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Ouattara Alliance Wins Ivory Coast Vote as Independents Gain

ABIDJAN (Capital Markets in Africa) – Ivory Coast President Alassane Ouattara’s ruling coalition won an almost two-thirds majority in parliament, while the victory of a record 75 independent candidates showed growing discontent with the government and the opposition. Ouattara’s Rally of Houphouetists for Democracy and Peace won 167 of the 255 seats contested in Sunday’s election, Youssouf Bakayoko, head of the electoral commission, told reporters in the commercial capital, Abidjan. It was the second parliamentary vote…

World Bank units add $517 mln to Ghana oil, gas project financing

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ACCRA (Capital Markets in Africa) – The World Bank Group said on Thursday it two of its units would provide another $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project developed by Italy’s ENI SpA and upstream trader Vitol Ghana. The financing adds to a $700 million World Bank guarantee package announced in July and brings the institution’s total financing to around $1.217 billion for the…

Mozambique Holds Key Interest Rate as Inflation Seen Peaking

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MAPUTO (Capital Markets in Africa) – Mozambique’s central bank held its key lending rate, with inflation expected to peak as the debt-distressed nation’s currency stabilizes. The Monetary Policy Committee kept the benchmark rate at 23.25 percent, Governor Rogerio Zandamela told reporters Wednesday in the capital, Maputo.Banco de Mocambique has raised the monetary policy rate by a total 13.5 percentage points in past meetings this year to try stem spiraling consumer prices in the coal-producing country. Consumer prices have…

South Africa’s economy barely grows in Q3 renewing downgrade fears

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s economy barely grew in the third quarter of the year as the manufacturing sector contracted sharply, renewing fears that the reprieve from ratings downgrades will only be temporary. Gross domestic product expanded by only 0.2 percent in the period between July to September compared with a revised 3.5 percent in the second quarter, Statistics South Africa said on Tuesday. The figure was just shy of the 0.5…

Private Equities Partner to Support Agrotech Startups in East Africa

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NAIROBI (Capital Markets in Africa) – Village Capital and Schooner Africa Fund have launched the Africa Investment Marketplace to invest between $100K and $500K into early stage agrotech startups in East Africa, a move aimed at tackling the disconnect in the region’s between early-stage ventures looking for capital, and investors looking for deal flow. “We are providing due diligence, transaction advisory, investor matching and deal syndication services for 8 agribusinesses from Kenya, Tanzania, Uganda, and…

Morocco’s economy is diversified and resilient, IMF Says

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CASABLANCA (Capital Markets in Africa) – An International Monetary Fund (IMF) staff team led by Nicolas Blancher visited Morocco from November 16 to December 1, 2016, to conduct discussions with the Moroccan authorities on the 2016 Article IV consultation, as well as on the first review under the Precautionary and Liquidity Line (PLL) arrangement approved in July 2016. The discussions focused on increasing the resilience and the potential of the Moroccan economy. At the conclusion…

African Development Bank board approves 900 mln euro loan for Algeria

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ABIDJAN (Capital Markets in Africa) – The African Development Bank’s board approved a 900 million euro ($1 billion) loan for Algeria on Wednesday aimed at supporting reforms to help the North African nation confront falling oil revenues, it said in a statement. The money will support the government’s efforts to improve domestic revenue mobilisation and the investment climate as well as boosting the efficiency of the energy sector and promoting renewable energy.

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