News | - Part 55

Former Nigerian Central Bank Governor Joins Blackstone Africa Fund

Abuja, Nigeria (Capital Markets in Africa) — Blackstone and Black Rhino, the giant private-equity firm, has revealed on Thursday, the appointment of Lamido Sanusi, Emir of Kano and Former Governor of the Nigerian Central Bank, as Chairman of the Board of Directors. Black Rhino was formed in January 2012 to develop and to invest in transformational infrastructure projects in Sub-Saharan Africa’s power generation and fuel transportation sectors. “We are pleased that Emir Sanusi has agreed…

Moody’s confirms African Bank’s Caa2 global scale deposit ratings; negative outlook

Posted on by The Editorial Team

Johannesburg, South Africa (capital Markets in Africa) — Moody’s Investors Service has today confirmed African Bank Limited’s Caa2 global scale long-term deposit and senior unsecured ratings, and the Caa2.za national scale issuer ratings. The global scale ratings continue to capture the implied losses of 10% that SARB’s restructuring plan will impose on both senior debt and wholesale deposits. Today’s rating action concludes the review for downgrade on African Bank’s ratings, initiated on 12 August 2014….

Barclays eyes Kenyan asset management after insurance deal

Posted on by The Editorial Team

Nairobi, Kenya (Capital Markets in Africa) – Barclays Africa Group plans to move into the asset management business in Kenya this year after reaching a deal on Wednesday to buy a majority stake in insurer Kenya First Assurance Ltd for 2.8 billion shillings ($28.84 million). Barclays’ deal to buy a 63.3 percent in the Kenyan insurance company is part of a plan to boost revenue from its African operations outside of South Africa. Barclays Africa…

AfDB provides US $22 million to fund Mahe Sustainable Water Augmentation Project in Seychelles

Posted on by The Editorial Team

Victoria, Seychelles (Capital Market in Africa) — The Government of the Republic of Seychelles has received a loan worth US $ 20.6 million, in addition to a US $1.668 million grant, from the African Development Bank (AfDB) to finance part of the Mahe Sustainable Water Augmentation Project. The accords were signed on May 27, on the sidelines of the AfDB’s 50th Annual Meetings held in Abidjan, Côte d’Ivoire. Signing the AfDB loan and the grant…

Kenya’s central bank raises benchmark rate from 8.5pc to 10pc

Posted on by The Editorial Team

Nairobi, Kenya (Capital Markets in Africa) — Central Bank of Kenya’s Monetary Policy Committee has decided to raise the benchmark lending rate from 8.5 per cent to 10 per cent, the first increase since 2011. The decision, made at a meeting of the MPC called a month earlier than scheduled, is meant to address inflation fears and shore up the battered Kenya shilling better than the CBK’s interventions in the market. A statement signed by…

AfDB with GEF support continues to strengthen resilience to climate change in Africa

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — The Global Environmental Facility (GEF) approved USD 35 million in funding to improve climate resilience to be channeled through the African Development Bank for programs in Côte d’Ivoire, Chad, Zambia, in addition to one which spans several countries. The announcement was made at the recent 48th session of the GEF Council Meeting during which the largest GEF work program in its 23 years of history – USD 709…

Egypt Central bank sells $37.8m in forex auction

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa)—The Central Bank of Egypt said it sold $37.8 million to local banks in a foreign currency auction held Tuesday. The bank had offered $40 million. Cut-off price amounted to EGP 7.53 per dollar. The central bank introduced the dollar sale auctions in December, 2012 to stave off a run on the dollar and avoid a currency crisis.

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