Southern Africa |

Expect No Mercy After Default, Bondholder Tells Mozambique

MAPUTO (Capital Markets in Africa) – Mozambique became the first African nation to default since 2011 after failing to make an interest payment on a Eurobond before the grace period ended, according to a bondholder. The southern African nation did not pay a $60 million coupon on its $727 million of notes due in January 2023 by the close on Thursday, Lutz Roehmeyer, a fund manager at Landesbank Berlin Investment, said in an e-mailed response to questions. “The view on…

Zambia IMF Talks Seen Shielding Country Amid Trump Risks

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LUSAKA (Capital Markets in Africa) – Zambia is asking the International Monetary Fund for March talks over a program that could help buffer it from uncertainties relating to U.S. President Donald Trump’s policies and rising rates in that country that will lift borrowing costs for frontier markets, NKC African Economics said. Formal agreement to a technical and financial support package would also help Zambia rein in a ballooning budget deficit that’s pushed up debt, said Irmgard…

ADvTECH acquires majority stake in University of Africa, Zambia

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LUSAKA (Capital Markets in Africa) – ADvTECH, Africa’s largest private education provider, is pleased to announce the acquisition of a 51% stake in the University of Africa (“UoA”). Following the International Finance Corporation’s (“IFC”) investment in the Group in 2016 to support its expansion strategy, this acquisition represents the Group’s first tertiary partnership outside of South Africa. A private distance-learning university based in Zambia, UoA has a rapidly growing student base from across the continent…

Turkey Plans to Invest $1 Billion in Mozambique Over 20 Years

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MAPUTO (Capital Markets in Africa) – Turkey will invest $1 billion in Mozambique over the next two decades, President Recep Tayyip Erdogan said during a two-day visit to the southern African country struggling to attract foreign investment. Mozambique’s finances have been in trouble since early 2016 when it emerged the government withheld information about the magnitude of its indebtedness while arranging new credit. The nation has since said missed interest payments for external commercial loans, including a…

Angola Banks Appeal for Bailout as Oil Slump Cuts Liquidity

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LUANDA (Capital Markets in Africa) – Angolan banks are appealing to the government to help put together a bailout package to protect account holders as lenders reel from low oil prices that make up almost all of the nation’s foreign-exchange earnings. Financial assistance could come from the administration of President Jose Eduardo dos Santos or be shared by all of the southwest African country’s 28 operational lenders, Amilcar Silva, chairman of the Association of Angolan Banks, said in…

Mauritian Premier Succeeded by Son as Opposition Plans Protest

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Port Louis (Capital Markets in Africa) – Pravind Jugnauth took over as Mauritius’s new prime minister, a day after his father resigned and bequeathed the premiership to his son, as the opposition announced plans to demonstrate against the transfer of power. Jugnauth, 55, was sworn in Monday at a ceremony in the capital, Port Louis, and said he would retain his portfolio in the Finance Ministry. Opposition parties will gather in the city on Friday to…

South Africa ANC Leaders Break Ranks on Succession, M&G Says

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JOHANNESBURG (Capital Markets in Africa) — Provincial office bearers in South Africa’s ruling party are in disagreement over who should take over as leaders of the African National Congress, the Mail & Guardian reported, citing party members. Free State province Deputy Chairman Thabo Manyoni says party Deputy President Cyril Ramaphosa should succeed Jacob Zuma, in line with party tradition, the Johannesburg-based newspaper reported, citing him. Free State Premier Ace Magashule says leaders are elected at…

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