AfDB okays USD10-million for continental bond fund
The African Development Bank has approved USD10-million (about Rwf9-billion) to strengthen the African local currency bond fund (ALCB Fund). The money is expected to enhance the fund’s portfolio and promote the development of domestic capital markets across the continent, a statement from the bank shows. The loan will help in supporting opportunities for local African corporate issuers to access and diversify long-term funding sources in local currency and crowd-in local institutional investors, the bank said. The fund is expected to invest in all African countries where local currency bonds are possible.
Source: New Times
WB provides USD70-million for local development
A financial agreement worth USD70-million was signed in Luanda between the Republic of Angola and the World Bank to cover the Local Development Project (PDL). For a period of three years, this additional fund made available by the World Bank will reinforce three components of basic social infrastructure financing, with emphasis on the construction of hospitals and medical centers, residences for both nurses and teachers. In this phase, LDP will also finance community and health development agents, a pilot initiative to be implemented in the provinces of Uige, Bengo, Luanda, Moxico, Malanje and Lunda-Sul.
Source: Agencia Angola Press
Strata-X Energy extends Serowe CSG licences in Botswana
Strata-X Energy Ltd. has announced that the company’s Prospecting Licences held in the Republic of Botswana, covering the Serowe CSG Project, have been re-issued until the end of 2025 opening the door to an active 2018 appraisal programme. The previous remaining term of the inherited prospecting licences to the end of 2018 was insufficient and the company sought and has been granted the reissuance primarily to protect shareholder investment. With the goal to develop the 1.4 Tcf Prospective Resource over 273 000 acres, the company is moving forward with a Botswana environmental firm to seek the necessary environment approvals required before the appraisal programme can begin. The environmental approvals are expected in the third quarter of 2018.
Source: Oil Field Technology
Qatari investors express interest to buy meat and livestock from Ethiopia
Qatari investors have expressed interest to buy meat and livestock from Ethiopia. Ethiopia's Ambassador Extraordinary and Plenipotentiary to Qatar, Metasebia Tadesse, held talks with Abdul Rahman Mohammed Mubark Al Khayarain, CEO of Widam Food Company, and other senior officials. Ambassador Metasebia on the occasion said the business and investment relations between Ethiopia and Qatar have been growing from time to time. He further said that Ethiopia has an ideal weather suitable for animal resources development and agriculture.
Source: Fana Broadcasting Corporation
Ethiopian Geothermal is private equity’s next USD4-billion bet
U.S. private equity and hedge funds are backing an effort by Ethiopia to turn itself into an exporter of electricity to the region, channeling at least USD4-billion into geothermal projects across the nation. The Ethiopian government has signed 25-year power purchase agreements with Reykjavik Geothermal Ltd., a developer led by Michael Philipp, the former head of Europe, Middle East and Africa for Credit Suisse Group AG. The company is backed by billionaire hedge fund manager Paul Tudor Jones and Ambata Capital Partners, an investment firm run by Philipp.
Government secures USD20-million AfDB cash to construct link road, facilitate 2nd ‘Adomi Bridge’
Government has secured USD20-million from the African Development Bank (AfDB) for constructing a link road between Volivo to Dorfor Adidome, the site for constructing an alternative bridge across the Volta Lake, Kwasi Amoako-Atta, the Roads and Highways Minister has told Parliament. Even though government has already secured Japanese concessionary funding for the actual bridge project, work is yet to commence due to the bad road leading to the site.
Source: Ghana Web
Heritage Securities and US FED Group launch Trade Hub
Heritage Securities Limited (HSL), in partnership with the United States Friendship and Economic Development (FED) Group, has launched the Ghana-U.S. Trade Hub to provide facilitation services for companies seeking to trade with the United States. Heritage Securities Limited, which is now a member of the US FED Group Consortium, will provide services including advisory, consulting, facilitation of trade, project and commerce development and financing to non-US public and private companies interested in doing business with US companies.
