issue: 227 | 9 October 2017

Burkina Faso

CFAF30 billion for road maintenance in Burkina Faso

The West African Development Bank (BOAD) has decided to grant Burkina Faso a loan of CFAF30 billion for the implementation of the Road Maintenance Program 2017-2019 APA learned from the Ministry of Economy and Finance. This support will be specifically allocated to the priority section of the program and concerns the periodic maintenance and installation of a new layer of bituminous concrete covering Ouagadougou-Kongoussi (108km) in the north and Sakoinsé-Koudougou (42km) in the center-west, the development of urban roads in Ouagadougou and Bobo-Dioulasso (27.1km). 

Source: Ouaga


Afreximbank targets USD500 million support for Chad’s National Development Plan Projects

The African Export-Import Bank (Afreximbank) is to arrange at least USD500 million in multi-sourced financing to support projects in agro-processing, energy, manufacturing, tourism and logistics sectors under Chad’s National Development Plan, following the country’s membership of the Bank, Afreximbank President Dr. Benedict Oramah has announced. There were also opportunities for supporting the local banking industry for enhanced trade finance, added the president who said that Afreximbank was ready to do even more based on the needs and strategic orientation of the government.

Source: AfreximBank


Ethiopia signs USD1.3 billion World Bank deal shortly after IMF praise

Ethiopia has entered a USD1.3 billion deal with the World Bank to improve governance and fund pro-poor policies in regions worst hit by a drought and food shortages. The global lender announced that it had signed the loan and grant agreement. Of the total amount, USD700 million would be used to improve equitable access to basic services and strengthen accountability in education, health, agriculture and other sectors.

Source: Africa News


India pledges to provide over USD195 loan for Ethiopia

India has pledged to provide USD195 million for expansion of electric power transmission lines and USD2 million for medicines through its line of credit facilities. This was disclosed by Indian President Ram Nath Kovind who is on an official visit to Ethiopia. Prior to that, agreements in trade, and communication, information and media were signed by the pertinent officials of Ethiopia and India. President Mulatu Teshome said the agreements will create opportunity to further cement the existing ties between the two countries.

Source: Ethiopian News Agency


AFIG Funds backs Ghana’s First Atlantic Bank

Advanced Finance and Investment Group, better known as AFIG Funds, has made its second financial services sector deal in two weeks. The private equity fund management company announced it has finalized an agreement to make an investment in First Atlantic Bank. The investment capital will be used to bolster the bank’s capital base, as well as help support its growth plans. Terms of the deal, which is subject to regulatory approval, remain undisclosed.

Source: Africa Capital Digest


Tema Port Expansion Project: USD20 million contract for office, workshop facilities signed

Meridian Ports Services (MPS), the terminal operator expanding the Tema Port has signed a USD20 million building contract with Consar Limited. Under the terms, Consar will construct office and workshop facilities as part of the Tema Port Expansion Project. It is a public-private partnership between Ghana Ports and Harbours Authority, Meridian Bolloré Africa Logistics and APM Terminals as principal investors and the leading container terminal operators in the world.

Source: Ghana Web

Ivory Coast

US Agency grants USD524 million in assistance to Côte d'Ivoire

A US government agency is providing USD524 million to Côte d'Ivoire. They will be invested in the transport and education sectors. The Millennium Challenge Corporation was established in 2004 by the Congress, which assists developing countries if they meet a set of criteria: good governance, respect for democracy and human rights. The USD524 million package will be released within two weeks. It represents 4.5% of the current budget of the Ivorian State.

Source: Africa Time


CBA secures Sh9 billion funding by Africa bank

Commercial Bank of Africa, the country’s largest privately-owned lender, has secured a Sh9.297 billion (USD90 million) facility from the African Development Bank (AfDB) for on-lending largely to credit-starved small and medium-sized enterprises. About USD50 million (Sh5.17 billion) of the cash is in the form of a line of credit, while the remainder USD40 million (Sh4.13 billion) has been committed under the Trade Finance Line of Credit (TFLoC).

“The funding will be geared towards helping finance small and medium enterprises (SMEs) and local corporates involved in value-addition,” AfDB said. The facility targets firms in some of the sectors which have suffered a drop in credit, according to the latest data from the Central Bank of Kenya.

Source: Business Daily


Malawi upbeat on African Development Bank K73 billion loan

The Ministry of Industry, Trade and Tourism is upbeat that a USD100 million (K73 billion) line of credit from the African Development Bank (AfDB) will help to transform the economy. The AfDB approved a private sector multi-currency LoC of USD100 million. This facility will lead to creation of jobs, expand tax base, improve export performance and reduce poverty.

Source: The Nation



World Bank supports Mozambican power company with donation of USD150 million

The World Bank has donated USD150 million to Mozambique to support state-owned power company Electricidade de Moçambique (EDM) to improve the capacity and operational efficiency of the power grid, the World Bank said in a statement. Most of the USD117 million grant from the International Development Association (IDA) will be channeled into restoring and modernising the electrical power grid to improve the quality and reliability of the infrastructure.

