News | - Part 21

Ivory Coast returns to sovereign sukuk market, after Togo debut

ABIDJAN, Capital Markets in Africa: Ivory Coast plans to complete a sale of 150 billion CFA francs ($263 million) worth of Islamic bonds later this month, the transaction’s lead arranger said on Tuesday, following Togo’s debut sale of sovereign sukuk launched last month. The two West African nations join Senegal in tapping the market for sukuk, helping expand the use of Islamic financing options outside of the industry’s core centres in the Middle East and…

Kenya Leads in Mobile Remittances Globally, WorldRemit Says

Posted on by The Editorial Team

NAIROBI, Kenya, Capital Markets in Africa: Kenyans living abroad sent one million mobile-phone money transactions through transfer company WorldRemit over the past five years, the most of 50 nations where the services are used. Remittances are the leading source of foreign exchange in East Africa’s biggest economy and hit a record of $156.1 million in June from $146.8 million in the previous month, according to Central Bank of Kenya data. London-based WorldRemit processes 450,000 transactions every month, 50,000 of them transfers to Kenya, the…

African Development Bank Won’t Give Budget Support to Congo

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CONGO, Capital Markets in Africa: The African Development Bank said it will keep working with the Democratic Republic of Congo’s government but won’t be able to give the country budget support until its political and structural conditions are met. Congo’s government in May said it would seek $100 million from the AfDB and as much as $500 million from the World Bank after the collapse in prices for copper and oil cut government revenue for the first four months of 2016….

Zimbabwe Starts $500 Million Program to Boost Corn Output

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HARARE, Zimbabwe, Capital Markets in Africa: Zimbabwe has started rolling out a $500 million program to boost corn production to meet domestic food demand. The three-year plan is aimed at raising plantings and expanding irrigation to increase production of the dietary staple to 2 million metric tons a year, Vice President Emmerson Mnangagwa told reporters on Monday. The country harvested 742,000 tons of corn in the 2014-15 season, less than the 1.8 million tons needed by the Zimbabwean…

Nigeria Pushes Traders to Book All Naira Deals as Currency Falls

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LAGOS, Nigeria, Capital Markets in Africa: The Central Bank of Nigeria’s foreign-exchange trading platform has called on banks to disclose all their naira transactions, including those done with customers that weren’t previously booked, as the regulator eases its grip on the currency and tries to attract inflows. Banks should “update all trades irrespective of the exchange rate,” the chief executive officer of Lagos-based FMDQ OTC Securities Exchange, Bola Onadele, said in an e-mail sent to dealers…

Africa continues to attract global attention as China strikes investment deals

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China and Africa’s recent union is not only a milestone in Africa’s development, but is an indication of global interest in the continent. KIGALI, Rwanda, Capital Markets in Africa, Africa continues to attract the interest of global investors and the world’s biggest market. China’s investment ventures in Africa strongly suggest that the continent is seen as the new sleeping giant. As the bond between Africa and China strengthens, global leaders and investors will follow suit…

Namibia’s Diamond Discoveries Seen Extending Mining by 50 Years

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Namibia, Capital Markets in Africa: Discoveries of diamonds on land bordering the southern Atlantic coastal areas of Namibia, the world’s largest producer of marine gems, may extend ground-based mining operations by another 50 years, Finance Minister Calle Schlettwein said. Namdeb Diamond Corp., jointly owned by the Namibian government and Anglo American Plc’s De Beers, struck more deposits after pushing back the sea wall at its land-based operations, Schlettwein said an interview Sunday in Kigali, Rwanda’s capital, where he was…

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