Amen Bank will be holding tomorrow, June 16, a mixed general assembly (ordinary and extraordinary) where its shareholders are to vote for or against a capital increase of 10.1 million dinar ($4.6 million) by the end of 2017, a convening notice for the meeting published by the Tunisian firm revealed. Capital augmentation will take place in two stages. The first stage includes the addition of...

American assets manager Pecora Capital plans to establish a $2 billion fund which will solely be dedicated to infrastructure projects in Nigeria, Reuters reported on June 14, citing one of the firm’s official. This is a rare show considering that Nigeria presently is hit by global oil price slump. The GDP of Nigeria which derives 70% of its revenues and around 90% of its foreign currency...

In a report dated June 13, the Kenyan investment firm Burbidge Capital said that the number of private equity deals (PE deals) in East Africa from January to April 2016 rose by 50% from 12 to 19 deals. However, despite volume going up, the value of these deals slumped by 83% from Sh73.5 billion ($728 million) in the first four months of 2015, to Sh12.4 billion ($123 million) over the same period...

The European Union (EU) has decided to extend the ban on imports of agricultural products from Nigeria, beyond 31 June 2016. Prolongation period is 3 years and concerns mainly dry beans, sesame seeds, meat, dried fish, groundnut and palm oil. Brussels said the ban will remain in effect until Abuja implements the reforms demanded by the EU. Nigeria will thus have to establish an official control...

Chinese firms Sinohydro and China Railway will provide the Democratic Republic of Congo $660 million required to build Busanga’s 240 MW hydropower plant. Of this output, 170 MW will serve to power the Société Sino-Congolaise des Mines (Sicomines) while remaining 70 MW will be injected in the domestic power grid. Construction works should take five years according to Sicomines’...

Morocco could, according to Fresh Plaza, soon restart exporting citruses to USA. Both parties have established a plan that could help solve the matter which, in January 2016, led to US blocking entry in its territory to citruses that come from the Cherifian kingdom. In fact, this measure was implemented by American authorities after the discovery of Mediterranean fruit fly larvae in a shipment...

The World Bank will lend $1.1 billion to Kenya to finance infrastructure projects in arid regions located in the northern part of the country, World Bank Africa’s vice-president, Makhtar Diop revealed. “This loan is the first of a kind for this region of Kenya,” he said, Reuters cited. This money will be used to build roads, improve water and power supply and support husbandry. Mr...

Senegal plans for 20% of its energy output by 2017 to come from renewable sources. This was announced by President Macky Sall during the ceremony for the implementation of Contour Global’s 53 MW power plant. “Oil and gas discoveries should provide a new dimension to our energy mix in addition to renewable energy which is also part of our production park. We will diversify our...

India’s president, Pranab Mukherjee, has started on June 12 a six-day visit in Africa to bolster the economic bonds between his country and the continent which is rich in natural resources, as India competes highly with China. Followed by a State minister, four members of parliament, high officials and a delegation of businessmen, President Mukherjee has already been to Ghana, where it signed...

In Morocco, the capital markets authority (AMMC in French) has enabled BMCE Bank of Africa and Attijariwafa Bank to issue a total 3 billion dirham of bonds (around $310 million). In a note published on June 10, the AMMC green-lit the issuance by BMCE Bank of Africa group of a 2 billion dirham subordinated bond ($206 million). The bond will be used to “increase the bank’s secondary...