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Cameroon power firm to spend $60 mln on improving supplies in 2015

YAOUNDE (Reuters) – Cameroon power company eneo plans to invest 37.5 billion CFA francs ($62 million) in 2015, its general manager said on state radio on Tuesday, as it seeks to improve the reliability of the country’s power supply.The central African oil and cocoa producer suffers from regular blackouts, especially in the dry season as water levels in hydroelectric reservoirs dwindle. Cameroon has vowed to improve electricity supplies as part of a broad economic plan…

Kenya sells $260 mln of 12-yr infrastructure bond at extended sale

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s central bank sold 24.02 billion shillings ($259.96 million) worth of a 12-year infrastructure bond in an extended sale in which it aimed to raise up to 25 billion shillings. The bond was first auctioned on March 25, when its weighted average yield rose slightly to 11.556 percent from 11.263 percent at a previous sale in October. At the extended sale on Wednesday all the bids for the bond were allotted at…

Kuwait fund to lend Egypt $1.5 bln over next five years

Posted on by The Editorial Team

KUWAIT (Reuters) – The Kuwait Fund for Arab Economic Development plans to lend Egypt $1.5 billion over the next five years, extending $300 million each year, the fund’s director-general Abdulwahab al-Bader told Reuters on Tuesday.He did not give details of the loans. The fund is the Kuwaiti government’s agency for aiding developing countries in areas such as agriculture, transport and energy.Kuwait, Saudi Arabia and the United Arab Emirates have provided billions of dollars of aid…

Cameroon to issue up to 55 bln CFA francs in bonds in Q2

Posted on by The Editorial Team

YAOUNDE (Reuters) – Cameroon will issue up to 55 billion CFA francs ($92 million) in treasury bonds in the second quarter of 2015, state radio quoted on Monday the finance ministry as saying.The central African state said earlier this year it planned to issue nearly three times as much debt this year as in 2014 amid a shortfall in oil revenues due to slumping global crude prices.The ministry said treasury bonds would be issued on…

Zimbabwe: Multi-currency revives housing projects

Posted on by The Editorial Team

The introduction of the multi-currency regime in the country revived the construction industry in Zimbabwe resulting in a boom in housing developments, especially in Harare where statistics show that over 15 000 housing stands have been developed since 2009. Housing development had been constrained in the last days of the Zim dollar. The construction of houses in Harare has become a noticeable feature whichever side of the city one decides to pass through. There are…

Mangudya hails bond coins

Posted on by The Editorial Team

At least $4 million in bond coins have been distributed in the economy, accounting for a penetration rate of 75%, the Reserve Bank of Zimbabwe (RBZ) has said. Zimbabwe unveiled bond coins in December last year to buttress the multicurrency regime through the provision of change and to necessitate correct pricing for goods and services which hitherto was constrained by the absence of an appropriate system of coins. RBZ governor John Mangudya told Standardbusiness that…

Gas discoveries poised to tone up economy within 12 years

Posted on by The Editorial Team

Tanzania’s economy is projected to start accelerating at the rate of 15.3 per cent annually within the next 12 years, following massive off shore discovery of natural gas in the country, it was said in Dar es Salaam on Thursday. The Governor of the Bank of Tanzania (BoT), Prof Benno Ndulu, said the country’s current proven reserves stood at 55 trillion cubic feet (tcf), while construction of a liquefied natural gas (LNG) plant was scheduled…

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