Every week, we review the best Africa-related business and finance news across the web and deliver to you the top 10 pieces of the week!
Week of March 16
1. Citi Plans to Establish More In Nigeria
Citi plans to add to existing offerings in Nigeria by developing its consumer banking services. Citi is also said to be interested in expanding its consumer banking services to Morocco and Algeria. It currently has presence in 15 African countries.Read More »
Source: Financial Times
2. Dubai’s Abraaj in $125 Million Morocco Insurance Deal
Dubai-based Abraaj Capital recently announced a $125 million investment in Moroccan insurance holding firm, Saham Finance. Saham seeks to use the resources to become a leader in the insurance industry in Morocco and francaphone West Africa.Read More »
Source: Reuters
3. EXIM Bank US to Increase Investment in Ghana
Citing Ghana’s democratic and economic growth credentials, the U.S. Export and Import Bank has increased its investment portfolio in Ghana. The bank has invested more than $500 million in Ghana and sees the country as a “hub for West Africa”.Read More »
Source: Modern Ghana
4. Remittances from Kenyans Abroad to Grow Further in 2012
After experiencing an 8 percent increase in 2011, remittances to developing countries, including Kenya, are expected to increase by 7.3 percent in 2012. Studies from the World Bank suggest that remittances will continue to grow at these levels for at least the next two years. Read More »Source: Business Daily - Kenya
5. SAP to Spend Additional $450 million in Mideast, North Africa
SAP, the largest maker of business management applications, intends to invest $450 million in the Middle East and North Africa in order to grow market share. SAP cites the region's remarkable growth potential, scope, and readiness to innovate as reasons for its increased investment. Read More »Source: Bloomberg
6. Netherlands to Double FDI Inflow into Nigeria
Dutch Vice Minister of Foreign Trade, Mr. Simon Smits, says the Netherlands plans to double its investment in Nigeria from its current level of 8 billion euro to 16 billion euro in the coming years. Both governments will collaborate to attract more FDI into Nigeria. Read More »Source: Business Day - Nigeria
7. Rwanda Woos Nigerian Investors
The president of Rwanda has called on Nigerian businessmen to take advantage of opportunities in intra-African trade by investing in the country’s energy, agriculture, aviation, technology, and railway sectors. Read More »Source: Vanguard - Nigeria
8. Mauritius PE Fund Launches Unit in Kenya
Progression Eastern African Microfinance Equity Fund has launched operations. The fund will commit $40 million to high social impact projects that can generate 10 to 15 percent return and will source opportunities in Kenya, Tanzania, Uganda, Rwanda, and Zambia. Read More »Source: Business Daily - Kenya
9. Perseus in Talks to Expand Gold Production in West Africa
Perseus Mining, an Australian gold producer with operations in the Ivory Coast and Ghana, is considering a number of strategic opportunities in an effort to expand in West Africa. Perseus aims on adding 150,000 ounces of capacity a year and increasing output by half by 2014. Read More »Source: Bloomberg Businessweek
10. How Standard Bank is Tapping into Africa’s SME
Standard Bank is beginning to provide services to an under-served market by introducing the SME Quick Loan facility, which runs risk assessment tests to determine the willingness of an individual to repay a loan. The service provides loans between $3000 and $30,000 to small and medium enterprises. Read More »Source: How We Made it in Africa - South Africa
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