South Africa’s largest pension fund, Government Employees Pension Fund (GEPF), announced in a statement published on July 13 it will invest R10.5 billion ($730 million) in mortgage provider SA Home Loans to facilitate access to housing for government workers. The investment will be done by pension fund manager Public Investment Corp (PIC), on behalf of GEPF, the same source added. Out of...

The International Monetary Fund (IMF) lowered South Africa’s growth forecast to 0.1% in 2016 from a previous estimate of 0.6% it projected last April. The institution revealed the new forecast in a statement published on July 7. “Growth should slow to 0.1% in 2016 before recovering a bit in 2017 (1.1%) as shocks dissipate and more power plants are completed,” IMF said. IMF added...

The International Finance Corporation (IFC) granted Nigeria a $73.5 million loan to build a multi-purpose port terminal in Port Harcourt to boost fertilizer export. The $150 million port was developed through a joint-venture between Indorama Eleme Petrochemicals Ltd and Oil and Industrial Services Ltd. The fertilizer terminal which will be able to handle up to two million tons per...

The New Development Bank (NDB) which was launched by the member states of the BRICS (Brazil, Russia, India, China and South Africa), announced in a statement published on July 12 that it will issue a total of 3 billion Yuan ($448.37 million) of green bonds on the Chinese interbank market. The green bonds which will mature over five years will be issued on July 18. Return of the bonds ranges...

To insure transition from natural gas to renewable sources of energy, Tunisia announced it seeks a $7 billion investment. The nation hopes with this investment to generate a third of its power supply from renewables, by 2030. Energy and mines minister, Mongi Marzouk said the country currently derives 4% of its total power supply, 148 MW, from renewables. Tunisia plans to, by 2030, increase...

South African furniture group Steinhoff International announced in statement published on July 13, it will buy the UK discount chain Poundland for $794 million. Poundland’s board unanimously suggested to its shareholders to accept Steinhoff’s offer. Each of the group’s shareholders should receive 222 pence per share held, or 220 pence plus 2 pence in dividends. Poundland, which...

Foreign direct investment (FDI) in the agricultural sector of developing countries has doubled over the past 15 years. FDIs soared from a yearly average of $7.4bn in 2003-2008, to $15.1bn in 2009-2014, a study conducted by UN’s Food and Agriculture Organization (FAO) revealed. According to the study, yearly average FDI in Africa’s agriculture increased to $2.5 billion in...

US rating agency Standard & Poors revised its counterparty credit ratings for Skye Bank. The new analysis released on July 12, 2016, lowers the ratings of the banking group to CCC- on the long term and C on the short term. S&P’s decision occurred after the Central Bank indicated that the bank failed to meet requirements of its regulatory prudential ratios. In this context, Skye...

In Djibouti, the Energy Minister, Yacin Houssein Bouh (photo), has announced that the country has signed a $75 million financing agreement with the International Islamic Trade Finance Corporation (IFTC) to help purchase refined petroleum products. According to Bouh, the agreement with the International Islamic Trade Finance Corporation would pave a way for Djibouti to slowly reduce fuel...

The partners on the Ororo field, offshore Nigeria, have been granted a three-year extension to the Ororo field licence (OML 95), by the Federal Ministry of Petroleum Resources (FMPR). These partners are Sirius Petroleum with 40% interest, Guarantee Petroleum Company and Owena Oil & Gas. According to Sirius Petroleum, the licence which took effect from May 1, 2016, was extended based on the...