Africa Finance Review Team

Briefings

This Week in Africa Finance

Plus Africa's Eurobond Return, Kenya's new $941 million IMF loan, Emerging Africa Infrastructure Fund(EAIF)'s $294 million fundraising, Access Bank's new acquisition in Uganda, UNDP's $1 billion Africa Innovation Fund and other notable deals. Funding UNDP Makes Ambitious Bet on

Eurobond

Nigeria Targets $1.5 Billion Eurobond Return

Nigeria is looking to join the Ivory Coast in returning to the Eurobond markets as it seeks to raise $1.5 billion according to Bloomberg. Why is this important: Nigeria is facing a dollar scarcity problem with almost $2 billion of Fx backlog settled recently. The dollar shortage is putting

Sovereign Debt

Kenya Secures $941 Million IMF Loan

The International Monetary Fund (IMF) has granted Kenya a new loan of more than $941 million to help support the East African nation through its liquidity issues. Why is this important: Kenya has been facing a host of economic challenges including increasing debt, currency devaluation and a cost of living

Trade Finance

Africa Finance Corporation Issues $250 million Sharia-law Compliant Trade Loan to Egypt.

Africa Finance Corporation(AFC) the private sector-led infrastructure investment solution provider and International Islamic Trade Finance Corporation (ITFC) are to provide a $250 million Sharia-compliant trade loan facility to Egypt. Why is this important: Egypt was Africa Finance Corporation's first North African sovereign shareholder, but the country has

Bonds

Ivory Coast to Issue First Sub-Saharan Africa Eurobond in Two Years

Ivory Coast the world's largest cocoa producer will sell new international debt to raise funds on the Eurobond market next week. Why is this important: This would be the first Eurobond issue of any Sub-Saharan African since Angola and South Africa's bond sale in April 2022.

Briefings

The Week in Africa Finance

Plus: Africa Export-Import Bank (Afreximbank) arranges one of Africa's largest syndicated loans, Africa Remittance Markets and the Disruption Opportunities, Standard Chartered's €533 million of sustainable financing and other notable deals. M & A South Africa's FirstRand explores Banking Acquisition across Africa FirstRand Ltd one

Industries

Cadbury Nigeria Plans $7.7million Debt-to-Equity Conversion

Cadbury Nigeria Plc the food, sweet and drink company has announced plans to convert an outstanding $7.7 million loan from its parent company Cadbury Schweppes Overseas Ltd into equity to reduce higher financing obligations due to the further devaluation of the Naira.  Why is this important: Nigeria has undergone

Sovereign Debt

IMF Hopeful Ghana and Its Bilateral Creditors Will Secure a Deal Soon

The International Monetary Fund (IMF) seems hopeful that Ghana and its official bilateral creditors will reach a restructuring deal on its $4.5 billion debt soon. Why is this important: Ghana defaulted on most of its external debt in December 2022 and needs to secure a restructuring deal with its

Economics

Nigeria's Central Bank Settles Nearly $2 billion worth of FX Backlog

Nigeria's Central Bank has settled nearly $2 billion of outstanding foreign exchange liabilities including does due to foreign airlines. Why is this important: The recently elected government is keen to create an enabling environment and has taken bold steps to grow the economy through tough decisions like abolishing

Finance

Africa's $56 Billion Remittance Market Needs a Fintech Disruption

Remittances, the cross-border payments used by the African diaspora community to send money back home to their families and loved ones need disruption by our Fintech heroes. Over 20 million Africans have migrated outside the continent to mostly Europe, North America and Asia in the last two decades based on

Economics

Mauritania On Track To Triple Economy With Gas Exports

The International Monetary Fund (IMF) projects Mauritania's economic growth will triple in 2025, estimating a 5.1% growth in 2024 and a significant rise to 14.3% in 2025. Why is this important: The expected rise in economic growth is attributed to the first gas production and exports

Bonds

EAIF Underwrites Zambia's First Green Bond With $50m Investment

The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group Company (PIDG), will underwrite US$50m of Zambia’s first US$53.5m green bond. Why is this important: This is Zambia's first green bond and key solar infrastructure initiative. It will support the country's

Finance

The Rise of Africa's Sovereign Wealth Funds

Africa Sovereign Wealth Funds (SWF) have grown since the first one Botswana’s Pula Fund was established in 1994, with the total assets managed by African SWFs rising to US$ 97.9 billion. State governments continue to create these special-purpose investment funds using revenue from mineral resource exports, government finances

Sovereign Debt

Nigeria converts $8.2 billion overdrafts to longer-dated bonds

Nigeria's President Bola Tinubu's request to convert the country's N7.5 trillion ($8.2 billion) overdrafts from the central bank to longer-dated bonds has been approved by its lawmakers. Why is this important: The longer-dated bonds will be added to the country’s debt.

