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issue 309 | 17 Jun 2019

Africa

AfDB and partners launch facility to connect 320 million Africans to digital financial services

The African Development Bank and its partners have launched the Africa Digital Financial Inclusion Facility (ADFI), designed to aid safety and expansion of digital financial transactions in Africa. The fund is supported by the Bill & Melinda Gates Foundation, the Agence Française de Developpement and the government of Luxembourg as initial contributors. The aim is to ensure that at least 320 million more Africans, of which nearly 60% are women, have access to digital financial services. The fund will deploy USD100-million in grants and USD300-million in the form of debt from the Bank’s ordinary capital resources by 2030, to scale up electronic financial services for low-income communities.

Source: Africa Business Communities

Africa

Automation Anywhere expands operations into Africa

Automation Anywhere, a global company specialising in Robotic Process Automation (RPA), has announced the expansion of its operations in Africa with plans to open an office in Johannesburg. To lead the company’s expansion, Sriram Narayanan has been appointed Regional Sales Director and will spearhead operations in Africa and ROW to deliver value to customers, build a strong team of local talent and drive innovation. “Demand for intelligent automation continues to grow globally and we have witnessed a strong business need for our offerings in Africa, and across South Asia, the Russian Federation, Turkey and Israel, said Milan Sheth, executive vice president for IMEA, Automation Anywhere.

Source: Africa Business Communities

Botswana

Botswana Diamonds to fund Thorny River expansion

Botswana Diamonds is to sell 256 carats of rough diamonds recovered at its Thorny River operation to further this project. The sale of diamonds from bulk sampling will enable funding of further development of Thorny River by Vutomi, in which Botswana Diamonds has a 40% interest. The rough diamonds were recovered from re-commissioning the processing plant. The bulk sampling programme will generate short-term cash flow, whilst building the mineral resource. The company’s partner, SouthernEra Diamonds, has included its coarse tailings dumps generated from the mining of the Marsfontein and Klipspringer diamond mines into the same revenue sharing agreement.

Source: Mining Review Africa

Ethiopia

Equity Bank enters Ethiopia, set to commence operations in July

Kenyan headquartered Equity Bank has set up a Commercial Representative Office in Addis Ababa, Ethiopia, as it prepares to commence operations come July this year. The Bank has appointed Hassan Maalim as the Head of the Commercial Representative Office which will be based at Kazanchis-Addis Ababa Ethiopia. Hassan brings a wealth of experience having joined Equity Bank in 2005. The entry of Equity Bank into Ethiopia, a country with a population of nearly 100 million people, follows Ethiopia’s government appointment of a privatisation commission and the ongoing reforms which are aimed at promoting a growing private sector.

Source: Africa Business Communities

Ethiopia/Djibouti

Ethio Telecom, Djibouti Telecom to use railway communication fiber for telecom services

In a recent discussion held between Ethio Telecom and Djibouti Telecom Executives, the two companies agreed to use the Ethio-Djibouti Railway, connecting Addis Ababa to the port city of Djibouti, for telecommunication services. Ethio Telecom and Djibouti Telecom have a long-standing partnership in various areas including international gateway, interconnect voice capacity, interconnection and roaming services among others. These cooperation areas are important for the customers of both companies to use interconnect services. In addition, the cooperation between the two companies is also crucial in the provisioning of affordable, quality and reliable internet services for customers.

Source: Africa Business Communities

Equatorial Guinea

AfDB loans Equatorial Guinea EUR26.5-million for public finance modernisation project

The Board of Directors of the African Development Bank (AfDB) approved a loan of EUR26.5-million to the Republic of Equatorial Guinea to finance the project to support the Modernisation of Public Finance (PAMFP). This institutional support will be implemented over the period 2019-2023, and aims to support the authorities in their efforts to strengthen governance and modernise public finance management. This support comes in a context of falling oil prices, which began in 2014, and a program of economic and financial reforms supported by the IMF through four priority areas.

