Africa's Liquid Telecom raises $700m in bond and term-loan issue
Liquid Telecom, an unlisted pan-African telecoms group, has raised $700m in a bond and term-loan issue that will help it refinance debt and provide a war chest for further acquisitions. The company operates in 13 African countries including South Africa, its biggest market, supplying fibre optic and satellite services for customers such as MTN, Bharti Airtel and Vodafone. The $550m 5-year bond was priced at 8.5 per cent, though investors had pushed for a higher yield amid a sharp weakening of emerging bond markets on Thursday, when the issue was priced.
Source: African Business Central
Standard Bank provides USD 200 million for credit
Standard Bank has made available US $ 200 million to finance the Angolan economy over the next 12 months, the bank's executive committee chairman António Coutinho said in Luanda. The amount will be available in two phases, with the first 100 million dollars being injected into the credit already during the next six months of 2017, while the remaining 100 million 'out of the box' between January and June next year. Called 'Value proposition for corporate clients', Standard Bank's new service aims to connect clients and companies to new business opportunities at an international level.
Source: Valor Economico
Mokaila confirms world bank loan for better Gabz roads
Government has confirmed a $385.2-million from World Bank funding for roads infrastructure projects in Gaborone. In his response in Parliament, Minister of Transport and Communications Kitso Mokaila said part of the loan was $106 million, while government was partly paying for signaling systems. The National Road Safety Committee (NRSC) is presently looking at ways of intervening though multi-stakeholder support based on the United Nations Decade of Action for Road Safety 2011-2020 and the African Action Plan on Road Safety 2011-2020.
Source: Sunday Standard
Central African Republic
More than 25 billion CFA Francs from the World Bank for the rehabilitation of rural roads
15,000 km of rural roads will be rehabilitated thanks to World Bank funding. The cost is estimated at 45 million Dollars or about 25,825,000,000 CFA Francs. A convention had been signed between the World Bank and the Central African Republic concerning the bitumen of the Baoro-Bouar axis, the financing of which was already available. The roads are very degraded in the Central African Republic. Insecurity in the hinterland as well as lack of funding does not allow for work.
Source: RJDH Centrafrique
ADB to finance construction of 32 MW solar power plant in N'Djamena
The African Development Bank (ADB) said it would finance the construction of a solar power plant with a capacity of 32 megawatts in the Chadian capital N'Djamena. Along with this financial support, the ADB has indicated that it will support the projects to rehabilitate the National Electricity Company (SNE) and the interconnection of electricity networks between Cameroon and Chad. As one of the sunniest countries in the world, Chad has an installed capacity of renewable energy of 1 megawatt, according to the latest report of the International Renewable Energy Agency (Irena).
Source: Africa Time
Potash Plan Prompts $98-Million Road Link in Horn of Africa
Djibouti contracted a Kuwaiti company to build a $98-million road link to enable landlocked Ethiopia to ship its first potash output from a new Red Sea port, officials said. Kuwait City-based Mohammed Abdulmohsin Al-Kharafi & Sons Co. is constructing the 128-kilometer (79.5-mile) road connecting the harbor to the border, while Ethiopia plans to provide an 11-kilometer stretch on its side, according to Aboubaker Omar Hadi, the chairman of Djibouti’s ports authority. The Chinese-built Tadjourah port will serve cargo ships as well as bulk carrier vessels for potash companies in northern Ethiopia, with the road to be completed in time for the start of production next year.
Solar firm secures Sh1.2bn to light homes
German off-grid solar firm Mobisol has secured 10 million euros (about Sh1.19 billion) from Finnfund to expand in East Africa. Mobisol in March announced plans to open 20 more stores in Kenya with an eye on increasing rural market share in the country. The Finnfund (Finnish Fund for Industrial Cooperation Ltd) funding will support expansion in Tanzania, Rwanda and Kenya where it has installed nearly 10 megawatts, for households and small businesses.
