The AfDB launched its Room2Run initiative last month which effectively freed up $700m off the bank’s balance sheet. The Africa50 fund officially opened its headquarters in Casablanca, Morocco, in September of this year. Mandated in 2013, during the African Union’s 50th anniversary, it has built a capital base of $850m with a medium-term target of $3bn. When African…
South Africa’s plan to rejig 32.4 billion rand ($2.3 billion) of spending to boost economic expansion is unlikely to significantly alter the nation’s growth trajectory, Fitch Ratings Ltd. said. Finance Minister Tito Mboweni announced measures to allocate funds to “faster-spending programs,” incentives for the clothing and textile industries and public-works projects in his Oct. 24…
South African lenders have more than enough resources to meet President Cyril Ramaphosa’s efforts to bolster economic growth and lure more investment into the country. The challenge is finding bankable projects. “From a banking perspective there’s plenty of capital and plenty of appetite for growth,” said James Formby, the chief executive officer of FirstRand’s investment-banking…
South African lenders have more than enough resources to meet President Cyril Ramaphosa’s efforts to bolster economic growth and lure more investment into the country. The challenge is finding bankable projects. “From a banking perspective there’s plenty of capital and plenty of appetite for growth,” said James Formby, the chief executive officer of FirstRand’s investment-banking…
Oil production at Total SA’s subsidiary in the Republic of Congo has exceeded expectations, a company official said. The company is pumping 200,000 barrels per day in the Central African nation, Martin Deffontaines, general manager of Total E&P Congo, said by phone Friday from Pointe Noire, Congo’s commercial capital. “Its production is far more than what…
Oil production at Total SA’s subsidiary in the Republic of Congo has exceeded expectations, a company official said. The company is pumping 200,000 barrels per day in the Central African nation, Martin Deffontaines, general manager of Total E&P Congo, said by phone Friday from Pointe Noire, Congo’s commercial capital. “Its production is far more than what…
New Delhi: Half a dozen marque investors, including Warburg Pincus LLC, Temasek Holdings, Singapore Telecommunications Ltd and SoftBank Group Corp, will invest a combined $1.25 billion in Bharti Airtel Ltd’s unit in Africa ahead of a potential initial public offering (IPO). India’s second-largest mobile operator by users will use the funds to trim Airtel Africa Ltd’s debt of…
New Delhi: Half a dozen marque investors, including Warburg Pincus LLC, Temasek Holdings, Singapore Telecommunications Ltd and SoftBank Group Corp, will invest a combined $1.25 billion in Bharti Airtel Ltd’s unit in Africa ahead of a potential initial public offering (IPO). India’s second-largest mobile operator by users will use the funds to trim Airtel Africa Ltd’s debt of…
JOHANNESBURG – Finance Minister Tito Mboweni will deliver his medium-term Budget policy speech in Parliament today amid difficult economic circumstances. However, this is the right time to announce the establishment of a South African Sovereign Wealth Fund (SWF) with its core strategic mandate centred around macroeconomic stabilisation as well as long-term savings. The SWF idea…
The Ministry of Mines and Energy has signed a power generation concession agreement with a Pan-African industrial group, Eranove, for the development of Kékéli Efficient Power station. The contract covers the design, financing, construction, commissioning, operation and maintenance of the power plant. The project will be located in the Lomé port area. According to a company statement,…