Sovereign Debt

Ethiopia Defaults On $1 Billion Eurobond Interest Payments

Ethiopia has missed a $33 million coupon payment on its $1 billion Eurobond as of the 22nd of December as the country joins two African countries Ghana and Zambia who have also defaulted on Eurobond within the last three years. Why is this important: This is Ethiopia's only

Briefings

This Week in Africa Finance -191223

Key Takeaways: Standard Chartered to exit Ivory Coast, Rwanda receives $268 million after IMF second review, Ghana tackles inflation and notable deals. Banking Standard Chartered To Sells Ivory Coast Banking Operation. Standard Chartered, the international banking company is selling its consumer-banking business unit in Africa to Burkina Faso-based Coris Bank

Economics

Ghana Achieves Record Drop in Inflation Rate.

Ghana has recorded a record 19-month low in November's inflation rate, a rare feat for any African nation. Why is this important: The gradual reduction in the overall inflation rate to 26.4% in November 2023 compared to 35.2% in October 2023 is due to a sustained

Sovereign Debt

Somalia Gets $4.5 Billion in Debt Relief.

Somalia has received US$4.5 billion in Debt Relief from the International Monetary Fund (IMF), the World Bank, and bilateral and commercial creditors. The debt relief was approved under The Group of Twenty (G20) major economies’ Heavily Indebted Poor Countries (HIPC) programme. Why is it important: The approved debt

Sovereign Wealth Fund (SWF)

Mozambique to Establish Sovereign Wealth Fund.

Mozambique is to join other African countries to create a sovereign wealth fund using revenues from its LNG exports. According to the country's finance minister, projections showed that at their peak in the 2040s, the state is expected to receive more than $6 billion a year from gas

Briefings

This Week in Africa Finance- 111223

Plus Senegal is to start its first sustainable financing, Ghana's Koa gets new funding, Societe Generale is to sell its two operations in Mozambique and Burkina Faso and other notable deals. First time reading? Subscribe here   As always, please send us feedback at info@africafinancereview.co Sustainable Finance

Briefings

This Week in Africa Finance-41223

The COP28 summit in UAE is still going on with a lot of dealmaking like Kenya signing deals worth $4.48 billion for seven green projects, including geothermal generation plants, fertiliser production, and a renewable energy-powered data centre. Other activities this week in Africa Finance include Zimbabwe's Debt

Ratings

S&P Global Rating upgrades Eskom South Africa's utility group.

South Africa's Eskom the country's utility group has seen an improvement in its creditworthiness with the recent upgrade by S&P Global Rating “B” from “CCC+” over its secured and unsecured debt. The rating firm also upgraded the national scale rating to ‘zaBBB/zaA-2’ from

Industries

The Growing Potentials of Africa's Entertainment Industry.

Cinema experiences, Social media, Gaming, Movie production and Streaming videos are shaping Africa's entertainment industry leading to new business models and an evolving ecosystem. Highly skilled African filmmakers are attracting new international attention as they produce content telling the African story. The continent's film industry is

Briefings

This Week in Africa Finance-271123

Islamic Banking in Egypt shows impressive growth, AfricaGoGreen raises $150m, South Africa issues new $1.1 billion Sukuk Bond, IFU invests €21 million in Morocco-based Healthcare provider, Banking Updates and Notable deals of the week. Sustainable Finance AfricaGoGreen Fund completes interim close of $150m. AfricaGoGreen Fund AGGF a Fund initiated

Briefings

This Week in Africa Finance- 211123

Key Takeaways: Africa Export-Import Bank (Afreximbank), has signed many deals, Cameroon reviews plans for its $333.2 million bond issue and Kenya got an extra $938 million to meet Eurobonds commitments. Sovereign Debt Cameroon rescinds $333.2 Million International Bond Issuance till 2024. The Cameroonian government has decided to rescind