Finance | - Part 184

Africa’s Afreximbank looks to Islamic finance with IDB tie-up

MANAMA, March 3 The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), has signed an agreement with the African Export-Import Bank (Afreximbank) to cooperate in the development of the private sector in ICD member countries in Africa. Under the terms of the agreement signed in Manama on 2 March 2015, the two institutions will collaborate in joint operations, expand financial products and…

Corporate debt maturing in 2015-19 totals $8.9 trillion

Posted on by The Editorial Team

Standard & Poor’s projected that $8,879bn in corporate debt worldwide would mature between 2015 and 2019, with $1,610bn due in 2015, $1,753bn in 2016, $1,894bn in 2017, $1,714bn in 2018 and $1,908bn in 2019. The U.S. has $3,700bn in maturing debt during the covered period or 41.7% of the global maturing debt; followed by Europe with $3,631bn (40.9%), other developed countries with $969bn (10.9%) and emerging markets with $578bn (6.5%). In addition, non-financial corporate debt…

Nigeria’s bank ratings placed on CreditWatch negative

Posted on by The Editorial Team

Standard & Poor’s placed the ‘BB-‘ long-term issuer credit rating on Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Stanbic IBTC Bank and Zenith Bank on CreditWatch with negative implications, following similar action on Nigeria’s sovereign ratings. It expected the Nigerian banking sector to face difficulties in 2015. Also, it said that low global oil prices, the pressure on the Nigerian naira, the upcoming presidential elections and the regulatory changes are raising credit risks,…

Egypt’s Banks to benefit from improved environment

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Business Monitor International anticipated the Egyptian banking sector to benefit from the continuous improvements in domestic economic activity and political conditions. It said that reforms to the fuel subsidy system, in addition to lower global oil prices, would improve the fiscal outlook and reduce the financing needs of the government, which would encourage lending to the private sector. Further, it indicated that banks in Egypt have subscribed excessively to high-yielding government debt instruments to support…

Mining for liquidity in Africa’s stock exchanges

Posted on by The Editorial Team

Improvements in political and macroeconomic stability, policy certainty and legal systems in many African countries, as well as Africa’s growing middle class and rise in consumption, continue to raise the bar on foreign interest in Africa as an investment destination – as GDP growth (as a whole) averages at six percent for three consecutive years*. Yet, Africa hasn’t reached its potential share of investment in extractive service. In fact, the UNCTAD has revealed that although…

BOAD is raising XOF115 billion to support the 2014-2015 cotton season in Benin

Posted on by The Editorial Team

COTONOU, Benin, February 20, 2015/ — For the third consecutive year, the West African Development Bank (BOAD) (http://www.boad.org) in its capacity as Arranger, is raising funds to support the cotton season in Benin. The Agreement relating thereto was signed by and between Mr. Christian Adovelande, President of BOAD and the Managing Director of the Office national de soutien des revenus agricoles (National office for farm income support) (Borrower) and the Managers of local banks involved…

What significant non-mining infrastructure projects are underway in Africa?

Posted on by The Editorial Team

A well-worn argument postulates that infrastructure spending in Africa is focused on resources due to many countries remaining very dependent on the export of minerals and hydrocarbons. But this is no longer the case. GDP per capita levels in many African countries have climbed past the critical US$1,000 level – enabling consumers to purchase more than just the basics. Urbanization has also been an important factor to contend with: Africa had 22 cities with more than…

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