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IFC, Central Bank of the Congo Launch Swap Facility for Private Sector Financing

Kinshasa, Democratic Republic of Congo (Capital Markets in Africa), — IFC, a member of the World Bank Group, and the Central Bank of Congo signed an agreement that enables IFC to swap U.S dollars for Congolese francs. IFC will use the swap to make franc-denominated investments in the local private sector, supporting the country’s efforts to increase the use of local currency in the economy. The Democratic Republic of Congo’s economy is dollarized. This means that…

Tanzania awards $9 bln rail projects to Chinese companies

Posted on by The Editorial Team

DAR ES SALAAM, Tanzania (Capital Markets in Africa) – Tanzania has awarded contracts to build new railway lines worth about $9 billion to Chinese firms, its transport minister said, expanding Beijing’s presence in East Africa’s second-biggest economy. Transport Minister Samuel Sitta told parliament on Saturday a Chinese consortium had been awarded a contract to build a 2,561 km (1,536 miles) standard gauge railway connecting Dar es Salaam port to land-locked neighbours at a cost of…

Africa-India partnership: an opportunity for project financing in Africa

Posted on by The Editorial Team

Abidjan, Cote d’ Ivoire (Capital Markets in Africa):- Africa-India Partnership Day was one of the major events of the 2015 African Development Bank Annual Meetings. Jointly organized on May 27 in Abidjan by the AfDB’s Private Sector Department and the Export-Import Bank of India, it brought together financiers, sponsors, contractors, researchers and other key actors of Africa and India’s private sector for networking and identifying business opportunities mutually beneficial for the continent and India. The…

IFC Partners with CITIC Construction to Develop Affordable Housing in Africa

Posted on by The Editorial Team

Nairobi, Kenya (Capital Markets in Africa) —IFC, a member of the World Bank Group, and Chinese multinational construction and engineering company, CITIC Construction Co., Ltd today launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in Sub-Saharan Africa. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five fulltime jobs – resulting…

AfDB scaled up project funding by 15% to US$ 7.6 billion in 2014

Posted on by The Editorial Team

Abidjan Cote D’Ivoire (Capital Markets in Africa) — The African Development Bank Group (AfDB) realised a 15.3 percent increase in its operations turnover in 2014 compared to 2013 despite the challenging global and regional economic environment, according to AfDB 2014 Annual Report. Support to infrastructure accounted for over half of the US $7.6 billion invested in the Regional Member Countries (RMCs) during the year, representing a 15.3-percent increase over the 2013 funding portfolio. According to…

EIB gives Madagascar 300 mln euro loan for roads, power

Posted on by The Editorial Team

Antananarivo, Madagascar (Capital Markets in Africa):- The European Investment Bank (EIB) has given Madagascar a 300 million euro ($333 million) loan to go be used to rehabilitate roads, power and energy infrastructure, the island state said. The president’s office in Madagascar said in a statement late on Tuesday that the EIB loan would also help in emergency repair work resulting from cyclone damage. President Hery Rajaonarimampianina took office in January 2014 after successful elections in 2013…

Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

Posted on by The Editorial Team

Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

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