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Corporate Debt
Ecobank Repays $500Million 5-Year Eurobond Debt.
Ecobank Transnational Incorporated (ETI) repaid a 5-year, $500 million Eurobond loan that matured last week. Why does this matter: Ecobank is a multinational banking conglomerate that operates locally in 33 African countries. The company's first international debt market entry was a $200 million bond issue, listed on the
Egypt Receives $820 Million From IMF's Extended Fund Facility (EFF) Deal.
Egypt has secured $820 million as the second tranche of the International Monetary Fund's (IMF) loan program. The country has been taking decisive measures to grow its economy, consistently reduce its debt-to-GDP ratio, and increase revenue through deals with some Middle Eastern investors. Despite facing economic challenges similar
Economics
Kenya: The Rise of Rutonomics
President William Ruto's economic reforms have yielded positive results for the largest economy in East Africa. Why is this important: President Ruto campaigned on a 'bottom-up' economic model that aimed to strengthen the Micro, Small, and Medium Enterprises (MSMEs) economy, create a strong digital superhighway and
Sovereign Debt
Ghana Yet To Restructure $13 Billion Debt with International Bondholders
Ghana still needs to secure a restructuring deal for its $13 billion debt with its International bondholder. Why does this matter: Ghana is currently facing economic challenges and is working to resolve them. One of the significant issues is agreeing on a restructuring deal for its $13 billion debt with
Capital Market
Global and Domestic Investors Expressed Confidence in Ethiopia's New Securities Exchange with $26.6 million Investment.
Global and domestic investors in Ethiopia are expressing confidence in the country's new securities exchange in its new fundraising, which has already exceeded expectations. Why is this important: The exchange will provide investors and companies with the much-needed critical financial infrastructure and platform to trade securities, enabling them
Industries
South Africa's Leading Chicken Producer Daybreak Farms Seeks $13.3 Million Debt.
Daybreak Farms, one of the largest chicken producers in South Africa, with a market share of over 7%, is planning to raise 250 million rand ($13.3 million) in debt. Why is this important: The company, owned by Africa's largest fund manager, Public Investment Corp, has had challenges
Capital Market
Kenya's Economic Reforms Attracts Record Capital Market Investment from BlackRock.
The ongoing economic reform implemented by President William Ruto's government has boosted Kenya's stock market and instilled confidence in international investors. Let's go deeper: Kenya's current debt profile is approximately $61.5 billion, 67% of its Gross Domestic Product (GDP). Due to
Sovereign Debt
International Creditors Extend Ethiopia's Time to Complete IMF Support Deal.
Ethiopia has been granted an extension until the end of June by its international creditors, The Paris Club, to secure a bailout deal with the IMF as reported by Reuters. The big picture: This comes after the country missed a $33 million coupon payment on its $1 billion Eurobond due
Islamic Finance
Uganda Gets First Islamic Banking- Compliant Financial Institution.
Salaam Group the Djibouti-based banking institution, has launched Uganda's first Islamic banking-compliant financial institution. Why is this important? Most African countries have a vibrant Islamic banking sector compared to Uganda's, which has 14% of its population as Muslims. Creating a new Islamic bank in Uganda presents
Infrastructure Finance
Africa Finance Corporation secures $1.16 billion in its largest-ever syndicated loan to meet Africa's Infrastructure financing needs.
Africa Finance Corporation(AFC), the private sector-led infrastructure investment solution provider and multilateral development financial institution, has secured a record $1.16 billion in its largest-ever syndicated loan. Why is this important: According to the African Development Bank, Africa has an infrastructure financing gap of $108 billion needed to achieve
Sovereign Debt
Zambia Agrees Historic $3.5 billion Debt Restructure Deal with Private Creditors.
Zambia has taken significant steps to improve its debt with a new $3.5 billion debt restructuring deal with its Eurobond holders. Why is this important: Zambia, Africa's largest copper producer, defaulted on its $18.6 billion external debt in 2020 and has since failed to reach an