Source: Africa Business Communities

Kenya

AgDevCo announces first investment in Kenya

In partnership with Root Capital, AgDevCo is pleased to announce its first investment in Kenya, where it's providing a USD5-million facility to a market-leading consortium of macadamia processors and exporters. The largest processor, Afrimac, was founded in 2012 and its operations have expanded rapidly to reach over 5,000 tonnes of macadamia purchased per year. Other members of the consortium are Sagana Nuts, The Village Nut and Jumbo Nut. All processing facilities are located in Kenya’s prime macadamia producing areas in the central counties. AgDevCo’s financing will enable the consortium to buy nuts from 21,000 smallholder farmers to be processed into shelled kernels for export.

Source: Africa Business Communities

Kenya

Kenya unveils USD47-million financing to provide solar solutions in marginalised counties

The Kenyan government has launched a USD47-million facility under the Kenya-Off-Grid Solar Access Project (KOSAP) aimed at spurring the private sector to provide viable solar and clean cooking solutions to about 1.1 million people in the 14 marginalised counties of West Pokot, Turkana, Marsabit, Samburu, Isiolo, Mandera, Wajir, Garrisa, Tana River, Lamu, Kilifi, Kwale, Taita Taveta and Narok. The Results-Based Financing (RBF) and Debt Facilities under the KOSAP are financed by the World Bank and implemented by the Ministry of Energy alongside the Kenya Power and Lighting Company (KPLC) and the Rural Electrification and Renewable Energy Corporation (REREC).

Source: Africa Business Communities

Kenya

AfricInvest buys extra Sh273-million Britam shares

Private Equity (PE) firm AfricInvest has spent another Sh273-million to acquire an extra 32.5 million shares in insurance group Britam whose stock it has been accumulating since last year. The latest share purchases has raised the PE firm’s stake in the Nairobi Securities Exchange-listed firm to 17.55%. AfricInvest was first allotted 360.8 million new shares equivalent to a 14.3% stake in May last year at a cost of Sh5.7-billion or a price of Sh15.85 per share. The company subsequently bought an additional 49.3 million units of Britam shares worth about Sh450-million in the open market by October last year. The extra 32.5 million shares, with a current market value of about Sh273-million, were bought in the three months to December.

Source: Business Daily

Kenya/Ethiopia

KenGen bags new Sh5.2-billion geothermal tender in Ethiopia

Kenya Electricity Generating Company (KenGen) has won a Sh5.2-billion tender to drill geothermal wells in Ethiopia, marking the second win in the landlocked country in under four months. Business development director at KenGen Moses Wekesa said it has reached an agreement with an independent power producer (IPP), Tulu Moye Geothermal Operations Plc, to drill wells and offer geo-scientific survey. “We bid and the first bidder fell off. We were the second best evaluated bidder. The IPP has now engaged us in discussion. We have negotiated and settled,” said engineer Wekesa during the recent energy debate convened by QLand Energy Communications Consultancy. “We will be providing geo-scientific survey and drilling eight geothermal wells. One geothermal well costs about Sh650 million.”

Source: Business Daily

Mali

Oklo Resources continues growth strategy in Mali

Oklo Resources acquired a 65% interest in the Sari Project while maintaining the option to acquire the remaining 35% in June 2020. The acquisition of the Sari Project is central to the company’s broader strategy to acquire a significant landholding within the Birimian gold belt in western Mali. Oklo Resources currently holds 500 km2 of highly prospective ground in this emerging world-class gold region. The Sari Project is located less than 1 km east of the company’s flagship Dandoko Project in western Mali. Together with Kossaya and Kouroufing, the Sari Project forms part of a contiguous land holding of 175 km2. “Oklo’s strategy of building a significant foothold in this prolific region has delivered exceptionally well," says Oklo Resources MD, Simon Taylor.

