News | - Part 46

Egypt Seeks US$3 Billion World Bank Loan to Support Budget

Cairo, Egypt, Capital Markets in Africa — Egypt will receive a US$3-billion loan from the World Bank in installments over the next three years to support the state’s budget, Finance Minister Hany Dimian said on the side-lines of an economic conference on Wednesday. “The government is aware of the economic conditions which we’re passing through, and there is a deficit in the budget and we have to handle it gradually,” Prime Minister Sherif Ismail said…

Nigeria’s President asks head of biggest private equity firm to join cabinet

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — Nigeria’s President Muhammadu Buhari has asked the head of the country’s biggest private equity firm to join his cabinet, Senate President Bukola Saraki said on Tuesday, as lawmakers started screening candidates for a long-awaited government. Saraki did not specify a portfolio for Okechukwu Enyinna Enelamah, head of African Capital Alliance (ACA), as he read out a second batch of Buhari’s cabinet nominees that need to be approved by…

Ghana launches 15-yr US$1 billion Eurobond at 10.75% coupon rate

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa — Ghana launched a US$1 billion Eurobond on Wednesday at a 10.75 percent coupon rate, becoming the first country in sub-Saharan Africa outside of South Africa to issue a 15-year bond, Finance Minister Seth Terkper said in a statement. The bond was 100 percent oversubscribed showing a “high appetite for Ghana’s credit” and a World Bank partial bond guarantee of $400 million enabled Ghana “to borrow on reasonable terms…

Forte Oil Nigeria Sales 17% Stake to Mercuria For US$200 Million

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa —- One of Nigeria’s integrated energy solution providers, Forte Oil Plc, confirmed the acquisition of 17 percent of its equity by Mercuria Energy Holdings SA for $200 million. With the foreign direct investment in Forte Oil, the world’s third largest independent energy trader and asset operator has made inroads into the West African energy sector. Forte Oil said in a press release that through this investment, it had…

African Development Bank speeds US$16 million relief for water and sanitation in Zimbabwe

Posted on by The Editorial Team

Harare, Zimbabwe, Capital Markets in Africa — The African Development Bank Group (AfDB) fast-tracked a grant of US $16-million on Wednesday, September 30, to help clean up the poorest suburbs of the Zimbabwean capital. The first stage of the project will concentrate on removing the raw sewage currently spilled into residential areas and securing the water supply for the most vulnerable areas of Greater Harare, home to 2 million people. Decades of neglect have paid…

Ghana Airports Company boosts by AfDB’s US$120-million corporate loan

Posted on by The Editorial Team

Accra, Ghana, Capital Markets in Africa — On September 30, 2015, the Board of Directors of the African Development Bank (AfDB) approved a US$120 million corporate loan to support Ghana Airports Company Limited’s (GACL) capital investment programme. The programme entails the construction of a new terminal at Kotoka International Airport (KIA) in Accra, and rehabilitation of other airports managed by GACL including Kumasi, Tamale, Ho and Wa Airports. The loan is the first private-sector investment…

AfDB approves US $141.71million for the Dar es Salaam Bus Rapid Transit System Project

Posted on by The Editorial Team

Dar es Salaam, Tanzania, Capital Markets in Africa — The Board of Directors of the African Development Bank Group approved on Wednesday, September 30, 2015, two loans totaling US $141.71 million to finance the second phase of the Dar es Salaam Bus Rapid Transit (BRT) System Project. The US $97.42-million loan from the AfDB market window and the US $44.29-million loan from the Africa Growing Together Fund (AGTF)* will support Tanzania Government’s efforts to decongest…

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