Source: Ghana Web
USD3.2-million guarantee agreement between Coris Bank International and the African Solidarity Fund
On behalf of its subsidiary in Côte d'Ivoire, Coris Bank International signed a guarantee agreement of USD3.2-million with the African Solidarity Fund. This initiative allows the bank to finance a project to create and operate a quarry in Côte d'Ivoire. In the context of the FSA's commitments, the guarantee assumes that the borrower should be substituted in the event of the borrower defaulting on the borrower, but only up to a proportion previously agreed with the stakeholders to the bank loan. For Coris Bank Côte d'Ivoire, this is an opportunity to grow its portfolio of loans to the economy, while minimising the pressure on its fundamentals and in the best respect of the standards to be followed by the UEMOA commercial banks in term of risk taking.
Source: Agence Ecofin
KenGen set to build 67MW power plant on Tana River
Power producer KenGen is moving to build a 67-megawatt (MW) hydropower plant on Tana River following studies on the dam that was conceived six years ago. The Nairobi Securities Exchange-listed firm plans to divert Tana River waters through a dug-out channel that will pour into the proposed Karura dam, minimising displacement of communities. Electricity from the plant will cost just less than Sh10 per unit (USD0.10), according to KenGen, which is half the cost of diesel-generated power.
Source: Business Daily
Ketraco signs Sh24-billion deal to power electric SGR trains
The Kenya Electricity Transmission Company (KETRACO) has entered into a deal with China Electric Power Equipment and Technology Company Limited (CET) to electrify the Mombasa-Nairobi Standard Gauge Railway (SGR) in two years. The deal, valued at Shs24.2-billion, will link the railway line to a power line, which will run along with the rail. The current design of the SGR has an allowance for the construction of a single electric line. Initial announcements suggested that China Road and Bridges Corporation, the same firm that constructed the SGR, would be handling the electric upgrade under a Sh49.05-billion contract.
Source: Standard Media
Kenya solar power firms to get Sh7.5-billion funding for plants
The European Investment Bank will offer a Sh7.5-billion loan this year for construction of two solar power plants, underlining the growing interest by global organisations in financing Kenyan green projects. The bank said the GBP60-million (Sh7.5-billion) credit line would go to Radiant Energy and Eldosol Energy, which are owned by same developers and whose solar projects are located next to each other in Eldoret. The two solar parks have a capacity of 40 megawatts each.
Source: Business Daily
UK real estate firm in merger deal with Kenyan consultants
UK-based real estate firm Turner and Townsend is set to merge its Kenyan business with Nairobi-based project consultants Mentor Management Limited (MML). The deal, which is subject to regulatory approvals, follows acquisition of a majority stake in MML from leading growth market investor, Actis. The new business entity, MML Tuner & Townsend, will operate across infrastructure, real estate and natural resources sectors in East Africa.
Source: Business Daily
Austrian firm wins deal to build Sh5.8-billion Likoni cable car project
Austrian technology company Doppelmayr Group has won a contract to set up the Sh5.8-billion Likoni cable car project. Doppelmayr will start the construction in May. The work will take two years, with commuters expected to start enjoying cable car services from 2020. Trapos Limited, sponsors of the project, and Kenya Ferry Services (KFS) signed the agreement of the multi-billion shilling project in December. KFS managing director Bakari Gowa in an interview said the agency was finalising a deal to acquire land on which masts to support the cable cars will stand.
Source: Business Daily
Malawi signs financing agreements with the Word Bank
Malawi government has signed financing agreements aimed to enhance the Shire Valley Transformation Programme and Agriculture Commercialization Project in the country. Speaking during the signing ceremony, World Bank country director for Tanzania, Malawi, Burundi and Somalia, Miss Bella Bird said their organisation is committed to help boost various sectors of agriculture in African countries. “Word Bank is passionate about increasing the diversity of products and financing in agricultural sectors in Africa including Malawi,” said Bird. She added that, “World Bank is focused to extend irrigation farming in order to raise productivity among small scale famers in Shire Valley”.
