UK pledges USD21.3-million to help LDCs trade
The United Kingdom (UK) has pledged USD21.3-million to help least developed countries (LDCs) improve production and create jobs through trade. The funds will be channelled through the Enhanced Integrated Framework (EIF) to help LDCs develop tools, skills and economic capacity to become competitive in targeting new markets for their goods and services.
UK Minister of State for Trade Policy, Department for International Trade Grey Hands said that the support will help poor countries trade out of poverty. Several of EIF’s partner countries are all in Africa, Asia and the Pacific.
Source: Zambia Daily Mail
BBS gets P250-million funding from IFC
The International Finance Corporation (IFC), a sister organisation of the World Bank, has announced its debut Kgalagadi Bond to finance a USD25-million (P250-million) investment in the Botswana Building Society (BBS). The Kgalagadi Bond, which was over-subscribed, is funding the investment. It is the first local currency bond issued by a non-resident issuer in Botswana and also the first by a AAA-rated institution in the country. This is the first amortising bond in the market, and forms part of the IFC Pan African Domestic Medium Term Note Programme.
Source: Mmegi Online
Group from Ghana invests in tomato growing in Cabo Verde
The Ghana-based Trasacco group has secured a plot of land in the north of Sal Island, Cabo Verde (Cape Verde), to install a tomato production unit, and the chief executive of the FOISal company, Ronald Quist and the Minister of Economy and Employment, José Gonçalves signed a contract for the project in Praia, according to Cape Verdean news agency Inforpress. “We expect an investment of approximately EUR140-million, employing 3,600 workers, providing housing for most of them, to export approximately 150,000 tons of tomato per year, worth approximately 300 million euros,” said Quist.
Source: Macau Hub
Ethiopia to export additional power to neighbours
Ethiopia is set to increase power it exports to its neighboring countries; Sudan, Kenya and Djibouti. The plan will be executed in two years as installation of transmission lines is in progress. According to Bizuneh Tolcha, Public Relations and Communications Director at Ethiopia's Ministry of Water, Irrigation and Electricity, feasibility studies regarding export of additional power to the three countries had been conducted. The installation work of transmission to Kenya was more than half complete, he noted.
Ghana signs EUR100-million renewable energy agreement with Germany
Ghana and Germany have signed a EUR100-million bilateral investment and reform partnership agreement to promote private investment in renewable energy and vocational training in Ghana. The agreement is part of Germany's G-20 Compact with Africa for sustainable economic development. The partnership with Ghana is geared towards improving conditions for sustainable private sector investment, investment in infrastructure, economic participation and employment in the country.
Source: Ghana Web
IMF Executive Board approves USD170.1-million under the ECF Arrangement for Guinea
The Executive Board of the International Monetary Fund (IMF) approved a three-year arrangement under the Extended Credit Facility (ECF) for Guinea for an amount equivalent to SDR120.488-million (about USD170-million, or 56.25% of Guinea’s quota). The ECF arrangement will support Guinea’s 2016–20 National Social and Economic Development Plan which aims at fostering higher and broad-based growth, diversifying the economy, and reducing poverty. The Executive Board’s decision enables an immediate disbursement of SDR17.2-million (about USD24.3-million). The remaining amounts will be phased over the duration of the arrangement, subject to semi-annual reviews.
IMF pays out more funds to Guinea-Bissau
The International Monetary Fund (IMF) has disbursed USD4.3 million to Guinea-Bissau under the Extended Credit Facility (ECF) to restore macroeconomic stability, promote efficiency of services and boost growth in the West African country, according to a statement released. The IMF also concluded Article IV consultations for 2017, with Tao Zhang, who led the mission to Guinea-Bissau, quoted in the resulting statement as saying that the implementation of economic policies in the country had been satisfactory and had respected the objectives of the programme financed by the fund.
Source: Macau Hub
Azito power plant to increase generation capacity
Azito Energie and the Government of Côte d’Ivoire have signed an agreement for technical improvements to be implemented at the Azito combined cycle power plant near Abidjan. African IPP, Globeleq, and parent company of Azito Energie made the announcement. The improvements will increase the plant capacity and efficiency, improve the availability of the plant and reduce CO2 emissions. The upgrade is scheduled to occur from the first half of 2018 to end of 2019.
