issue: 210 | 11 June 2017

Equatorial Guinea

Equatorial Guinea signs oil production-sharing deal with ExxonMobil

Equatorial Guinea has signed a production-sharing contract for offshore block EG-11 with U.S. oil major ExxonMobil, the hydrocarbons ministry said. Gabriel Obiang Lima, Minister of Mines and Hydrocarbons, said in Cape Town that the deal was not part of the 2016 licensing round, whose winning bidders are expected to be announced later. 

ExxonMobil already operates Zafiro field, the largest oil producing field in Equatorial Guinea. Equatorial Guinea is the third largest producer of oil in Sub-Saharan Africa.

Source: Premium Times Nigeria

Ghana

World Bank approves $150 million to improve road connectivity in Northern Ghana

The World Bank approved a $150 million International Development Association credit for Transport Sector Improvement Project (TSIP) in Ghana.

The project will reduce travel time on selected parts of the classified road network in Northern Ghana, promote road safety, and strengthen the institutional management of the transport sector by using the Performance Based Contracting Methodology. It will specifically contribute to capacity building and modernization of the transport sector institutions, generating efficiency gains in a sector that is a major contributor to growth and poverty alleviation.

Source: Ghana Web

Ghana/Ivory Coast

Ghana, Cote d’Ivoire sign cocoa deal

Ghana has signed an accord with its neighbour, Cote d’Ivoire, for closer collaboration in the areas of cocoa production and marketing The consistent drop in cocoa prices on the world market and the continuous foreign pricing of cocoa, forced the two countries to enter into the partnership.

Ghana, which accordingly produced about 850,000 tonnes of cocoa beans for the 2016/2017 crop season reportedly lost about $1 billion due to the fall in cocoa prices on the world market from over $3,000 to about $1,880, while its counterpart, Cote d’Ivoire lost about $4 billion during the period under review.

Source: Ghana Web

Ivory Coast

Swiss Re pays $112mln for Manzi Finances stake

Swiss Re has spent 100 million euros or approximately $112 million to acquire an undisclosed, minority stake in Manzi Finances, a financial services holding company based in Cote d’Ivoire which owns NSIA Participations. In March 2015, private equity group Amethis Finance and National Bank of Canada acquired a 26% stake in NSIA from Emerging Capital Partners.

The Abidjan-based company will use the capital to consolidate its financial base and support its expansion strategy. NSIA is the leading financial services companies in Francophone Africa, and also owner of NSIA Bank Cote d’Ivoire, the country’s third largest, and NSIA Bank Guinee, which was launched in 2010.

Source: Africa Capital Digest

Kenya

Oman firm buys 40pc of fuel marketer Hass

Muscat-based Oman Trading International (OTI) is set to acquire a 40 per cent stake in Kenyan oil marketer Hass Petroleum, marking the latest deal in the retail business. It is the first acquisition in Africa for OTI, a global commodities trading company fully owned by the government of Oman.

The proposed transaction is subject to approval by regulatory authorities in the various countries in which Hass operates in. The company has a market share of about two per in Kenya’s fuel retail market and also exports products to regional markets such as Uganda, Rwanda, and South Sudan. It on top deals in lubricants and liquefied petroleum gas.

Source: Business Day

Mozambique

Standard Bank and ICBC set up partnership for Mozambique

Standard Bank and the Industrial and Commercial Bank of China (ICBC) have established a partnership to foster investment by Chinese companies in Mozambique, through innovative financing solutions or banking services.

The partnership established with ICBC would allow Chinese economic agents who need financial support in Mozambique to access it more easily. The value of Chinese investment in Mozambique is US$6.7 billion, with trade between the two countries growing 4.98% to US$424.88 million in the first quarter of 2017.

Source: Club of Mozambique

Mozambique

EAIF backs US$76 mln Mocuba solar farm: The largest in sub-Saharan Africa outside South Africa

The Emerging Africa Infrastructure Fund (EAIF)/The Fund), which is part of the Private Infrastructure Development Group (PIDG), has signed a Participation Agreement with the International Finance Corporation (the “IFC”) to provide a US$16.9 million B Loan, with a +16-year term, to Central Solar de Mocuba (CESOM), the private sector developer of the Mocuba solar farm in Northern Mozambique.

