Other news

Funds

Zimbabwe US$25 million women investment fund launched

Top Zimbabwean Government women leaders on 30 September launched a US$1 million Zimbabwe Women Investment Fund, aimed at mobilising resources to enhance women’s participation in the mainstream economy. They aim to grow the fund to US$25 million within 3 years, according to a report in The Herald newspaper.

Other news

Takeover tsunami coming to Africa?

The wave of mega acquisitions which has gained momentum in South Africa this year could only be the start of a takeover tsunami, as large companies start to include Africa in their global business visions.

Other news

South Africa to change tax and boost Islamic banking

South Africa is proposing amendments to the Income Tax Act to level the playing field between Islamic banks and conventional banking, although no date has been set for their implementation.

Kenya

Kenya moots $124 mln bond to finance universities

Kenya’s Government aims to float a KSh10 billion (USD124 million) university bond early in 2011 to help higher learning institutions raise funds to admit more students. The aim is to open new financing avenues by offering a Government guarantee, and to open places for 25,000 more students, eliminating a 2 year wait for furuterh studies.

Exchange news

Net inflow to African funds $660 million in past 12 months – EPFR

Cash has flowed into African equity funds in 51 of the past 52 weeks, according to a report on newsagency Reuters, citing Washington-based EPFR Global, which tracks funds flows. The report says a net $660 million flowed into African regional funds over the last 12 months — “not vast sums on the global scale but far more than Africa has ever attracted in the past”.

Ethiopia

IFC to offer $20 million guarantee facility for Ethiopian coffee producers

The International Finance Corporation is investing $21 million to guarantee coffee crops. The facility would be to support the Ethiopian Coffee Initiative run by Technoserve.

Exchange news

Africa investor conference, New York, 17 September

Africa investor is holding its annual Index Series conference at the New York Stock Exchange on 17 September. The aim is to bring African CEOs and capital markets leaders to meet investors, including sessions on private equity, bonds markets and stock exchanges.

Other Countries

Standard Bank to lend $100 mln to farmers in 4 African countries

South Africa’s Standard Bank will provide $100 million as credit to up to 750,000 farmers in 4 African countries in the next 3 years, according to an interview given by Clive Tasker, CEO for Africa, to Reuters newsagency. The bank is to offer the credit in Uganda, Ghana, Mozambique and Tanzania to help boost agricultural production and economic growth.

Exchange news

Swaziland issues first 3-year Government debt, raises $34 million

The Central Bank of Swaziland on 27 August sold the first longer-term Government bonds to raise money for development projects. It plans further sales this year, a central bank official told Bloomberg news agency.

Funds

GEF Africa sustainable forestry fund.

British development finance institution, CDC (www.cdcgroup.com) has committed US$50 million to the GEF Africa Sustainable Forestry Fund (GASFF), the first private equity fund to focus solely on sustainable forestry in sub-Saharan Africa. The fund is to be run by the investment team of Global Environment Fund (GEF) which has a long history of investing in sectors that make a positive impact on the environment and quality of life.

Other news

Up to $30 billion investment needed for health sector

According to a recent study, $25–$30 billion in new investment will be needed in health-care assets, including hospitals, clinics, and distribution warehouses over the coming 10 years to meet the growing health care demands of Sub-Saharan Africa.

Other news

How to Leverage the Private Sector to Improve Access to Health Care?

Agenda to mobilize the responsible development of private sector health care in sub-Saharan Africa: 1. Develop and enforce quality standards. Initial efforts at enhanced regulation …

Capital raising

AfDB aims for $10bn a year infrastructure finance

The African Development Bank is aiming to commit up to $10 billion a year to infrastructure in Africa, according to a story on Reuters. Alex Rugamba, the bank’s Director for Regional Integration and Trade, told the newsagency on 26 July that the bank hopes to nearly double infrastructure funding over the coming 5 years.

Exchange news

SEC clamps down on Nigerian Stock Exchange, sacks DG and orders President to stop acting

The Securities and Exchange Commission has moved in hard on the Nigerian Stock Exchange on 4 August, ordering the Director-General to leave her post and Alhaji Aliko Dangote, one of Africa’s richest men, to stop acting as NSE President. The SEC appointed the former chief executive of audit firm Deloitte in West and Central Africa, Emmanuel Ikazaboh, as interim manager.

Other Countries

Second New Africa Mining Fund aims for $100 million-$300 million

The African Development Bank has joined investors into the New Africa Mining Fund II equity fund investing in mining projects throughout Africa, especially Southern Africa. The bank announced on 19 July a $25 million equity stake. NAMF II aims to raise $100 million to $300 million.

Exchange news

Phosphate miner is 63rd listing on Namibian Stock Exchange

Australia’s Minemakers Limited on 27 July became the 63rd company to list on the Namibian Stock Exchange when it joined the Development Capital Board (DevX). Minemakers has interests in phosphate mining – for which it says Namibia has the world’s sixth biggest resource – used in making fertilizers.

Other news

Robin Hood tax on financial transactions proposed for fight against AIDS

Activists are calling for a tax of 0.005% on all financial transactions worldwide, to raise some $33 billion dollars per year for development and particularly to replace dwindling funding for life-saving AIDS drugs. Protestors at the world AIDS forum in Vienna on 21 July said a “Robin Hood” tax on financial transactions would be one of a series of new funding initiatives.

Funds

Changing perceptions mean $1.3 bn allocated to Africa

Africa regional funds attracted $484 million inflows in the first half of 2010, says EPFR Global, and total investment fund allocation to Africa was a record $1.39 billion, according to a report in the Financial Times. Africa regional funds have enjoyed 43 consecutive weeks of inflows totalling $579m

Egypt

Citadel Capital announces cement deals in Sudan and Egypt

Leading African private equity house Citadel Capital has this week announced 2 cement deals. Citadel was recently named “African Business of the Year” at a gala awards ceremony organized by “African Business” magazine. It is based in Cairo and listed on the Egyptian Stock Exchange (ticker CCAP.CA).

Kenya

Kenya’s 25-bond bond is 3 times oversubscribed

Kenya’s Government has successfully issued a 25-year bond, which sets a marker for the capital market, points the way for other African markets to follow, and is a major boost for investor confidence. It also helps the Government access cheaper and longer-dated debt, according to a report in The Nation newspaper (www.nation.co.ke). The bond, priced at an indicative coupon of 11.25% and redeemable in 2035, raised KSh7.5 billion (US$91.7 million) at good interest rates as the average rate was 10.46%.