Reuters Africa Business

Nigeria’s debt service costs to remain elevated in medium term -Fitch

16 Nov 2022

By MacDonald Dzirutwe LAGOS (Reuters) – Nigeria’s debt service costs will remain elevated in the short to medium term, which will hobble the country’s ability to use fiscal policy to support economic growth, Fitch’s sovereign ratings director, Jermaine Leonard, said on Tuesday. Fitch downgraded Nigeria’s rating to ‘B-‘ with a stable outlook last week, in …

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Kenya’s KCB Group posts higher 9-month pretax profit

16 Nov 2022

NAIROBI (Reuters) – Kenya’s KCB Group said on Tuesday its nine-month pretax profit rose to 43.3 billion shillings ($355 million) from 35.8 billion shillings in the year earlier period, helped by rising interest income and falling provisions for bad loans. The bank, which also operates in Tanzania, South Sudan, Uganda, Rwanda and Burundi said its …

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Nigeria approves 1,650 MW hydropower project, official says

16 Nov 2022

LAGOS (Reuters) – Nigeria has approved the construction of a 1,650 megawatt (MW) hydropower plant at a cost of $3 billion, making it one of the single biggest power projects in the country, the vice president’s spokesperson said on Tuesday. The project would be funded under a public private partnership arrangement and located in the …

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Investec Property Fund reports earnings rise on strong letting

16 Nov 2022

JOHANNESBURG (Reuters) – Investec Property Fund Limited (IPF) on Wednesday reported a 3% rise in annual distributable earnings per share, driven by robust growth in net property income across South Africa and Europe on strong letting and reduced vacancies. Distributable earnings per share, the primary underlying financial performance measure in the listed property sector, rose …

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S.African rand and stocks strengthen as dollar on back foot

15 Nov 2022

(Reuters) -The South African rand strengthened on Tuesday as the dollar deepened losses after a smaller-than-expected rise in U.S. producer prices provided further evidence that inflation may be cooling. At 1611 GMT, the rand traded at 17.2450 against the dollar, 0.36% stronger than its closing level on Monday. The dollar index, which tracks the U.S. …

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Actis sees annual investments of up to $300 million in Africa energy

15 Nov 2022

By Promit Mukherjee JOHANNESBURG (Reuters) – Actis, one of the biggest investors of private capital in Africa, could invest up to $300 million annually in renewable energy and gas-fired power projects on the continent, a senior official said on Tuesday. Actis has invested over $2 billion in energy infrastructure in Africa over the past two …

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Zambia debt negotiations likely to drag into next year – sources

15 Nov 2022

By Andrea Shalal WASHINGTON (Reuters) -World Bank and IMF officials are pressing Zambia’s creditors to accelerate negotiations on reducing the country’s official debt burden, but sources familiar with the process said they are unlikely to finalise an agreement until early next year. China and France have led a series of meetings in recent months to …

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Nigeria’s inflation quickens in October ahead of central bank rate decision

15 Nov 2022

By Chijioke Ohuocha ABUJA (Reuters) -Inflation in Nigeria rose for the ninth straight month to 21.09% in October from 20.77% in September, the statistics bureau said on Tuesday, a week before a central bank interest rate decision. High inflation, weak economic growth and mounting insecurity are major issues for voters as Nigeria heads for national …

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Uganda says seeks to borrow 500 million euros – finance ministry

15 Nov 2022

(Corrects Nov 13 story headline, paragraph 1 and throughout to make clear Eurobond not being considered) KAMPALA (Reuters) -Uganda is looking to borrow 500 million euros ($517.6 million)for budget spending through various credit options excluding a Eurobond issue, a finance ministry document shows. The proposed borrowing is likely to stoke fresh concern over Uganda’s ability …

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