In addition, EAIF is directly providing a US$7m Viability Gap Funding Grant for the Project raised from the Technical Assistance Fund of the PIDG. The US$76 million plant is due to be completed in mid-2018.

Source: Club of Mozambique

Namibia

French agency provides N$216m facility to Bank Windhoek

Bank Windhoek announced the conclusion and signing of a facility to the value of 15 million euro (N$216 million) with the Agence Française de Développement (AFD).

The French Development Agency approached Bank Windhoek with an offer to provide mid and long-term facilities, inclusive of technical assistance, for lending towards eligible projects in renewable energy, energy efficiency and natural resources' sustainable use (agriculture, tourism) small-scale investments in Namibia.

Source: The Namibian

Nigeria

Nigerian firm, Boeing sign $20bn aviation investment pact

Springfountain, one of Nigeria’s leading aviation infrastructure firms, and aircraft manufacturer, the Boeing Company of the United States, have signed a strategic agreement that will lead to a $20bn investment in the Nigerian aviation industry in the next few years.

the proposed investment would be carried out through the African Aircraft Leasing Company, OEM Maintenance, Repair and Overhaul Centre, African Aircraft Spare Parts Company and Aggregated Services Solutions. The investment would cover aircraft leasing, maintenance, repair and overhaul, spares logistics and supply, as well as aggregated services solutions.

Source: Punch Nigeria

Nigeria

South African equity investor set to increase power generation in Nigeria

The federal government is set to partner with South African equity investor, Simang Group and the Enugu state government to revive the coal industry for the benefit of the South East geopolitical zone. This partnership is expected to boost the economic climate of Enugu state and by extension the south east.

The revitalization of the coal industry which has been dormant for close to forty years is a positive development. It also comes at a time when Nigeria’s economic direction has shifted from oil. It is expected that this investment will provide an alternative source of power generation for the country.

Source: Ventures Africa

Rwanda

Rwf70 billion World Bank loan to rehabilitate Ngoma–Nyanza road

The Government and the World Bank Group have signed a financing agreement worth €75.9m (about Rwf71 billion) for rehabilitation of the road linking Ngoma and Nyanza districts. Ngoma is in Eastern Province and Nyanza in the south and the new infrastructure is envisaged to ease the much-needed connection between the two regions and beyond.

The road stretches 119 kilometres from Ngoma, near the border with Tanzania, to Nyanza, near the border with Burundi. The project was split into two; a part from the Ngoma side that will be funded by the Japanese through JICA [Japanese International Cooperation Agency] and the other part that will be financed by the World Bank.

Source: New Times

Tanzania

Songas to increase power generation

Songas is expecting to increase power generation and improve efficiency after signing a multiyear agreement to upgrade its gasturbine at Ubungo Power Plant. The deal will enable Songas to increase gas-fired power generation by 10megawatts (MW). Currently the turbines are generating 180MW equals to 25 per cent of total power generation for nation grid.

Under the terms of the deal, GE Fleet 360solution will upgrade three of the four LM6000 gas turbines in the fleet from the LM6000PA to the LM 6000PC, expected to increase the output of the units from 38MW to 43 MW each — and reaching output levels of up to 46 MW.

Source: Daily News

Tanzania

Kuwait releases 110bn/- for Tabora road construction

Tanzania has received 51 million US dollars (over 110bn/-) financial boost from Kuwait for construction of the 85-kilometre Chaya-Nyahua road in Tabora region. The envoy further handed over to President Magufuli two garbage collecting vehicles valued at 200,000 US dollars (over 400m/-) in support of the country’s cleaning campaign.

Dr Magufuli assured His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah that Tanzania will strengthen its bilateral ties with Kuwait especially in economic issues, including the recent oil and gas discoveries in the country.

Source: Daily News



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