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Stock Market / Finance in Central Africa

  • Angola’s support request to the IMF’s technical assistance

    ANGOLA, 2016/04/11 The request for support made by Angola to the International Monetary Fund’s technical assistance, intended to design and implement policies and reforms to improve macroeconomic and financial stability, said Thursday in Luanda the minister of Finance. Minister Armando Manuel clarified not be in the presence of a request for economic recovery, which occurs in economies at certain times shows inability to meet the deficit service and have difficulty paying primary responsibilities, such as staff salaries, as happened with some European nations.
  • Malaysian company secures credit line for project in Angola

    MALAYSIA, 2015/12/31 The Armanda Cabaca company, a subsidiary of Malaysian group Bumi Armada, has secured a credit line of up to US$1.12 billion with a banking syndicate to partially fund a project in Angola, the group said in a statement. The banking syndicate is led by the Oversea-Chinese Banking Corporation of Singapore and Sumitomo Mitsui Banking Corporation of Japan, and its members include the Korean Development Bank, the National Bank of Abu Dhabi, Societe Generale and Standard Chartered.
  • International finance institutions have largely neglected to offer assistance to sub-Saharan nations

    MOROCCO, 2015/12/03 International finance institutions have largely neglected to offer assistance to sub-Saharan nations on the markets but several are making their own way in an untapped emerging area. On a continent where access to markets is a novel phenomenon and where it is still difficult to attract investors due to legacy issues of poor macroeconomic management and fiscal discipline, inclunding persistent corruption and weak institutions, attempts to raise capital from the markets is a laudable goal. The discipline required by the process has no doubt helped nations that have been successful in recognizing the importance of market perceptions and the need for better macro-fiscal discipline. The number of international bond issuances by sub-Saharan African nations in recent years has accelerated. In addition to South Africa, eight nations in the region have tapped the international capital markets, inclunding initial-time issuers Ghana, Gabon, Senegal, Namibia, Nigeria, Tanzania, Zambia and Rwanda. Furthermore, market intelligence suggests that other sub-Saharan African nations may tap international markets in the near next. Cape Verde national company Imobiliária, which provides housing for disadvantaged people, carried out an $8.8 billion bond issue in October, its second foray into the securities exchange, while Kenya has seen two Eurobond issuances in the completed 12 months.
  • Berro, Al Hilal Bank: An Islamic bank doesn’t have to be old or rusty

    WORLD, 2015/11/01 Islamic finance is going mainstream, with Western nations planning to issue their initial sovereign sukuk. It still constitutes only a small % of total world financial assets, and most activity is concentrated in a handful of markets—but for how long? “Is the Islamic finance market going world? Of course, it is,” says Mohamed Berro, CEO of Al Hilal Bank, one of the fastest-growing banks in the United Arab Emirates. “World corporations, institutions and sovereign borrowers want to capture Islamic liquidity,” he says. “We can compete on a world basis, particularly at a time at the same time as the world is keen on ethical banking.”
  • Angola Stock Exchange increases trading of government bonds

    ANGOLA, 2015/07/12 The Angola Deficit and Securities Exchange (Bodiva) last June traded over 22 billion kwanzas (US$178 million) representing 161,300 treasury bonds, Bodiva said Thursday in Luanda. The transactions were recorded by banks Banco Fomento Angola (BFA), Banco Millennium Angola (BMA) and Banco Angolano de Investmento (BAI), with 84.6 %, 9.50 % and 5.85 %, market shares, respectively. Bodiva as well said that the initial transactions on the Treasury Securities Registration Market (MRTT) took place on 20 May, a month in which trade totalled over US$47 million.
  • Angola: National Debt At Acceptable Levels

    ANGOLA, 2015/02/12 Angola's debt is acceptable and is currently at 26.9 per cent below the Gross Domestic Product (GDP), said last Tuesday, in Luanda, the director of the office for studies and international relations of the Finance Ministry, João Quipipa. According to the director, who was making the presentation of the Annual Public Debt Plan for 2015, between 2010 and 2013 the country recorded a fiscal surplus and the tax reform being implemented is designed to increase non oil revenues. He went on to say that in 2014 the current account was of USD 3.4 billion, whereas the international net reserve reached 26.9 billion US dollars, which is equivalent to 23 per cent of the GDP.
  • Cameroon: Limbe City Council - FCFA 6 Billion Budget Approved for 2015

    CAMEROON, 2015/01/06 Senior Councillors of the Limbe City Council have adopted FCFA 6 billion for the 2015 financial year. The budget was adopted on 24 December 2014 during the 2nd ordinary session of the council chaired by the Government Delegate, Andrew Motanga Monjimba. Some FCFA 3.5 billion is allocated for recurrent spending, representing 59.10 % of the budget; while FCFA 2.4 billion is for investments, making up 40.90 %. Presenting the budget, the Government Delegate lamented that it remains the same as last year because of the difficulties in collecting revenue from their major tax payers since 2012.
  • Kwanza Old Notes Stop Circulating

    ANGOLA, 2015/01/06 The old notes of Kwanza, of the series 1999, will stop circulating this Wednesday 31 December of 2014), thus closing a cycle of 15 years. The international standards recommend that a series of note must circulate at maximum seven years. But the old notes of Kwanza lasted all this time due to conjectural problems. From the six billion of the issued notes of kwanzas, four billions of notes have by presently been collected by the issuing entity - Angolan National Reserve Bank (BNA).
  • President Armando Guebuza Calls for Portuguese Investors

    ANGOLA, 2014/07/07 The President of Mozambique, Armando Guebuza, invited Portuguese businessmen to invest in Mozambique, because it is a country, he said, where there is no contradiction between large and small projects. Opening the Mozambique/Portugal business seminar organized during his national visit to Portugal, Guebuza said Mozambique is a country where hydrocarbon discoveries have contributed to the development of the business environment and attracted investment . In 2007, according to Guebuza, Mozambique's government created the Appropriate Economic Zones and Free Zones to welcome anchor investment projects, creating jobs and improving economic and social development of the country.
  • 2014, Brazzaville tax revenues estimate will rise

    CONGO BRAZZAVILLE, 2013/12/23 Congo has mapped out plans to increase its tax receipts in 2014, the Director General of Taxation in Congolese Ministry of Finance and Economy, Antoine Ngakosso, revealed here Friday. 'Effective January 2014, tax revenues estimate will rise from 560.5 to 650 billion CFA francs, which is equivalent to an increase of 89.5 billion CFA francs,' Ngakosso told reporters in Brazzaville, the Congolese capital. The tax department in Pointe-Noire, the major economic and industrial city of the country, has been ranked initial in the collection of taxes.