Algeria

Algeria launches local bond issue to offset energy earnings drop

Algiers, Algeria, Capital Markets in Africa — Algeria’s first local bond issue in years was opened on Sunday with the government hoping to secure new financing sources after a sharp drop in world oil prices has cut energy earnings that make up 60 percent of its budget. Algeria’s government has already started to cut back some state-subsidised energy services, reduced its 2015 and 2016 public spending and frozen some infrastructure projects. The bond issue, with…

Private Equity | Mediterrania Capital Partners invests in CIEPTAL CARS, Algeria

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Algiers, Algeria, Capital Markets in Africa: Mediterrania Capital Partners, the regional private equity firm focusing on growth investments for SMEs in North Africa and Sub-Saharan countries, announces the acquisition of a 43% stake in Cieptal Cars through its second fund Mediterrania Capital II (“MC II”). Founded in 2006, Cieptal Cars is a privately-owned company that specializes in the long-term car rental business. The company is the current market leader in Algeria. It owns a large, young fleet of 761 cars and…

The Abraaj Group agrees to acquire significant stake in Algeria’s CEPRO

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Dubai, UAE, Capital Markets in Africa — The Abraaj Group (‘Abraaj’ or the ‘Group’), an investor operating in global growth markets, today announced the acquisition, through its second generation North Africa Fund (‘ANAF II’), of a significant minority stake in Cellulose Processing (‘CEPRO’ or the ‘Company’), a manufacturer and distributor of baby diapers and feminine sanitary pads in Algeria. Founded in 2003 by Djamel Mehri of the Mehri Family – a prominent diversified family conglomerate…

IMF’s 2015 growth forecast for Egypt, Algeria and Sudan

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Egypt’s Fiscal deficit to narrow to 11% of GDP in current fiscal yearThe International Monetary Fund projected Egypt’s real GDP growth rate at 3.8% in the fiscal year that ends in June 2015 and at 4.3% in FY2015/16, up from 2.2% in FY2013/14. It forecast Egypt’s annual average inflation rate at 9.7% in FY2014/15 and 9.9% in FY2015/16, down from 10.1% in FY2013/14. Further, it expected the growth of broad money at 16.7% in the…

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