Source: Macau Hub


Sovereign Metals sign MoU with Nacala Railway

Sovereign Metals Limited has signed a transport logistics MoU with Central East African Railways (CEAR), an infrastructure and logistics consortium of which Vale SA and Mitsui & Co. Ltd operate and have significant ownership. The MoU covers the provision of rail freight, port access and port handling services by CEAR to Sovereign for graphite concentrates produced from the Malingunde Project, subject to the parties entering into a binding agreement.

Source: Club of Mozambique


Musa Capital completes Swanib acquisition

Musa Capital‘s Namibian mid-cap fund has completed its acquisition of Swanib Cables, a significant cable distributor in the South West African country. The private equity firm’s acquiring the company from Powertech, a subsidiary of JSE-listed Altron, who originally acquired Swanib for ZAR43 million in 2007. Terms of the sale to Musa Capital Namibia, which was  filed with Namibia’s Competition Commission in June, remain undisclosed.

Source: Africa Capital Digest


Switzerland funds CFAF4.5 billion for a program to support farmers' organisations in Niger

The Minister of Foreign Affairs, Cooperation, African Integration and Nigerians abroad, Ibrahim Yacoubou and Federal Councilor of the Swiss Confederation, Simoneta Sommaruga, signed the agreement for the implementation of the Support Program for Peasant Organizations (PAOP) phase IV. It is a program that aims to help family farms improve their incomes and food and nutrition security by increasing and upgrading their production. The program will cover the period from 2017 to 2021, and will be financed to the tune of CHF7,500,000, or about CFAF4.5 billion.

Source: A Niamey


Milost Global signs pre-listing financing term sheet

Milost Global, an Africa-focused private equity firm based in New York, has signed a pre-listing financing term sheet with Primewaterview Ltd, a Nigerian real estate investment and development firm. The deal commits up to USD2 billion in capital made up of USD1.3 billion in equity and the balance in debt for Primewaterview to use to fund its planned development projects in Nigeria. The deal also calls for Milost to meet the cost of Primewater’s eventual IPO filing on the NASDAQ Stock Exchange.

Source: Africa Capital Digest


responsAbility strikes eight-figure debt deal with Mobisol

responsAbility Investments, a Zurich-headquartered development asset manager, has struck what’s described as an eight-figure debt deal with Mobisol, the provider of off-grid solar home systems. The transaction involves the establishment of a special purpose debt vehicle which will be known by the acronym MOOVE, (Mobisol Off-Grid Financing Vehicle), which  will be backed by two of reponsAbility’s energy funds.

Source: Africa Capital Invest

Sierra Leone

Stellar Diamonds makes payment for Tongo environmental licence

Stellar Diamonds, the diamond junior focused on West Africa, has paid USD150 240 to the Sierra Leone Environmental Agency for the Tongo environmental licence. Once the environmental licence has been issued the National Minerals Agency will draw up the Tongo mining licence for consideration and signature by the Minister of Mines and Minerals Resources.
Furthermore, Stellar Diamonds has agreed with Octea Mining to extend the longstop date for the satisfaction of certain of the conditions precedent of the binding Tribute Mining and Revenue Agreements in relation to the Tongo-Tonguma mine development project in Sierra Leone.

Source: Mining Review


Sudan, Belarus discuss energy cooperation

Sudan’s Oil Minister Abdel-Rahman Osman and the Belarusian Minister of Energy Vladimir Potupchik chaired joint meetings on energy cooperation between the two countries in Khartoum. The meetings discussed ways to push forward cooperation in the energy and oil and gas industry including the manufacture of oil spare parts and equipment as well as oil research and studies.

Following the meetings, the Belarusian minister told reporters that his country is ready to implement all agreements signed between the two sides, expressing commitment for further cooperation in areas identified by experts from both countries.

Source: Sudan Tribune

Uganda/South Sudan

South Sudan, Uganda sign power cooperation deal

Uganda has reached an understanding with neighbouring South Sudan in a deal that will see Kampala extend electricity to South Sudan’s border towns of Kaya and Nimule. The agreement, Uganda’s state minister for energy said, is in line with the East Africa Community Power Pool Agreement that calls on all member states to connect electricity to each other.

Source: Sudan Tribune


East farmers in USD800,000 World Bank funding

The World Bank has provided financial support worth over USD800,000 to 18,000 farmers in Eastern Province under the landscape management project. The project being spearheaded by the Community Markets for Conservation is helping to promote the adoption of sustainable climate-smart agriculture by enhancing smallholder farmers’ crop yields, income and welfare.

Source: Lusaka Times


EU allocates over EUR484 million to projects to Zambia

The European Union (EU) has allocated over EUR484 million under the 11th European Development Fund (EDF) to projects in Zambia. Zambia’s Secretary to the Treasury Fredson Yamba said the EU has disbursed the funds towards sectors such as agriculture, energy, governance and infrastructure for the period 2014 to 2020. In the governance sector, the EU will disburse EUR7 million towards legal empowerment and enhancement of justice delivery programs while EUR10 million would be channeled to the Electoral Commission of Zambia (ECZ) to strengthen democracy and promote greater participation of underrepresented sectors of society in the electoral process.

Source: Lusaka Times

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