Eurobond
Morocco's leading fertiliser producer, OCP Group, has successfully raised $2 billion in a dual-tranched Eurobond issue to fund its green energy transition. OCP Group plays a significant economic role in Morocco due to the value of phosphates and its contribution to the country's GDP. OCP Group
Bonds
Kenya seems confident they can repay the $2 billion Eurobond due in June. Let's go deeper: The country has a debt profile of around $61.5 billion, which is around 67 per cent of its gross domestic product( GDP), with a 29 per cent currency devaluation against the
Finance
Global financial services firm Mastercard has acquired a minority stake in the Fintech business of MTN Group Limited, the South African multinational corporation and mobile telecommunications provider. Let's go deeper: MTN's CEO indicated last year that the company was willing to sell 30% of the fintech
Bonds
The African Export-Import Bank (Afreximbank) has successfully acted as a Joint Global Coordinator for the Arab Bank for Economic Development in Africa's (BADEA) first €500m RegS-only senior unsecured social bond. The issue is under BADEA’s new Euro Medium Term Note (EMTN) programme on the London Stock Exchange,
Eurobond
Nigeria is looking to join the Ivory Coast in returning to the Eurobond markets as it seeks to raise $1.5 billion according to Bloomberg. Why is this important: Nigeria is facing a dollar scarcity problem with almost $2 billion of Fx backlog settled recently. The dollar shortage is putting
Trade Finance
Africa Finance Corporation(AFC) the private sector-led infrastructure investment solution provider and International Islamic Trade Finance Corporation (ITFC) are to provide a $250 million Sharia-compliant trade loan facility to Egypt. Why is this important: Egypt was Africa Finance Corporation's first North African sovereign shareholder, but the country has
Sovereign Debt
The International Monetary Fund (IMF) seems hopeful that Ghana and its official bilateral creditors will reach a restructuring deal on its $4.5 billion debt soon. Why is this important: Ghana defaulted on most of its external debt in December 2022 and needs to secure a restructuring deal with its
Finance
Remittances, the cross-border payments used by the African diaspora community to send money back home to their families and loved ones need disruption by our Fintech heroes. Over 20 million Africans have migrated outside the continent to mostly Europe, North America and Asia in the last two decades based on
Bonds
The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group Company (PIDG), will underwrite US$50m of Zambia’s first US$53.5m green bond. Why is this important: This is Zambia's first green bond and key solar infrastructure initiative. It will support the country's
Finance
Sovereign Debt
Nigeria's President Bola Tinubu's request to convert the country's N7.5 trillion ($8.2 billion) overdrafts from the central bank to longer-dated bonds has been approved by its lawmakers. Why is this important: The longer-dated bonds will be added to the country’s debt.
Sovereign Debt
Somalia has received US$4.5 billion in Debt Relief from the International Monetary Fund (IMF), the World Bank, and bilateral and commercial creditors. The debt relief was approved under The Group of Twenty (G20) major economies’ Heavily Indebted Poor Countries (HIPC) programme. Why is it important: The approved debt