The Editorial Team |

Infrastructure | Engie Arranges $588 Million in Loans for South Africa Solar

Johannesburg, South Africa, Capital Markets in Africa: Engie SA arranged 9.2 billion rand ($589 million) in loans for a 100-megawatt solar thermal power project in South Africa. Rand Merchant Bank, Nedbank Ltd., ABSA Capital Ltd. and Investec Plc are among the project’s debt providers, Chadbourne & Parke LLP, the law firm that advised Engie on the deal, said in an e-mailed statement Wednesday. The Kathu solar project in the Northern Cape Province is 48.5 percent owned by…

Trade Finance | Afreximbank Vows $1 Billion for Ivory Coast Cocoa Projects

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Abidjan, Ivory Coast, Capital Markets in Africa: African Export-Import Bank said it will provide as much as $1 billion in finance for cocoa and cashew projects in Ivory Coast as the country seeks to increase its domestic processing capacity. The bank is offering loans to private investors and projects owned by the state, which will also guarantee the finance, Benedict Oramah, chief executive officer of the Cairo-based lender known as Afreximbank, told reporters in the commercial capital,…

Nigeria Said to Plan Bond Investor Meetings in London Next Week

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian officials are meeting bond investors in London next week, according to a person familiar with the matter, as the government considers tapping international debt markets to help finance its record budget deficit. Finance Minister Kemi Adeosun will head the meetings on June 7, which have been arranged by Standard Chartered Plc, according to the person, who asked not to be identified because he’s not authorized to comment publicly. Abraham Nwankwo, head of…

Crude Oil | OPEC Ministers Say Oil Market Moving in Right Direction

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LAGOS, Nigeria, Capital Markets in Africa: OPEC ministers gathering in Vienna for the group’s biannual meeting said the oil market is moving in the right direction as a supply glut dissipates. While Saudi Arabia — the architect of the Organization of Petroleum Exporting Countries’ current policy — remained silent, ministers from the United Arab Emirates and Nigeria signalled that the strategy of letting low prices eradicate surplus production is working. Some of the world’s biggest oil traders…

Nigerian Equity Markets | 31 May 2016: Stocks Tumble on Panic Selling …NSE-ASI down 4.3%

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LAGOS, Nigeria, Capital Markets in Africa: The Bullish trend in the Nigerian equities market was reversed as the All Share Index plunged 4.3% amid profit taking and FX uncertainty following the Democracy Day Speech. After touching a year high of 28,902.25 points on Friday, the benchmark index tumbled to 27,671.08 points today, sending YTD return (-3.4%) back to the negative region. Market capitalization also shrank N425.6bn settling at N9.5tn. Today’s sharp decline was broadly driven…

Impressions from the World Economic Forum on Africa —- RMB Morgan Stanley

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The 26th World Economic Forum on Africa was held in Kigali, Rwanda last week: We attended the gathering and provide feedback on the conference and the investable themes coming out of it. Connecting Africa’s Resources through Digital Transformation: The theme of this year’s forum builds on that of the World Economic Forum held in Davos this January, by honing in on how Africa sees itself participating in the so-called Fourth Industrial Revolution. Rwanda, a continental…

Ghana’s Regulator Orders Investor Refund in Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s securities regulator instructed the nation’s biggest agricultural lender to refund investors after it rejected bids in an initial public offering that closed in March. The Agricultural Development Bank Ltd. refused 435.1 million cedis ($112 million) of the 437.9 million cedis in bids it received, the West Africa nation’s Securities and Exchange Commission said in a statement sent Tuesday by text message. The lender informed the regulator of its intention to reopen…

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