infrastructure
The Africa Development Bank (AfDB) is keen to get the $309 million Kenya/Tanzania electricity deal agreed. Why is this important: Kenya imports hydroelectricity from Ethiopia and Uganda, while Tanzania rations power due to low hydro generation. The tripartite deal will boost the electricity supply and cut reliance on expensive
Bonds
The African Export-Import Bank (Afreximbank) has successfully acted as a Joint Global Coordinator for the Arab Bank for Economic Development in Africa's (BADEA) first €500m RegS-only senior unsecured social bond. The issue is under BADEA’s new Euro Medium Term Note (EMTN) programme on the London Stock Exchange,
Cote d’Ivoire’s successful Eurobond outing has signalled rising investors' appetite for African countries’ sovereign debt, giving Kenya the encouragement it needs to return to the international debt market to raise funds. Kenya's President William Ruto gave all indications during last week's Italy-Africa Summit
Briefings
Plus AfDB's new $2 Billion three-year Social Global Benchmark Bond, Growth Investment Partners(GIP)'s new investment, FMO's $10 million investment, Ivory Coast's successful return to the international debt market and other notable deals and market activities. Eurobond Ivory Coast Achieves $8 Billion
The African Development Bank (AfDB) has launched and priced a $2 billion three-year Social Global Benchmark, its first social bond issued under its new sustainable bond framework established in September 2023. Why is this important: The bond will enhance the bank's existing green and social bond programme, by
Briefings
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 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
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(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 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
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 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