The Editorial Team |

Moody’s upgrades Egypt to B3 with a stable outlook

Moody’s Investors Service has today upgraded Egypt’s issuer and senior unsecured bond ratings to B3 from Caa1, with a stable outlook. Key drivers for today’s rating action are: Improving macroeconomic performance, Reduction in external vulnerabilities, and Ongoing commitment to fiscal and economic reform. In today’s rating action, Moody’s has also raised Egypt’s foreign-currency bond ceiling to B2 from B3, the foreign-currency deposit ceiling to Caa1 from Caa2, and the local-currency country risk ceiling to Ba2…

Kuwait fund to lend Egypt $1.5 bln over next five years

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KUWAIT (Reuters) – The Kuwait Fund for Arab Economic Development plans to lend Egypt $1.5 billion over the next five years, extending $300 million each year, the fund’s director-general Abdulwahab al-Bader told Reuters on Tuesday.He did not give details of the loans. The fund is the Kuwaiti government’s agency for aiding developing countries in areas such as agriculture, transport and energy.Kuwait, Saudi Arabia and the United Arab Emirates have provided billions of dollars of aid…

FMO exits Safripol investment

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Johannesburg, South Africa, April 8 2015: The Netherlands Development Finance Company (FMO) and Vantage Capital have exited their R220 million ($32 million) investment in Safripol, a Southern African plastic polymer manufacturer. Vantage is a Pan-African mezzanine fund manager with over R5 billion ($420 million) of assets under management. FMO is the Dutch development bank. In July 2007 Vantage and FMO funded Thebe Investment Corporation, one of South Africa’s most prominent black economic empowerment investment companies, to acquire…

Cameroon to issue up to 55 bln CFA francs in bonds in Q2

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YAOUNDE (Reuters) – Cameroon will issue up to 55 billion CFA francs ($92 million) in treasury bonds in the second quarter of 2015, state radio quoted on Monday the finance ministry as saying.The central African state said earlier this year it planned to issue nearly three times as much debt this year as in 2014 amid a shortfall in oil revenues due to slumping global crude prices.The ministry said treasury bonds would be issued on…

Zimbabwe: Multi-currency revives housing projects

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The introduction of the multi-currency regime in the country revived the construction industry in Zimbabwe resulting in a boom in housing developments, especially in Harare where statistics show that over 15 000 housing stands have been developed since 2009. Housing development had been constrained in the last days of the Zim dollar. The construction of houses in Harare has become a noticeable feature whichever side of the city one decides to pass through. There are…

Mangudya hails bond coins

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At least $4 million in bond coins have been distributed in the economy, accounting for a penetration rate of 75%, the Reserve Bank of Zimbabwe (RBZ) has said. Zimbabwe unveiled bond coins in December last year to buttress the multicurrency regime through the provision of change and to necessitate correct pricing for goods and services which hitherto was constrained by the absence of an appropriate system of coins. RBZ governor John Mangudya told Standardbusiness that…

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

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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…

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