News | - Part 71

Senegal to issue $500 mln to $1 bln in international bonds

DAKAR, March 18 (Reuters) – Senegal plans to issue between $500 million and $1 billion in debt in international markets this year starting from June to cover its budget needs, an economic adviser to President Macky Sall said on Wednesday. Mamadou Fall Kane said the West African country’s government was concerned by the strength of the dollar and would use currency swaps to hedge its exposure on dollar-denominated debt. Senegal, a member of the eight-nation…

Tanzania to get $380 mln loans from India for water projects

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania will receive a total of $380 million in loans from India to finance two major water projects in the east African nation, the president’s office said on Tuesday. India’s government has offered $100 million to improve water supply in the commercial capital Dar es Salaam and $280 million to help supply water from Lake Victoria to Tabora, Nzega and Igunga towns, the presidency said in a statement. Earlier this…

South Africa’s rand steady before Fed statement

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand steadied against the dollar early on Wednesday, with markets waiting for the U.S. Federal Reserve’s policy statement for clues on when the Fed will hike interest rates.The rand was also under pressure after optimism provided by a narrowing of the current account deficit in the fourth quarter of 2014 was overshadowed by signs of foreign capital flight.At 0615 GMT the rand was trading at 12.3735 to the dollar, not…

Tunisia to start economic rescue plan, sees 7 pct growth in 5 years

Posted on by The Editorial Team

TUNIS (Reuters) – Tunisia’s new government will launch an emergency economic plan that includes reforms in subsidies and social funds to revive growth to a projected 7 per cent in five years, Tunisian Prime Minister Habib Essid said.Tunisia has been praised as an example of compromise politics and democratic transition since overthrowing autocrat Zine El-Abidine Ben AliÂ in a 2011 uprising, holding free elections and drafting a new constitution.But the North African country faces pressure from…

Egypt, Arabtec near agreement on $40 bln housing project: govt

Posted on by The Editorial Team

Egypt’s housing ministry and Dubai’s Arabtec have agreed some of the terms for a $40 billion project to build one million homes across the country, and they will sign a final contract within 10 days, a ministry spokeswoman said on Tuesday. Earlier this month, the housing minister said he hoped to conclude a deal for the mega development – seen as part of economic and political support to the country by the United Arab Emirates…

Africa builds an appetite for Islamic finance, says IDB unit

Posted on by The Editorial Team

GENEVA (Reuters) – Nigeria and Ivory Coast are looking to emulate Senegal’s successful move into the market for Islamic bonds, the head of the Islamic Corporation for the Development of the Private Sector (ICD) told Reuters. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa, home to a quarter of the world’s Muslims, presenting an opportunity for ICD, the private sector arm of the Jeddah-based Islamic Development Bank….

Nigeria’s Dangote group expects $9 bln refinery to start by 2017

Posted on by The Editorial Team

CAPE TOWN (Reuters) – A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa’s richest man, Aliko Dangote, is expected to come onstream in Nigeria by 2017, a senior Dangote Group official said Tuesday. The refinery, to be located in Lagos, will cut reliance on international markets for Africa’s largest oil producer, which imports more than 80 percent of its fuel needs. The lack of sufficient refining capacity is a…

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