Africa Finance Daily

Ex-Im Bank To Assist in Financing Up to $2 Billion of U.S. Exports to South …
Sacramento Bee
7, 2012 — /PRNewswire/ — The Export-Import Bank of the United States (Ex-Im Bank) and the Industrial Development Corp. of South Africa Ltd. (IDC) today signed a Declaration of Intent (DoI) to help advance the South African government’s Integrated …

Africa: The Last Investment Frontier
Forbes
Before you write Africa off as being too poor to be worthy of consideration, consider that India—which has been a favorite emerging market destination for investors for years—has nearly comparable levels of poverty. The World Bank estimates that 36 …

Kenya’s Biggest Lender Sees 30% Earnings Boost From Oil and Gas
Bloomberg
Kenya Commercial Bank Ltd. (KNCB), East Africa’s biggest lender by assets, said it expects regional oil and gas finds to boost earnings as much as 30 percent as the discoveries spur project-finance opportunities and economic growth. The bank, with …

Diplomat to start Somalia’s first stock market
Reuters
May initially be based in the Kenyan capital. * Sees banks and telecoms listing their shares. * Regional firms eyeing entry into Somalia. NAIROBI, Aug 8 (Reuters) – A Somali diplomat wants to start the Horn of Africa’s first ever stock exchange in …

Cell phones could ‘completely change the livelihood of many Kenyans‘
NBCNews.com (blog)
Special Correspondent Chelsea Clinton spoke with Dr. Bitange Ndemo, the innovator who brought internet, cellphones and mobile banking to millions in Kenya about his hope technology will raise people’s standard of living. By Chelsea Clinton , NBC News …

Ghana Eurobond Yields Seen to Reach Record Low on Exports
Businessweek
The yield on Ghana’s $750 million Eurobond will probably fall to a record low this year as the West African nation benefits from strong exports and a smooth leadership transition, Ecobank Transnational Inc. (ETI) said. The yield on the 8.5 percent bond …

Ghana cedi holds ground against dollar
Reuters Africa
“Interbank market remains stuck in the 1.9530/90 band (on Wednesday) with corporate demand still low,” Kobla Nyaletey, chief trader at Barclays Bank Ghana said, adding that Wednesday’s session opened at 1.9540/75. The cedi had been under strain …

Solid Ghana growth pushes MTN Group’s 2012 first half revenue to $8.1b
Ghana Business News
On a constant currency basis, MTN’s revenue grew 12.5% as local currency revenue in Iran and Ghana increased 28.3% and 22.4% respectively while Nigeria’s local currency revenue grew 4.4%. The results showed that MTN Ghana delivered a strong …

South African equities hit record highs, doomsayers left waiting
Reuters Blogs (blog)
Indeed, according to John Paul Smith of Deutsche Bank, it’s not because of the country’s natural resources but despite them that equities have hit fresh highs. Resources have notably underperformed in South Africa this year, and other sectors such as …

US firms waking up to Africa investment: ExIm Bank
AFP
JOHANNESBURG — American companies are starting to wake up to huge investment opportunities in Africa, the chairman of the US Export Import bank, Fred Hochberg said here on Wednesday. Hochberg, in South African as part of a business delegation …

Old Mutual profit rises on S.African bank strength
Reuters Africa
LONDON (Reuters) – Insurer Old Mutual reported a better-than-expected 12 percent rise in half-year profit, helped by a strong performance at its South African banking unit, and said it was pressing ahead with plans to expand in sub-Saharan Africa.

Nigeria’s Diamond Bank gets $70 mln convertible loan
Reuters
LAGOS Aug 8 (Reuters) – The private sector arm of the World Bank said on Wednesday it would buy $70 million worth of convertible loans from Diamond Bank to boost the capital base of the mid-tier Nigerian lender. Shares in the bank rose 1.4 percent to …

Nigeria overnight rate hits 2-year high at 35 pct
Reuters
Nigeria’s Central Bank Governor Lamido Sanusi has shown his determination to support the naira in recent months, despite calls from some in the private sector for him to ease interest rates to aid the growth of Africa’s second-biggest economy. Sanusi …

CBN Moves to Strengthen Whistle-Blowing in Banks
AllAfrica.com
The banking sector watchdog, which made these known in a circular titled: “Exposure Drafts of the Revised Code of Corporate Governance for Banks in Nigeria and the Guideline for Whistle-blowing in the Nigerian Banking Industry,” posted on its website …

Kenya Power gets $200 mln from World Bank for grid
Reuters
NAIROBI Aug 8 (Reuters) – Kenya Power has secured a $200 million loan from the World Bank’s International Finance Corporation (IFC) to invest in its grid, it said on Wednesday. The firm is the sole transmission and distribution utility in east Africa’s …

Kenya’s 364-day T-bills yield falls to 12.853 pct
Reuters Africa
NAIROBI Aug 8 (Reuters) – The weighted average yield on Kenya’s 364-day Treasury bills fell to 12.853 percent at auction on Wednesday from 13.0 percent at the previous auction, the central bank said. During the same sale, the yield on the 182-day …

Kenya to sell 2-year bond for $119 mln in August
Reuters Africa
NAIROBI Aug 8 (Reuters) – Kenya’s central bank will offer a new two-year Treasury bond worth 10 billion shillings ($119.1 million) to be sold at a market-determined coupon rate in August, traders said on Wednesday. Fred Mweni, chairman of the Kenya …

AfDB Plans First US$22 Billion Africa Infrastructure Bond
AllAfrica.com
The African Development Bank plans to float Africa’s first infrastructure bond to member nations to raise up to $22 billion, about N3.5 trillion for investments in projects such as ports and airports, its president said yesterday. This is as the head …

Bank of Africa Tanzania’s Net Profit Doubles
AllAfrica.com
BANK of Africa Tanzania’s net profit has doubled during the first half of 2012 compared to same period in 2011. According to the just released financial statement, the bank posted 551m/- for the quarter ending in June 2012 up from 273m/- in June last year.