Bureau Chief, Egypt & Sudan
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Apr 11, 2014

Tanzanian president says Eurobond would be delayed if costs too high

DAR ES SALAM (Reuters) – President Jakaya Kikwete said on Friday that Tanzania aimed to launch its debut Eurobond worth at least $700 million in the next financial year starting in July and could seek more if conditions were favorable or delay if costs were too high.

The government was also trying to meet a budget deficit target of 5 percent of gross domestic product in 2013/14 – down from 6.2 percent the previous year – but he said it would be tough due to an expected 6 percent shortfall in revenues.

Apr 11, 2014

Tanzania bourse presses state for privatizations

DAR ES SALAM (Reuters) – Tanzania’s stock exchange is pressing the government to sell shares in more state firms to help galvanize bigger private businesses to tap the capital market.

Regulations that will push mobile telephone firms and mining companies to list on the main bourse were at an “advanced stage”, Moremi Marwa, chief executive officer of the Dar es Salaam Stock Exchange, said in Tanzania’s commercial capital as part of the Reuters Africa Investment Summit.

Apr 7, 2014

Rwanda bourse aims to boost listings, debt market in 2014

KIGALI (Reuters) – Celestin Rwabukumba is this year scrambling to add a new financial listing on the Rwanda Stock Exchange, automate the bourse, launch a market for smaller firms and encourage more companies to use the debt market to raise capital.

The initiatives are part of a broader bid to put the tiny African state on the map as a regional financial hub. But there is a long way to go for the three-year-old bourse with just five listings and where trades are still scribbled on white boards.

Apr 5, 2014

Rwanda’s foreign adventures test West’s patience

KIGALI (Reuters) – Rwandan President Paul Kagame may dress in the sharp suits of a company CEO, but his language can be more like a drill sergeant when he grills his cabinet on its performance.

“When you speak I find myself becoming impatient, almost to the point of being annoyed,” the former military intelligence commander publicly berated a minister last month at an annual meeting of top officials on modernizing the tiny African state.

Apr 4, 2014

Rwanda might offer tax breaks in revised investment code

KIGALI (Reuters) – Rwanda may offer reduced tax rates soon for investors in energy, transport and logistics, as well as to fund managers and export-oriented projects, under a new investment code, a Rwanda Development Board (RDB) official said.

The new code, which still needs cabinet approval, is part of a broader strategy to wean Rwanda’s economy off aid and speed up the country’s development. It could be in place by the end of April, said Vivian Kayitesi, head of investment promotion and implementation at the state board.

Apr 4, 2014

Rwanda to offer local bonds to boost market, says central bank governor

KIGALI (Reuters) – Rwanda will offer domestic bonds in August and November as part of a plan for regular issues to develop the tiny capital market, attract foreign capital and create more savings instruments in the poor African nation, the central bank governor said.

Governor John Rwangombwa also told Reuters that an increase in bank credit and a pick up in agriculture would help Rwanda’s economy expand by “a minimum of 6 percent” in 2014 after growth tumbled well below expectations to 4.6 percent last year.

Mar 26, 2014

Rwanda might offer tax breaks in revised investment code

KIGALI, March 26 (Reuters) – Rwanda may offer reduced tax
rates soon for investors in energy, transport and logistics, as
well as to fund managers and export-oriented projects, under a
new investment code, a Rwanda Development Board (RDB) official
said.

The new code, which still needs cabinet approval, is part of
a broader strategy to wean Rwanda’s economy off aid and speed up
the country’s development. It could be in place by the end of
April, said Vivian Kayitesi, head of investment promotion and
implementation at the state board.

Feb 26, 2014

Somali minister cautiously plans new tax regime

NAIROBI (Reuters) – Somalia has long defied the maxim that death and taxes are life’s only two certainties – with years of chaos and killings but little in the way of a coherent state to collect revenues and tariffs.

That could all be about to change if newly appointed finance minister Hussein Abdi Halane gets his way and manages to persuade businesses to support a new comprehensive tax system in the ravaged country.

Feb 19, 2014

Somalia wants to expel Islamist rebels from strongholds in 2014

NAIROBI (Reuters) – A military offensive led by an expanded African peacekeeping force aims to drive Somali Islamist rebels out of their remaining strongholds by the end of 2014, the Somali prime minister said on Wednesday.

Prime Minister Abdiweli Sheikh Ahmed, appointed in December, said al Shabaab rebels who “look like us” would still be able to infiltrate communities but said the goal was to ensure they did not control “distinct areas” of the country as they do now.

Jan 31, 2014

U.N. seeks funds for African force in Central African Republic

ADDIS ABABA (Reuters) – The United Nations is asking donors for more money to fund African Union peacekeepers trying to end inter-communal violence in the Central African Republic, a U.N. official said on Friday.

Almost a million people, a quarter of the population, have been displaced by fighting since the mostly Muslim Seleka rebel group seized power last March in the majority Christian country. At least 2,000 people are estimated to have been killed.

    • About Edmund

      "Responsible for Reuters coverage from Egypt and Sudan, and overseeing operations of the Cairo-based Reuters Arabic language service. Previously was Bureau Chief, Iran. Have worked throughout the Middle East for most of the past 15 years, including covering the Iraq war and Palestinian-Israeli conflict. Have also covered financial and energy affairs, holding positions that inlude equities reporter in London."
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