France to invest EUR1-billion in Africa’s private sector
The President of France, Emmanuel Macron, has revealed plans to invest EUR1-billion in Africa’s private sector. Macron, who said he was passionate about the development of Africa at an interactive session with African entrepreneurs, organised by the Tony Elumelu Foundation (TEF) in Lagos, said the investment would go a long way in transforming the economy. According to him, if Africa fails, Europe and France will fail. He said, “The unique way to succeed is to encourage private sector as this is a crucial way to achieve sustainable inclusive growth. When young people have access to jobs, then they have a chance at a better life, and the society has a chance at development. He stated that as part of the commitment to the African private sector, he would be donating 70% of the loans offered by TEF to entrepreneurs. Macron, who signed an agreement with TEF for the loan, said he would also invest his time and funds in the education of African girls.
Source: Punch Nigeria
Angolan government awards more concessions for gold prospecting
The Angolan government has awarded four new gold prospecting concessions, involving partnerships between Angola’s national iron company, Ferrangol and private companies, covering a total area of more than 5,000 square kilometres and an investment of EUR8-million, under orders signed by the Angolan Minister of Mineral Resources and Oil. The first order signed by Diamantino Pedro Azevedo concerns a concession located in the municipality of Tchicala-Tcholoanga, in the province of Huambo, where mining rights are attributed to the joint venture of public company Ferrangol (25%), Solande (65%) and MJP (10%) involving gold prospecting in a total area of 3,212 square kilometres and an initial investment of USD796,000. The prospecting rights granted under the four contracts are for a two-year term, which may be extended to a maximum of seven years, while the exploration phase may extend from three to 35 years, according to Portuguese news agency Lusa.
Source: Macau Hub
MOD Resources hits potentially significant copper mineralisation at A4 Dome, Botswana
MOD Resources has announced the second hole to test the target sequence within the A4 Dome within the T3 Dome Complex in Botswana has intersected potentially significant visible copper mineralisation in veins within a zone extending up to 67m down hole width. According to MOD, intersecting visible copper sulphides at A4 Dome is particularly significant as it reinforces the use of airborne electromagnet that has identified many ‘buried domes’, several with similar geometry to the company’s flagship development project at T3. Drilling at the A4 Dome is the start of a major drilling campaign testing for vein hosted deposits at seven of these newly discovered domes. Another drill hole, MO-A4-002D, located 1.0km west of MO-A4-001D is currently at 328m depth and nearing the interpreted target sequence, and MO-A4-004D located 150m north of MO-A4-003D has commenced.
Source: Copper Investing News
Botswana Power Corporation on a path to digital transformation
Aligning with Botswana’s commitment to provide energy users access to affordable energy services and improve grid efficiency, GE Power’s grid solution business has announced that it has signed its first contract with Botswana Power Corporation (BPC). According to a company statement, the contract includes the design, supply, installation, testing and commissioning of a SCADA/energy management system at the principal grid control centres in BPC headquarters in Gaborone as well as the back-up control centre in Francistown. It is reported that at present, an average of 70% of the country’s population has access to electricity. Now Botswana is currently focused on the digital transformation of its grid network to enhance reliable access for its people.
Source: ESI Africa
Central African Republic
International Monetary Fund approves USD32.1-million disbursement
The International Monetary Fund (IMF) has approved a USD32.1-million disbursement to the Central African Republic after the completion of the fourth review of the Extended Credit Facility (ECF) agreement. The decision will bring total disbursements under the agreement to about USD123.7-million, the international institution said, adding that the implementation of the program is satisfactory in a difficult context. "The results achieved under the ECF-supported program have been satisfactory despite difficult security and humanitarian conditions. The authorities have accelerated the implementation of their reform program and their public investment plans, " said Tao Zhang, deputy director general and acting chairman,after the organisation's board of directors.
Source: Centrafrique Presse
GCB partners Invest In Africa to support, develop local businesses
GCB Bank and Invest In Africa (IIA) announced the signing of an agreement that formally makes GCB Bank the newest partner of the initiative. GCB Bank’s Managing Director, Anselm Ray Sowah, said, “joining the Invest In Africa initiative further reinforces GCB Bank’s commitment to Ghana, to make a positive difference by supporting in the growth of local businesses.” On his part Invest in Africa Ghana’s Country Director, Clarence Nartey, stated that: “The partnership with GCB is yet another example of IIA’s commitment to building the right relationships to support SME development, local capacity building and job creation.” IIA is a private sector initiative that brings together leading indigenous and international companies across sectors; actively working together to create a sustainable business ecosystem – by offering local enterprises access to finance, markets and skills that improves their competitiveness and accelerates their growth.
