News | - Part 5

IFC Partners with CITIC Construction to Develop Affordable Housing in Africa

Nairobi, Kenya (Capital Markets in Africa) —IFC, a member of the World Bank Group, and Chinese multinational construction and engineering company, CITIC Construction Co., Ltd today launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in Sub-Saharan Africa. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five fulltime jobs – resulting…

Governor of Congo mining hub Katanga warns against tax hikes

Posted on by The Editorial Team

LUBUMBASHI, DRC (Capital Markets in Africa): – The powerful governor of Democratic Republic of Congo’s Katanga province warned on Wednesday against significant tax hikes in a proposed new mining code amid a recent decline in copper prices. The southeastern province accounts for nearly all of the vast central African state’s copper production, which surpassed 1 million tonnes for the first time in 2014. Congo vies with Zambia to be the continent’s top producer of the metal. A…

Gem Diamonds’ revenue rises on Letseng’s high-grade diamonds

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Lesotho (Capital Markets in Africa): – Gem Diamonds Ltd said its sales increased in the year to date as it sold more high-grade diamonds from its flagship Letseng mine in Lesotho despite a weaker diamond market. Gem Diamonds said it earned an average of $2,146 per carat in the first three tenders of 2015, compared with $2,140 in the fourth quarter of 2014. The miner, which expects production at its Ghaghoo mine in Botswana to…

EU lawmakers seek ban on “blood metals” in surprise vote

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By Robin Emmott BRUSSELS (Reuters) – The European Parliament voted on Wednesday to ban all products that contain “blood metals” sold by African warlords, but the legislation is likely to be blocked by EU governments who fear it would impose an unrealistic burden on business. The surprise result marked a defeat for the pro-business European People’s Party (EPP), the parliament’s biggest grouping, who need fellow centrist allies to pass laws following last year’s EU elections…

Tourism overtakes gold in foreign exchange earnings in Tanzania

Posted on by The Editorial Team

According to the East African News, tourism has now overtaken gold to become the chief foreign exchange earner for Tanzania. USD 2.05bn in earnings was generated in tourism in the 12 months to January 2015. This was an increase of 8.47% from the US$1.89bn earned in the 12 months ending January 2014, overtaking gold as Tanzania’s leading foreign exchange earner. The Bank of Tanzania’s February Monthly Economic Review indicates that gold exports plunged from USD…

South Africa’s rand at three-week high against dollar on EM rally

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JOHANNESBURG (Reuters) – South Africa’s rand rode the wave of an emerging market rally on Tuesday, extending gains to a new three-week high to a U.S. currency weighed down on expectations the Federal Reserve will delay an interest rate hike to September. By 1506 GMT the rand had firmed 0.5 percent to 11.8500 per dollar, having strengthened to as much as 11.8000 in the session before pulling back as weak Chinese manufacturing data restricted EM…

Abraaj, Helios Said to Be Among Possible Bidders for Actis’ EMP

Posted on by The Editorial Team

(Bloomberg) — Private-equity firms Abraaj Group and Helios Investment Partners are among potential bidders for Actis’s payment services firm Emerging Markets Payments Group, two people with knowledge of the matter said. A formal bidding process for EMP, which may fetch about $400 million, could start as soon as this month, the people said, asking not to be identified as the information is private. The sale may also draw rivals that want to expand in emerging…

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