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 plans to issue a $50 million (NGN 8 billion) local-currency “Naija” bond in Nigeria to support the domestic capital markets and increase access to local-currency finance. IFC bonds are rated triple-A by Moody’s Investors Service and Standard & Poor’s.
The Initial Public Offer by power company Umeme closed on 7 November and results are expected before the listing on 30 November. Before the close, commentators said there was a turnup of applications and that the International Finance Corporation had invested, but parliamentarians called for an inquiry.
The business environment is rising higher on the agenda of African governments and more progress is being made, but there are still major issues. Doing Business 2193 report by the IFC and the World Bank and the Mo Ibrahim Index on African Governance, both published in October, highlight which economies and governments are improving fastest.
The International Finance Corporation (the private sector investment arm of the World Bank group) will invest and mobilize more than $1 billion into private infrastructure in Africa during 2012, up from $200 million 5 years ago.
The International Finance Corporation, a member of the World Bank Group, and the African Development Bank are to work together to facilitate local currency lending and bond issuance in Africa. They signed an ISDA Master Agreement for this.
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.
Aureos Africa Health Fund invested $2.5 million in a Kenyan hospital and health insurance company, the Avenue Group, which offers affordable healthcare cover, integrated with quality healthcare provision.
The International Finance Corporation plans to invest up to $700 million in new African telecommunications projects in this year and the next, says Reuters.
The International Finance Corporation and 6 leading international finance institutions provided $164 million in financing to Rift Valley Railways International to rehabilitate the Kenya-Uganda railway today (2 August).