Economics
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Monetary Policy, Economics
Zimbabwe to create new currency board and link currency to gold.
Zimbabwe is exploring options to create a new currency board to stabilise the Zimbabwean dollar and link it to hard assets like gold. The Zimbabwe dollar has lost 94% of its value since January 2023. The government recently introduced a ' structured currency' to address the rapid devaluation of
Sports, South Africa
South African Rugby Union secures $75 million investment by PE firm Ackerley Sports Group.
The South African Rugby Union (SARU), the governing body of the Spingboks, has received a $75 million investment from Ackerley Sports Group, subject to approval by the SARU members. Why is this important? The business of Sports is becoming an emerging trend across the world, from football to Golf. Most
Bonds
Kenya confident of repaying $2bn Eurobond due in June
Kenya seems confident they can repay the $2 billion Eurobond due in June. Let's go deeper: The country has a debt profile of around $61.5 billion, which is around 67 per cent of its gross domestic product( GDP), with a 29 per cent currency devaluation against the
Finance
What Mastercard sees in MTN's $5.2 billion Fintech Business
Global financial services firm Mastercard has acquired a minority stake in the Fintech business of MTN Group Limited, the South African multinational corporation and mobile telecommunications provider. Let's go deeper: MTN's CEO indicated last year that the company was willing to sell 30% of the fintech
Economics
Zambia joins Botswana and DRC to become Commercial Sellers of their Commodities.
Zambia, like Botswana and the Democratic Republic of Congo, is trying to implement a new economic playbook, selling its commodities directly to buyers. Why is this important: The current revenue-sharing model, where mining rights are allocated to companies like First Quantum Minerals and Barrick Gold to operate the mines and
infrastructure
AfDB Eager to Close Kenya and Tanzania's $309.26 Million Electricity Deal
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
Afreximbank acts as Joint Global Coordinator on BADEA‘s first €500M Social Bond
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 sale spurs Kenya's early bonds buyback.
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
This Week in Africa Finance
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
AfDB Launches $2 Billion Three-Year Social Global Benchmark Bond.
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
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