Africa | - Part 44

China to invest in Africa’s mega infrastructure projects

The African Union and China have recently agreed to on an ambitious transport infrastructure blueprint, aiming to link the capitals of all 54 states of the African continent via motorways, rail and air links. Promoting the development of a mature system of transport infrastructure in Africa will be extremely beneficial to China, guaranteeing it access to natural resources and markets on the continent, Chatham House Asia Program Associate Fellow James Edward Hoare told Sputnik on…

Positive outlook for African Equity Capital Markets in 2015

Posted on by The Editorial Team

JOHANNESBURG, South-Africa, February 2, 2015/ — 2014 saw the highest level of activity in African equity capital markets (ECM) over the previous five years, and a significant increase in both transaction volume and capital raised during 2014 compared to the prior year, according to a report issued by PwC today (http://www.pwc.com). PwC’s inaugural publication entitled, IPO Watch Africa 2014, has found that US$11bn was raised in 2014 in the African equity markets across the continent,…

Surge in dollar-debt leaves some African nations exposed

Posted on by The Editorial Team

A surge in foreign debt issuance by African nations has left some fragile economies exposed to the risk of billions of dollars in foreign exchange related losses if the U.S. currency strengthens abruptly, a think-tank said on Wednesday. Judith Tyson, senior researcher at the Overseas Development Institute (ODI), said the notional losses in terms of higher interest and capital repayments could total $11 billion (£7 billion) in the event of a slump of 35 percent…

AfricInvest exits stake UAP Holdings Kenya

Posted on by The Editorial Team

AfricInvest, a leading pan-African SME-focused private equity firm, is pleased to announce that its AfricInvest Fund II (“AFII”) and AfricInvest Financial Sector (“AFS”) Fund, along with two other investors, Aureos Africa Fund (managed by Abraaj) and Swedfund, entered into an agreement to sell their 37.3% collective stake in UAP Holdings Limited (“UAP”) to Old Mutual Holdings, a wholly-owned subsidiary of Old Mutual plc (“Old Mutual”) for KES 14.2 billion (approximately USD155.5 million). Old Mutual had…

IMF reduces emerging economies growth to 4.3% in 2015

Posted on by The Editorial Team

Economic growth reduced to 4.3% in 2015, downside risks persistThe International Monetary Fund reduced its projection for growth in emerging markets and developing economies to 4.3% in 2015 from an October forecast of 4.9%. It attributed the revision to lower growth in China and its negative impact on Emerging Asia, a much weaker economic outlook for Russia and its spill over on Commonwealth of Independent States (CIS), and to lower potential growth in commodity exporters….

Cenpower announces project financing for construction of IPP

Posted on by The Editorial Team

Following the fulfilment of the conditions precedent to its debt financing agreements, Cenpower Generation Company Limited (Cenpower) announced the financial close of the circa USD900 million project financing required for the construction and development of the Kpone Independent Power Project (KIPP) on 23 December 2014. KIPP is a 350MW combined cycle multi-fuel power station to be located near Tema, Ghana. Once construction is complete, it is expected to be the largest IPP in the country which will account…

2015 Sub-Saharan Africa’s Equity Market Outlook

Posted on by The Editorial Team

Equity Market overview In 2014, Sub Saharan African (SSA) equity market performance was mixed. The East African markets generally performed well, led by Tanzania (+22.7%), Uganda (+14.1%) and Kenya (+13.3%). Rwanda declined by 4.5%. Similarly, most markets were up in Southern Africa, with the exception of Zimbabwe which declined 19.5%. In West Africa, Nigeria and Ghana performed poorly in 2014. The Ghanaian equity market was up in local currency but declined 31.9% on currency devaluation….

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