Source: Joy Online
Afb Ghana, expands bond funding by USD42-million
To support the inclusive finance entity’s ongoing expansion strategy, Afb Ghana has increased its bond issue by two thirds, to total GHS300-million. Afb’s bonds have managed to secure a solid rating for the last year thanks to Afb’s solid track record and positive business potential for the medium term. Global Credit Rating attributes the positive rating track record to Afb Ghana’s “sustainable multi-lending product strategy executed by leveraging on the expertise of its parent Letshego Holdings Limited (“Letshego”), increased funding diversification, strong capitalisation and enhanced earnings profile.” Looking forward, the rating agency’s interest lies in reviewing Afb Ghana’s recently launched mobile Qwikloan solution, with other new offerings and digital ventures, such as Afb Ghana’s Education Eco-System solution being a key consideration for the rating horizon.
Source: Joy Online
USD598-million from the World Bank for the Greater Abidjan project and the electricity sector
The World Bank has approved two projects for a total of USD598-million to support the competitiveness of Greater Abidjan and the improvement of the financial results of the electricity sector. These programs aim to improve urban management, logistics efficiency and accessibility of the port, as well as mobility in Greater Abidjan and optimise the financial results of CI-Énergies, the national electricity company, according to a note. "The project will strengthen the competitiveness of the Autonomous Port of Abidjan as a gateway to the region while supporting a harmonious and equitable urbanisation," said the director of operations of the World Bank for Côte d'Ivoire, Pierre Laporte. This first project to support the competitiveness of Greater Abidjan (PACOGA) has a loan from the International Development Association (IDA) of USD315-million. The second will take shape, thanks to a loan guarantee of USD283-million, granted by IDA for the CI-Energies debt refinancing operation. This funding will support the company's introduction into local and international banking markets, among others.
Source: Abijan News
Centum subsidiary raises Sh350-million for lender Branch
Centum's capital-raising advisory firm Barium Capital has helped San Francisco based mobile loans company Branch International to raise Sh350-million for lending in Kenya. Branch in a statement said the fresh capital– its second issued commercial paper in the Kenyan market since 2017 – will help grow its loan book. “The rapid growth of smartphone adoption, paired with the affinity for mobile money has put Kenya at the forefront of the financial technology explosion,” said Branch head of global operations Daniel Szlapak. Last year Branch, a Silicon Valley start-up that launched in Kenya in April 2015 and which has since disbursed more than Sh10-billion via mobile money platform M-Pesa, raised Sh200-million for the Kenyan market expansion. The company said it plans to expand into savings and payment products in the future for its more than a million users.
Source: Business Daily
AfDB to pilot Sh394-million clean stove project in Kenya
An affiliate of the African Development Bank (AfDB) is set to pilot a clean cooking industry technical assistance project in Kenya, Ghana and Cameroon. The Fund for African Private Sector Assistance (Fapa) will carry out the project, together with three others, at a cost of about Sh393.4-million aiming to create jobs for the youth through the development of small and medium enterprises (SMEs). The clean cooking project alone will receive technical assistance — which comes as part of the actual implementation of the project on the ground – to the tune of Sh100.4-million. “Prioritised under the New Deal on Energy for Africa, the Clean Cooking Industry technical assistance project of Sh100.4-million will be implemented in the following pilot countries: Cameroon, Ghana, and Kenya. The project aims to promote the growth of clean cooking solutions industry across its value chain,” said AfDB in a statement.
Source: Business Daily
CDC and Globeleq invest USD66-million to develop solar PV plant in Kenya
CDC, a UK government development finance institution, alongside its partner, Globeleq, announced a USD66-million debt investment in Malindi Solar Group, to build a 52MWp solar photovoltaic power plant in South-East Kenya. The 16-year financing will provide much-needed power in the Malindi area, which currently struggles with regular power shortages and relies largely on expensive thermal plants. Globeleq, CDC’s majority-owned independent power producer solely focused on building power generation in Africa, is the sponsor of the project. The company is working with its partners Africa Energy Development Corporation (AEDC) and IDEA Power to commence construction in the coming months. The Malindi plant will provide 52MWp of clean generation capacity to the Kenyan grid.
