Pakistan's Finance Minister has announced that the country could borrow another US$500mn from the international markets through an Islamabad-Lahore Motorway-backed sukuk, the proceeds of which would be used to finance the country’s budget deficit. Pakistan sold a US$1bn sukuk earlier in October.
The African Development Bank (AfDB) has signed a US$6.6mn finance deal with the French government for the implementation of the Africa Renewable Energy Initiative (AREI), which aims to produce 10GW of renewable energy across the continent by 2020, with the potential to produce 300GW by 2030.
Moody's Investors Service has announced it has no plans to change Latin American sovereign credit ratings following Trump's victory in the US Presidential election, according to Reuters.
The Moroccan Central Bank, Bank Al-Maghrib, has purchased US$100mn in 3-year, semi-annual fixed-rate coupon payment World Bank-issued green bonds.
Alliance Bernstein, Franklin Templeton Investment Management, Greylock Capital, NWI Management and Pharo Management, amongst others, have created the Global Group of Mozambique Bondholders (GGMB), a creditor committee that represents around 60% of bondholders of the country's 'tuna bonds'. Debt relief talks are not expected to take place until an IMF aid programme is in place, according to CNBC Africa.
The Philippines' Central Bank, Bangko Sentral ng Pilipinas, kept its overnight borrowing rate unchanged at 3%.
Moody's Investors Service has lowered the credit rating of El Salvador's Banco Agricola from Ba2 to B1.
Egypt’s Finance Ministry announced a US$4bn private bond placement on the Irish Stock Exchange on Thursday. It included a US$1.360bn bond with 4.62% interest rate maturing in December 2017, a US$1.320bn note with a 6.75% interest rate maturing in November 2024, and US$1.320bn 7% bond maturing in November 2028. Egypt is also hoping to clinch a US$12bn IMF loan package in the coming days.
