Liberia’s first commercial microfinance bank has received a banking license and is making loans to the public, boosting the country’s economy by providing finance to its smallest businesses, many of which have had no access to financial services.
IFC is a founding shareholder in AccessBank Liberia, which received a preliminary banking license from Liberia’s central bank.
IFC has supported AccessBank Liberia through every stage of its development. AccessBank Liberia looks forward to a continued partnership with IFC to increase financial services to Liberia’s smallest entrepreneurs and help support the country’s economic development.
AccessBank Liberia is the result of a two-year partnership between IFC and Liberia’s government. IFC initially worked with partners at Liberia’s Central Bank, the International Monetary Fund, and within the World Bank Group to build a regulatory framework based on global best practices in microfinance. IFC will continue to work with Liberia’s central bank to strengthen its capacity to supervise microfinance lending.
The successful launch of AccessBank Liberia demonstrates IFC’s commitment to Liberia and strong belief in the potential of the country’s private sector. IFC Africa strategy involve supporting Africa’s smallest businesses and entrepreneurs by helping to extend financial services to people and places where they are most needed.
AccessBank Liberia was established in partnership with Access Holding. IFC previously worked with Access Holding to establish successful microfinance banks in Madagascar and Tanzania. The European Investment Bank and the African Development Bank are also shareholders in the new institution.
Showing posts with label News. Show all posts
Showing posts with label News. Show all posts
Sunday, February 15, 2009
Tuesday, February 10, 2009
USA - Breaking News
Senate passes $838B STIMULUS PLAN. The plan was approved by vote of 61 to 37.
Pres. Obama on the economy:
- hails passage of senate stimulus bill
- plan will save or create "up to 4 million jobs"
- "we can use this crisis & turn it into an opportunity"
- middle-class tax cuts " the best way" to help
- "I expect to be judged by results"
Read More
Pres. Obama on the economy:
- hails passage of senate stimulus bill
- plan will save or create "up to 4 million jobs"
- "we can use this crisis & turn it into an opportunity"
- middle-class tax cuts " the best way" to help
- "I expect to be judged by results"
Read More
Friday, February 6, 2009
Investors accuse of banks inhibiting market recovery
As the Nigerian capital market continues to wallow in the troubled waters of prolonged loss of value, investors and operators are railing accusations against the banking sector for their die-hard posture on recovering margin loans, an instrument that played a crucial role during the market boom period. Read More
Tuesday, January 27, 2009
African private equity funds will struggle in fundraising through 2009
African private equity funds will struggle in fundraising through 2009 as investors have withdrawn from the market, says Rod Evison, a managing director at UK government-backed, emerging markets-focused firm CDC.
Evison predicts that African funds launched in the second half of 2008 will struggle to reach their targets due to the current withdrawal of international investors from the market.
Gross domestic product growth in South Africa in 2009 is likely to be between 2-3 per cent, well below the 5 per cent level that was sighted in 2007.
In Nigeria in 2009, growth is expected to remain around 6 per cent.
Evison predicts that African funds launched in the second half of 2008 will struggle to reach their targets due to the current withdrawal of international investors from the market.
Gross domestic product growth in South Africa in 2009 is likely to be between 2-3 per cent, well below the 5 per cent level that was sighted in 2007.
In Nigeria in 2009, growth is expected to remain around 6 per cent.
Thursday, January 22, 2009
Malawi's inflation climbed to 9.9 percent
Malawi's inflation climbed to 9.9 percent year-on-year in December from 9.6 percent in November, largely due to higher non-food prices.
Malawi's second consecutive surplus harvest of the maize staple helped to reduce inflation from 15 percent in June 2006 to single digits in early 2007.
According to the Finance Minister Goodall Gondwe, he said the southern African nation would not able to meet some of its economic targets because of the global financial crisis, which may hurt exports.
Malawi's second consecutive surplus harvest of the maize staple helped to reduce inflation from 15 percent in June 2006 to single digits in early 2007.
According to the Finance Minister Goodall Gondwe, he said the southern African nation would not able to meet some of its economic targets because of the global financial crisis, which may hurt exports.
Malawi relies on agriculture, primarily tobacco, for its foreign earnings and is dependent on imported oil and gas.
South Africa's Neotel may list on the JSE
Neotel [NEO.UL], South Africa's second-biggest fixed-line phone operator, may be listed on the Johannesburg stock exchange when the economic climate improves
Neotel, controlled by India's Tata group, is to spend up to 2 billion rand ($199.8 million) on a 5,000 km fibre optic cable network in partnership with mobile operator MTN (MTNJ.J).
Vodacom, South Africa's biggest mobile phone operator, may join MTN and Neotel to construct the network.
Neotel launched in 2006 after long delays and employs more than 900 people. It began offering telephone and Internet services to corporate clients in March 2007.
MTN and Neotel building fiber optic network for 2010 World Cup
South African cell phone operator MTN and fixed-line operator Neotel aim to build $197 million long distance fiber optic network in time for 2010 World Cup.
Reuters Poll: Kenya Economy
Analysts expect Kenya's economy to grow by 4.1% in 2009, partly due to falling prices for commodity imports. The risks in 2009 are that prolonged dry weather and a global slowdown may hurt key agricultural export sectors and tourism.
Last year’s spike in the price of crude and commodities such as fertiliser drove up Kenya’s import bill — a factor blamed for the shilling’s weakness in the second half of 2008.
Like neighbours Tanzania and Uganda, the financial crisis forced Kenya to shelve plans to issue a debut $500 million Eurobond. It is now planning to raise 18 billion shillings locally through infrastructure bonds.
