Finance | - Part 79

IMF Approves Disbursement of $172.1 Million to Sierra Leone

LAGOS (Capital Markets in Africa) – The International Monetary Fund’s executive board approved disbursement of $172.1 million to Sierra Leone under a 43-month extended credit facility program. “The executive board’s decision enables an immediate disbursement of $21.5 million to Sierra Leone,” the Washington-based lender said Wednesday in an emailed statement. “The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.” The program is aimed at reducing inflation, mobilizing revenue to allow for…

Kenya Could Lose Port on Default of China Exim Loan, Nation Says

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NAIROBI (Capital Markets in Africa) – China’s Export-Import Bank could take over East Africa’s biggest port should Kenya fail to repay a loan taken to finance its new railway, Nation newspaper said, citing a report by the country’s auditor-general. The Chinese bank agreed in 2014 to lend Kenya 90 percent of the $3.8 billion it required for the railway’s first phase linking the port city of Mombasa to the capital, Nairobi. The East African nation secured another…

South Sudan Sees $2 Billion in Oil Investments as Just the Start

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SOUTH SUDAN (Capital Markets in Africa) – Recent pledges of $2 billion in investment for South Sudan’s oil may be just the start, with the war-torn nation expecting further agreements in early 2019, its petroleum minister said. Ezekiel Lul Gatkuoth’s prediction comes as the African nation’s warring sides prepare to form a power-sharing government in the latest bid to end five years of conflict. The country, home to sub-Saharan Africa’s third-largest crude reserves, is banking…

AngloGold Is Said to Weigh London Listing, South Africa Exit

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JOHANNESBURG (Capital Markets in Africa) – AngloGold Ashanti Ltd. is considering listing its shares in either London or Toronto in a move that could see the company hive off its remaining South African operations, according to people familiar with the situation. While no final decision has been made, the world’s third-largest gold producer has been discussing the plan internally and with advisers, said the people, who asked not to be identified as the talks are private….

Tullow CEO Rises From Founder’s Shadow as Risk-Taking Ebbs

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ACCRA (Capital Markets in Africa) – The fortunes of Paul McDade and Tullow Oil Plc have mirrored each other for almost three decades. Drawn to the industry in the 1980s as a way to see life outside his native Scotland, McDade moved through the Middle East, South America and Southeast Asia. At the turn of the century, just as a promising career was shaping up at Canadian oil company Talisman, a different opportunity emerged. “I’ve met this Irish guy…

South Africa Probes Illegal Miners Blast Risk Under City of Gold

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JOHANNESBURG (Capital Markets in Africa) – South Africa is probing a potential catastrophe lurking beneath its richest city — illegal gold miners are digging and blasting 30 centimeters (12 inches) from gas pipelines beneath some of Johannesburg’s most vital infrastructure, raising the risk of explosions. The government has been jolted into action after the Sunday Times newspaper reported on the activity that could create an inferno. Some of the illegal miners are digging right below…

Zimbabwe Plans $1 Billion Infrastructure Bond in 2019 for Roads

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HARARE (Capital Markets in Africa) – Zimbabwe plans to sell $1 billion of bonds next year to fund projects that include expanding the main road between the capital and the border with South Africa, Finance Minister Mthuli Ncube said. The southern African nation wants to improve the highway linking Harare with the border town of Beit Bridge, he told business leaders in the capital Friday. Yesterday, Ncube unveiled his 2019 budget in which he cut…

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