Finance

NAIROBI (Capital Markets in Africa) The International Monetary Fund approved a disbursement of $258.1 million for Kenya after completing a second review under a 38-month program to address debt vulnerabilities, the Covid-19 response and enhancing governance. The delivery of IMF funds brings total disbursements to $972.6 million out of a total $2.34 billion available under the country’s program approved in April, the IMF said in a statement late Friday. Kenyan authorities have kept up a…

CAIRO (Capital Markets in Africa) – Egypt is joining the Middle East’s push to adopt electric cars, tasking a state-owned company to build affordable vehicles with a Chinese firm while taking advantage of its renewable energy boom to power them. Authorities are in contact with three potential companies as they seek a partner for El Nasr Automotive Manufacturing Co. on the project that’ll see 2 billion pounds ($127 million) invested, Public Enterprise Minister Hisham Tawfik said in…

JOHANNESBURG (Capital Markets in Africa) –  South African President Cyril Ramaphosa tested positive for Covid-19 and is receiving treatment for mild symptoms. “The president, who is fully vaccinated, is in self-isolation in Cape Town and has delegated all responsibilities to Deputy President David Mabuza for the next week,” the presidency said in a statement on Sunday. “The president is in good spirits but is being monitored by the South African Military Health Service of the South African…

Jack Dorsey, the co-founder and chief executive officer of Twitter Inc., is stepping down, ceding the position to the company’s Chief Technology Officer Parag Agrawal. The move is effective immediately, though Dorsey will stay on the board of the social media company until his term expires in 2022, Twitter said in a statement Monday.“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in the statement. “My…

LAGOS (Capital Markets in Africa) – Nigeria’s biggest flour miller has cemented its dominant position in Africa’s largest economy with the purchase of a majority stake in Honeywell Flour Mills Plc. Flour Mills of Nigeria Plc will acquire a 77% stake in the nation’s third largest miller, according to a statement on the Nigerian Stock Exchange website. The whole company is valued at 80 billion naira ($194 million). The final price payable will be based on adjusted…

JOHANNEBURGH (Capital Markets in Africa) – South African coronavirus cases are beginning to climb, the positivity rate of tests is increasing and an analysis of wastewater shows that the disease is once again becoming more prevalent in some areas. On Nov. 20, the number of confirmed cases over a 24-hour period rose to 887, the highest since Oct. 14, and on Nov. 21, 3.4% of tests returned a positive result, according to government data. If maintained…

LAGOS (Capital Markets in Africa) – Nigerian tech startup TeamApt Ltd. is in the market raising its third round of funding at a value of more than a $1 billion, which will result in the banking software firm joining a spate of Africa-tech companies to become so-called unicorns.  The Lagos-based company is targeting to raise about $150 million, said founder and Chief Executive Officer Tosin Eniolorunda in an e-mailed response to queries. TeamApt is getting…