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South Africa’s economy barely grows in Q3 renewing downgrade fears

JOHANNESBURG (Capital Markets in Africa) – South Africa’s economy barely grew in the third quarter of the year as the manufacturing sector contracted sharply, renewing fears that the reprieve from ratings downgrades will only be temporary. Gross domestic product expanded by only 0.2 percent in the period between July to September compared with a revised 3.5 percent in the second quarter, Statistics South Africa said on Tuesday. The figure was just shy of the 0.5…

Private Equities Partner to Support Agrotech Startups in East Africa

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NAIROBI (Capital Markets in Africa) – Village Capital and Schooner Africa Fund have launched the Africa Investment Marketplace to invest between $100K and $500K into early stage agrotech startups in East Africa, a move aimed at tackling the disconnect in the region’s between early-stage ventures looking for capital, and investors looking for deal flow. “We are providing due diligence, transaction advisory, investor matching and deal syndication services for 8 agribusinesses from Kenya, Tanzania, Uganda, and…

Morocco’s economy is diversified and resilient, IMF Says

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CASABLANCA (Capital Markets in Africa) – An International Monetary Fund (IMF) staff team led by Nicolas Blancher visited Morocco from November 16 to December 1, 2016, to conduct discussions with the Moroccan authorities on the 2016 Article IV consultation, as well as on the first review under the Precautionary and Liquidity Line (PLL) arrangement approved in July 2016. The discussions focused on increasing the resilience and the potential of the Moroccan economy. At the conclusion…

African Development Bank board approves 900 mln euro loan for Algeria

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ABIDJAN (Capital Markets in Africa) – The African Development Bank’s board approved a 900 million euro ($1 billion) loan for Algeria on Wednesday aimed at supporting reforms to help the North African nation confront falling oil revenues, it said in a statement. The money will support the government’s efforts to improve domestic revenue mobilisation and the investment climate as well as boosting the efficiency of the energy sector and promoting renewable energy.

Nigerian Senate rejects Buhari’s plan to borrow $30 billion abroad

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LAGOS (Capital Markets in Africa) – Nigeria’s Senate rejected President Muhammadu Buhari’s plan for foreign borrowing of $30 billion through 2018 on technical grounds, without debating it. In a letter presented to the Senate last week, President Buhari said he planned to use $11.3 billion of the funds for government projects and programs and $10.7 billion for “special national infrastructure projects.” As a result, Buhari asked the Senate to immediately approve $575 million that the World Bank pledged in loans…

‘Ethiopia to overtake Kenya as Eastern Africa’s top economy’

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ADDIS ABABA (Capital Markets in Africa)- Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation in the list of the world’s fastest economies in the past 10 years. The International Monetary Fund’s (IMF) latest statistical estimates indicate that Ethiopia’s gross domestic product (GDP) is forecast to grow from $61.62 billion in 2015 to $69.21 billion this year, narrowly beating Kenya’s output…

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

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