News | - Part 65

Kuwait fund to lend Egypt $1.5 bln over next five years

KUWAIT (Reuters) – The Kuwait Fund for Arab Economic Development plans to lend Egypt $1.5 billion over the next five years, extending $300 million each year, the fund’s director-general Abdulwahab al-Bader told Reuters on Tuesday.He did not give details of the loans. The fund is the Kuwaiti government’s agency for aiding developing countries in areas such as agriculture, transport and energy.Kuwait, Saudi Arabia and the United Arab Emirates have provided billions of dollars of aid…

Cameroon to issue up to 55 bln CFA francs in bonds in Q2

Posted on by The Editorial Team

YAOUNDE (Reuters) – Cameroon will issue up to 55 billion CFA francs ($92 million) in treasury bonds in the second quarter of 2015, state radio quoted on Monday the finance ministry as saying.The central African state said earlier this year it planned to issue nearly three times as much debt this year as in 2014 amid a shortfall in oil revenues due to slumping global crude prices.The ministry said treasury bonds would be issued on…

Zimbabwe: Multi-currency revives housing projects

Posted on by The Editorial Team

The introduction of the multi-currency regime in the country revived the construction industry in Zimbabwe resulting in a boom in housing developments, especially in Harare where statistics show that over 15 000 housing stands have been developed since 2009. Housing development had been constrained in the last days of the Zim dollar. The construction of houses in Harare has become a noticeable feature whichever side of the city one decides to pass through. There are…

Mangudya hails bond coins

Posted on by The Editorial Team

At least $4 million in bond coins have been distributed in the economy, accounting for a penetration rate of 75%, the Reserve Bank of Zimbabwe (RBZ) has said. Zimbabwe unveiled bond coins in December last year to buttress the multicurrency regime through the provision of change and to necessitate correct pricing for goods and services which hitherto was constrained by the absence of an appropriate system of coins. RBZ governor John Mangudya told Standardbusiness that…

Tunisia: AfDB grants €49.4 million loan to enhance natural gas supply to disadvantaged regions

Posted on by The Editorial Team

Tunis, Tunisia (Capital Markets in Africa) — The Board of Directors of the African Development Bank (AfDB) Group approved on Wednesday, April 1, 2015 in Abidjan, a €49.4-million loan to the Tunisian Electricity and Gas Corporation, la Société tunisienne d’électricité et du gaz (STEG). The project for the development of natural gas transportation and distribution to the western part of the country is aimed at improving the supply of cheaper and less-polluting energy to the…

Nigeria’s Wema Bank raising $100 mln Tier II capital to grow loans

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria’s Wema Bank aims to complete a $100 million Tier II capital raising exercise by the second quarter of this year to fund its growing foreign currency loan portfolio, its chief financial officer said on Thursday. Tunde Mabawonku said the commercial lender also planned to start the process of raising fresh equity capital of between 30 billion naira ($151 million) to 40 billion naira, from strategic investors by the fourth quarter. Mabawonku…

Gas discoveries poised to tone up economy within 12 years

Posted on by The Editorial Team

Tanzania’s economy is projected to start accelerating at the rate of 15.3 per cent annually within the next 12 years, following massive off shore discovery of natural gas in the country, it was said in Dar es Salaam on Thursday. The Governor of the Bank of Tanzania (BoT), Prof Benno Ndulu, said the country’s current proven reserves stood at 55 trillion cubic feet (tcf), while construction of a liquefied natural gas (LNG) plant was scheduled…

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