Africa | - Part 7

StanChart Said to Revamp Investment Banking to Boost Revenue

JOHANNESBURG (Capital Markets in Africa) – Standard Chartered Plc has revamped its investment banking division in a push to boost income from existing clients, as the Asia-focused lender attempts to restore revenue growth after years of missing targets, two people familiar with the move said. Paul Skelton, who heads global banking, has divided his unit into five industry segments and five regions to simplify and improve relationships with clients, said the people, who asked not to…

Injaro sells stake in Burkina Faso seed producer

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Lagos (Capital Markets in Africa) – Injaro Investments, the manager of the agricultural impact fund IACHL, announces the sale of its 30% stake in seed producer NAFASO SA to the founders and other shareholders. This share sale represents a full exit from Nafaso after a holding period of just under four years. Injaro invested in Nafaso in March 2013. The company’s aim was to leverage the investment from Injaro (i) to increase Nafaso’s output of…

Africa Finance Corporation carries out $150 million Sukuk on Nasdaq Dubai

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LAGOS (Capital Markets in Africa) – Africa Finance Corporation (AFC) has carried out a 150 million US dollar Islamic financing transaction on the Murabahah platform of Nasdaq Dubai, the international financial exchange serving the Middle East and Africa. The transaction was executed to facilitate the issuance by AFC of a 150 million US dollar Sukuk, which was the first US dollar Sukuk to be issued by any multilateral African institution. It was also the first…

Bank of Mauritius keeps the Key Repo Rate unchanged at 4%

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PORT LOUIS (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Mauritius unanimously decided to keep the Key Repo Rate unchanged at 4.00 per cent per annum at its meeting today. Growth in major advanced economies is likely to strengthen in 2017. The IMF’s World Economic Outlook Update released in January 2017 projects world growth to increase from 3.1 per cent in 2016 to 3.4 per cent in 2017 and…

Nigeria not sure yet how much to borrow from World Bank

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LAGOS (Capital Markets in Africa) – Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least $1 billion. “The figure will depend on the (2017)…

African capital markets Activity shows significant decline in 2016, says PwC

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JOHANNESBURG (Capital Markets in Africa) – 2016 marked a challenging year for African equity markets in the wake of lower economic growth and political upheaval around the globe, largely as a result of the US elections cycle and the Brexit vote. African equity capital markets (ECM) broke a streak of three successive years of growth, recording a decline in overall ECM activity of 28% from 2015 in the number of transactions and 33% from 2015…

Afreximbank and Ecobank agree US$500m programme for African trade and investment promotion

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LOME (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group have signed a memorandum of understanding (MOU) to promote joint corporate objectives through the financing of private sector projects and trade finance transactions, focusing particularly on transactions involving trade and investment in Afreximbank member countries where Ecobank also has a presence. The cooperation between the two institutions will support efforts at promoting intra-African…

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