Source: ESI Africa
KenGen to seek USD57-million funding to set up solar powered station
Power producer Kenya Electricity Generating Company (KenGen) has approached the World Bank, French Development Agency (AFD) and KfW (German Development Bank) for USD57-million funding to construct its first solar-powered station. “We have finished feasibility studies for the project and we’re now seeking funding from the traditional lenders for the State-owned power firm,” said KenGen business development director Moses Wekesa. The proposed 45 MW plant named the Seven Forks Solar project, will sit on 100 hectares of land with the construction process expected to take 14 months. It will be located in Embu near the company’s hydroelectric power stations. Upon securing the funds and preparing the engineering, procurement and construction (EPC) contract, the firm will then sign a power purchase agreement (PPA) with electricity distributor Kenya Power who will indicate the tariff at which KenGen will sell the electricity to Kenya Power for onward retail to homes and businesses.
Source: Asoko Insight
Hass Petroleum inks deal to distribute Oman Oil products
Oman Oil has signed a deal with Hass Petroleum for distribution of its lubricants in the Kenyan and Eastern Africa market. The partnership will see Hass Petroleum distribute lubricants formulated in Oman. Under the deal whose financial aspect remains undisclosed, the Oman-based oil manufacturer will fund the distribution and marketing of its products through Hass Petroleum. Omani Trading International (OTI) acquired a 40% stake in Hass Petroleum about a year ago in a transaction that also included provision of technical assistance to the Kenyan firm. Oman Oil, which is wholly owned by the Oman government will use Kenya’s strategic location to further its share in Uganda, Tanzania, and the Democratic Republic of Congo banking on the Port of Mombasa. Hass Petroleum CEO Issa Sheikh Mohammed said the partnership will boost its efforts of widening its reach in the local lubes market which is valued at about USD180-million. Oman Oil currently sells its lubricants to the Middle East, North Africa, Ethiopia, Bangladesh, Yemen and Bahrain markets.
Source: Business Daily
Bass Metals to prepare maiden graphite resource for Mahela project
Bass Metals Limited will embark on a diamond-drilling program to help facilitate a maiden mineral resource estimate for its Mahela prospect in Madagascar. This follows an auger drilling program which demonstrated widespread mineralisation in at least three zones over 600 metres. The USD73.67-million company’s maiden auger results for the brownfields prospect indicate that it contains “easily mineable saprolite-hosted graphite mineralisation”. This program returned strong results such as a fixed carbon grading of 5.12% over 12.5 metres, including a 7.37% grading over 5 metres, seen in the first 8 metres from surface. Bass Metals chief executive officer Tim McManus said the prospect could help the company develop a larger resource base. “Mahela has the potential to significantly add to the next key strategic objective of expanding production capacity to about 20,000 tonnes per annum of premium large-flake graphite concentrates and possible downstream production of expandable graphite.” At least three zones of saprolite-hosted graphite mineralisation were identified during Bass’ drilling and these were open to the north and south.
Source: Proactive Investors
Vantage Capital invests USD10-million on property in Mauritius
Fund managers Vantage Capital has provided USD10-million of mezzanine funding to Cap Tamarin, a mixed-used, residentally-focused smart village located on the sought-after west coast of Mauritius. Cap Tamarin will feature innovation centres to support start-ups, small and medium enterprises and research-based organisations. On completion, the Cap Tamarin development will span over 400,000m2 and will comprise residential units made up of a combination of apartments, senior homes with non-medicalised and medicalised facilities, villas and individual houses. The development will feature public services, including a comprehensive range of schools, a smart citizen advice office, a post office as well as cultural and innovation centres.
Source: Business Report
Concession of the port of Beira, Mozambique, extended for 15 years
The Mozambican government has decided to extend for 15 years the concession of the port of Beira to Cornelder de Moçambique, starting from 2023 when the current 19-year concession period is due to end, said the spokeswoman of the Council of Ministers and Deputy Minister of Culture. Cornelder de Moçambique is a partnership between state-owned port and railway manager Portos e Caminhos-de-Ferro de Moçambique (CFM) and Cornelder Holland, which operates container and general cargo terminals in the port of Beira, capital of Sofala province, since October 1998. The USD290-million investment plan includes the repair of 300 kilometres of National Road Number 6 from Beira to Machipanda on the border with Zimbabwe as well as 317 kilometres of the Beira-Machipanda railway line.
