News | - Part 58

New IFC and Ecobank Facility to Finance SMEs in Fragile and Conflict-Affected States in West and Central Africa

Burundi, (Capital Markets in Africa) -IFC, a member of the World Bank Group, and Ecobank Transnational Incorporated, parent company of the Ecobank Group and leading pan-African full-service banking group, today announced the launch of a $110 million risk-sharing facility that will increase access to finance for small and medium sized enterprises in fragile and conflict-affected states in West and Central Africa. The target countries face extreme and persistent poverty exceeding 50 percent of their populations,…

Moody’s affirms Tunisia’s government issuer rating at Ba3 and changes the outlook to stable from negative

Posted on by The Editorial Team

Tunis, Tunisa (Capital Markets in Africa) — Global rating agency Moody’s has affirmed Tunisia’s government issuer rating at Ba3 and changed the outlook to stable from negative. The key drivers for the ratings rationale were attributed to a significant decline in domestic political risk emphasized by the successful democratic transition and installing of a broad unity government. As well as reduced external funding challenges following the resumption of official financing and access to international capital…

AfDB sees Africa’s GDP growth nearing pre-crisis levels

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Lagos, Nigeria (Capital Markets in Africa):- African economies will grow 4.5 percent this year and 5 percent in 2016, approaching levels last seen before the 2007 global financial crisis, as economic prospects improve worldwide, the African Development Bank (AfDB) said. The AfDB estimates that Africa’s gross domestic product expanded by 3.9 percent in 2014 despite sharp falls in international commodity and oil prices, an Ebola epidemic and pockets of political instability and armed conflict.“If you…

Nigeria’s central bank holds interest rate at 13 pct

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Abuja, Nigeria (Capital Markets in Africa):- Nigeria’s central bank held its benchmark interest rate unchanged at 13 percent on Tuesday, stressing the need to preserve foreign exchange reserves that have been depleted in recent months to support a weakening naira. At the last policy meeting before president-elect Muhammadu Buhari takes office in Africa’s largest oil producer on May 29, central bank governor Godwin Emefiele said it was not possible for the regulator to intervene on…

Nigerian MPC harmonizes CRR on Banks’ Deposits to 31.0%

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa):- The Monetary Policy Committee (MPC) at its 244th meeting decided to harmonize the Cash Reserves Requirement (CRR) on public and private sector deposits to 31.0%. The effect of macroeconomic issues in the global space were considered and analysed with the conclusion that no near term external shock is expected to affect the domestic economy. The growth potential of the domestic economy was reported weak but did not call for a…

Moody’s assigns Counterparty Risk Assessments to five Egyptian banks

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- Moody’s Investors Service has today assigned Counterparty Risk Assessments (CR Assessments) to five Egyptian banks. It has assigned CR Assessments of B3(cr) to the government-owned National Bank of Egypt SAE, Banque Du Caire SAE, and Banque Misr SAE; B2(cr) to Commercial International Bank (Egypt) SAE (CIB); and B1(cr) to Bank of Alexandria SAE (Alex Bank). Concurrently Not-Prime (cr) short-term CR Assessments have been assigned to all the banks. This…

Egypt central bank sells $37.8m in FX 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, at a cut-off price of EGP 7.53 per dollar. The banks had offered $40 million. The central bank has recently offered $800 million to banks under the interbank mechanism to meet the demand for the hard currency needed for importing goods ahead of the holy month of Ramadan.

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