East Africa | - Part 6

CDC and IFC Invest up to US$35m in Africa Logistics Properties

LONDON (Capital Markets in Africa) – CDC Group, the UK’s development finance institution, and IFC, a member of the World Bank Group, will invest up to US$35 million in Africa Logistics Properties Holding (ALP), a developer and manager of modern grade-A warehousing, filling an important gap in logistics infrastructure in the region. The investment – US$25m from CDC and US$10m from IFC – will be used for ALP’s developments in Nairobi, Kenya, the trading hub…

Africa Finance Corporation and others Commit US$350m to Rwanda’s Power Projects

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LAGOS (Capital Markets in Africa)- A US$350 million deal to finance an 80 megawatt (MW) peat to power project in Rwanda, which will improve access to electricity for the three quarters of the country’s population that is currently off the grid, has reached financial close. The power plant, which is expected to increase installed capacity in Rwanda by 40%, will utilise the Country’s significant peat reserves to improve the national installed generation capacity. Despite its…

Tanzania central bank asks commercial banks to cut lending rates

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s central bank has asked commercial banks to consider lowering their lending rates to help spark credit growth in east Africa’s second-largest economy. Bank of Tanzania cut its discount rate to 12 percent from 16 percent effectively from March 6, the first time it has lowered borrowing costs since 2013, after a steep drop in private-sector credit growth last year. There were expectations that the move “will enhance…

AIIM acquires majority stake in DSM Corridor Group

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Dar es Salam (Capital Markets in Africa) – African Infrastructure Investment Managers (AIIM), a leading African infrastructure equity investment manager and member of Old Mutual Alternative Investments (OMAI), has announced the successful acquisition of a 60% effective interest in DSM Corridor Group Tanzania (DCG), a specialist dry bulk terminal operator in the Port of Dar es Salaam. AIIM develops, advises and manages private equity infrastructure funds designed to invest long-term institutional equity in African infrastructure…

GM plans to sell stake in East African unit to Isuzu

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NAIROBI (Capital Markets in Africa) – General Motors Co on Tuesday said it plans to sell its majority ownership stake in General Motors East Africa to its Japanese partner Isuzu Motors Ltd, as the U.S. carmaker continues to streamline by exiting non-core operations. Isuzu will acquire GM’s 57.7 percent stake in the unit in Kenya, which produces trucks under the Isuzu brand and sells imported Chevrolet-brand vehicles. More than 90 percent of the vehicles sold…

I&M Holdings acquires Giro Commercial Bank, Kenya

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Kenya (Capital Markets in Africa) – I&M Holdings, which owns of I&M Bank, yesterday announced that it has concluded acquisition of 100 per cent shareholding of Giro Commercial Bank. The bank said it would now convert Giro Bank branches to I&M Bank outlets. The conclusion of the transaction follows regulatory and shareholder approval. “The move underscores I&M Group’s expansion strategy, which seeks for opportunities to expand both locally and regionally by way of acquisitions,” I&M…

Kenya’s market regulator grants listing approval for first ETF

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NAIROBI (Capital Markets in Africa) – Kenya’s market regulator has allowed the listing of the country’s first-ever Exchange Traded Fund (ETF), which will track the price of gold, the regulator said on Friday. The Nairobi Securities Exchange has been investing in new infrastructure to include trading of new products like ETFs, to diversify from equities and bonds, its chief executive Geoffrey Odundo, told Reuters last November. The Capital Markets Authority (CMA) said in a statement…

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