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Banking / Investment in Africa

  • Gambia, The Rising Investment

    GAMBIA, 2015/05/14 It could be argued that the majority direct impact of infrastructural development on the economy is a trickle-down result. And arguably, investment is the majority immediate economic good of a national economy. In essence, all by itself, infrastructural development may not be instantly economical on the country, but through some inherent factors, it breeds economic increase. One significant factor is investment . Though the empirical evidence on the existence of positive productivity externalities is sobering, there is a widespread belief part policy makers that investment in particular generates positive productivity effects for a country.

  • Senegal: PSE Blueprint Profiled for Investors & Policymakers

    DAKAR CITY, 2015/05/02 A briefing for investors and policymakers focusing on Senegal, hosted by AllAfrica on April 17, drew capacity attendance from private equity funds, companies, financial institutions and government agencies. A high-level government delegation provided an overview on Plan Senegal Emergent (PSE) - or Emerging Senegal Plan - a development blueprint developed by President Macky Sall and his team to accelerate the country's evolution toward emerging-market status and address inequities in gain and opportunity. The two-hour session was moderated by Dr. Mima Nedelcovych, president and CEO of the Initiative for World Development, an organization of major world corporations committed to poverty alleviation, and included opening statements by Alain Ebobisse, world chief of InfraVentures of the International Finance Corporation of the World Bank Group and Peter Barlerin, director of the Economic Policy Staff in the Africa Bureau of the U.S. National Department.

  • Anip Signs Contracts Estimated At U.S.$5 Billion , Angola

    ANGOLA, 2015/04/18 At least USD 5.2 billion, roughly 50 billion kwanza, is the in general all of the 13 investments contracts signed Wednesday between the National Agency for Private Investment (ANIP) and investors. The contracts, mostly for the commercial and industrial sectors, were signed by the Chairperson of the Board of Directors of ANIP, Maria Luisa Abrantes, and businesses Organizations Ribeirinho, Hua Dragon-General Trade, Sweet Crumb, Xirong Yatai Su, Lusounu, China-properties (formerly Universal Shopping), Industrial Carliz-Equipment, Africorp-Ventures and buildings, Frulgo, Prestanto-service delivery, Adisandra & AN Group, Automatriz and pipes MM Angola.

  • Reserve Bank Sells U.S 300 Million to Commercial Banks in Angola

    ANGOLA, 2015/04/07 A total of Usd 300 million has been sold by the Angola Reserve Bank (BNA) to commercial banks from March 30 to April 2 this year, Angop learned from the institution?s website. According to the source, in the above transactions, BNA used the banking reference exchange rate of Usd=Akz 109,059. The BNA has as well released into the market Akz 9.6 billion worth of treasury bonds, of which Akz 7.4 billion in treasury bills and Akz 2.2 billion in securities.

  • Egypt looks to success after investment conference

    EGYPT, 2015/04/01 Garnering additional investment , loans and assistance packages than had been widely expected, Egypt’s Economic Development Conference(EEDC) secured investment contracts worth $36.2bn, an additional $18.6bn in infrastructure contracts to set up power plants, and $5.2bn in loans from international financial institutions.

  • WND project investment is the largest foreign direct investment in Egypt.

    EGYPT, 2015/03/30 British energy giant BP said Friday it would invest $12 billion (11 billion euros) in gas fields in Egypt together with Russian-owned partner DEA, calling it a "vote of confidence" in the country. "The WND (West Nile Delta) project investment is the major foreign direct investment in Egypt," BP's chief executive Bob Dudley said in a statement next final agreements were signed. "WND production is key to Egypt's energy security," he said, with BP announcing that all the gas would be fed into the national grid and would from presently on double BP's supply to the domestic market.

  • Reserve Bank of Zimbabwe Governor Dr John Panonetsa Mangudya.

    ZIMBABWE, 2015/03/18 The Reserve Bank of Zimbabwe yesterday cancelled AfrAsia Bank Zimbabwe Limited (formerly Kingdom Bank)'s licence next it failed to meet minimum capital requirements, becoming the second bank to fold since the beginning of the year. Last month, Allied Bank had its licence terminated next bowing to undercapitalisation and attendant problems. The cancellation of the AfrAsia licence follows board resolutions by AfrAsia Zimbabwe Holdings Limited and AfrAsia Bank Zimbabwe Limited to voluntarily surrender the banking licence. AfrAsia, which was pursuing various initiatives to raise money, inclunding courting potential investors and engaging Imara Capital Finance to jointly market a Medium Term Secured Note that was expected to generate an incremental $15 million, had core capital levels of $6 million by December 31 last year against the prescribed minimum capital requirement of $25 million

  • Kenya’s Equity Bank Seeks Investment Opportunities within Health Sector

    KENYA, 2015/03/05 Kenyan-based Equity Bank says it is interested in exploring investment opportunities within the country’s health sector, as it seeks to exploit increasing request for healthcare in the country. The bank intends to open a chain of clinics across the East African country under the name ‘Equity Afia’. The new business will operate as a franchised network under the social arm of the bank, Equity Group Foundation (EGF). It will offer “affordable and high quality” healthcare, the lender says. “EGF, a non-profit-making operating foundation registered in Kenya, plans to execute a sustainable, integrated health model that uses a franchise approach to provide standardised, quality health care,” Business Daily quoted the bank as having said in a notice.

  • Zimbabwe: Banks Adjust Interest Rates

    ZIMBABWE, 2015/02/13 LOCAL financial institutions have adjusted interest rates downwards to levels below 10 % per annum for their performing customers in the productive sectors, a move the central bank said would help the revive industries. In his monetary policy dubbed "Rebalancing the economy through competitiveness and compliance", Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said such development were greatly appreciated and should be intensified.High interest rates had discouraged savings as bank charges were too high. Bank failures in Zimbabwe over the completed 10 years have affected people's confidence in the banking sector, a situation which is detrimental to the sustained development of the country. The fragility of the financial sector, high interest rates and bank charges had affected domestic savings over the years, and hence it was significant for the RBZ approaching up with new measures to stimulate savings in the country and protect depositors.

  • Liberia: L$8,639 Million in Circulation Since 2014

    LIBERIA, 2015/02/13 The Central Bank of Liberia (CBL) has reported that the total all of Liberian dollars in circulation at the end of November, 2014 stood at L$8,639.3 million, reflecting a decline from L$9,468.0 million at the end of December, 2013. According to the Annual Statement of the bank covering January 1 to December 31, 2014, released recently, it revealed that of the total money in circulation, currency in the hands of the public accounted for 83.8 % down from 87.4 % at the end of 2013. It said the fall of the currency was on account of a 12.5 % plunge outside the banks which offset a 16.9 % increase of currency in banks. The CBL as well explained that the conduct of monetary policy has been directed towards containing inflation through a additional stable exchange rate.
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