Finance | - Part 13

Algeria raises over $5 bln in local debt issue says Finance Minister

ALGIERS (Capital Markets in Africa) – Algeria, faced with financial difficulties from the fall in oil prices, has raised 568 billion dinars ($5.210 billion) from a local bond issue aimed at helping offset lower energy revenues, the finance minister said. Oil and gas revenues account for 94 percent of OPEC member Algeria’s exports and 60 percent of the state budget. The government has reduced spending in 2015 and 2016 and planned further cuts for 2017….

DECLARATION OF THE MEMBERS OF THE AFRICAN UNION FOR HOUSING FINANCE (AUHF) FOLLOWING THE ANNUAL GENERAL MEETING HELD IN ABUJA, NIGERIA ON 16 SEPTEMBER 2016

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We, the members of the African Union for Housing Finance, having met with colleagues from the public and private sectors from over twenty countries over the past three days, and having held our 32nd annual general meeting in Abuja, Nigeria, on 16 September 2016, express our commitment to driving investment in Africa’s housing sector so that it contributes substantially to Africa’s growth agenda. We note: Affordable housing delivery to meet an ever increasing demand presents…

Bridging the Gap Between Sustainable Infrastructure Development and Finance

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LAGOS (Capital Markets in Africa) – We live in an age of fundamental infrastructure development. Roads, ports, energy generating facilities, water and waste management systems etc. will be key to ensuring increased connectivity between rural and urban areas in the future. They will also play a vital role to give local and regional markets better access to the global economy, increase the circulation of goods, services and people, and thereby improve economic and social development….

African Development Bank board approves 900 mln euro loan for Algeria

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ABIDJAN (Capital Markets in Africa) – The African Development Bank’s board approved a 900 million euro ($1 billion) loan for Algeria on Wednesday aimed at supporting reforms to help the North African nation confront falling oil revenues, it said in a statement. The money will support the government’s efforts to improve domestic revenue mobilisation and the investment climate as well as boosting the efficiency of the energy sector and promoting renewable energy.

Woodside takes $US350 million stake in Senegal offshore oil deal

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DAKAR (Capital Markets in Africa) – Woodside Energy has secured a 35 percent stake in three oil and gas tenements off West Africa after buying ConocoPhillips Senegal BV for $350 million. Woodside CEO Peter Coleman said in a statement on Saturday Woodside would be working with partners to commercialise the promising SNE and FAN deep-water oil discoveries off the coast of Senegal. “We look forward to working with the Government of Senegal and joint venture…

IMF says expects board to consider Egypt loan in next few weeks

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CAIRO (Capital Markets in Africa) – The International Monetary Fund said on Thursday that a $12 billion loan program for Egypt should be ready for board approval in the next few weeks and insisted that it would not call for cuts to food subsidies. “Progress has been made on a number of objectives and actions under that program in the subsequent period and we expect the program to come to the board within the next…

Nigeria has commitments for $500 mln of its planned Eurobond

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LAGOS (Capital Markets in Africa) – Nigeria has $500 million of commitments for the planned $1 billion Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun said on Thursday. Nigeria wants to sell a $1 billion in Eurobonds by the end of the year although, as of Thursday, no bank had been appointed to arrange…

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