Zambian and Mozambican subsidiaries of plastics manufacturer Arkay Plastics will benefit from an undisclosed investment by Spear Capital, we learned from media sources. The resource will bolster the working capital needs of Arkay's units and support plastics production. Although the amount to be allocated by Spear Capital has not been disclosed, it is known that the firm invests between $2...

The Kenyan insurance sector is likely to experience a wave of merger/acquisition operations by the end of 2020. The sector’s regulator has given 20 of the country's 56 insurance companies until December 2020 to meet the capital increase requirement; a difficult mission in the current economic context. The first merger/acquisition announcement came from Jubilee Holdings, Kenya's largest...

An Ad hoc task force set up by Gabon’s President Ali Bongo invalidated CFA241 billion in domestic debt following a strict review of the country’s budget governance. The body reviewed a total of CFA370 billion in domestic debt and invalidated 70% of the amount. The Task Force worked with several public administrations, particularly those related to public finance and justice, as well as...

Dzema Ayessa-Ndinga has been appointed Deputy Managing Director of Terminaux du Bassin du Congo (TBC), effective from 1 October 2020. A Congolese national (Congo-Brazzaville), Dzema Ayessa-Ndinga currently heads Bolloré Transport & Logistics’ agency in Brazzaville. He is also responsible for overseeing the business activities of Bluecongo and Havas Média Congo. Dzema Ayessa-Ndinga joined...

Alargan, a company active in the real estate development sector in Kuwait, is interested in the commercial and residential real estate sector in Morocco, Challenges reports. Socrates Development Company, the local subsidiary of this Kuwaiti company, has mobilized the equivalent of $33.9 million from the Arab Fund for Economic and Social Development (Fades) in that regard. The resources will...

Wholesale telecom capacity provider, West Indian Ocean Cable Company (WIOCC), has raised $100 million to finance the development of its Internet connectivity offering in Africa. The company received a loan of $40 million from the Emerging Africa Infrastructure Fund (EAIF) and $60 million from Proparco, a subsidiary of the French Development Agency (AFD). WIOCC, which holds a stake...

Lomé-based Ecobank Transnational Incorporated was the main active banking group within the West African Economic and Monetary Union (WAEMU), a report from the bank commission of the West African Monetary Union said. Out of 29 banking groups, Ecobank led with 12.8% of the region’s market share, ahead of the French Société Générale, which had 10.2% of shares, and Moroccan Bank of Africa and...

The African Development Bank was selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion dollar-denominated Fight COVID-19 social bond issued on March 27, 2020. The winners of the GlobalCapital Bond Awards 2020 were announced on 30 September at a ceremony held virtually for the first time in 12 years. GlobalCapital is a leading source of...

Banque Misr, one of the largest banking groups in Egypt, reached a €750 million loan agreement with the European Investment Bank. The money will be used to help SMEs better recover from the coronavirus period. This will include effectively meeting working capital requirements at times of low activity. The financial terms of the facility, which was granted since September 17, according to...

The Chadian government announced the deployment of a new contingent of 1,000 soldiers to reinforce the G5 Sahel joint force. According to the country’s foreign minister, Amine Abba Sidick, the measure was decided to thwart the recurrent attacks by armed groups within the Sahel region, which still lacks financial support to fully operationalize the joint force.   “Although the situation...