News | - Part 50

The illicit flow of funds moves billions of dollars in Africa — Thabo Mbeki

LUANDA, Angola, Capital Markets in Africa — The continent of Africa loses over 50 thousand million dollars each year as a result of the illicit flow of funds, Thabo Mbeki (former president of South Africa and now head of the UNECA-AU High-level Panel on Illicit Financials Flows From Africa) told the meeting of the Group of African Governors affiliated with the World Bank and the International Monetary Fund, known as the African Caucus. “Africa faces the…

African Caucus guarantees financial support

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LUANDA, Angola, Capital Markets in Africa — Those taking part in the meeting of the Group of African Ministers of Finance and Governors of African Central Banks, affiliated with the IMF and the World Bank, reaffirmed their support for new funding initiatives. Joseph Tucker of the International Monetary Fund presented the “Luanda Declaration” at the close of the African Caucus, speaking of the ways and means with which the Bretton Woods Institutions (BWIs) can support the…

Dramatic rise in local currency sovereign debt issuance reduces emerging market countries’ vulnerability to shocks

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NEW YORK, USA, Capital Markets in Africa — The average local currency share of emerging market sovereign debt rose from about half in 2000 to almost three quarters in 2014, reducing for many countries the vulnerability to economic shocks and increasing the effectiveness of monetary and fiscal policies, Moody’s Investors Service said in the report “The Evolution of Emerging Market Sovereign Debt: Dramatic Growth in Local Currency Sovereign Debt Is Reducing Emerging Market Financial Vulnerabilities…

Côte d’Ivoire benefits from strong economic growth and increasing investment

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ABIJDAN, Cote d’Ivoire, Capital Markets in Africa — Côte d’Ivoire’s (B1 positive) very high economic growth prospects, on the back of institutional reforms, support the government’s strong budget revenue performance, says Moody’s Investors Service in a report published on 31st August 2015. “While weak institutional strength poses a key challenge for Côte d’Ivoire, we expect reforms and public infrastructure investment to underpin high economic growth in 2015-16,” says Aurelien Mali, Senior Analytical Advisor —…

Africa need further integration of economic activities — Angolan VP

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LUANDA, Angola (Capital Markets in Africa) — The Angolan Vice-President, Manuel Vicente, stated in the African Caucus forum that there is no sustainable development while there is poverty. In his opening speech Manuel Vicente, representing the President of Angola, José Eduardo dos Santos, in the meeting of the Ministers of Finance and Governors of the African Central Banks, together with the World Bank and the International Monetary Fund also noted that African countries must have a…

IFC Supports Rwandan Beverage Industry and Maize Farmers through Investment in Bralirwa

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Kigali, Rwanda (Capital Markets in Africa), — IFC, a member of the World Bank Group, today announced a new financing transaction with Brasserie et Limonaderies du Rwanda to support plans for expanding production of soft drinks and sourcing of maize from local farmers. Known as Bralirwa, the subsidiary of Heineken N.V. is Rwanda’s leading manufacturer of beers and soft drinks, including the Primus and Coca-Cola brands. The $25 million loan from IFC aims to promote…

Nigerian Banks Resilient but Face Tough Outlook — Fitch Ratings

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London (Capital Markets in Africa): Nigerian banks are operating in increasingly difficult conditions and this is likely to result in a sharp deterioration in profitability, asset quality, liquidity and capital ratios, says Fitch Ratings. We said the sector outlook was negative in December. GDP figures for 2Q15, released yesterday, show weaker year-on-year growth of 2.4%, down from 4% in the previous quarter, the slowest quarterly growth rate for over 10 years. The volatile operating environment…

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