Finance | - Part 108

EIB Plans to Double Kenyan Loans This Year for Infrastructure

NAIROBI (Capital Markets in Africa) – The European Investment Bank may double its loans to Kenya this year to fund power plants, roads, and other infrastructure projects, the lender’s regional representative said. Financing has been agreed in principle for deals worth about 375 million euros ($465 million), Catherine Collin, EIB regional representative for East Africa, said in an interview Wednesday in the capital, Nairobi. Last year, the lender signed commitments totaling 182 million euros, she said. “Kenya…

Nigeria Can’t Rely on Rising Oil Prices, Minister Says

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LAGOS (Capital Markets in Africa) – Africa’s top oil producer is learning to ignore crude prices, Nigeria’s Finance Minister Kemi Adeosun said. “We’ve gotten to a point where we don’t care,” whether prices will be sustained at the level that they have recently risen to, Adeosun said during an interview in her office in the capital, Abuja. “We’ve been able to balance our budget at $45-$46 per barrel and we’ve got to learn to live comfortably at…

It Would Be a Pitch Like No Other as Zimbabwe Eyes Bond Sale

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HARARE (Capital Markets in Africa) – It’s a sales pitch as tough as they come: the economy has halved since 2000, unemployment’s at 90 percent and bank withdrawals are capped at $40 a week. What’s more, the government is behind on World Bank loan payments and some officials have been sanctioned by the U.S. and Europe. Welcome to Zimbabwe, where new president Emmerson Mnangagwa wants tosell Eurobonds to revive one of the world’s weakest economies and end its…

Steinhoff Finds $1.1 Billion Under the Mattress. Is It Enough?

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV’s quest for cash has yielded about $1.1 billion from asset sales as the embattled retailer struggles to stay afloat. The question is whether the relatively small steps it’s taken can forestall more radical ones. Since revelations last month of accounting irregularities, Steinhoff sold the company jet, shed stakeholdings and sought to refinance debt to free up funds. It even ended its sponsorship of the rugby team at Stellenbosch University,…

Russia’s No. 2 Bank Seeks Mozambique Debt Talks After Default

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MAPUTO (Capital Markets in Africa) – The head of Russia’s second-biggest bank wants to meet with Mozambican President Filipe Nyusi and other officials soon to attempt to start negotiations over restructuring about $2 billion in debt, which haveyet to formally begin since the country defaulted a year ago. “We would like to convince them to start more negotiations with investors for restructuring the debt,” VTB Group Chief Executive Officer Andrey Kostin said in a Bloomberg Television interview at the World…

African Development Bank to Add $2 Billion to Nigeria Loans

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LAGOS (Capital Markets in Africa) – The African Development Bank plans to increase its loans to Nigeria by more than $2 billion next year with investments in energy, infrastructure and agriculture, its President Akinwumi Adesina said. “The total portfolio we have in Nigeria is $6 billion,” Adesina said in a Jan. 18 interview in Abuja, the capital. “We expect that by the year 2019, we will grow that into a little bit over $8 billion.” The Abidjan, Ivory Coast-based…

South Africa Moves to Freeze McKinsey, Gupta-Linked Assets

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JOHANNESBUG (capital Markets in Africa) – South African prosecutors moved to freeze 1.6 billion rand ($130 million) of assets held by McKinsey & Co. and a company linked to the Guptas, the first significant response to corruption allegations against the politically connected family. McKinsey earned about 1 billion rand in consultancy fees from Eskom Holdings SOC Ltd. in 2016, but has since pledged to pay it back after being drawn into allegations the Guptas used their friendship with…

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