The first corporate green bond in Francophone West Africa was oversubscribed, financing an environment and social friendly real-estate project.
The challenges facing Africa’s securities exchanges to become an integral part of the continent’s economic transformation also provide a good agenda for action in 2014.
The total value of mergers and acquisitions deals in Africa by foreign investors was $183 billion over the ten years 2003-2012, up threefold on the previous decade. Britain was the lead investor with with 437 deals worth $30.5bn.
Africa’s top lending institution the African Development Bank (AfDB) has announced that it will start moving its headquarters and 1,500 employees from Tunisia to Ivory Coast, with first staff to move this year.
The International Finance Corporation (IFC), a member of the World Bank Group, on 20 Dec agreed to invest CAD1,250,000 in nickel and copper exploration through Sama Resources Inc, which will use the funds to advance the Samapleu project in eastern Côte d’Ivoire, near the border with Guinea.
The African Development Bank is playing its role in Africa with skill and is getting more backing from its principal shareholders because of its successes as an African institution. Moving back to Cote d’Ivoire is also on the agenda.
Rebels in Cote d’Ivoire made rapid advances towards Abidjan yesterday (30 March), where fighting could be fierce. Prices rallied yesterday on the €2.3 Eurobond and Bloomberg reported a 7% climb to 42.688 cents in the dollar nominal value, while cocoa prices fell $70.
Cote d’Ivoire has formally reneged on $2.3 billion of Eurobonds, becoming the first nation to default since Jamaica in January 2010. The default comes after it was unable to pay $29 million of interest which had become due and after a 30-day grace period had expired. However, the market appears to have faith the crisis will eventually end.