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Stock Market / Finance in Africa

  • Zambia's Kwacha recorded a slight decline against the US Dollar

    ZAMBIA, 2014/08/15 Zambia's Kwacha recorded a slight decline against the US Dollar on Tuesday when its movement was driven by an increase in demand from corporates, hitting highs of 6.205 / 6.225 before retracing to 6.180 / 6.200 levels at market close. According to Cavmont Bank, the Kwacha is still in positive territory even though the dollar supply has remained thin. 'Despite a pick up in demand, the local unit is still poised to post decent gains as corporate sellers will be looking to convert at the current levels,' the bank said.

  • Eu funds the upgrading of areas in Cairo and Giza

    EGYPT, 2014/07/10 Seventeen projects have been selected to receive grants to upgrade so-called 'informal areas' in Cairo (Ain Shams, Ezbet El Nasr) and Giza (El Warraq, Masaken Geziret Al Dahab) Governorates in Egypt. As part of the agreement between the EU Delegation to Egypt and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the projects are funded by the EU with a budget of almost 1.5 million euros. Their focus, according to the Enpi website (www.enpi-info.eu), lies on issues such as improving employability and vocational skills of the unemployed within the four areas, fostering gain-generating activities, and enhancing the standards and range of services available to the community.

  • 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.

  • Ellen Seeks Ratification On U.S.$19 Million Loan Deal in Liberia

    LIBERIA, 2014/06/16 President Ellen Johnson-Sirleaf Tuesday submitted a bill to the Liberian Senate requesting that body to ratify a loan agreement on behalf of the Government and the International Development Association (IDA) for infrastructure development purposes. The communication from the Liberian leader which was read in plenary, pointed out that agreement in the all of US$19 million seeks to support government efforts through the pavement of streets in Monrovia, the reconstruction of a new bridge linking Caldwell to Bushord Island, part others. However, the duration for the payment of the loan coupled with the financial impact assessment was not made known in the president's communication.

  • Trading at the West African Bourse declines

    AFRICA, 2014/06/06 Trading at the West African regional stock exchange, BRVM, ended Tuesday on the decline with the BRVM index 10 falling from 237.22 to 236.20 points, representing a decrease of 0.43%. As well, the Composite BRVM index slid 0.23% to 230.64 points against the 231.17 before recorded. The transaction price was 718.30 million CFA francs against the 117.68 million CFA francs recorded last Monday. Market capitalization of shares added up to 5,600.02 billion CFA francs while that of the bond market reached 1,259.90 billion CFA francs.

  • The Mozambican government will only set up a Sovereign Fund...

    MAPUTO CITY, 2014/05/31 The Mozambican government will only set up a Sovereign Fund at the same time as it manages to balance its Budget spending and revenues, the country’s Finance Minister, Manuel Chang said Thursday in Maputo. On the sidelines of the Africa in Ascension conference, organised by the International Monetary Fund (IMF) and the Mozambican government, Chang told Agence France Press AFP) that “we will not do what others have done,” noting that the country needed the funds it is able to raise to build infrastructure, for example.

  • IMF has approved the immediate disbursement of an all equivalent to Appropriate Drawing Rights (SDR) of 10.61 million (about US$16.4 million) for Benin.

    BENIN, 2014/05/27 The Executive Board of the International Monetary Fund (IMF) has approved the immediate disbursement of an all equivalent to Appropriate Drawing Rights (SDR) of 10.61 million (about US$16.4 million) for Benin. An IMF statement received by PANA in New York on Saturday said that the approval followed the completion of the sixth review of Benin’s economic performance under a programme supported by the Extended Credit Facility (ECF) arrangement. It noted that the ECF is the IMF’s major tool for medium-term financial support to low-gain nations, stating that financing under the ECF currently carried a zero % interest rate, with a grace period of 5½ years, and a maturity of 10 years.

  • Bourse: Trading at the West African Bourse rises

    AFRICA, 2014/05/22 Trading at the West African regional stock exchange (BRVM) ended Monday on the rise with the BRVM index 10 inching up from 235.59 to 236 points, representing a rise of 0.17%. However, the Composite BRVM index slid 0.13% to 229.44 points against 229.74 before recorded. The transaction price was 1.54 billion CFA francs against 228.77 million CFA francs recorded last Friday. Market capitalization of shares added up to 5,570.82 billion CFA francs while that of the bond market reached 1,293.44 billion CFA francs.

  • The government efforts to attract additional Rwandans to the stock market

    RWANDA, 2014/04/25 The government efforts to attract additional Rwandans to the stock market have gotten a boost next the International Finance Corporation announced plans to start issuing local-currency bonds in Rwanda as it expands an African deficit programme. The deficit will be sold in Rwandan francs and listed on the local bourse, Standard Bank Group, which is arranging the sale with CfC Stanbic Bank and Bank of Kigali, said in a statement. “The timing and size of the bond will be at the issuer’s discretion,” Johannesburg-based Standard Bank said. The sale is “subject to market conditions,” the company said.

  • Libya examines repatriation of looted US$200 billion in foreign countries

    LIBYA, 2014/04/24 The financial commission at the Libyan National General Congress (NGC, Parliament) on Tuesday examined how to repatriate Libyan funds stashed way in foreign nations by the regime of the late Mouamar Kaddafi, estimated at some US$200 billion. At a conference with a delegate from the central bank of Libya (BCL), the parliamentary commission discussed mechanisms to repatriate the funds, the online newspaper, al-Wassat, reported. A commission under the supervision of NGC in charge of monitoring the looted funds abroad estimates that US$200 billion has been hidden in Europe, Africa and Asia.
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