Finance | - Part 148

Marriott International Rapidly Expands its Footprint across Africa

KIGALI (Capital Markets in Africa) – Marriott International continues its robust expansion across the African continent with news of brand-new signings of new properties in Cape Town, Nairobi, Cairo, and Mauritius. This announcement comes hot on the heels of Marriott’s recently completed acquisition of Starwood Hotels and Resorts, which has created the world’s largest hospitality. The transaction has increased Marriott’s distribution in Africa, thus affirming the company’s number one position across the continent. “The past…

The Development Bank of Southern Africa (DBSA) announces Financing of 21 Renewable Energy Projects

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JOHANNESBURG (Capital Markets in Africa) – The Development Bank of Southern Africa (DBSA) has financed 21 renewable energy projects since the launch of the Renewable Energy Independent Power Producer Procurement Programme (REIPP). This was revealed today at the annual SA Gas Options conference in Cape Town and follows the announcement of South Africa’s Gas to Power Project Information Memorandum (PIM). Ms Lucy Chege, General Manager for Energy Financing at the DBSA, said “The DBSA’s achievements in the…

Carlson Rezidor on Track to achieve More than 23,000 Rooms in Africa

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KIGALI (Capital Markets in Africa) – An accelerated African growth strategy for Carlson Rezidor, one of the world’s largest hotel groups, is on track to achieve its target of more than 23,000 rooms open or under development in Africa by the end of 2020. Rezidor’s President and CEO, Wolfgang M. Neumann, who is a speaker at the Africa Hotel Investment Conference in Kigali, Rwanda, says the hotel group launched its accelerated African growth strategy in…

IFC close to $2.7 bln debt refinancing for Mozambique’s Nacala railway

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CAPE TOWN (Capital Markets in Africa) – The International Finance Corporation, part of the World Bank, expects to close a $2.7 billion debt refinancing for the Nacala Corridor railway project in Mozambique early next year, a senior IFC official said on Friday. The refinancing could help to ease balance sheet pressure on Brazilian miner Vale which is developing the railway and a coal mine in the region. “The plan is to close by the end of…

Hilton Expands Presence in Nigeria with Signing of Hilton Lagos Airport

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LAGOS (Capital Markets in Africa) – Hilton (www.HiltonWorldwide.com) has announced the signing of a management agreement with Quality Inspection & Testing Services Limited to open a 350 guest-room and suite hotel at Lagos’ Murtala Muhammed International Airport, Nigeria. The hotel, which was signed at AHIF 2016 in Rwanda, is set to open in 2023 and joins Hilton’s growing African portfolio of more than 80 properties trading or in the development pipeline, which will see Hilton…

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

Tanzania gets $1.6 bln World Bank package to fund economic revival

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania has secured $1.6 billion in loans and grants from the World Bank which it said it will use to help end chronic power shortages, rebuild its railways and develop its farming. East Africa’s second-biggest economy is revamping its power generation and hopes to use some of its estimated 57 trillion cubic feet of natural gas reserves to cut its reliance on oil-fired and hydro power plants….

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