Source: Macau Hub
Savannah Resources and Rio Tinto join forces at Mutamba
AIM-listed Savannah Resources, through its consortium agreement with international mining and metals company Rio Tinto, aims to develop one of the largest accumulations of heavy minerals sands in Africa. The partners have already defined a 4.4 Bt mineral sands resource that could support the development of a large scale mine able to produce up to 600 000 tpa of heavy mineral sands product as early as 2020 says CEO David Archer. The consortium between Savannah and Rio Tinto became operative in October 2016, and combines Savannah’s Jangamo project with Rio Tinto’s adjacent Mutamba project, which includes three deposit areas – Jangamo, Dongane and Ravene – as well as the Chilubane deposit, which is located 180 km to the south west of the Mutamba project. As per the agreement, Savannah is the operator of the project and may earn up to a 51% interest in the combined project as it moves towards production through scoping, pre-feasibility and feasibility studies, while Rio Tinto will be providing all its existing camp, facilities and associated equipment.
Source: Club of Mozambique
Airborne survey of cobalt-copper project in Namibia begins
Namibia Critical Metals has announced that flight operations have begun for the combined airborne electromagnetic and magnetic survey being carried out by SkyTEM Surveys ApS over the Kunene cobalt-copper project in Namibia. The survey area has been increased from 670 km2 to 720 km2 and now comprises 4 000 line kilometers at a flight line spacing of 200 meters. The objectives of the survey are to detect conductive horizons and sulphide accumulations associated with cobalt-copper mineralisation to depths of 300-400 meters, and to assist with geological mapping and structural interpretations. Field teams have been mapping priority target areas in advance to assist in interpretation of geophysical anomalies. The SkyTEM survey is now scheduled to be completed in early August, to be followed by an initial 7 500 m drilling programme.
Source: Mining Review Africa
Cabinet approves contract for the construction of a gas pipeline
Nigeria's Minister of Information Lai Mohammed, has disclosed that cabinet has approved a contract for consultancy service for the construction of a gas pipeline at the cost of USD92-million. Mohammed said the council approved a memo by the Minister of State for Petroleum, Ibe Kachikwu, for a revised estimate total cost for the engineering, procurement and construction of the OB3 gas pipeline project. "This is a project that has been awarded but there was a need for the cost of the redesigning to seek for council's approval so that there will be enough funds to execute the project. "The project is important because it has to do with the delivery of gas from the eastern part of the country to the power turbines and to improve our power supply. This contract is awarded to Nestor Limited and Olisa Limited and the total cost of the contract is USD92-million" he said.
Source: ESI Africa
NNPC signs agreement for seven critical gas projects
The Nigeria National Petroleum Corporation, NNPC, has signed agreements for seven Critical Gas Development Projects (7CGDP) to deliver about 3.4 billion standard cubic feet of gas per day (bscfd) to bridge the foreseen medium term supply gap by 2020 on an accelerated basis. The NNPC, in a statement in Abuja, said the 7CGDP is an integral leg of the gas development strategy designed by the NNPC to leverage the full potential of gas to meet the target of generating at least 15 gigawatts, GW, of electricity by 2020. The 7CGDP, according to the NNPC include: development of the 4.3 trillion cubic feet (TCF) Assa North/Ohaji South field; development of the 6.4 TCF Unitized Gas fields (Samabri-Biseni, Akri-Oguta, Ubie-Oshi and Afuo-Ogbainbri); and the development of 7.0 TCF NPDC’s OML 26, 30 & 42.
Source: Vanguard Nigeria
AfDB to invest USD12-billion in Nigerian energy programme
The African Development Bank (AfDB) has revealed plans to invest USD12-billion in Nigeria’s energy programme. AfDb President Akinwumi Adesina, confirmed the statement during the inaugural edition of the Africa Energy Market Place saying that there was a need to act speedily to accelerate the plans to light up and power Africa. “The bank has made a USD12-billion investment commitment to its new deal on Energy for Africa programme. Sub-Saharan Africa currently has 14% of the world’s population and accounts for 4% of global energy investment. Analysts at the bank note that several countries, including Ethiopia, Gabon, Ghana and Kenya, are on track to reaching universal electricity access by 2030,” he said. Adesina acknowledged the AEMP as an industry-wide collaborative platform convened by the AfDB to address barriers to mobilising and scaling-up private investment into the energy sector by bringing together key stakeholders in the continent’s energy sector. The Director, Côte d’Ivoire Cabinet of Petrol and Renewable Energy Development Ministry, Jacques Chevalier,also stated that energy held a critical role in Africa’s economic transformation, particularly in improving the living conditions of Africans.
