News and developments on African capital markets, includes: African securities, African stock exchanges/stock markets, African equities, African bonds, African private equity/venture capital, and African social impact investment
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.