Finance | - Part 183

Egypt eyes deals worth $15-$20 billion at investment summit

SHARM EL-SHEIKH (Reuters) – Egypt expects to sign agreements worth up to $20 billion at a weekend investment summit in the Red Sea resort of Sharm el-Sheikh, its investment minister said on Friday.Egypt wants the conference to project an image of stability and deepen investor confidence after four years of political and economic turmoil triggered by a 2011 uprising that toppled veteran ruler Hosni Mubarak.Cairo hopes the summit will allow it to double foreign investment…

Bank seeks to raise $10 mln via share sale in war-torn Somalia

Posted on by The Editorial Team

NAIROBI (Reuters) – International Bank of Somalia (IBS), one of only a handful of commercial banks operating in the war-torn country, wants to raise $10 million in a public share offering that would be the first of its kind since civil war broke out in 1991.Somalia does not have a stock exchange and most banking is done on informal basis through money transfer firms, but IBS Chief Executive Hassan Yusuf said those ploughing money into…

Siemens to supply turbines for Egyptian power plant

Posted on by The Editorial Team

CAIRO, March 10 (Reuters) – Siemens will supply four turbines to a power plant near Egypt’s Suez City to add more than 650 megawatts (MW) of power generation to the creaking national grid, suggesting that government efforts to encourage investment are bearing fruit. The German industrial group said on Tuesday it was awarded a contract to supply the E-Class turbines to the Attika Power Plant under a supply contract with El Sewedy Power System Projects….

Egypt’s CIB eyeing Citigroup’s retail operations

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s Commercial International Bank (CIB) said on Wednesday Citigroup had opened its books for a due diligence process that could lead to the purchase of its retail portfolio.Citigroup said it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently high costs.The third-largest U.S. bank, built with a series of acquisitions spanning back to the 1980s,…

Nigeria: claiming the African M&A crown

Posted on by The Editorial Team

Nigeria is home to the world’s seventh-largest population (with 173 million inhabitants), which is expected to surpass Brazil’s by 2030. And with increasing disposable incomes and a GDP growth rate around the 6% mark for the last 10 years, it isn’t hard to understand why Jim O’Neill, former Chairman of Goldman Sachs Asset Management International, included Nigeria as one of the new wave of emerging economies, alongside Mexico, Indonesia and Turkey — the MINTs —…

MTN to spend R30bn on infrastructure upgrades

Posted on by The Editorial Team

MTN will invest close to R30bn this year to grow its infrastructure in the 23 countries where it operates, in an effort to attract 17.5-million more customers. The bulk of the expenditure has been set aside for SA, where it has suffered declining revenue, and Nigeria. The board had authorised investment spending of R10bn on South African cellphone and fibre-optic networks, said CE Sifiso Dabengwa on Wednesday. That is nearly double the R5.7bn spent upgrading…

Managing Capital Flows: Lessons from Emerging Markets for Frontier Economies

Posted on by The Editorial Team

Capital flows, and their successful management, have long been a focus of the IMF’s work and policy advice. Indeed, when John Maynard Keynes and Harry Dexter White—the principal architects of Bretton Woods—were discussing the IMF’s Articles of Agreement, they clashed on many points, but they were surprisingly in agreement when it came to cross-border capital flows. Both men took as their starting point that, as White said, “the desirability of encouraging the flow of productive…

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