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Africa

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  • Egypt was the only regional economy to have seen its credit ratings remain stable during the Covid-19 pandemic. This underscores the impact that a series of economic reforms are having.
  • The country has made itself a beacon for overseas investors, compelled by favourable incentives and a large and dynamic domestic market.
  • Egyptian lenders are strongly capitalised, ensuring they are well placed to build for the future. Many are now looking to deliver more of their services digitally in the future.
  • Commercial International Bank (CIB) is well placed to prosper, despite some challenging global conditions. CIB chairman and managing director Hisham Ezz Al-Arab explains the bank’s strategy.
  • Ghana Cocoa Board (Cocobod), the central organisation of Ghana’s cocoa industry, has raised its annual syndicated loan. But the borrower did not have an easy ride and had to concede much higher margins, according to bankers.
  • Zambia, which is asking to defer upcoming coupon payments as it seeks to restructure its debt, laid out a time frame for discussions with bondholders this week. But investors were disappointed with the lack of clarity and detail from an investor call with finance minister Bwalya N’gandu this week.