Africa | - Part 32

IFC Partners with CITIC Construction to Develop Affordable Housing in Africa

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…

Governor of Congo mining hub Katanga warns against tax hikes

Posted on by The Editorial Team

LUBUMBASHI, DRC (Capital Markets in Africa): – The powerful governor of Democratic Republic of Congo’s Katanga province warned on Wednesday against significant tax hikes in a proposed new mining code amid a recent decline in copper prices. The southeastern province accounts for nearly all of the vast central African state’s copper production, which surpassed 1 million tonnes for the first time in 2014. Congo vies with Zambia to be the continent’s top producer of the metal. A…

Egypt bourse to reduce free float required to list on EGX 30

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Cairo (Capital Markets in Africa):- – Egypt’s stock exchange said on Thursday it would reduce the free float required for new companies to list on its benchmark EGX 30, as part of structural changes to the index. Companies previously had to have a 15 percent free float to list on the EGX 30. Under the new rules, which take effect on August 1, firms will be able to join with a minimum 5 percent free float…

Nigeria agriculture minister wins African Development Bank presidency

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Abidjan (Capital Markets in Africa) – Nigeria’s Agriculture Minister Akinwumi Adesina won an election on Thursday to be the new president of the African Development Bank (AfDB). After six rounds of voting that saw seven rivals from across the continent defeated, Adesina secured around 60 percent of the vote in an election held in Ivory Coast, where the AfDB is based. Adesina will take over from outgoing bank president Donald Kaberuka of Rwanda on Sept. 1…

Botswana Market Watch | May 28th 2015: Botswana equity market gains 0.1%

Posted on by The Editorial Team

Gaborone, Botswana (Capital Markets in Africa):- The Botswana domestic composite index continued to head northwards, gaining 0.08 percent to extend its year-to-date growth by 10.15 percent. However, the foreign composite index remained flat to close at 1,569 points and year-to-date return is still in the red, reflecting the depressed international commodity market. The equity market capitalization was recorded at BWP 381.589 billion. From the market activity viewpoint; the total volume and total turnover were recorded at 8.442 million (increased by 122 percent…

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

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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…

Botswana Market Watch | May 27th 2015: Botswana equity market continues the positive trend

Posted on by The Editorial Team

Gaborone, Botswana (Capital Markets in Africa):- The Botswana domestic composite index continued to head northwards, gaining 0.01 percent (to close at 10,457.26 point) to extend its year-to-date growth by 10.06 percent. However, the foreign composite index remained flat to close at 1,569 points and year-to-date return is still in the red, reflecting the depressed international commodity market. The equity market capitalization was recorded at BWP 381.455 billion. Looking at the market activity; the total volume and total turnover were recorded at 3.807…

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