Finance | - Part 145

Bridging the Gap Between Sustainable Infrastructure Development and Finance

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…

South African pension fund seeks central bank approval to increase Barclays Africa stake

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Africa’s biggest pension fund, Public Investment Corporation, has sought approval from South Africa’s central bank to raise its stake in Barclays Africa, two sources with direct knowledge of the matter said. Barclays Africa’s parent, Barclays Plc, wants to reduce its holding to below 20 percent, which would make it an equity investment rather than a subsidiary. The plan is part of a broader sale by the British bank of…

Woodside takes $US350 million stake in Senegal offshore oil deal

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DAKAR (Capital Markets in Africa) – Woodside Energy has secured a 35 percent stake in three oil and gas tenements off West Africa after buying ConocoPhillips Senegal BV for $350 million. Woodside CEO Peter Coleman said in a statement on Saturday Woodside would be working with partners to commercialise the promising SNE and FAN deep-water oil discoveries off the coast of Senegal. “We look forward to working with the Government of Senegal and joint venture…

Nigeria has commitments for $500 mln of its planned Eurobond

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LAGOS (Capital Markets in Africa) – Nigeria has $500 million of commitments for the planned $1 billion Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun said on Thursday. Nigeria wants to sell a $1 billion in Eurobonds by the end of the year although, as of Thursday, no bank had been appointed to arrange…

Afreximbank raises more than $3 bln to fund work, but demands soar

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KIGALI (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) has already secured more than the $3 billion it had sought to raise by the end of 2016 to fund its activities, with about $1 billion coming from Eurobonds, a senior executive said on Thursday. But Cairo-based Afreximbank Executive Vice-President George Elombi also told Reuters the bank did not have enough resources to meet the continent’s soaring demand for financing from African economies hurt…

Total, Glencore and Gunvor bidding for Chevron’s South African assets

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CAPE TOWN (Capital Markets in Africa) – Total, Glencore and Gunvor are bidding for a 75 percent stake in Chevron’s South African downstream assets, which include a refinery, three industry sources told Reuters on Tuesday. U.S. oil major Chevron said in January it planned to sell 75 percent of its South African business unit, which includes a 110,000-barrels-a-day refinery in Cape Town. The second bidding round in which actual offers were made closed on Sept….

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