Finance | - Part 178

East African traders want barriers removed

Kigali, Rwanda (Capital Markets in Africa):- East Africa’s private sector is pushing Rwanda and Tanzania to dismantle the remaining trade barriers according to the East African News. Importers and exporters alike say the barriers are negatively affecting the competitiveness of the Central Corridor by increasing transport costs as a result of delays. These sentiments were voiced recently at a round-table organised by Rwanda’s Ministry of East African Community Affairs about the removal of non-tariff barriers…

Sovereign wealth fund’s AUM at $6 trillion at end- March 2015

Posted on by The Editorial Team

London (Capital Markets in Africa):- The 2015 Preqin Sovereign Wealth Fund Review reveals that majority of sovereign wealth funds globally have increased their assets under management over the course of 2014. The growth in assets, up from USD5.38tn in October 2013 to USD6.31tn in March 2015, has been driven by continued funding from governments and reserves, as well as from investment returns. This growth has also been in the headwind of falling oil prices, one…

New York Pension Fund to Invest up to 3% of its assets in Africa

Posted on by The Editorial Team

London (Capital Markets in Africa):- At a conference in London last week, Vicki Fuller, the Chief Investment Officer of the New York State Common Retirement Fund, revealed that it is planning to allocate as much as 3% of its assets, (approximately $5 billion), to investing in Africa over the next 5 years. Private equity, venture capital, infrastructure and real estate opportunities all look set to benefit. With priority being given to managers with offices in African…

World Bank to support to Kenya’s financial services sector

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The World Bank Group will support Kenya to develop a stronger financial system, increase long term financing and reduce the cost of credit to borrowers under a new finance program approved on the 30th of April. The World Bank Group’s Board of Executive Directors approved an International Development Association (IDA) credit of USD 37m for the Kenya Financial Sector Support Project to strengthen the legal, regulatory, and institutional environment. It will help Kenya to improve…

Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

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Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

Côte d’Ivoire and IDB arm signed deal to setup sukuk

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Nialé KABA, minister to the prime minister in charge of economy and finance of the Republic of Côte d’Ivoire, Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), private sector arm of the Islamic Development Bank Group (IDB), signed an agreement to setup a sukuk program in an aggregate principal amount of CFA 300.0 billion. This program will be implemented during 2015-2020 for financing developmental projects and will be executed…

Infrastructure spending in developing countries needs to double

Posted on by The Editorial Team

Spending on infrastructure in developing countries needs to double, says Trafigura, one of the world’s biggest independent commodity trading and logistics houses. In a in a white paper discussion launched at the Gordon Institute of Business Science (Gibs) on the 17th of April, the group emphasized that mitigation of financial risk is key to managing infrastructure projects. The Foundations for Growth: Infrastructure Investment in Emerging Markets paper written by London-based independent economists Llewellyn Consulting said…

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