Atta Financial Update

Executive summary for the week of 17-Jan-17 to 24-Jan-17 (week 4)
The West African CFA Franc goes digital.

State-sponsored e-currencies are being hailed as the hottest new opportunity for emerging economies to adopt new technologies and partially leapfrog legacy development paths. Ecuador led the charge in 2015, with Tunisia being the first African country to digitise its currency in 2016 using block-chain technology.

Senegal will mint its own crypto-currency in 2017 in an attempt to improve financial inclusion across its economy – the eCFA is designed to work with existing mobile money platforms and allows national treasuries to benefit from specific fintech advantages without relinquishing control to decentralised organisations such as Bitcoin. On successful roll-out, the eCFA will have a multiplier effect across the region’s monetary union of eight countries and reassuringly issued by the Banque Régionale de Marché.

Fact: Sending a man to the moon and finding Osama bin Laden cost the US government about the same in terms of money and time

African Private Equity News (PE)
African focused private equity funds

Carlyle Group has agreed to buy a significant stake in Global Credit Ratings Co.

 
  • Carlyle purchased GCR - Africa’s largest credit rating agency - from the management founders and DEG, the German development finance institution
  • Carlyle's investment represents a majority stake in GCR - GCR’s founders and DEG will both remain invested in the business
  • GCR serves 400 customers across 20 countries from its headquarters in South Africa and operations across the continent

GAIA to acquire a 25% stake in the Dorper Wind Farm

 
  • GAIA Infrastructure Capital is acquiring a 25.2% stake in the Dorper Wind Farm in South Africa’s Eastern Cape for approximately US$37 million
  • The farm generates around 98MW which it sells to state-owned energy provider Eskom through a 20-year power purchase agreement
  • The deal is GAIA’s first since it debuted as a SPAC on the Johannesburg Stock Exchange in late 2015

AfricInvest has teamed up with Bpifrance to launch the French African Fund

 
  • The French African Fund, a cross-border investment fund that will target opportunities in small and medium-sized business in both France and Africa
  • To date, capital commitments have been raised from a diverse group of investors in both France and Africa
  • Proparco, French bank Société Générale and mobile telecoms firm Orange