Source: Asoko Insight
Denis Private Island unveils first phase of solar PV project
In efforts to reduce dependency on fossil fuels, the Denis Private Island has implemented the first phase of a four-phase solar photovoltaic power project. According to the Seychelles News Agency, the island used to consume 100 litres of diesel fuel per day. Speaking to local media, Denis Private Island owner Mickey Mason explained: "While most photovoltaic projects feed power back into a public energy grid, primarily because there is no grid, the challenges on Denis are considerably different. "The entire operation on the remote island (a 30-minute flight from the main island of Mahé) has had to be powered independently with its own diesel generators, making the switch to renewable energy a more complicated affair.” The solar project was implemented in partnership with local company Sun Tech Seychelles and German firm, DHYBRID. The first phase saw the installation of a 104kW solar array, together with the DHYBRID Universal Power Platform, which will serve as the foundation for the current and future integration of solar energy on the island.
Source: ESI Africa
African Development Bank supports Tanzania’s economic reform
Tanzania’s ongoing macroeconomic reform programme has received a boost from the African Development Bank through a USD40-million budget support loan to be provided by the African Development Fund, the concessional arm of the Bank Group. The budget support facility is being managed under the African Development Bank's Good Governance and Private Sector Development Program (GGPSDP). The first phase of the GGPSDP reinforces Tanzania’s Blueprint for Regulatory Reforms to Improve the Business Environment and forms part of the USD80-million two-year programmatic budget support for the East African nation, covering the fiscal year 2017/18 and 2018/19. The funding is aligned to pillar II of the African Development Bank's Tanzania Country Strategy Paper, Strengthening Governance and Accountability, and two of the five operational priorities of the Bank Group’s Ten-Year Strategy.
Source: Mining Review Africa
Tanzania secures USD400-million for SGR power plant projects
Trade and Development Bank (TDB) has pledged a USD400-million soft loan to the government for construction of the central Standard Gauge Railway (SGR) and gas plant in Kilwa District, Lindi Region. TDB President Admassu Tadesse said that his bank has allocated USD200-million for the SGR and USD200-million for gas power plant. Mr Tadesse met and discussed various issues related to the two projects with Finance and Planning Minister Dr Philip Mpango as well as Energy Minister Dr Medard Kalemani. He said Tanzania is one of the bank’s big stakeholders, adding that TDB is ready to cooperate in the execution of various development projects in the country. “Tanzania is one of our main stakeholders, it’s seventh in the list of 37 countries that own shares in TDB, with 6.4% stake,” he noted.
Source: Daily News
Vivo Energy Uganda and GoodLife Pharmacy enter into partnership
In order to significantly widen the access to world class pharmacy and health hub (wellness centre) services to Ugandans, Vivo Energy Uganda has signed a partnership agreement with GoodLife Pharmacy that will see its pharmacy stores set up within existing Shell service stations across the country. Driven by the steady growth in convenience-seeking customers, Vivo Energy Uganda is refurbishing existing Shell service stations so that they not only include high-quality fuels and lubricants but also offer services including shops, quick service restaurants, pharmacies, ATMs, tyre centres and car wash facilities. Goodlife Pharmacy is a fast growing pharmacy and health hub with branches in Uganda and Kenya. Goodlife focuses on providing high quality individual customer care at an affordable price and at convenient places across the region.
Source: African Business Communities
Zambia obtains USD50-million to advance its renewable energy programme
Facing a serious electricity supply deficit due to recent droughts, Zambia’s government launched the Renewable Energy Feed-in-Tariff (REFiT) policy in 2017 to crowd in private investments for small-scale (up to 20MW) renewable projects. To this end, the board of directors of the African Development Bank (AfDB) has approved USD50-million framework financing for small-scale renewable energy projects in the country. The Framework aims to finance 100MW of renewable energy projects, primarily solar PV, to be selected under the GETFiT Zambia Programme. Read more: Project bankability remains a challenge for solar market. This is the first programme that will be co-financed by the Green Climate Fund (GCF) and the AfDB following the signing of the Accreditation Master Agreement between the two institutions, making the bank a credited implementer of GCF-approved projects. The board of the GCF approved USD52.5-million (USD50-million loans and USD2.5-million technical assistance grant) for the Framework during its 19th Board Meeting.
Source: ESI Africa
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