Saturday, November 23African Digital Business Magazine

Tag: currency

13Dec By Africa BusinessNo Comments
African News, South Africa News

African Banking innovation sees AfDB approving multi-currency line of credit of USD 300m

By Thandisizwe Mgudlwa The African Development Bank has extended the equivalent of USD 300 million to FirstRand Bank Limited to support projects across Africa This week an announcement from Tunis, Tunisia, revealed that the African Development Bank has approved a seven-year multi-currency line of credit for an amount equivalent to USD 300 million to FirstRand Bank Limited (FRB) of South Africa to finance a wide range of projects in local currencies and across Africa. And most African countries are characterized by low discretionary rates of domestic savings. As a result, the intermediation capacity of the financial sectors is limited, leading to the gap currently being filled with borrowings denominated in foreign currency. However, this introduces a currency mismatch in the fi...
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10Nov By Africa BusinessNo Comments
Energy, Green Energy

Standard Bank Group commits R9.4bn to first batch of renewable energy projects

Standard Bank Group has emerged as the leading investor in the first round of South Africa's renewable energy independent power producer (REIPP) procurement process, backing a total of 11 wind and solar projects. Standard Bank Group will provide comprehensive corporate and investment banking services to all its clients, including underwriting R9.4-billion worth of debt, providing interest and currency hedges, carbon trading credits, and corporate bonding and guarantee facilities. Standard Bank Group has also taken an equity stake in four projects. The South African government's allocation of 1,416MW for this first round of the procuremnt process has translated...
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9Nov By Africa BusinessNo Comments
African News, South Africa News

IMN’s 10th Annual South African & African Capital Markets Conference

  IMN's 10th Annual South African & African Cap Mkts Conference (Microsoft Word) 22-23 November 2012 The Westin Cape Town, Cape Town, South Africa   NEW YORK CITY, NY – As we enter this next decade in the event's timeline, IMN and our event sponsors will build on our excellent reputation as the only 'must attend' capital markets conference in South Africa. Join us in Cape Town 22-23 November 2012, as the South African and African Capital Markets communities convene to explore and define the road ahead for the international debt capital markets. Co-Host: IFC The conference is co-hosted by IFC, a member of the World Bank Group and the largest global development institution focused exclusively on the private sector. IFC helps developing countries achieve sustainable ...
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24Oct By Africa BusinessNo Comments
African News, Tunisia News

AfDB hosts a workshop to boost local currency bond market development in Africa

  Few African countries can effectively access capital in their domestic markets TUNIS, Tunisia, October 24, 2012/African Press Organization (APO)/ – The African Financial Markets Initiative (AFMI), managed by the African Development Bank (AfDB) (http://www.afdb.org), hosted a Pan-African Stakeholder Workshop from October 22 to 24, 2012, at the Ramada Plaza Hotel in Tunis. The workshop offered a unique opportunity for policymakers and market participants to share experiences and contribute to discussions on critical issues facing the development of local currency bond markets in Africa. Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/african-development-bank.jpg In contrast to other regions in the world, few African countries can effectively access capita...
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8Oct By The African Press OrganizationNo Comments
African News, Sierra Leone

The Parliament of Sierra Leone has ratified the award of offshore exploration blocks for ODYE Limited with partners, Chevron and Noble Energy

    “The two exploration blocks, SL-08A and SL-08B, have been combined into one concession and are located between 75 and 110 miles (120 and 180 km) southwest of the capital of Freetown and cover a combined area of about 2,100 square miles (5,500 sq. km). (CNW Group/ODYE Limited)”. LONDON, Oct. 8, 2012 /PRNewswire via African Press Organization (APO)/ — ODYE Limited (“ODYE” or the “Company”) is pleased to announce that the Sierra Leone Government has awarded ODYE’s subsidiary, ODYE (SL) Limited, a participating interest in two offshore deepwater exploration blocks, SL 8A-10 and SL 8B-10, along with its partners, Chevron and Noble Energy. ODYE’s 100% owned subsidiary, ODYE (SL) Limited, has signed a petroleum license with Sierra Leone’s Minister of Finance on 21 Septembe...
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22Jul By AfricaBusiness.comNo Comments
African News, Algeria News, Egypt News, Ethiopia News, Mauritius News, Nigeria News, South Africa News, Zambia News

Africa to gear up for more meaningful engagement with China

  The partnership with China should aim to boost Africa's overall capacity, competitiveness and trade in a way that supports African development. African nations must use the Forum on China-Africa Cooperation to complement the continent's regional institutions and policy agenda. This is according to a report by Standard Bank Group economists Jeremy Stevens and Simon Freemantle ahead of the fifth Forum on China-Africa Cooperation (FOCAC) in Beijing, China, that starts on 19 July 2012. Jeremy Stevens, Standard Bank Group's Beijing-based economist, says that the summit comes at a time when China is distracted by domestic economic challenges and political matters. Meanwhile Africa is now even more reliant on China, in particular Chinese demand for African commodity exports, but even ...
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5Jul By AfricaBusiness.comNo Comments
African News, South Africa News

IP rights no longer capital in South Africa: a welcome signal for foreign investment

  by Marumo Nkomo University of Cape Town Oilwell v Protec (295/10) [2011] ZASCA 29 (Justice Harms JA), 18 March 2011 Abstract The ruling clarified in the negative, a pressing question for foreign entities intending to do business in South Africa: does IP constitute capital for the purposes of currency and exchange regulation? Please read article here: http://jiplp.oxfordjournals.org/content/7/2/88.short
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