Finance | - Part 146

Nigeria’s Buhari asks parliament to approve $30 bln of borrowing

ABUJA (Capital Markets in Africa) – Nigerian President Muhammadu Buhari has asked parliament to approve plans to borrow $30 billion abroad to fund infrastructure plans until 2018, according to a letter read out on Tuesday in the assembly. Nigeria, an OPEC member, slipped into recession for the first time in more than 20 years in the second quarter largely due to low global oil prices. Crude oil sales account for about two-thirds of government revenue….

South Africa to borrow $6 billion from international markets: Treasury

Posted on by The Editorial Team

CAPE TOWN (Capital Markets in Africa) – South Africa plans to borrow $6 billion from international markets over the next three years, with foreign currency bond issuance increasing by $2.1 billion in the current financial year, the Treasury said on Wednesday. Treasury has already issued a pair of dollar bonds in overseas capital markets worth $3 billion in September and $1.5 billion in April. It said the key driver of increased debt were the weaker…

Tunisia to offer $50 billion of projects to foreign investors

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TUNIS (Capital Markets in Africa) – Tunisia will offer foreign investors and financiers participation in $50 billion of projects as it seeks to create jobs to maintain political stability, the country’s investment minister said. The projects range from construction of a new deep-water port at Enfidha in northern Tunisia to desalination plants and energy-generating projects. They will be announced at an international investment conference next month. Investors from 70 countries are expected to come to…

Egypt to issue $2 bln in international bonds, roadshow in Nov

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CAIRO (Capital Markets in Africa) – Egypt will issue roughly $2 billion in international bonds, less than previously announced, and will begin a roadshow for the planned offering in the second or third week of November, Finance Minister Amr El Garhy said on Monday. Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that…

Guinea inks $770 mln contract with Chinese firm to develop main port

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CONAKRY (Capital Markets in Africa) – China Harbour Engineering Company (CHEC) signed a $770 million contract with Guinea’s government on Monday to upgrade the port in the capital, Conakry, expanding Chinese economic influence in the West African iron and bauxite producer. Under the contact, CHEC, a subsidiary of China Communications Construction Co Ltd, will construct three docks, roads and other infrastructure in the eastern zone of the port, providing parking for up to 600 trucks….

Nigeria needs more time to negotiate rail project with GE

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ABUJA (Capital Markets in Africa) – Nigeria needs more time to negotiate a railway concession project with U.S. company General Electric, the country’s transport minister said on Wednesday. Both sides have confirmed talks on GE being granted a railway concession in Nigeria worth around $2 billion but no details have emerged yet. “GE is proposing a two-year rehabilitation of the rail tracks to be carried out by them and to have a concession period of 25…

Gabon: ICD and DCF of Gabon sign an MoU

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ABIDJAN (Capital Markets in Africa) – Mr. Khaled Al-Aboodi, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), a member of Islamic Development Bank Group, and Mr. Alain Ditona Moussavou CEO of Deposit and Consignments Fund (DCF), signed a Memorandum of Understanding (MoU) to launch an investment fund to support the financing of SMEs in Gabon and Central Africa. The two institutions are determined to bring a solution to the…

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