Source: Mining Review Africa

Mauritania

Aura Energy extends exploration permit in Mauritania

ASX-listed Aura Energy has signed a farm-in / joint venture agreement to extend its already significant position in the Tasiast Archean Greenstone Belt. The agreement has been executed with Nomads Mining Company of Mauritania and allows Aura to earn a 70% interest in Nomads 100% owned exploration permit. The exploration permit of 160 km2 covers 50 km2 of Archean greenstones in the Tasiast greenstone belt. The exploration permit lies approximately 35 km along strike from Kinross’ giant +20 Moz Tasiast Gold Mine and 30 km from Algold's Tijirit gold deposits which occur in the adjoining greenstone belt. Algold has reported a resource of +1 million ounces of gold at Tijirit.

Source: Mining Review Africa

Mozambique

Chinese investors spend USD700-million on building a cement factory in Mozambique

Chinese investors will spend USD700-million to build a cement plant with a nominal capacity of 500,000 tonnes in Mozambique, with work expected to start in 2021. The newspaper said that the Cimentos de Sofala, Lda. plant is due to be built in Muxúnguè, Chibabava district, in the south of the Mozambican central province of Sofala, and the works will begin in the third quarter of 2019. Zheng Peng, the company’s representative, told the newspaper that the investors plan to supply the local market with Portland cement, in addition to exporting the product to neighbouring countries Malawi and Zambia. The construction of the factory is expected to require 600 workers, mostly Mozambicans, and when in operation the unit should have a workforce of 200 people.

Source: Macau Hub

Namibia

Mergence Namibia takes majority of share solar plant

Local asset manager Mergence Unlisted Investment Managers (Namibia) has bought a majority stake for an undisclosed sum in the 6MWp Momentous Solar One solar energy plant, located near Keetmanshoop. The seller is NASDAQ-listed Canadian Solar, one of the world's largest solar power companies. Hileni Nghinaunye, Portfolio Manager with Mergence, said: “The purchase of a majority stake in the Keetmanshoop project signals a positive trend to localisation of the industry – a solar plant owned by Namibians for Namibians. The shares purchased from Canadian Solar will be held in the Mergence Namibia Infrastructure Fund Trust on behalf of the Namibian Government Institutions Pension Fund (GIPF).

Source: ESI Africa

Nigeria

UK’s CDC Group to invest USD300-million in Nigeria’s power sector, others

CDC Group, the UK government’s foreign investment arm, has announced it will invest USD300-million in power grid development in Africa over the next five years. This contribution will be made through Gridworks, a company that will be launched shortly to this end. The company will make investments in African transmission networks, but also in the electricity distribution infrastructure. CDC chief executive Nick O’Donohoe said, Gridworks Company, to be launched soon, will make funding in power transmission and distribution infrastructure, as well as off-grid electricity systems. Focused primarily on Africa, Gridworks’ ambition is to invest over USD300-million of long-term capital in viable projects over the coming years.

Source: Energy Mix Report

Republic of Congo

Lukoil enters hydrocarbon production project in the Republic of Congo

Russian oil and gas company Lukoil has concluded an agreement with New Age M12 Holdings to acquire a 25% interest in the Marine XII license in the Republic of Congo for USD800-million in cash. The transaction is subject to customary conditions, including the approval by the government of the Republic of Congo. The license covers five discovered fields containing 1.3 billion barrels of oil equivalent of proved and probable (2P) reserves according to an international independent auditor. Two fields, Nene and Litchendjili, launched in 2015, currently produce 28 thousand barrels of oil (mainly light and low-sulfur) and gas condensate per day, and 1.7 million cubic meters per day of marketable gas.

Source: Africa Business Communities

Rwanda

Swedish entrepreneurship hub Norrsken announces entry into Rwandan market

Swedish entrepreneurship hub Norrsken has announced its entry into the Rwandan market, in a move expected to boost the country’s entrepreneurship ambitions. The hub, which houses 340 entrepreneurs and 120 companies in the Swedish capital of Stockholm, will open its first hub in Africa-Kigali, in an announcement, which was made, by the government and Norrsken. The Kigali hub is Norrsken’s second global hub after its Stockholm hub and is expected to boost Rwanda’s vision to become a regional entrepreneurship and innovation hub. Norrsken’s influence cuts across all sectors of the economy –from Healthcare, Education, Finance, Food and Agriculture and Environment, with a footprint in Sweden and Britain.

