Sonatel gets $124m for telecom network towers and cables

A bond for 75bn West African CFA francs ($124m) has been issued by a Fonds Commun de Titrisation de Créance securitisation vehicle to support the expansion of West African telecoms carrier Sonatel. Sonatal operates fixed and mobile telephony, mobile banking, television and internet services in Senegal, Mali, Guinea, Sierra Leone, and Guinea Bissau. The new finance is intended to boost the company’s network and improve its technology and equipment, including subsea cables, new telecom towers and the rollout of 5G. The Emerging Infrastructure Africa Fund will commit 23.5bn francs ($39m) to the issuance and will act as an anchor investor alongside the International Finance Corporation.

Loan management system aims to help agriculture in Zimbabwe

The AFC Land and Development Bank of Zimbabwe has rolled out a new loan management and e-voucher system to support agriculture in the country, in partnership with the

UN’s Food and Agriculture Organization (FAO) and the Zimbabwe government.

The system, funded by the African Development Bank, aims to improve the availability of certified seeds and fertiliser by using ICT-based platforms and existing private sectorbased distribution channels. “The main objective of the project is to increase cereal and oil seed production, fertiliser distribution and policy support to drive food security and build the resilience of farmers,” the FAO said.

Ghana gets $300m from the World Bank and $600m from the IMF

Ghana has reached agreement to restructure $5.4bn of loans with its official creditors in a milestone debt relief deal. The agreement in principle with Ghana’s Official Creditors’ Committee under the G20 Common Framework unlocked $300m from the World Bank. It is the first in a series of three $300m disbursements under the World Bank’s Resilient Recovery Development Policy Operation. Following the agreement Ghana also received a disbursement of about $600m from the IMF, part of its $3bn bailout programme with the institution, as it looks to recover from a severe economic crisis.

Côte d’Ivoire issues the first sub-Saharan Eurobonds in two years

More sub-Saharan African countries could head to the Eurobond market after Côte d’Ivoire issued the first Eurobonds in the region in two years, according to S&P Global Ratings. Côte d’Ivoire’s issuance consisted of a $1.1bn tranche of ESG labelled Eurobonds – bonds which meet environmental, social, and governance standards. It has a final maturity of nine years and a yield of 7.875%. Another $1.5bn Eurobond tranche has a final maturity of 13 years and a yield of 8.5%. “Even though Côte d’Ivoire’s issuance occurred when international financing conditions remained tight, the order book reached a record high for the country of over $8bn. In our view, this illustrates that investors retain their appetite for the country’s debt, albeit at a higher price. The issuance could also pave the way for other Eurobond issuances in the region,” S&P said.