Finance | - Part 144

Egypt signs 3-yr 18 bln yuan bilateral currency swap with China

CAIRO (Capital Markets in Africa) – China and Egypt on Tuesday concluded an 18 billion yuan ($2.62 billion) three-year bilateral currency swap, a move that importers and economists said would facilitate trade and improve foreign currency liquidity in cash-strapped Egypt. Egypt’s central bank, which signed the deal with the People’s Bank of China, said the arrangement could be extended by mutual consent. “This bilateral currency swap is a mutually beneficial arrangement between both countries,” it…

Nigeria Export Agency Sees Roads, Rail Routes to Growth Recovery

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s push to end its economic contraction requires expanding the country’s road and rail networks for an export-led recovery that would ease a reliance on oil, head of the West African nation’s export agency said. “It’s important we build roads that lead to markets,” Segun Awolowo, chief executive officer of the Nigerian Export Promotion Council, said in an interview in the capital, Abuja. “The rail needs to move goods…

Dubai-based firm forms $1.6 bln steel plant JV in Algeria

Posted on by The Editorial Team

ALGIERS (Capital Markets in Africa) – Dubai-based conglomerate Emarat Dzayer Group said it had signed a joint venture agreement to develop a $1.6 billion steel factory in Algeria, boosting the North African country’s drive to diversify its economy and attract foreign investment. Emarat Dzayer Steel Company will be a joint venture between Algeria’s state-linked Groupe Imetal, which will hold a 51 percent stake in the business through two subsidiaries, and 49 percent held by Emarat…

Equatorial Resources aims to invest $1.2 bln in Congo iron project

Posted on by The Editorial Team

BRAZZAVILLE (Capital Markets in Africa) – Africa-focused Australian mining company Equatorial Resources Ltd will aim to invest around $1.2 billion to develop its Badondo iron ore project in Republic of Congo, the company said. John Welborn, a non-executive director of Equatorial Resources and chief executive of its Congolese unit Congo Mining Exploration Ltd, met Prime Minister Clement Mouamba on Tuesday and submitted an application for a mining license. “The recent improvement in the price of iron…

Nigeria needs billions in new investment to raise oil output, producer says

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Ladi Bada, chief executive of Shoreline Natural Resources, a joint venture with oil and gas interests in southern Nigeria, estimated that about $9 billion…

Bridging the Gap Between Sustainable Infrastructure Development and Finance

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – We live in an age of fundamental infrastructure development. Roads, ports, energy generating facilities, water and waste management systems etc. will be key to ensuring increased connectivity between rural and urban areas in the future. They will also play a vital role to give local and regional markets better access to the global economy, increase the circulation of goods, services and people, and thereby improve economic and social development….

Egypt’s budget deficit narrows in first quarter

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s budget deficit in the first quarter of 2016/17 narrowed to 2.4 percent from 2.8 percent in the same period a year earlier, two government sources told Reuters on Tuesday. “The total deficit for the first quarter of the year was around 76.816 billion Egyptian pounds ($4.47 billion) from 78.280 billion a year earlier,” one of the sources said. Egypt’s financial year starts in July. Both sources said the…

« 1 … 142 143 144 145 146 … 186 »