Source: ESI Africa
Ivory Coast awards Tullow two new onshore oil blocks
Ivory Coast has awarded Tullow Oil two new onshore oil blocks, a government spokesman said, expanding the company’s footprint in the Gulf of Guinea. The two blocks - CI-521 and CI-522 - are near Ivory Coast’s eastern border with Ghana, where Tullow operates the Jubilee oil and gas field and is developing the Tweneboa, Enyenra, Ntomme (TEN) fields.
Chloride Exide inks solar cells deal with Chinese firm
Chloride Exide will be the distributor of Chinese Ritar Batteries in East Africa, following the signing of a dealership agreement between the two firms. NASDAQ-listed Ritar Batteries makes and sells eco-friendly sealed lead acid batteries that are used in solar systems to store energy for use on demand. Chloride general manager Karanja Njoroge said the company was a natural pick for Ritar when it was looking for a partner in the region. The five-year renewable deal will also see Chloride Exide design the power backup and solar PV systems for Ritar Batteries.
Source: Business Daily
Likoni cable car closer to reality as KFS finalises construction deal
The Sh5.8-billion cable car project at the busy Likoni channel has moved closer to reality after the completion of a concession agreement. Construction work will begin next year and will take two years, with commuters starting to enjoy the cable car services from 2020. Trapos Limited, who are the sponsors of the project, and the Kenya Ferry Services signed the concession agreement of the Sh5.8-billion project at the KFS mainland side offices. KFS managing director Bakari Gowa said the construction work would take two years starting from May 2018.
Source: Business Daily
France's AMR looks to Mali as Guinea bauxite mine starts output
French bauxite miner Alliance Miniere Responsable said it will look for new deposits in Mali as its USD200-million project in northern Guinea starts production. AMR’s bauxite mine in Guinea’s Boke district is expected to increase annual output to as much as 10 million tonnes in the next two years, Romain Girbal, president and co-founder of the Paris-based company, said in an interview in the capital, Conakry. The asset is likely to produce 150 million tonnes of the aluminum-ingredient over the next 15 years.
Mauritius – China Free Trade agreement signature of MoU to launch the negotiations
A Memorandum of Understanding (MoU) was signed between the Ministry of Foreign Affairs, Regional Integration and International Trade and the Ministry of Commerce of the People’s Republic of China, to launch the negotiations for the Mauritius – China Free Trade Agreement. The aim of having a free trade agreement is to create necessary conditions to increase the volume of bilateral trade and investment. Both sides intend to strengthen and expand the scope of economic cooperation between Mauritius and China as well as eliminate trade barriers.
Source: Government of Mauritius
China donates over USD45.3-million to finance construction of an airport in Mozambique
China has donated USD45.3-million to Mozambique to help finance the construction of Xai-Xai airport, in Gaza province, under one of three economic cooperation agreements signed in Maputo by the minister of Foreign Affairs and the Chinese ambassador to Mozambique. The second agreement signed involves the supply of 100 buses for public passenger transport, worth USD7.448-million and the third agreement, of an undisclosed value, related to financing of the project for supplying satellite television services to 500 villages in Mozambique.
Source: Macau Hub
US businessman proposes to recover Mozambican Tuna Company
US entrepreneur Erik Prince, chairman of the Hong Kong-based Frontier Services Group, announced in Maputo the establishment of a partnership with the Mozambican government to recover the tuna company Ematum, according to the Mozambican press. “We are here to finalise the details of the partnership with the Mozambican government to increase the fishing capacity of the country, and our first focus is Ematum, and we will contribute with training and changes in the logistics structure of the company so that Mozambique is connected to the international fish market,” said Prince.
Source: Macau Hub
ExxonMobil completes LNG acquisition in Mozambique Area 4
ExxonMobil announced the completion of a transaction by ExxonMobil Development Africa B.V. to acquire a 25% indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations. ExxonMobil will lead the construction and operation of all future natural gas liquefaction and related facilities, while Eni will continue to lead the Coral floating LNG project and all upstream operations. The operating model will enable the use of best practices and skills with each company focusing on distinct and clearly defined scopes while preserving the benefits of an integrated project.
