Finance | - Part 179

World Bank to support to Kenya’s financial services sector

The World Bank Group will support Kenya to develop a stronger financial system, increase long term financing and reduce the cost of credit to borrowers under a new finance program approved on the 30th of April. The World Bank Group’s Board of Executive Directors approved an International Development Association (IDA) credit of USD 37m for the Kenya Financial Sector Support Project to strengthen the legal, regulatory, and institutional environment. It will help Kenya to improve…

Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

Posted on by The Editorial Team

Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

Côte d’Ivoire and IDB arm signed deal to setup sukuk

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Nialé KABA, minister to the prime minister in charge of economy and finance of the Republic of Côte d’Ivoire, Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), private sector arm of the Islamic Development Bank Group (IDB), signed an agreement to setup a sukuk program in an aggregate principal amount of CFA 300.0 billion. This program will be implemented during 2015-2020 for financing developmental projects and will be executed…

Infrastructure spending in developing countries needs to double

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Spending on infrastructure in developing countries needs to double, says Trafigura, one of the world’s biggest independent commodity trading and logistics houses. In a in a white paper discussion launched at the Gordon Institute of Business Science (Gibs) on the 17th of April, the group emphasized that mitigation of financial risk is key to managing infrastructure projects. The Foundations for Growth: Infrastructure Investment in Emerging Markets paper written by London-based independent economists Llewellyn Consulting said…

Angola’s sovereign fund allocates further $1.4 billion to Africa projects

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LONDON (Reuters) – Angola’s sovereign wealth fund said on Monday it was allocating $1.4 billion to five new vehicles that will invest in sectors such as mining, timber, agriculture and healthcare within the country and elsewhere in Africa. The Fundo Soberano de Angola (FSDEA) said vehicles focused on mining, timber and agriculture will each have $250 million to invest, while a healthcare fund will have $400 million. A fifth Mezzanine Investment fund is being set…

Tunisia: AfDB grants €49.4 million loan to enhance natural gas supply to disadvantaged regions

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Tunis, Tunisia (Capital Markets in Africa) — The Board of Directors of the African Development Bank (AfDB) Group approved on Wednesday, April 1, 2015 in Abidjan, a €49.4-million loan to the Tunisian Electricity and Gas Corporation, la Société tunisienne d’électricité et du gaz (STEG). The project for the development of natural gas transportation and distribution to the western part of the country is aimed at improving the supply of cheaper and less-polluting energy to the…

Nigeria’s Wema Bank raising $100 mln Tier II capital to grow loans

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LAGOS (Reuters) – Nigeria’s Wema Bank aims to complete a $100 million Tier II capital raising exercise by the second quarter of this year to fund its growing foreign currency loan portfolio, its chief financial officer said on Thursday. Tunde Mabawonku said the commercial lender also planned to start the process of raising fresh equity capital of between 30 billion naira ($151 million) to 40 billion naira, from strategic investors by the fourth quarter. Mabawonku…

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