Source: Nyasa Times
Mozambique joins the Economic Partnership Agreement between the EU and Southern African States
Mozambique was the last piece of the SADC-EPA jigsaw to fall into place. The other five countries – Botswana, Lesotho, Namibia, South-Africa, and Swaziland – have been implementing the agreement since October 2016. Implementing the EPA means that Mozambique will not have to pay customs duties on its exports to the European Union (EU). The EU is the largest export market for Africa. Exports to the EU represent 22% of SADC EPA countries' exports. The EU-SADC EPA provides opportunities for SADC countries to create jobs, attract more investment, industrialise, integrate into global value chains. On the EU side, European businesses are increasingly investing in the region. For its part, Mozambique will progressively, over the course of several years, reduce or eliminate customs duties for many of EU exports.
Source: European Commission
Xtract concludes new mining contractor agreement for Manica
Aim-listed Xtract Resources’ wholly-owned Mozambican subsidiary Explorator Limitada has concluded a new mining contractor agreement with Omnia for the exploitation of alluvial gold deposits at its Manica mining concession in Mozambique. The agreement with Omnia allows the O block of the western area to be fed into Omnia's sophisticated alluvial processing plant, which is situated adjacent thereto. “The overall effect will be to move more alluvials and, thus, shorten the time to about six years for total depletion of the western gravels," CEO Colin Bird said in a statement. The agreement will be effective for ten years, or sooner, if the alluvials are depleted.
Source: Mining Weekly
Namibia-Botswana desalination plant still on cards
The initial plans to jointly set up a multi-billion-US dollar pipeline that will draw water from the Atlantic Ocean and be shared as desalinated water by Namibia and Botswana is still on the cards. This was reaffirmed by visiting Botswana President Lieutenant-General Seretse Khama Ian Khama, who is in Namibia on a two-day state visit. Mid-2016, President Hage Geingob revealed during a function held at State House that the two governments were in discussions to pump desalinated water from the Atlantic Ocean through a pipeline that will stretch to Botswana. At the time, Geingob had said it is a regional project that will be commissioned between the Namibian and Botswana governments to tap water from the sea.
Source: New Era
Niger and BOAD want to strengthen their partnership
President Mahamadou Issoufou received in audience the President of the West African Development Bank (BOAD), Christian Adovelande. The two officials discussed relations between Niger and the West African support institution, as well as prospects for the year 2018. If one does not know more, for the moment, on the contents of the exchanges, it is to remember that the BOAD finances several projects of Niger. Especially in the field of road infrastructure, food security and support to the private sector.
Source: Niamey Et Les 2 Jours
NDPHC begins construction of N5.53-billion power transmission station
The Niger Delta Power Holding Company, a firm owned by the three tiers of government, commenced the construction of a N5.53-billion power transmission and transformation substation. The NDPHC said the station, which is being constructed in Lafia, Nasarawa State, would be completed, tested and inaugurated before the end of this year. The Managing Director, NDPHC, Chiedu Ugbo, told journalists at the ground-breaking that the substation would help improve power supply across the country, particularly in Abuja, Nasarawa and neighbouring states.
USD20-million from the World Bank to support irrigation in the Sahel
The World Bank signed a grant agreement with the Permanent Interstate Committee for Drought Control in the Sahel (Cilss), worth USD20-million for the implementation of the Regional Support Project for the Sahel Irrigation Initiative (Pariis). The objective is to contribute to the achievement of the overarching objectives of the Sahel Irrigation Initiative (IIS), namely an expanding, productive, sustainable, profitable, job-creating and food secure irrigation agriculture. This regional project concerns the six Sahel countries (Burkina Faso, Mali, Mauritania, Niger, Chad, Senegal), with the aim of developing innovative irrigation solutions, in order to increase agricultural production and ensure food security in the region.