Mobisol, which retails directly to customers, recently opened its flagship store in Kisumu. The company’s large solar home systems come with several LED light sets, portable lantern, mobile phone charger kit, flat-screen LED TVs up to sizes of 32 inches, portable radio and balance-of-system components including wiring and switches.
Source: Business Daily
Government signs MoU with Russia for rail project
Russian Railway Company, Geo Services, has signed a Memorandum of Understanding (MoU) with the Ghana's Railway Ministry for the construction of gov'ts proposed Accra-Paga railway line and other truck rail routes. The project, which is expected to be on a Build Operate and Transfer (BOT) basis, will open up the hinterlands, food growing, and mineral rich areas for accelerated economic growth.
A top Russian bank, with the banking of their government, and support from the African Export Import Bank is expected to fund the project. The restructuring project would start with the reconstruction of the railways along the Eastern and Western lines. The entire project is estimated to cost US$ 21m.
Source: Ghana Web
Saudi Arabia promises $ 10 million for energy sector
The ambassador of the Kingdom of Saudi Arabia to Guinea-Bissau residing in Dakar promised the provision of 10 million US dollars to support the Guinean government in the development of the energy sector.
Saudi Arabia is committed to supporting the government of Guinea-Bissau in the framework of bilateral and multilateral cooperation. The Saudi Arabian Ambassador said that he had discussed with José Mário Vaz subjects related to the need to finance some unidentified projects through the Islamic Development Bank (IDB) and the Islamic Development Fund (IDF).
Source: Agencia de Noticias de Guine
Abraaj Group to buy African coffee chain Java House
Abraaj Group, an emerging markets focused fund group, has agreed to buy African coffee chain Java House from private equity rival Emerging Capital Partners and Kevin Ashley, the Nairobi-based company’s executive chairman. Abraaj has acquired the company for an undisclosed sum following a year-long auction that attracted interest from a wide range of private equity groups. ECP received 12 non-binding bids for the company, which Mr Ashley founded in 1999 in the Kenyan capital.
Source: African Business Central
Germany supports Mozambique with 15 million euros
Germany will spend 15 million euros to finance the Modernization Project of the Electricity Grid Phase II in Mozambique under a agreement signed in Maputo between representatives of the two countries. The project, which is expected to start in the next six months, will connect the Beleluane Industrial Park power grid to nearby residential areas in Matola, an industrial and residential area about 15 kilometers southwest of Capital Maputo. the money that his country will pay out is to build a new substation of 66/33 Kilovolts and new low voltage networks (33 kilovolts) in the industrial park, thus allowing the connection to the state's network Electricity from Mozambique (EDM).
Source: Macau Hub
World Bank finances production of statistics in Mozambique
The World Bank (WB) has approved a $ 62 million grant to Mozambique to improve the production and dissemination of quality socio-economic statistics and to support the use of such data in policy-making, the agency said. The statement issued by the World Bank stresses that the high economic growth that Mozambique has experienced in the last decades did not translate into a proportional reduction of poverty, so that there is a need for timely and high quality statistical data for the design of economic policies that Adequately address poverty and regional disparities.
The components of this project include strengthening the capacity of the National Institute of Statistics, data collection (including the upcoming 2017 population and housing census and new household surveys), analysis and dissemination, planning and data management Development aid.
Source: Macau Hub
Mozambique and Turkey to sign hydrocarbons memorandum
Mozambique and Turkey will sign a memorandum of understanding for hydrocarbons at the World Petroleum Congress. The memorandum aims, among others, to identify and develop projects for the storage, transport and distribution of petroleum products.
The construction and maintenance of oil and natural gas infrastructures, construction, management and transmission of electricity are also included in the memorandum. The World Petroleum Congress will discuss the strategic policies of industry development, opportunities for cooperation among participating countries and assess the impact of the latest developments and innovations of the oil market.
