AfDB to invest US$24 billion in agriculture
The African Development Bank (AfDB) will invest US $24 billion dollars in agriculture as part of its Feed Africa programme- a strategy for agricultural development in Africa. President of the Bank, Akinwumi Adesina, said this in a speech he delivered at the 50th anniversary celebration of the International Institute for Tropical Agriculture (IITA) in Ibadan, Nigeria.
Adesina emphasized that the goal of the Bank is to “ensure that Africa feeds itself within 10 years, and unlocks the full potential of its agriculture.” “Africa is today spending US$35 billion a year importing food. That is US$35 billion that should be kept on the continent. This is a US$35 billion market that young people can tap into to create new wealth each year. To do that requires totally changing the lenses with which we look at agriculture. Agriculture should no longer be seen as a way of life or a development sector, but rather as a business for wealth creation,” he emphasized.
Source: New Vision
Botswana forges economic ties with Chile
The governments of Botswana and Chile have signed a Memorandum of Understanding (MoU) for the promotion of investment and growth, and to facilitate the diversification of trade. “The two countries agreed to cooperate through exchange of experiences and technology in regional economic integration and industry development and trade matters including trade policy and analysis, trade facilitation, international trade administration and trade negotiations,” read the statement.
The meeting agreed to immediately commence with activities aimed at implementing the MoU, starting with both parties putting together a technical working committee.
Source: Mmegi Online
$ 94 million to be invested in social and economic areas during the period 2018-2022
The amount is made available under cooperation and partnership between Cape Verde and the United Nations system. The program, called UNDAF, was validated in Praia by the steering committee, with Foreign Minister Luís Filipe Tavares taking the opportunity to emphasize the fact that this program with the United Nations puts people at the center.
A work that will now focus on the mobilization of the $ 94 million in which the plan is budgeted. Luis Filipe Tavares believes that the country has the capacity to mobilize much more. Once the framework document for cooperation between Cape Verde and the United Nations system is validated, the Foreign Ministry warns that the services will strengthen the coordination, aiming at an efficient use of the resources made available to them.
Source: Carbovedian Radiotelevion
Cameroon benefits from a loan of 188 billion CFA francs from the African Development Bank
These funds will be used to partially finance the Transport Sector Support Project, Phase II. This envelope of CFAF 188 billion consists of CFAF 177.2 billion from the African Development Bank (AfDB) and CFAF 10.6 billion from the African Development Fund Development (ADF). These funds are already available.
The reconstruction of the existing road, which has been severely degraded at the moment under the weight of time and traffic ". The rehabilitation works, estimated at more than 120 billion CFA francs, are divided into three lots: Ebebda- Kalong Bridge (63.75 km), Kalong-Tonga (67 km) and Tonga-Bafoussam-Babadjou (110 km).
Source: Cameroon Info Net
UK and Ethiopia sign Energy Compact
British Ambassador to Ethiopia Susanna Moorehead, signed an Energy Compact with Minister of Water, Irrigation and Electricity of Ethiopia H.E. Dr. Engineer Sileshi Bekele. The compact, which is part of the UK’s Energy Africa campaign, will support the acceleration of the off-grid solar market in Ethiopia by creating business opportunities, more jobs and helping improve access to electricity for poor people.
The UK’s Energy Africa campaign was launched in October 2015 and focuses on developing the household solar market as one of the cheapest and most effective ways of accelerating universal energy access in Africa.
Source: British Embassy Addis Ababa
The EU has announced the disbursement of €25 million
The EU has announced the disbursement of 1,25 billion Dalasi (equivalent to €25 million) to the national budget of The Gambia. As this is the biggest disbursement yet (and as this is grant and not a loan). In February 2017 EU Commissioner for International Cooperation and Development, Mr Neven Mimica, expressed the European Union’s willingness to partner with The Gambia on its path towards democracy. In the presence of H. E. President Barrow, he signed an immediate package of some 3,75 billion dalasi and announced a subsequent one of about 7,5 billion dalasi before the end of 2017.
Through this unprecedented grant, the EU aims to promote sound public financial management, mobilising domestic resources and fighting corruption as well as supporting political reforms. The EU is also looking forward to strengthening its relations with The Gambia in the fields of migration and economic development and in particular support to youth employment.
Source: Freedom Newspaper
African Development Bank to finance Ghana-Ivory Coast cocoa plan
The African Development Bank (AfDB) is willing to provide $1.2 billion to finance plans by Ivory Coast and Ghana to process more of their cocoa under a joint initiative to guarantee stable revenues from the commodity.Part of the loan will finance the construction of modern storage facilities, farm rehabilitation and disease control, including payment of compensations to owners of cocoa trees ravaged by swollen-shoot viral disease, AfDB President Akinwumi Adesina said in Accra.
Ghana and Ivory Coast, which account for around 60 percent of the world cocoa supply, signed a document in June to enhance collaboration between their regulatory and marketing departments with a common interest to counter price volatility.
Safaricom eyes northern Kenya in Ethiopia fibre optics deal
Safaricom has acquired a 260-kilometre stretch of fibre cable between Marsabit and the border town of Moyale from a regional tech firm as the telco eyes Internet customers in Kenya’s northern frontier. Mauritius-based Bandwidth and Cloud Services sold the fibre cable to Safaricom for an undisclosed amount and the deal received regulatory approval.
