Finance | - Part 162

Infrastructure | Ethiopia Plans $8 Billion Investment in Clean Energy

Addis Ababa, Ethiopia, Capital Markets in Africa: Ethiopia plans to install almost 13,000 megawatts of renewable energy over five years in a bid to bring power to three out of every four citizens who currently live without electricity, a top government official said. “Currently we have an installed capacity of about 4,200 megawatts,” said Motuma Mekassa, Ethiopia’s electricity minister, in an interview at the Africa Energy Forum in London. It will cost “at least” $8…

Rand Snared and Ruble Spared Brexit Risk in U.K. Finance Web

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s rand is among emerging-market currencies most vulnerable to upheaval if Britain votes to leave the European Union, while ruble investors may find some benefit from the isolation provided by sanctions on Russia. That’s a possible conclusion to draw from a ranking of countries in central Europe and Africa based on the depth of their financial ties with U.K. banks, compiled by analysts at UniCredit SpA. British lenders’…

Yield Exceeding 10% May Lure Investors to Ghana’s Eurobond Sale

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ACCRA, Ghana, Capital Markets in Africa: With yields among the highest in Africa, Ghana may find plenty of takers searching for a premium in a coming round of Eurobond sales. The world’s second-largest cocoa grower plans to raise as much as $1 billion after the International Monetary Fund endorsed its efforts to consolidate debt and stabilize a volatile currency. A successful sale hinges on government officials persuading potential buyers that double-digit returns are adequate compensation for concerns…

Trade | EU Seals Trade Pact With African Nations After 12 Years of Talks

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LAGOS, Nigeria, Capital Markets in Africa: The European Union and six southern African nations will sign off on a trade accord Friday after 12 years of negotiations that were stalled mainly by differences over market access for agricultural products. The so-called Economic Partnership Agreements gives products from Botswana, Lesotho, Mozambique, Namibia, and Swaziland duty- and quota-free access to the EU. South Africa, which has the region’s most-developed economy, will enjoy enhanced market access that goes beyond…

Investment | Glencore Sells Agri Stake to Canadian Fund for $625 Million

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South Africa, Capital Markets in Africa: Glencore Plc agreed to sell just-under a 10 percent stake in its agriculture unit to Canada’s British Columbia Investment Management Corp. for $624.9 million in cash as it continues to cut debt. The commodities trader and miner, which sold a 40 percent stake in the business to Canada Pension Plan Investment Board for $2.5 billion in April, will retain a majority 50.01 percent stake, it said in a statement on Wednesday. The agreement takes the value…

Nigeria Officials Pledge Naira Announcement Within Weeks

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian officials said they are still working out the details of a new currency policy and may make an announcement within the next month, according to bond investors who met with a delegation led by Finance Minister Kemi Adeosun in London on Tuesday. When asked how long before a more flexible foreign-exchange regime was unveiled, investors were told it would probably be “days or weeks,” said Kevin Daly, a money manager…

Infrastructure | Chinese Companies to Build Hydro Plant in Energy-Starved Congo

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CONGO, Capital Markets in Africa: Sinohydro Corp. and China Railway Group Ltd. have agreed to finance a 240 megawatt, $660 million hydro-power plant in Democratic Republic of Congo’s Katanga province, ending six years of talks around the project. The Chinese companies have agreed with Congo’s government to develop the Busanga project in the copper- and cobalt-rich region, Moise Ekanga, executive secretary of the Office for the Coordination and Monitoring of the Sino-Congolese Program, said by phone from Kinshasa, the capital….

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