2023 have tumbled, pushing yields up by 75 basis points since July 22 to 10.4 percent on Tuesday, compared with a 48…

Egypt Ministry Seeks Bank Proposals for 2016 Dollar Bond Sale

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CAIRO, Egypt, Capital Markets in Africa: Egypt requested proposals to issue dollar bonds in 2016, part of its efforts to shore up reserves and end a dollar shortage that is hampering economic growth. In an advertisement published in the Financial Times newspaper, the Finance Ministry announced it was seeking lead managers for the issue. The deadline for submitting proposals is Aug. 11, it said. Egyptian officials are in talks with the International Monetary Fund to secure a…

World Bank Stops Funding World’s Biggest Power Plant Plan

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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…

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