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Egypt Presidential Vote in March as Top El-Sisi Rival Out

CAIRO (Capital Markets in Africa) – Egypt’s top election body said Monday that the next presidential election will be held in March, and gave prospective candidates about three weeks to declare. So far the race has only one potential contender: incumbent Abdel-Fattah El-Sisi. His most serious possible challenger to date, former premier and air force general Ahmed Shafiq, backed out of contention late Sunday after a mysterious string of events. That left the field wide open…

Egypt Signs Expanded $3.2 Billion Financing Deal With Lenders

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt signed an expanded $3.2 billion financing deal with foreign banks, the central bank governor said, as it continues to bolster foreign reserves and prepare for about $14 billion of foreign debt repayments in 2018. The repurchase transaction, signed in November 2016 for one year, was increased from $2 billion, Tarek Amer said on Monday in an interview, without saying whether the duration of the deal has changed. Under the arrangement,…

IMF Reaches Initial Agreement With Egypt for $2 Billion Tranche

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CAIRO (Capital Markets in Africa) – The International Monetary Fund reached a staff-level agreement with Egypt to unlock a $2 billion loan installment, and said economic reforms in the Arab world’s most populous nation are starting to pay off. Egypt and the Washington-based lender signed a 3-year, $12 billion agreement a year ago, of which $4 billion has already been disbursed. The next $2 billion installment is subject to approval from the IMF’s executive board, and Egyptian authorities…

Moody’s: Morocco’s diversifying economy and stable policy support positive banking system

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RABAT (Capital Markets in Africa) – Moody’s Investors Service (Moody’s) says its outlook for the Moroccan banking system is positive, supported in part by the country’s on-going economic diversification and stable and predictable political and economic policy environment. Moody’s report, “Banking system outlook: Morocco, improving operating environment and rising credit growth support positive outlook”, is available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release….

Carlyle Is Said to Target Egypt Deals as Reforms Revive Economy

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CAIRO (Capital Markets in Africa) – Carlyle Group LP is targeting possible investments in Egypt as the U.S. buyout firm seeks to take advantage of an economic revival in Africa’s third-biggest economy, according to people familiar with the matter. The company is in talks to buy a controlling stake in chocolate maker Covertina, the people said, asking not to be identified as the information is private. It’s also looking at other potential investments in the country,…

RenCap Hires Banker From CI Capital as It Opens Doors in Egypt

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CAIRO (Capital Markets in Africa) – Renaissance Capital, the investment bank controlled by Russian billionaire Mikhail Prokhorov, is hiring investment bankers and analysts in Egypt as more vibrant capital markets attract financial services firms to the country. Mohamed Younis will be chief executive officer of the investment bank in Egypt, said Ahmed Badr, RenCap’s CEO for the Middle East and North Africa. Younis, previously at CI Capital Holding, an arm of Commercial International Bank Egypt SAE, will…

IFC and banks close $653 mln in funding for Egypt solar plants

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – International Finance Corporation (IFC), a member of the World Bank Group, on Sunday said it had completed a $653 million debt package to finance building 13 solar power plants near Aswan in Egypt, planned to be part of the largest solar park in the world. Generating up to 752 megawatts of solar power, the Nubian Suns Feed-in-Tariff Financing Program is targeted to provide power to more than 350,000 residents…

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