Ivory Coast | - Part 3

Ivory Coast Said to Plan $1 Billion Eurobond Sale by End of July

ABIDJAN (Capital Markets in Africa) – Ivory Coast plans to sell at least $1 billion in Eurobonds by the end of July to raise funds for infrastructure projects, the country’s first issuance of international debt since 2015, according to two people with knowledge of the plans. The government is negotiating to sell bonds with 10-year maturity and the sale will probably happen in June or July, according to the people, who asked not to be…

Ivory Coast slashes budget on low cocoa prices, President Says

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast has cut planned spending for 2017 by 10 percent due to a sharp drop in world prices of cocoa, its leading export, President Alassane Ouattara said, according to Thursday’s edition of national newspaper Le Patriote. The move is a major concession by a government that has prided itself on its stewardship of the West African country – the world’s biggest cocoa exporter – during its recovery from…

Heineken Takes on Castel in Ivory Coast for African Growth

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ABIDJAN (Capital Markets in Africa) – Heineken NV’s latest quest to seize a greater share of emerging markets has the brewer on a collision course with Groupe Castel in one of Africa’s fastest-growing economies. Officially opened on Wednesday, the Brassivoire brewery is the product of a joint venture with CFAO SA and costs 150 million euros ($160 million) to build. Located 24 kilometers (15 miles) north of the commercial capital, Abidjan, the facility is already producing Ivoire…

Ivory Coast to Receive IMF Budget Support as Cocoa Slumps

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ABIDJAN (Capital Markets in Africa) – Ivory Coast will receive additional assistance from the International Monetary Fund to support its 2017 budget after cocoa prices slumped, hurting the finances of the biggest grower of the crop. The IMF’s board will meet in June to decide on the amount of support, Dan Ghura, the Washington-based lender’s mission chief, told reporters late Wednesday in the commercial capital, Abidjan. The assistance will come as the IMF visited the West…

Ivory Coast to Sell First Eurobond Since 2015, Says Minister

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast will soon sell Eurobonds in the West African nation’s first issuance of international debt since 2015, said Finance Minister Adama Kone. The offering will start in the “coming days,” Kone said in comments after a cabinet meeting in the commercial capital, Abidjan. He declined to comment on the sale amount or maturity of the debt. The announcement comes as cocoa prices have fallen by more than a third…

Ivory Coast to Review 2017 Budget Amid Slump in Cocoa Prices

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s biggest cocoa producer, will revise its budget for 2017 after prices for the beans dropped by a third since the middle of last year, according to a government official. While the slump in cocoa prices weighs on income, the West African nation also has to provide for new expenditures, government spokesman Bruno Kone said by phone. Ivory Coast’s “resources are largely sufficient to face these expenses…

West African CFA franc zone to see strong growth, increased risks, Says IMF

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Countries in the West African Economic and Monetary Union (WAEMU) are on track to see medium-term economic growth of about 6 percent after recording 6.5 percent growth last year, the International Monetary Fund (IMF) said on Thursday. However, the eight-nation currency zone is “subject to significant downside risks”, including global uncertainties, sluggish structural reforms and falling cocoa prices, it said in a statement. Member countries using the West African…

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