Source: The New Times

Seychelles

Seychelles edges closer to realising floating solar energy project

Implementation of Africa’s first independent power producer floating solar photovoltaic (FPV) project is continuing in Seychelles. The project, launched by the Seychelles Ministry of Environment, Energy and Climate Change and the Seychelles Energy Commission, will be the first utility-scale, private-sector funded floating solar project in Africa and aims to support the country’s transition to renewable energy. The floating solar power plant will be located in Providence lagoon on Mahé Island and will have an estimated capacity between 3.5 – 4 MWAC. The plant will also be the first utility-scale floating solar project in a marine environment worldwide, paving the way for further marine projects, a crucial opportunity for island nations and other land-scarce energy systems.

Source: Africa Business Communities

Sierra Leone

DBSA funds final stages of Bumbuna II hydropower project in Sierra Leone

As Joule Africa enters the final stages in developing the Bumbuna II 143 MW hydropower project in Sierra Leone, the Development Bank of Southern Africa (DBSA), has committed USD4.9-million to finance remaining project development activities. Mohale Rakgate, DBSA’s Group Executive for Project Preparation, commented: “Bumbuna II is a critical energy infrastructure project for Sierra Leone which will help to reduce the country’s dependence on fossils fuels and emergency power by providing affordable baseload power for Sierra Leone. It will double the national electricity generation capacity and go a long way to ensuring that the Government of Sierra Leone achieves its objective of ensuring that at least 30% of the population has access to electricity by 2030.”

Source: Energy Mix Report

Tanzania

Marriott International opens second Four Points by Sheraton in Tanzania

Marriott International, Inc. has announced the opening of its second Four Points by Sheraton hotel in Tanzania, Four Points by Sheraton Dar es Salaam, New Africa Hotel. The original New Africa Hotel was built as the official residence of Kaiser Wilhelm II in 1896. It was used as a hospital during World War I before being converted into a hotel during the British Empire. Sitting at the heart of the central business district of the city, overlooking the Harbor the hotel has since emerged as a landmark and an integral part of the burgeoning city. With the renovation and the rebrand, the hotel continues to retain its unique charm, while delivering on the brand’s promise to provide what matters most to today’s independent travellers.

Source: Africa Business Communities

Uganda

SEACOM launches direct-to-corporate connectivity and cloud services in Uganda

Pan-African telecoms enabler SEACOM has further extended its corporate market offering into the East African region, under its SEACOM Business brand, by providing its Internet connectivity and cloud services directly to corporate customers in Uganda. SEACOM has been a leading data connectivity provider in Uganda enabling access though the service provider segment SEACOM will provide a corporate-grade consistent service quality by leveraging SEACOM’s existing high-speed fiber-based network infrastructure that extends from Kampala onto its diverse subsea international backbone.

Source: Africa Business Communities

Zambia

Arc Minerals kicks off drilling programme in Zambia

Aim-listed Arc Minerals has commenced an initial 7 500 m drilling programme at its Zamsort/Zaco copper projects located in the Zambian Copperbelt, adjacent to world-class operating copper mines. During 2018, Arc Minerals conducted a comprehensive high-resolution airborne geophysical survey over its Zamsort and Zaco projects. The licenses cover in excess of 850 km² and host a large number of targets in addition to the Kalaba copper-cobalt prospect. The drilling programme is designed to test the company’s large highest-priority targets – the Cheyeza anomaly – as well as the Lumbeta and Muswema targets in addition to other targets generated through the comprehensive geophysical and soil sampling programme.

Source: Mining Review Africa