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Foreign investment in Egypt’s debt tops $ 17 billion since currency float

Egypt which is looking to launch a fresh Eurobond next month says foreigners have invested a total of $17.6 billion in the country’s debt instruments since the central bank floated the pound currency in November 2016.

Read More – Business Day Online

Egyptian, Chinese banks sign loan deals to enhance financial cooperation

China Development Bank (CDB), the largest Chinese bank for foreign investment and financing cooperation, signed two deals to provide loans to Egypt's two major financial institutions SAIBANK and Banque Misr. The first deal included two loan agreements, under which the CDB will provide SAIBANK with a loan of 40 million U.S. dollars for small and medium-sized enterprises, and a special RMB denominated loan of 260 million yuan (40 million U.S. dollars) for infrastructure construction.

Read More – China Daily

 ADFD allocates $ 50 million for UAE companies investing in Chad

The funding falls within the framework of the 2017 UAE government contribution of $150 million, announced at the Development and Investment in Chad Conference in Paris earlier this month to support the Chadian government’s National Development Plan 2017-2021.

Read More – CPI Financial

Algeria to lean on central bank to plug deficit amid oil slump

Algeria’s prime minister laid out a sweeping plan to plug the budget deficit that would include direct borrowing from the central bank, as the OPEC member looks to compensate for lower oil revenue without tapping international debt markets. The five-year plan presented by Prime Minister Ahmed Ouyahia aims to balance the budget by 2022, and reverse a deficit that ballooned with the plunge in global crude prices, which also cut foreign reserves by nearly half.

Read More – Bloomberg

AIG offers Sharia-compliant M&A policy for Middle East and North Africa

American International Group Inc. on Wednesday said it is offering Shariah-compliant insurance for merger and acquisitions activity in the Middle East and North Africa region. AIG said in a statement that it is offering the policy through its partnership with Shariah-compliant managing general agent Cobalt Underwriting, based in London.

Read More – Business Insurance

Flow of foreign investment rises 6.7% at end of July 2017

The flow of foreign investment reached the sum of 1,157.7 MD at the end of July 2017, up 6.7% compared to the same period of 2016, but down 13 percent compared with the first seven months of 2015, according to the latest statistics published by the Foreign Investment Promotion Agency (FIPA) on Wednesday.

Read More – Tunisia Daily News

Ethiopia, Italy sign loan grant accord

Ethiopia and Italy signed a cooperation framework that would last for three years, reports Ethiopian News Agency. Through the framework, the government of Italy will extend 125 million Euros development assistance to Ethiopia. Of the total assistance, the 45 million Euros is extended in the form of grant, while 80 million Euro in the form of loan.

Read More – Ezega

Kenya angles for Sh68 billion World bank financing

Kenya is eyeing a Sh68 billion fund from the World Bank for the revival of some of the rundown lakes in the region. The funds will be used to revive the ports of Bukoba and Mwanza in Tanzania, Jinja Harbour and Port Belle in Uganda, and Kenya's old Kisumu to revive maritime trade across the vital commercial corridor in the greater East and Central Africa region.

Read More - Standard Media

Namibia, Botswana, Mauritius rank high in investment index but fails to make top 10 

Although Namibia, Botswana and Mauritius have consistently ranked in the top 20 of the RMB Where to Invest in Africa index, their inability to reach the top 10 is mostly due to the restricted size of their domestic markets. South Africa has ranked in the number one position for six years.

Read More – Economist

MOU concluded with Attijariwafa Bank, Morocco’s largest commercial bank

Sumitomo Corporation via its wholly-owned subsidiary Sumitomo Corporation Europe Limited, has concluded a memorandum of understanding (MOU) with Morocco’s largest commercial bank, Attijariwafa Bank, for the purpose of considering jointly developing new business in Morocco and other African countries.

Read More – Sumito

Sanlam sees political turmoil damping prospects in South Africa

Sanlam Ltd., the largest South African-based insurer, said prospects for its domestic business will remain muted for the rest of this year and into 2018 as political uncertainty knocks confidence and markets.

Read More – Bloomberg

MMI holding Namibia get 70% stake in Quanta Insurance

MMI Holdings Namibia Limited and Quanta Insurance Limited entered into an agreement where MMI will acquire a 70% equity stake in Quanta Insurance. The announcement of the transaction which was made this week will be subject to regulatory approvals from the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority.

Read more – Economist

Sanlam to acquire 30% of EasyEquities

Purple Group and Sanlam Investment Holdings (SIH), a wholly owned subsidiary of Sanlam Limited, have announced that SIH has entered into agreements to acquire a 30% stake in First World Trader Proprietary Limited, trading as EasyEquities. This is in a joint pursuit in making it easier for new clients to open an investment account and access the investment markets.

Read more – IOL

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