Finance | - Part 164

Investment | DuPont Plans to Double Its African Seed Business in Five Years

LAGOS, Nigeria, Capital Markets in Africa: DuPont Company plans to more than double its African seed business, excluding the mature South African market, over five years as governments and farmers on the least-developed continent seek to boost crop yields, a director of the company’s Pioneer unit said. “From a revenue perspective we’re aiming for over 20 percent in terms of the compound annual growth rate,” Prabdeep Bajwa, the African regional business director for Pioneer, said in…

Investment | Africa Investors Look East as Commodity-Driven Boom Withers

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LAGOS, Nigeria. Capital Markets in Africa: Investors targeting Africa are looking east, as depressed commodity prices and slowing growth in China put the brakes on a two-decade growth surge in the world’s poorest continent. Kenya, Tanzania and host Rwanda are the countries in vogue at the World Economic Forum’s annual confab of Africa’s business and political leaders that began Wednesday in Kigali. All three economies should expand at least 6 percent this year, double the…

Infrastructure | IMF’s Lipton Warns Africa Against Infrastructure Debt Traps

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LAGOS, Nigeria, Capital Markets in Africa: African nations need to find the right balance when pursuing infrastructure projects to avoid falling into deeper debt traps, according to David Lipton, First Deputy Managing Director of the International Monetary Fund. “Infrastructure projects can be very successful in supporting growth if countries pick the right projects and carry them out in an efficient fashion,” Lipton said in a interview in the Kenyan capital, Nairobi on Tuesday. “Mistakes or inefficiencies…

Finance | Swaziland secures US$63 million AfDB loan to finance smallholder irrigation project

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Mbabane, Swaziland, Capital Markets in Africa: Swaziland has secured a US $63 million (ZAR 2.01 billion) loan to finance the second phase of the Lower Usuthu Smallholder Irrigation Project (LUSIP II) in the south eastern part of the country. The LUSIP II, approved by the African Development Bank Board on Wednesday, May 5, 2016, is a follow-up project to the LUSIP-I which was completed in 2010. The project was a response to the Government’s recognition…

Infrastructure | South Africa Secures $16.5 Million for National Internet Rollout

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Johannesburg, South Africa, Capital Markets in Africa — South Africa has set aside 250 million rand ($16.5 million) to start the first phase of broadband roll-out across Africa’s most industrialized economy and will approach the private sector, banks and development institutions about additional funding, the telecommunications minister said. Construction will start in three months following various delays, Siyabonga Cwele said in a phone interview on Monday. The total cost of the project could rise to as much as…

Infrastructure | Zimbabwe Sees $5 Billion Hydro Project Producing Power by 2023

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Harare, Zimbabwe, Capital Markets in Africa — The $5 billion Batoka Gorge hydropower project Zambia and Zimbabwe plan to build on their shared border could start producing by 2023 and will generate electricity at a cheaper cost than solar or coal, Zimbabwean Energy Minister Samuel Undenge said. The two southern African nations will complete a feasibility study into the project by July, with construction due to start next year, he said in an interview in…

Private Equity | The Abraaj Group exits Unimed via an IPO on the Tunis Stock

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Tunis, Tunisia, Capital Markets in Africa: The Abraaj Group (‘Abraaj’ or the ‘Group’), a leading investor operating in global growth markets, today announced that it has successfully exited its investment in leading Tunisian pharmaceutical company Unité de fabrication de médicaments (‘Unimed’ or the ‘Company’), through an initial public offering (‘IPO’) on the Tunis Stock Exchange. The Abraaj Group invested in Unimed through one of its Funds in 2011. Unimed represents the first IPO this year on…

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