In a release published September 26, Old Mutual Ltd announced that its shareholders would receive about ZAR50 billion ($3.52 billion) following the creation of an independent institution that would manage the mutual’s investments in Nedbank in the framework of a corporate spin-off.   Indeed, in 2016, Old Mutual announced that it would split into four distinct corporations. Two will be...

Algeria will not stop supplying natural gas to Morocco. This is the brief of a press conference held by the country’s public oil company’s managing director Abdelmoumen Ould Kaddour (photo), in the framework of the publication of a paper on OPEC'S perspectives by 2040. According to the official, this rumor that has been circulating for days now was sparked by a misunderstanding between some...

Tanzania will need $3.611 billion to complete the nine power plants and transmission lines projects it is developing. This is the total amount needed for the projects selected by Tanzania Investment Centre and which the country will seek funding for this year. Among the projects presented are three transmission lines, a combined cycle power plant, a geothermal plant, three hydroelectric...

After the financial, public administration, health, agriculture, and manufactured products’ trading, the commodity trading sector has adopted blockchain technology. Indeed, fifteen large banks and trading institutions recently announced the creation of a blockchain platform to simplify and speed up commodity trading. Baptised Komgo, this platform that will operate independently aims to make...

Ghana decided not to issue a 5-year treasury bond due to “unfavorable conditions” on the financial market, the finance minister informed in a note sent to investors. The minister had decided to issue the bonds in local currency to refinance its debt but, the required interest rates, between 19.75% and 21.5%, were deemed too high and the market was also too volatile. Coupled with the low...

Ethiopia’s economy should grow to 8.5% of GDP during the 2018/2019 fiscal year, a press release published last Wednesday by the IMF indicated. According to the release, the forecast was motivated by investors' renewed confidence in the East African country while the uncertainties related to the country’s political and economic instability are gradually fading. A situation which improved...

$80 million; this is the amount of the first financing World Bank recently approved for Somalia; the first ever direct financing the Bretton Woods institution would provide to the country, in about thirty years.   In a release quoted by Reuters last Tuesday, World Bank commented that the funding was a great step in Somalia’s reconstruction and development process. As detailed by the...

Lebanon–based real estate group SEG International, via its subsidiary in Morocco, recently won a CFA98 billion (about $175 million) contract for the construction of 5,000 social housing in the Republic of Central Africa. The information was revealed by the project’s proponent Jules Ndjawé, during an interview granted to Réseau des journalistes pour les droits de l’homme...

The Overseas Private Investment Corporation (OPIC) announced that it provided $25 million to the Solar Energy Transformation Fund LLC (SET Fund). This fund was provided as senior debt and subordinated loan that will help mobilize investors to raise $85 million for the initiative. SET Fund is managed by SunFunder, a financial institution that supports companies operating the off-grid...

In Tunisia, 2 people out of 3 have little or no confidence in media. This is the result of a survey organized by the country’s association Barr Al Aman, specialized in research and media. The survey was organized in partnership with Mediascan institute and in that framework, 1,841 Tunisians of at least 18 years old were questioned. The study provided various insights into the trust Tunisians...