North Africa |

Egypt’s Sarwa Capital Seeks Raising About $120 Million in IPO

CAIRO (Capital Markets in Africa) – Sarwa Capital, an Egyptian consumer and structured-finance provider, plans to sell a stake of as much as 40 percent in an initial public offering to raise capital for expansion. The Cairo-based company plans to list the shares on the local stock exchange in early October, Chief Executive Officer Hazem Moussa said in an interview. The company will use the proceeds, expected to be about $120 million, to grow consumer…

Libyan Forces Hand Oil Ports to East-Based Energy Company

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TRIPOLI (Capital Markets in Africa) – Forces of Libyan Commander Khalifa Haftar handed control of oil ports in the east of the divided nation to a state unit rivaling the internationally recognized National Oil Corp. based in the capital Tripoli, in a surprise move that could create uncertainty among buyers. “All oil facilities, all oil ports — not just the ones in the oil crescent but even Hariga port — all oil sectors, oil pipelines, all facilities…

Algeria’s banking sector is adequately capitalised and profitable

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ALGIERS (Capital Markets in Africa) – The International Monetary Fund indicated that Algeria’s banking sector is adequately capitalised and profitable. It noted that the capital adequacy ratio of banks operating in Algeria increased from 18.9% at the end of 2016 to 19.6% at end-2017, while their Tier-One capital ratio declined from 16.3% at end-2016 to 15.2% at end-2017 as a result of higher credit growth. It also pointed out that the banks’ return on assets was at 2% and their return…

Mauritania’s Growth Prospects Dependent on Reforms – IMF Says

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MAURITANIA (Capital Markets in Africa) – The International Monetary Fund indicated that Mauritania’s economy has been recovering, as real GDP growth accelerated from 1.8% in 2016 to 3.5% in 2017 due to improved terms of trade and strong activity in the agriculture, manufacturing, transport and telecommunications sectors. But it projected growth to slow down slightly to 3% in 2018, as a result of the delayed impact of last year’s drought on the agriculture industry. The IMF, also considered the …

Algerian Economy Facing Significant Challenges – IMF Says

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ALGIERS (Capital Markets in Africa) – The International Monetary Fund indicated that Algeria continues to face significant challenges because of the sharp decrease in global oil prices since 2014. It noted that Algerian authorities are facing wide fiscal and current account deficits, declining foreign currency reserves and a slowdown in economic activity, despite the considerable fiscal consolidation measures implemented in 2017. It projected real GDP growth to accelerate from 1.6% in 2017 to 3% in 2018…

Tunisian Risks to Macroeconomic Stability Increase – IMF says

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TUNIS (Capital Markets in Africa) – The International Monetary Fund considered that Tunisian authorities remain committed to the implementation of urgent economic reforms to reduce the country’s macroeconomic and fiscal imbalances. It indicated that the economy showed signs of recovery, with real GDP growing by 2.5% in the first quarter of 2018, its highest level since 2014, supported by strong agricultural production and exports. Also, it noted that the current account deficit narrowed because of a…

Egypt Inflation Rate Drops as Currency Float Shock Eases

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CAIRO (Capital Markets in Africa) – Egypt’s monthly urban inflation rate fell for the first time in more than two years as the impact of lifting currency controls eased. The month-on-month inflation rate came in at minus 0.2 percent in December, its lowest rate since November 2015, while the annual inflation rate eased to 21.9 percent from 26 percent the previous month, according to the state-run statistics agency CAPMAS. Annual prices were affected by a slowing of…

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