Finance | - Part 176

World Bank Group Approves $500 Million For Eastern Africa Development Corridor

Nairobi, Kenya (Capital Market in Africa) —The World Bank Group has approved $500 million for the development of the transport and trade corridor in north-western Kenya and improve the livelihoods of the communities in Turkana and West Pokot counties. The World Bank Board of Executive Directors today approved the International Development Association (IDA)* credit for the East Africa Regional Transport, Trade and Development Facilitation Project, which will enhance regional competitiveness by improving the movement of goods and…

FDI value jumps despite falling number of investment projects in Africa

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Johannesburg, South-Africa (Capital Markets in Africa) — According to EY’s 2015 Africa attractiveness survey – Making choices, Africa’s share of foreign direct investment (FDI) projects fell 8.4% in 2014, but remained well above pre-2008 levels. However, foreign direct capital investment into the continent surged to US$128b, up 136% in 2014 – a five-year high, with the number of jobs created from FDI jumping 68% resulting in 188,400 new positions across Africa. The report combines an analysis…

Barclays eyes Kenyan asset management after insurance deal

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Nairobi, Kenya (Capital Markets in Africa) – Barclays Africa Group plans to move into the asset management business in Kenya this year after reaching a deal on Wednesday to buy a majority stake in insurer Kenya First Assurance Ltd for 2.8 billion shillings ($28.84 million). Barclays’ deal to buy a 63.3 percent in the Kenyan insurance company is part of a plan to boost revenue from its African operations outside of South Africa. Barclays Africa…

Dubai’s Access Infra Africa to Boosts Africa’s Power Supply by US$500 million

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Accra, Ghana (Capital Markets in Africa) — Access Infra Africa, a Dubai-based company, will launch what it says will be Africa’s largest privately owned solar plant in Uganda this year, part of plans to develop electricity projects in 17 African countries, mainly based on renewable energy. The company will spend USD 500m in the next three years on power generation plants, including in Egypt, Ghana, Uganda, Tanzania, Kenya and Mozambique, Reda el-Chaar, executive chairman of Access…

IFC, Central Bank of the Congo Launch Swap Facility for Private Sector Financing

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Kinshasa, Democratic Republic of Congo (Capital Markets in Africa), — IFC, a member of the World Bank Group, and the Central Bank of Congo signed an agreement that enables IFC to swap U.S dollars for Congolese francs. IFC will use the swap to make franc-denominated investments in the local private sector, supporting the country’s efforts to increase the use of local currency in the economy. The Democratic Republic of Congo’s economy is dollarized. This means that…

Nigeria-China Trade Volume Rises to USD 23.5bn

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Lagos, Nigeria (Capita Markets in Africa):- Nigeria’s bilateral trade with the Peoples’ Republic of China has risen to about USD 23.5bn from a mere USD 3.4bn in 2009, according to the Nigeria-China Business Council (NCBC) and reported by ThisDay Live Nigeria. The NCBC told reporters that over the years, it has managed to help nurture bilateral trade relations between Nigeria and China and in the process grow trade between the countries more than five-fold. It…

Tanzania awards $9 bln rail projects to Chinese companies

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DAR ES SALAAM, Tanzania (Capital Markets in Africa) – Tanzania has awarded contracts to build new railway lines worth about $9 billion to Chinese firms, its transport minister said, expanding Beijing’s presence in East Africa’s second-biggest economy. Transport Minister Samuel Sitta told parliament on Saturday a Chinese consortium had been awarded a contract to build a 2,561 km (1,536 miles) standard gauge railway connecting Dar es Salaam port to land-locked neighbours at a cost of…

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