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Egypt Edges Closer to IMF $12 Billion Loan Approval

CAIRO, Capital Markets in Africa: Egypt will request a meeting of the International Monetary Fund’s executive board within days after meeting the requirements for a $12 billion loan, the lender’s largest ever in the region. “We are making very good progress on getting the required $5 billion to $6 billion” stipulated by the IMF before the board reviews the loan, Egypt’s Deputy Finance Minister Ahmed Kouchouk told reporters at a two-day Euromoney conference that began on Monday in…

Ghana Said to Meet Investors Ahead of First Domestic Dollar Bond

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ACCRA, Capital Markets in Africa: Ghana is meeting investors as the nation prepares to sell bonds for as much as $100 million in its first issuance of foreign-currency debt to domestic buyers, according to a person familiar with the matter. The country will offer the bonds at a rate of 5 percent to 7 percent, the person said, who asked not to be identified as the information isn’t public. The bond will be issued in the…

Proparco invests in Sub-Saharan African insurance company

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Yaounde, Capital Markets in Africa: The insurance sector is an engine for the economic and social development of Africa. It is for this reason that Proparco is supporting the expansion of Activa Group via an equity investment. Proparco has committed a EUR10mn equity investment in Activa Group to support its development in Sub-Saharan Africa. Activa Group was set up in Cameroon in 1998 and is a major insurance player (life and non-life) in Sub-Saharan Africa….

Market Watch | Emerging-Market Currency Price Swings Widen as Lira Bounces Back

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LAGOS, Nigeria, Capital Markets in Africa: A rebound in the Turkish lira after a failed coup attempt helped boost some developing-nation exchange rates that were hurt by the turmoil as a gauge of emerging-market currency volatility rose from an 11-month low. The lira gained 1.7 percent, following a 4.6 percent plunge on Friday, helping to lift currencies such as South Africa’s rand. The JPMorgan Emerging Market Volatility Index, a gauge of price swings, jumped 1.3 percent from the lowest…

Big Oil’s $45 Billion of New Projects Signal Spending Revival

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LAGOS, Nigeria, Capital Markets in Africa: Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead. Chevron Corp. gave the go-ahead to a $37 billion expansion in Kazakhstan, the industry’s biggest undertaking since crude started tumbling two years ago. BP Plc signed off on the $8 billion expansion of…

Selling Dollars Instead of Lanterns Highlights Egypt Crunch

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CAIRO, Egypt, Capital Markets in Africa: Above the counter at Manal’s electrical store in Cairo are the lanterns and string lights that will illuminate homes during the holy Muslim month of Ramadan that began this week. Below it are dollar bills destined for the black market. The businesswoman is the kind of opportunist currency dealer authorities targeted in March when they devalued the pound and raised interest rates to draw dollars into a formal economy starved…

World’s Top Energy Exporter Isn’t Counting on Oil Rally to Hold

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LAGOS, Nigeria, Capital Markets in Africa: Russia isn’t buying into the optimism that a rally in oil has legs. Supply disruptions including Canadian wildfires and militant attacks in OPEC member Nigeria have driven prices higher, with the improving outlook for crude not grounded in fundamentals, Finance Minister Anton Siluanov said at a government meeting in Moscow on Thursday. Prime Minister Dmitry Medvedev said at the same event that the situation was reminiscent of a rebound in the second quarter of last…

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