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Banking / Investment in Africa

  • Russian bank cancels merger of subsidiary with Angolan bank

    ANGOLA, 2015/09/29 Russia’s VTB bank has cancelled the merger of its branch in Angola – VTB Africa – with Angolan bank Banco Privado Atlântico, according to the Reuters news agency, citing a statement issued Thursday in Moscow. “The two sides agreed to continue in the banking business separately due to changing market conditions,” the statement said. In early 2014, the Russian bank announced that together with Russian conglomerate Rostec it would acquire a 20 % stake in Banco Privado Atlântico.

  • US private investment in Mozambique exceeded US$16 billion

    UNITED STATES, 2015/09/29 US private investment in Mozambique exceeded US$16 billion in the completed decade, the deputy minister for Foreign Affairs, Nyeleti Mondlane said Thursday in Maputo, the Mozambican press reported. “So far, 24 projects have been approved that are likely to create about 4 million jobs, involving private investors in the United States, totalling US$16 billion dollars in the oil and gas sector, agriculture, industry, transport, tourism and services,” said the deputy minister for foreign affairs. The level of trade relations is as well encouraging and both nations have recorded increase in trade, with exports of about US$62 million by Mozambique to the United States in 2012 to about US$144 million in 2013, said Mondlane speaking on the 40th anniversary of the establishment of diplomatic relations.

  • AfDB Approves Rural Youth Enterprise Project for Food Security in Madagascar

    MADAGASCAR, 2015/09/29 The African Development Bank Group (AfDB) has approved two loans amounting to US$ 24.55 million for Madagascar to help reduce the country's food insecurity and fragility. The Mid-West Rural Youth Enterprises Project (PROJERMO), located in the Bongolava and Amoron'i Mania regions involves the establishment of enterprises in areas of activity and occupations linked to the production, processing, and marketing of agricultural products, inclunding to the development and maintenance of irrigation infrastructure.

  • Sudan makes remarkable progress in growth, stability and making business easier

    SUDAN, 2015/09/28 Khartoum’s doors open for international investment amidst wealth of opportunities

  • Ease of Doing Business - World Bank Ranks Nigeria 170th

    NIGERIA, 2015/09/07 The reforms effort of the immediate completed government of President Goodluck Jonathan may have yielded some dividend as Nigeria moved up five places in the new ranking by the World Bank Group on the relieve of doing business. The World Bank ranked Nigeria 170th part 189 nations survey, this shows an development of 2.9 % on the 175 position it occupied last year. As well, Nigeria was ranked 129 on the relieve of starting a business (138 last year), on dealing with construction permits it was ranked 171 as against 168 last year. On registering property it remained 185th as it was the previous year.

  • Preparing for the hike and more global QE

    WORLD, 2015/08/06 The September Fed hike is on and only seven weeks away – the market is NOT ready for the initial rate hike in close to a decade. There are the five major themes that stand out to me: 1. The Fed WILL hike 2. The quantitative-easing dam will break into the rest of the world with new participants being swept up 3. Commodities will accelerate into a multi-year bear market 4. Emerging markets are getting crushed from all sides 5. Volatility!

  • IFC Supports Afriland to Provide Trade Finance Guarantees to Corporates in Cameroon

    CAMEROON, 2015/08/01 IFC, a member of the World Bank Group, has signed an agreement with Afriland Initial Bank Cameroon ("Afriland"), to enable it to expand its trade finance operations and extend additional services to small and medium enterprises and corporate clients in Cameroon. The risk-mitigating scheme will provide guarantees to local importers and exporters that alleviate trade lines limitations and related constraints within the banking community. A breakthrough initiative towards a privately-owned Cameroonian bank, the facility of up to $15 million will guarantee Afriland's trade-related payment obligations. Through IFC's world network of confirming banks, Afriland can establish partnerships with several major international and regional banks, thus broadening access to trade finance for its clients.

  • East Africa’s FDI hits $7b, boosted by flows into Kenya, Burundi

    BURUNDI, 2015/07/29 Kenya and Burundi’s 2014 foreign direct investment grew significantly, pushing the in general regional [FDI] inflows completed the $7 billion mark. This is according to the new statement released by the United Nations Conference on Trade and Improvment(UNCTAD). Kenya’s inflows grew by 95.84 % to $989 million, from $505 million in 2013, while Burundi’s rose five fold to $32 million last year, up from $6 million. The World Investment Statement 2015showed that the East African region had a combined total FDI inflow of $7.09 billion last year, up from $6.2 billion in 2013, with Rwanda and Uganda registering $267.7 million and $1.14 billion respectively.

  • A Nigerian woman has been appointed Vice President at the World Bank

    NIGERIA, 2015/07/28 The Bank announced the appointment of Arunma Oteh as Vice President and Treasurer of the World Bank in a press statement issued Thursday July 203, 2015. Ms. Oteh had served as the Director-General of Nigeria’s Securities and Exchange Commission, she resigned from the position in January 2015. According to the Bank, as Vice President and Treasurer, Arunma will manage and lead a large and diverse team responsible for managing additional than $150 billion in assets.

  • ECOWAS Bank to focus on economic growth

    BENIN, 2015/07/28 The ECOWAS Bank for Investment and Improvment(EBID) says it would continue to focus efforts on providing support to private and public sector initiatives to grow the economies and create jobs in the sub-region. Mr Bashir Ifo, EBID President, said everything would be done to lift the people out of poverty and transform their economic situation. Evidence of this, he said could be seen from the bank’s assistance in areas of infrastructure, agriculture and private sector development.
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