Last year’s spike in the price of crude and commodities such as fertiliser drove up Kenya’s import bill — a factor blamed for the shilling’s weakness in the second half of 2008.
Like neighbours Tanzania and Uganda, the financial crisis forced Kenya to shelve plans to issue a debut $500 million Eurobond. It is now planning to raise 18 billion shillings locally through infrastructure bonds.
Wednesday, August 13, 2008
West Africa's positive developments for private equity
West Africa region, often known as the place of political instability, has in the past month been home to several developments for dealmaking in the private equity industry.
For decades, West Africa – defined by the United Nations as 16 nations in the northwest portion of the continent stretching from Nigeria in the southeast to Mauritania in the northwest – had among other difficulties seen its business community face the dual challenges of poor corporate governance standards and a shortage of available capital.
Public markets like Nigeria’s, the largest in the region, are providing solution to those problems. The maturation of the Nigerian stock exchange has been important, and it’s been important not only for the value associated with having a market that is large enough to permit Emerging Capital Partners (ECP) to exit some fairly meaningful investments.
But the value of the stock exchange, the improvement of the stock exchange goes beyond that because it really suggests a number of things: an improved regulatory environment, that there are more local institutions that are keeping money in Nigeria and investing in Nigerian companies rather than taking money abroad. The country’s deregulation efforts in the financial sector as a major growth driver, not only for Nigeria but for the rest of the region as other West African countries consider similar regulatory changes.
ECP has owned or currently owns several portfolio companies on the Nigerian exchange, which has grown its annual value traded from $2 billion in 2005 to $17 billion in 2007, according ECP. Those companies include Continental Re, one of the largest reinsurance companies in Nigeria, and Ecobank, which is also listed on the Ghana and Cote d’Ivoire exchanges.
Although lacking its own exchange, war-torn Liberia has also publicised policy efforts in recent weeks that could make it a fresh destination for private equity activity.
Earlier this month, the Liberian Electricity Corporation disclosed that it was seeking roughly $200 million in private investment to repair a primary hydroelectric facility. The call for private capital is part of the Liberian government’s broader program to funnel money into the nation’s decrepit energy infrastructure.
Private equity involvement in sub-Saharan African energy infrastructure is not without precedent.
For decades, West Africa – defined by the United Nations as 16 nations in the northwest portion of the continent stretching from Nigeria in the southeast to Mauritania in the northwest – had among other difficulties seen its business community face the dual challenges of poor corporate governance standards and a shortage of available capital.
Public markets like Nigeria’s, the largest in the region, are providing solution to those problems. The maturation of the Nigerian stock exchange has been important, and it’s been important not only for the value associated with having a market that is large enough to permit Emerging Capital Partners (ECP) to exit some fairly meaningful investments.
But the value of the stock exchange, the improvement of the stock exchange goes beyond that because it really suggests a number of things: an improved regulatory environment, that there are more local institutions that are keeping money in Nigeria and investing in Nigerian companies rather than taking money abroad. The country’s deregulation efforts in the financial sector as a major growth driver, not only for Nigeria but for the rest of the region as other West African countries consider similar regulatory changes.
ECP has owned or currently owns several portfolio companies on the Nigerian exchange, which has grown its annual value traded from $2 billion in 2005 to $17 billion in 2007, according ECP. Those companies include Continental Re, one of the largest reinsurance companies in Nigeria, and Ecobank, which is also listed on the Ghana and Cote d’Ivoire exchanges.
Although lacking its own exchange, war-torn Liberia has also publicised policy efforts in recent weeks that could make it a fresh destination for private equity activity.
Earlier this month, the Liberian Electricity Corporation disclosed that it was seeking roughly $200 million in private investment to repair a primary hydroelectric facility. The call for private capital is part of the Liberian government’s broader program to funnel money into the nation’s decrepit energy infrastructure.
Private equity involvement in sub-Saharan African energy infrastructure is not without precedent.
Starcomms exit nets Emerging Capital Partners 2.9 times
Emerging Capital Partners has made 2.9 times its original investment in Starcomms, a Nigerian mobile telecommunications operator.
The Africa-focussed private equity firm sold its position in the company via an N64.35 billion ($547 million; €348 million) private placement preceding a listing on the Nigerian Stock Exchange, the first such listing of a telecom company.
The transaction resulted in proceeds of approximately $99 million (€63 million. ECP has invested a total of $34.3 million in Starcomms since 2005, when it teamed with emerging markets-focussed firm Actis to acquire a majority stake in the company for $43.2 million.
ECP and Actis helped the company expand its telecom infrastructure and subscribers from 100,000 to 1.5 million. It is Nigeria’s largest CDMA 3G mobile operator, and the country’s fourth largest telecom operator.
The investment by was made through the firm’s AIG African Fund Infrastructure Fund, which closed on $407 million in 2000.
The Africa-focussed private equity firm sold its position in the company via an N64.35 billion ($547 million; €348 million) private placement preceding a listing on the Nigerian Stock Exchange, the first such listing of a telecom company.
The transaction resulted in proceeds of approximately $99 million (€63 million. ECP has invested a total of $34.3 million in Starcomms since 2005, when it teamed with emerging markets-focussed firm Actis to acquire a majority stake in the company for $43.2 million.
ECP and Actis helped the company expand its telecom infrastructure and subscribers from 100,000 to 1.5 million. It is Nigeria’s largest CDMA 3G mobile operator, and the country’s fourth largest telecom operator.
The investment by was made through the firm’s AIG African Fund Infrastructure Fund, which closed on $407 million in 2000.
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