The acquisition is also seen as a strategy to provide an additional redundancy route through Ethiopia in the event of outages on the Mombasa undersea cables, Safaricom said.
Source: Business Daily
Jack Ma invests in Kenya’s Taxify
Chinese billionaire Jack Ma will make his first investment in Kenya through taxi firm, Didi Chuxing, in a partnership with Taxify. Didi, partly owned by Jack Ma’s Alibaba company, will invest in Taxify, an Estonian online taxi firm with operations in Nairobi. In a joint statement, the two companies said the deal was aimed at supporting Taxify’s expansion into its regional markets, especially Europe and Africa.
Source: Standard Media
Anadarko Reaches Significant Mozambique LNG Milestone
Anadarko Petroleum Corporation (NYSE: APC) announced that it had finalized two agreements with the Government of Mozambique – together known as the "marine concessions" – which would allow it to design, build and operate the marine facilities for its LNG project in northern Mozambique. This follows the publication of the Mozambican Government Decrees approving those agreements.
Anadarko is developing Mozambique's first onshore LNG plant consisting of two initial LNG trains with a total capacity of 12 million tonnes per annum (MTPA) to support the Golfinho/Atum field located entirely within Offshore Area 1. Anadarko operates Offshore Area 1 with a 26.5-percent working interest. Co-venturers include Empresa Nacional de Hidrocarbonetos E.P. (ENH) (15 percent), Mitsui E&P Mozambique Area1 Ltd. (20 percent), ONGC Videsh Ltd. (16 percent), Bharat PetroResources Ltd. (10 percent), PTT Exploration & Production Plc (8.5 percent), and Oil India Ltd. (4 percent).
DBN extends N$118 million finance for Lüderitz wind farm
The Development Bank of Namibia (DBN) has announced details of its involvement in financing Ombepo wind farm near Lüderitz. Bank finance of N$118 million was extended to develop the N$180 million wind farm, which is now nearing completion. The facility will be owned by a conglomerate of shareholders under InnoSun (95 percent) and Lüderitz Town Council (5 percent). Empowerment grouping Black Diamond Investments owns a 30 percent share in InnoSun.
The Bank is providing finance for five photovoltaic plants, with Ombepo wind farm bringing the total number of renewable energy facilities to six. The Bank’s total finance for renewable energy now stands at N$461 million. The facilities will generate an estimated 24 MW of renewable energy when all are operational.
Source: New Era
Nigeria/ Cote d’Ivoire
Nigeria to extend gas pipeline to Cote d’ Ivoire
The Nigerian National Petroleum Corporation (NNPC) has said the West African Gas Pipeline (WAGP) would be extended from Ghana to Cote d’Ivoire as part of the Federal Government West African energy integration policy. The extension of WAGP to Cote d’Ivoire would facilitate easy transmission of gas within the West African sub-region.
Nigeria and indeed the NNPC has being into the business of oil and gas exploration and production for over fifty years, the interface would enable the NNPC to share its vast experiences in the sector with the delegation.
Source: Africa Business Communities
NNPC signs $1.8bn oil financing deal with Shell, Chevron
The Nigerian National Petroleum Corporation, NNPC, said it has signed two sets of alternative financing agreements worth about $1.78 billion, for two major Joint Venture projects with two of its JV partners, Chevron Nigeria Limited, CNL and Shell Petroleum Development Company, SPDC.
The deal also involved a consortium of both local and foreign banks. According to the NNPC, the banks are Access Bank, Standard Chartered Bank, Union Bank and United Bank for Africa, UBA and some foreign financial institutions. The NNPC, in a statement in Abuja, put the Chevron deal, for the Sonam Project, also called Project Falcon, at $780 million, while the SPDC deal for Project Santolina, was valued at $1 billion, adding that agreements were signed in London.
Rwanda and Benin to set up joint airline
The governments of Benin and Rwanda have signed a memorandum of understanding to establish a joint airline based in Cotonou, where RwandAir, the national carrier. This was after Rwanda was granted seventh freedom rights by the Government of Benin which allows RwandAir to operate an international air service from Benin to a third country.
Seventh freedom is the right to carry passengers or cargo between two foreign countries without any continuing service to one’s own country. The joint airline will operate Abidjan, Brazzaville, Douala, Libreville, Bamako, Dakar and Conakry routes, according to Yvonne Manzi Makolo, the RwandAir deputy CEO for corporate affairs.
Source: New Times
Japanese company completes Sadolin paints acquisition in East Africa
Sadolin Paints Uganda Limited has been acquired by Kansai Plascon Africa Limited; a subsidiary of Japan based Kansai Paint Company, officials representing the two companies told journalists at the company’s US$10 million plant at Namanve Industrial Hub – outside Kampala city.
Officials did not disclose the amount involved. Kansai has also acquired Sadolin’s operations in the rest of East Africa. Kansai Paint is a global company with major operations in Japan, China, Asia, the Middle East, Europe and Africa. Its product offering covers the decorative, industrial, protective coatings and automotive segment. The company has research and development facilities in Japan, India and South Africa
Source: The Independant
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