Source: Club of Mozambique
EU pledges EUR25-million for Nigeria’s power transmission expansion
The European Union has pledged to support the expansion of Nigeria’s power transmission infrastructure with a grant of EUR25-million (N7.6-billion at the official exchange rate of N305 to one Euro). According to the Transmission Company of Nigeria (TCN), the grant will support the TCN on solar Independent Power Projects’ evacuation. The Interim Managing Director, TCN, Usman Mohammed, stated that the transmission firm was working towards a national peak power generation of 6,000 megawatts in the early part of 2018.
Source: Punch Nigeria
Addax plans USD5-billion fresh investment in Nigeria
Addax Petroleum Development (Nigeria) Limited, said it is planning a fresh investment of up to USD3-5-billion in the country over the coming years, as part of efforts to optimise its oil and gas operations in the country, and increase production from its existing assets, both onshore and offshore. A statement from the company noted that Addax Petroleum has produced over 425 million barrels of crude oil over the 19 years it took over operatorship of Oil prospecting Licences (OPLs) 98/118, and OPLs90/225 previously operated by Ashland Nigeria Oil Company, which operated the blocks from 1973-1998, a period of 25 years.
Source: The Guardian
Moroccan company to build pharmaceutical plant in Rwanda
Cooper Pharma, a Moroccan pharmaceutical company, will launch the construction of an antibiotics plant in Rwanda. The plant will be built on a plot of 20,000 square meters at the Kigali Special Economic Zone in Gasabo District. This project is among the 21 deals that were signed between Morocco and Rwanda. The projects were grouped into eight categories including; business, agriculture, politics, infrastructure, education, health, social welfare and security.
Source: KT Press
Rwanda targets 563MW of power
The World Bank Group and the Government of Rwanda have signed a USD125-million Financing Agreement for the First Programmatic Energy Sector Development Policy operation. It’s a concessional loan designed to boost companies in involved in the energy generation sector under the 2017-2024 national strategy for transformation. Rwanda expects up to USD325-million in three tranches from the World Bank. The government’s objective is to lift electricity generation capacity from the current generation capacity of 208MW to 563MW and connect 70% of Rwanda’s households to the grid.
Source: The Independent
Norway adds over Sh11-billion to UN Tanzania development programme
The Norwegian Embassy has signed an agreement with One UN Tanzania Programme, adding about USD5.1-million (about Sh11.4-billion) to an earlier agreement on the United Nations Development Assistance Plan (UNDAP II). Norways total contribution to UNDAP II is about USD10.5-million (about Sh23.6-billion). The additional support will be given to agricuture in the Kigoma Joint Programme and expanding support to the UN for implementing the government’s national action plan to fight for women and children.
Source: The Citizen
Free zones authority signs pact to promote investment, trade
The Uganda Free Zones Authority (UFZA) has signed a Memorandum of Understanding (MoU) with Trademark East Africa (TMEA) to guide the formation of an investment, trade and logistics hub in Jinja District as well as promote collaboration between the two organisations. The logistics hub in Jinja is expected to boost economic growth, create employment and contribute towards sustainable and inclusive prosperity of the region by promoting the reduction of trade barriers and ensuring improved business competitiveness.
Source: Daily Monitor
Lunzua to build USD850-million hydro-power stations
Lunzua Power Authority Limited (LPA) intends to construct hydro-power stations at Kabwelume and Kundabwika falls on the Kalungwishi River at a cost of about USD850-million. The two stations will have a generation capacity of about 96 megawatts and 151 megawatts respectively. According to an environmental impact assessment report submitted by the firm to the Zambia Environmental Management Agency, the objective of the project is to develop a hydro-power plant to generate electricity for export into the national grid to meet existing and projected power consumption demands. The total project investment value is estimated at approximately USD750-million to USD850-million.
Source: Zambia Daily Mail
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