Source: Diario de Noticias
Insurer Prudential enters Nigeria via insurance buy, Zenith Bank deal
British insurer Prudential said it had bought a majority stake in Nigeria's Zenith Life to give it access to the African country's fast-growing insurance market. Zenith Life, which had gross written premiums worth 3.3 billion Naira ($10.82 million) at the end of 2016, will be rebranded as Zenith-Prudential Life Insurance. Prudential did not say what size stake it had bought or how much it had paid. Prudential already has operations in Ghana, Kenya, Uganda and Zambia in Africa.
New deal with Indian firm to boost tea exports
The Government has signed an agreement with an Indian based company that specialises in tea manufacturing, which is expected to help boost Rwanda’s tea production capacity and exports. The multi-million dollar project will benefit over 7,000 farmers.
In a related development, the UK’s Department for International Development (DFID) and The Woods Foundation Africa (TWFT) also signed a co-financing strategic partnership to support the project. DFID funding will enable The Wood Foundation Africa, a trusted local partner and expert in the tea sector, to organise, train and support up to 7,000 smallholder farmers to plant and produce high quality tea to supply the planned Luxmi factory in Rugabano Sector, Karongi District.
Source: New Times
Rwanda gets Rwf136bn to fight poverty, boost trade
Rwanda and the United Kingdom, through the Department for International Development (DFID), have signed a development partnership agreement worth Rwf136 billion to fast-track the country’s development initiatives and spur growth. Of this, £64 million (about Rwf69 billion) will be disbursed this fiscal year, and another £62 million (about Rwf67 billion) is targeted for next financial year.
The two-year deal seeks to support initiatives aimed at reducing poverty and improving household incomes, according to Amb Claver Gatete, the Minister for Finance and Economic Planning. The two countries will also work together to strengthen financial management, accountability and transparency by fighting corruption and ensuring value for money in government initiatives and programmers.
Source: New Times
Signature of financing agreements for a cumulative amount of cfaf 300 billion
The Minister of the Economy, Finance and Planning, Amadou Ba and the Director of Operations of the World Bank in Senegal, Louise Cord, proceeded in Dakar on four financing agreements for a cumulative amount of 300 billion CFA francs. The first project "Strengthening and extending the Senegal River Development Organization's (OMVS) electricity network, for which the World Bank is providing CFAF 60 billion to 20 million, is aimed at" Strengthen the electricity trade between Mali, Mauritania and Senegal, "said Amadou Ba.
The second agreement signed is "support for the negotiations of gas projects and institutional capacity building" financed to the tune of 16 billion CFA Francs. The third initialed agreement concerns the "Rapid Bus System (BRT) pilot project" amounting to CFAF 184 billion 258 million. The fourth project concerns the development of tourism and enterprises (PDTE), in which the World Bank injects 45 billion 786 million CFA francs.
Source: Agence de Presse Senegalaise
Uganda, Tanzania sign L.Victoria agreement
A memorandum of understanding on joint cooperation for improvement of ports, Lake Victoria inland waterways and railway transport services has been signed between Uganda and Tanzania. the joint cooperation agreement will pave way for effective use of the Dar-es-Salaam port by Uganda as an alternative route to the sea through the Central Corridor.
During the meeting in Tanzania, Ugandan and Tanzanian delegations also agreed to commit funds to procure additional ferries. the Government of Uganda is desirous of the use of the Central Corridor to attain a middle income status. In this regard, the Uganda Government is building a new port at Bukasa, will rehabilitate the 11km road from Portbell to Kampala as well as refurbish about 250 train wagons to service transportation of goods through the Central Corridor.
Source: New Vision
Zambia to build $548 million cement plant
Zambia will build a $548 million cement plant in a joint venture between the nation's mining investment arm and China's Sinoconst, President Edgar Lungu said, as it aims to diversify the economy to reduce reliance on copper mining. Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) and Sinoconst will raise financing for the project from local and international financial institutions, Lungu said. The plant - to be built in Ndola in Zambia's copperbelt, about 400 km north of Lusaka - would be completed in three years and create roughly 1,000 jobs at construction stage.
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