Finance | - Part 116

South Africa Budget Head Resigns Amid Education-Funding Spat

JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s budget office, Michael Sachs, resigned amid speculation President Jacob Zuma is bypassing the National Treasury to implement plans for free university education. Sachs, who headed the office since November 2013, is the third senior Treasury official to leave since Zuma appointed Malusi Gigaba to replace Pravin Gordhanas finance minister in March. Sachs won’t be leaving immediately, “to ensure a proper handover to another senior official and to allow for…

Ghana to Cut $2.2 Billion Bill With Farm Support, President Says

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ACCRA (Capital Markets in Africa)- Ghana has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African nation seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. While Ghana is the world’s second-biggest cocoa producer, it imports more than two-thirds of the staples such as wheat and rice that it needs, according to the United Nations’…

Kenya Government Takes Control of Kenya Airways in Debt Swap

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NAIROBI (Capital Markets in Africa) – Kenya’s government and domestic lenders agreed to convert $405.3 million of Kenya Airways Plc debt into equity, giving the state a controlling stake and diluting other shareholders including Air France-KLM. The government, which has given Kenya Airways shilling and U.S.-dollar loans totaling $238.1 million, will increase its stake to 48.9 percent from 29.8 percent, according to statements published in the Nairobi-based Standard newspaper on Monday. Lenders owed $217.2 million will convert…

Egypt Signs Expanded $3.2 Billion Financing Deal With Lenders

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CAIRO (Capital Markets in Africa) – Egypt signed an expanded $3.2 billion financing deal with foreign banks, the central bank governor said, as it continues to bolster foreign reserves and prepare for about $14 billion of foreign debt repayments in 2018. The repurchase transaction, signed in November 2016 for one year, was increased from $2 billion, Tarek Amer said on Monday in an interview, without saying whether the duration of the deal has changed. Under the arrangement,…

IMF Reaches Initial Agreement With Egypt for $2 Billion Tranche

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CAIRO (Capital Markets in Africa) – The International Monetary Fund reached a staff-level agreement with Egypt to unlock a $2 billion loan installment, and said economic reforms in the Arab world’s most populous nation are starting to pay off. Egypt and the Washington-based lender signed a 3-year, $12 billion agreement a year ago, of which $4 billion has already been disbursed. The next $2 billion installment is subject to approval from the IMF’s executive board, and Egyptian authorities…

Kenya’s ARM Is Said to Become Next Target in Africa Cement Wars

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NAIROBI (Capital Markets in Africa) – ARM Cement Ltd., the Kenyan building-materials supplier, is the newest takeover target in the battle among the world’s biggest cement makers to expand in Africa, according to people familiar with the matter. ARM’s owners are exploring a sale, said the people, who asked not to be identified because the talks are private. The Nairobi-based company is currently valued at about $133 million on the Nairobi stock exchange, though the…

African Lender Mulls U.S. Bond Sale to Fund Trade Financing

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DAR ES SALAAM (Capital Markets in Africa) – Trade & Development Bank, a trade financier with operations in 21 African countries, will hold an investor roadshow in the U.S. next year to prepare for a possible Eurobond sale, Chief Executive Officer Admassu Tadesse said. TDB completed a promotional campaign in Gulf states last month, where it’s in the process of finalizing $200 million of funding, Tadesse said in an interview Thursday at his office in the…

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