Source: Niamey Et Les 2 Jours
VINCI Energies wins a major contract to expand the electricity grid in Senegal
Via its Omexom energy transition brand, VINCI Energies has won the Société d'Electricité du Sénégal (SENELEC) contract to install five new extra high voltage transformer stations, nearly 200 km of overhead and underground EHV transmission lines, over 100 distribution substations in various parts of the country and a regional load dispatch centre. The project is part of Senelec's transmission and distribution grid expansion, reinforcement and reliability enhancement programme (the 2016-2020 Strategic Plan). The GBP197-million project will take 36 months to complete and involves the cities of Dakar, Diass, Diamniadio, Thiès, Kounoune, Tobène and Tambacounda.
Source: Nasdaq Globe Newswire
Somali judge is elected President of International Court of Justice
Congratulatory messages from Somalia and other parts of the world are being shared on social media following the election of Judge Abdulqawi Ahmed Yusuf as president of the International Court of Justice (ICJ). The Somali judge was elected to the court’s Chamber of Summary Procedure along with four other judges and two alternate judges, who shall henceforth hear and determine cases brought before the court. Abdulqawi Ahmed Yusuf has been the vice president of the ICJ since February 2015 and has been a judge at the court since 2009.
Source: Africa News
Tanzania, Kenya agree to end trade disputes
Tanzania and Kenya have directed regulatory authorities from both sides to play a more proactive role in preventing and settling disputes between the two countries. The directive is part of the latest consensus reached by senior government officials from the two East African giants, who sought to save off a brewing trade war during a meeting held in the Kenyan coastal city of Mombasa.
Source: The Citizen
Smec develops master plan for Uganda oil and gas industrial park
Global consulting engineering firm Smec has been asked by the Uganda Ministry of Energy and Mineral Development to develop a master plan for a proposed oil and gas industrial park, in Kabaale, western Uganda. Owing to the discovery of oil in the region, and the need to maximise value from the resource, the country’s government has allocated about 3 000 hectares of land for the project, making it one of the largest industrial parks in the world. The industrial park is intended to form part of a new industrial city encompassing an oil and gas refinery; energy, petrochemical and other strategic industries; an international airport; commercial and administrative areas; health and education facilities; residential neighbourhoods; public spaces; an oil and gas export hub; and green areas.
Source: Engineering News
US gives Shs38-billion to power Uganda
Players in the off-grid subsector are set to benefit from a new three-year USD11-million (Shs38.5-billion) project that is part of the support towards new electricity generation and access initiatives. The US government made the announcement during the East African Energy Infrastructure Summit held in Kampala. Speaking at the summit, US ambassador to Uganda, Ms Deborah Malac said this Power Africa initiative will support innovation, market access, mobilise finance and provide transaction advisory services to private sector players in the off-grid sector.
Source: Daily Monitor
ZRL in SA rolling stock deal
Zambia Railways Limited (ZRL) has struck a commercial deal with South African freight logistics agency, Transnet, for the acquisition of a fleet of eight new locomotives and 600 wagons of different shapes designed for bulk haulage. Some of the bulk cargo expected to be moved off the road and onto the railway line include copper, copper and cobalt concentrates, sugar, coal, cement, sulphur and fuel. ZRL Chief Executive Officer Christopher Musonda said in Cape Town the new locomotives and wagons would help to support the implementation of the recently signed Statutory Instrument (SI) directing that 30% of heavy cargo now transported by road be moved to the rail-line.
Source: Times of Zambia
Zimbabwe to enter lithium market with USD1.4-billion mine
Zimbabwe’s mining industry, until now based mostly on platinum and diamonds, will soon count lithium as one of its key sub-sectors, as the country has struck a deal with an South African junior company whose project is expected to generate revenue of USD1.4-billion over eight years. Speaking on the sidelines of a mining conference in Cape Town, Zimbabwe’s new Minister of Mines and Mining Development, Winston Chitando, said his office had identified Prospect Resources Arcadia lithium project as one of the few that can help turnaround the country’s economy.
Source: Info Mine
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