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Last updateSam, 31 Jan 2015 7pm

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Bank: MCB Africa Bond Fund launched

The Mauritian Commercial Bank (MCB) on Monday launched the 'MCB Africa Bond Fund', designed to generate returns on investments in local currency by African governments and societies, a PANA correspondent reported from here.

Rony Lam, Head of the MCB Capital Markets, said the minimal placement in the fund is US$ 30,000.

'The MCB Africa Bond Fund' is one of the rare funds in Mauritius which offer investment opportunities on the African markets,' he added.

According to Lam, growth opportunities abound in Africa and more and more investors are looking towards African markets for their placements.

Also speaking, Dean D’Sa, co-managing director of MCB Investment Management Ltd., said  macro-economic conditions were not so attractive in Africa in the past and the costs of transactions were estimated to be too high.

'Things have changed in Africa,' he declared, adding that the rates of returns on investments in foreign currency are satisfactory and compensate investors adequately on the additional risks that they take.

A list of 12 countries offering higher rates of returns on debentures in local currency and on placements in State debentures for a period of five years has been established. They are: Ghana (19,74%), Zambia (15,67%), Egypt (12,86%), Nigeria (13,27%), Uganda (14,52%), Kenya (11,08%), Namibia (7,76%), South Africa (6,44%), Tunisia (6,31%), Botswana (4,54%), Mauritius (5,78%) and  Morocco (4,27%).

Pana 05/02/2014