Good afternoon. We start with a reminder about today's live webinar discussing Mozambique’s debt crisis, which begins at 3pm Maputo time, 1pm London, and 8am New York. A panel of four experts will join Zitamar News editor Tom Bowker to discuss how Mozambique got into its current predicament - and how it might get out of it.
Zitamar News and Africa Research Institute present: A Webinar on Mozambique’s Debt Crisis
There has been a slight alteration to the line-up - Marco Ruijer has had to pull out, but has been replaced by Tariq Hamoodi of London-based investment firm Bybrook Capital. Like Marco, Tariq has first-hand experience of Mozambique’s debt, and is a veteran of sovereign restructurings in Greece and Ukraine.
Mozambique’s attempted restructuring remains in the headlines this week, with the bondholder committee issuing a statement on Monday condemning what they call the government’s “strategic” decision to default a week ago - an assessment that will no doubt be discussed further in this afternoon’s webinar.
SEE: Mozambique bondholders condemn ‘strategic’ default
Back in Mozambique’s domestic banking sector, the shareholders of Moza Banco have decided to pump in 8 billion meticais to recapitalise the bank - the same amount as the central bank used to keep it afloat following its liquidity crisis in September.
SEE: Moza Banco shareholders agree 8bn MZN recapitalisation
Turkish President Recep Tayyip Erdoğan was in Maputo yesterday, along with 150 businesspeople and a muscular security presence. He told a business forum he wants Turkey-Mozambique trade to hit $1bn per year by the end of this decade - and said ministers are working towards new trade and taxation agreements.
SEE: Turkey’s Erdoğan calls for exponential trade growth with Mozambique
China’s state-owned CNPC is now the only partner left in the Eni-led Area 4 consortium to formally approve investment in the floating LNG project for the Coral field, after the board of Korea Gas gave the green light.
SEE: Korea Gas approves investment in Eni-led FLNG project
Mozambique’s state-owned ports and railways company, CFM, has a new chairman to replace the man who was nominated deputy governor of the Bank of Mozambique between Christmas and New Year.
SEE: New head for Mozambique ports and railways company
And in Songo, Tete, a three-day meeting starts today between the managers of the Cahora Bassa dam and their counterparts in Zimbabwe and Zambia who manage Kariba dam. They need a joint strategy to deal with the effects of the drought, and the challenges of sustainable river management going forward.
SEE: Cahora Bassa and Kariba dam companies meet to discuss low Zambezi level
Join us at 3pm (Maputo) for our webinar, by following this link: https://www.youtube.com/watch?v=h62LLithnV4
And have a great week.
