News | - Part 51

Angola receives IFAD financing to strengthen artisanal fisheries and aquaculture

LUANDA, Angola, Capital Markets in Africa – Republic of Angola and the United Nations International Fund for Agricultural Development (IFAD) signed an agreement to finance the Artisanal Fisheries and Aquaculture Project (AFAP) in Bengo, Cuanza Norte, Luanda and Malange provinces in the central-north region of Angola. The US$11.1 million IFAD loan and US$1.0 million contribution from the government of Angola will help reduce poverty in artisanal inland fishing and small-scale fish-farming households. AFAP will help to…

Nigeria: Headline Inflation Remains Unchanged In July

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Lagos, Nigeria (Capital Markets in Africa) — The National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for July today. Headline Inflation for July – measured Year-on-Year (Y-o-Y) – was estimated at 9.2%, unchanged from the rate reported in the Month of June; thus halting a seven consecutive monthly rise in price level since December 2014. According to the NBS report, inflation rate in July was unchanged due to muted rises in…

Zambia maintains rate, tight liquidity to contain inflation

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Lusaka, Zambia (Capital Markets in Africa) — The Bank of Zambia (BoZ) opted to leave the benchmark interest rate unchanged at 12.5% this week. The BoZ has aggressively tightened policy this year by hiking the cash reserve requirement ratio for banks from 14% to 18%. However, it has not lifted the benchmark interest rate since November 2014. During 2014 the interest rate was hiked aggressively by 275 basis points. The BoZ noted that the kwacha…

Moody’s downgrades Mozambique government rating to B2

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MAPUTO, Mozambique (Capital Markets in Africa) — Moody’s Investors Service has today downgraded Mozambique’s government issuer rating to B2 from B1 and changed the outlook to negative. The key driver for Moody’s decision to downgrade Mozambique’s rating to B2 is the underperformance of its fiscal and debt metrics vis-à-vis peers which is expected to continue over the medium-term. The negative outlook reflects uncertainties over the government’s strategy for covering its increasing external debt payments in…

Moody’s says Kenya B1 rating reflects robust growth potential balanced

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Nairobi, Kenya (Capital Markets in Africa) — Kenya’s B1 rating and stable outlook reflect the country’s robust growth potential, its leadership role in the East African region and its commitment to structural reforms, Moody’s Investors Service said in a report published today. These advantages are balanced against Kenya’s weak, although strengthening institutions, large twin (government and current account) deficits and national security challenges. The decentralization of the government introduced in the 2010 constitution has helped…

World Bank Approves US$700m guarantees for Ghana’s Energy Transformation

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Washington, US (Capital Markets in Africa) – The World Bank’s Board of Directors today approved a record investment of $700 million in guarantees for Ghana’s Sankofa Gas Project – a transformational project that will help address the country’s serious energy shortages by developing new sources of clean and affordable natural gas for domestic power generation. The Board approved a unique combination of two guarantees for the Project – an IDA* Payment guarantee of $500 million that…

Audi Bank earns $202m in Half-year

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Audi Bank posted a 7% rise in its consolidated net earnings for the six-month period ended 30 June 2015. H1 earnings reached $202 million (EGP 1.6 billion), the lender said in a press statement. Customer deposits totalled nearly $36.1 billion, and total loans reached approx. $17 billion. In addition, shareholders’ equity reached nearly $3 billion.

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