Finance | - Part 138

Nigeria aims to present reform plan in Feb for $1 bln World Bank loan

LAGOS (Capital Markets in Africa) – Nigeria wants to borrow at least $1 billion from the World Bank to help haul it out of recession and plans to present the required economic reform proposals to the lender this month, officials and diplomats told Reuters. The oil producer, which has been hit hard by a sharp fall in crude prices since 2014, has been in talks with the Washington-based lender for a year to secure a…

Nigeria sells US$1 billion to Eurobond Market Despite Investors’ Naira Concern

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LAGOS (Capital Markets in Africa) – Nigeria returned to international capital markets for the first time since 2013 and sold US$1 billion of 15-year bonds at 7.875 percent, which is below the initial target of about 8.5 percent. The US$ 1 billion Eurobond was approved by the Nigeria’s parliament to help finance its budget deficit -mainly for capital expenditures. Nigeria’s economic growth and U.S. dollar earnings are likely to gradually improve in 2017, supported by…

UAE’s Dana Gas freezes Egypt investments over debts

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CAIRO (Capital Markets in Africa) – Dana Gas will not make new investments in Egypt because of delays in obtaining payments owed to it there, the chief executive of the United Arab Emirates company said. Political and economic turbulence in Egypt and Iraqi Kurdistan mean Dana has struggled to secure revenues in either country, once again hitting its profit on Thursday. Dana posted a $7 million net profit in the three months to Dec. 31,…

Zambia’s 2016 investment pledges up marginally to $3.4 billion

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LUSAKA (Capital Markets in Africa) – Zambia recorded $3.4 billion in investment pledges in different sectors of the economy in 2016, representing a 0.7 percent increase from the previous year, the investment promotion agency said on Wednesday. The energy sector registered the highest amount of pledged investment, followed by manufacturing and agriculture, the Zambia Development Agency said in a statement. It said investment rose despite a general election last year, showing confidence in Zambia was…

Botswana gets offer for struggling BCL mines

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GABORONE (Capital Markets in Africa) – Botswana’s high court agreed on Tuesday to delay the provisional liquidation of state-owned BCL Mine Ltd after lawyers representing the liquidator KPMG said they had received an offer to buy its mothballed mines, which produce copper and nickel. While the lawyers declined to name the company making the offer, a source close to the process told Reuters a company from the United Arab Emirates had put forward an offer…

Ghana Will Meet IMF Bailout Benchmarks, Says Finance Minister

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ACCRA (Capital Markets in Africa) – Ghana remains committed to its three-year bailout plan with the International Monetary Fund and will take steps to achieve the program’s benchmarks if it allows the country an opportunity to address economic “predicaments” by creating jobs. The IMF program remains necessary to achieve fiscal consolidation “though it is presently in a delicate state,” Finance Minister Ken Ofori-Atta said in an e-mailed statement on Monday. Ghana’s total public debt stood at 71.9 percent…

IsDB pledges to support the growth of private sector in Guinea

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Conakry (Capital Markets in Africa) – The Islamic Development Bank (IsDB) has pledged to support the growth of the private sector in the Republic of Guinea. The statement was made by the IsDB Vice President (Sector Operations), Dr. Mansur Muhtar at the opening ceremony of the Private Sector Forum jointly organized by the Government of Guinea and IsDB Group. The Prime Minister of Guinea, Mr. Mamady Youla chaired the Forum in the capital Conakry. The…

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