Banks operating in Bulgaria, the Czech Republic and Slovenia are the least exposed to currency risk, a report of Standard & Poor's on banks in Eastern Europe sayss. At the other extreme are the banks in Romania and Hungary, where the share of credit denominated in foreign currency is constantly increasing, Of loans extended in Bulgaria for the first six months of the year, lev loans amounted to 104 million lev; those denominated in euros, 8.3 billion; and loans in other currencies 487 million lev.
Peruvian metals miner Milpo will raise $40 million, the company told the Lima stock exchange. Milpo, the country's fourth largest zinc miner, has signed an agreement with Citibank to arrange mid-term financing for $40 million, according to the company statement. Milpo operates the El Porvenir zinc mine and Chapi copper mines in Peru, and the Iván-Zar copper operation in Chile. The company is in the midst of constructing the Cerro Lindo mine, due to come on stream mid-2007.
India's foreign direct investments will rise to $4 billion in 2007 as the country expands its special economic zones, say local analysts. The zones have attracted $400 million over the last six months. The major investors were Accenture, Cognizant, Emaar group, Google, Nokia, Motorola and Flextronics. Indian conglomerates such as Reliance and TATA have also expressed an interest.
Finance Minister Nenadi Usman said she expects Nigeria's GDP growth to be 10% this year. Inflation is expected to decline to single digits by the end of the year, from 11.6% in 2005 due to lower food prices. The minister also said that reserves in the oil surplus account will be used to pay off ore debts. The government has finalised a list of advisers to settle an estimated $2 billion to the London club of private creditors.