Finance | - Part 35

UBA Lists N30.5bn Bond Issue on NSE, FMDQ

The United Bank for Africa (UBA) Plc’s N30.5 billion bond has been listed on the Nigerian STOCK EXCHANGE (NSE) and the Financial Market Dealers Quotation, over-the-counter (FMDQ-OTC) market. The dual listing was done in Lagos on Wednesday. Listing on the NSE provides opportunity for retail investors to take advantage of the fixed return on the investment grade notes, through the primary market while listing on the FMDQ provides a secondary market platform for institutional and foreign investors to trade the…

Tunisia: AfDB grants €49.4 million loan to enhance natural gas supply to disadvantaged regions

Posted on by The Editorial Team

Tunis, Tunisia (Capital Markets in Africa) — The Board of Directors of the African Development Bank (AfDB) Group approved on Wednesday, April 1, 2015 in Abidjan, a €49.4-million loan to the Tunisian Electricity and Gas Corporation, la Société tunisienne d’électricité et du gaz (STEG). The project for the development of natural gas transportation and distribution to the western part of the country is aimed at improving the supply of cheaper and less-polluting energy to the…

Nigeria’s Wema Bank raising $100 mln Tier II capital to grow loans

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria’s Wema Bank aims to complete a $100 million Tier II capital raising exercise by the second quarter of this year to fund its growing foreign currency loan portfolio, its chief financial officer said on Thursday. Tunde Mabawonku said the commercial lender also planned to start the process of raising fresh equity capital of between 30 billion naira ($151 million) to 40 billion naira, from strategic investors by the fourth quarter. Mabawonku…

Japan tops project finance investment into the continent…

Posted on by The Editorial Team

Over the last 10 years, the level of project finance investments sponsored by Asian funds in Africa has increased by over 160%, with the amount of fresh capital poured into the continents’ projects such as roads, water sanitation plants and oil and gas pipelines in 2014 alone standing at USD 4.2bn, according to research by global law firm Linklaters. The surge, especially in the last five years, is perhaps surprisingly attributable to Japanese investors, who…

Ghana seeks bridge financing of up to $1 bln in H1 2015

Posted on by The Editorial Team

ACCRA (Reuters) – Ghana will seek bridge finance of between $300 million and $1 billion in the first half of this year to redeem maturing domestic debt, according to a memo to parliament signed by Finance Minister Seth Terkper.The debt finance plan emerged as Moody’s downgraded Ghana’s sovereign rating and put the West African country on a negative outlook to reflect its increasing debt burden, large fiscal imbalances and a sharp weakening of the cedi…

PIC puts R5bn into Northern Cape renewable energy projects

Posted on by The Editorial Team

RENEWABLE energy projects received a boost with the announcement on Wednesday of two new solar power plants to be built in the Northern Cape. The Public Investment Corporation (PIC) will invest R4.4bn, buying a 20% stake in each plant and providing debt funding for both totalling R600m. Worth R22bn, the Ilangalethu and Xina power stations are expected to contribute a combined 200MW to the national electricity grid. It usually takes two years to build a…

What can $300 billion buy in Egypt? A new capital or a pipedream

Posted on by The Editorial Team

CAIRO (Reuters) – It is a project as ambitious as Egypt’s ancient pyramids. Built from scratch to escape Cairo’s choking pollution, a planned new capital will feature an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower and more than 10,000 km (6,200 miles) of boulevards, avenues and streets.The city, meant to be built within just seven years, was unveiled last week at the Sharm El-Sheikh economic summit, where President Abdel Fattah…

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