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issue 319 | 26 Aug 2019

Africa Business in Brief

 


Africa

SA and Tunisia commit to strengthening economic ties

The governments of South Africa and Tunisia have undertaken to strengthen bilateral economic relations between them which will result in an increase in trade and investment. This was confirmed by Nomalungelo Gina, South Africa's trade and industry deputy minister and Sabri Bachtoji, Tunisian secretary of state for foreign affairs following a meeting in Pretoria. They both emphasised the need to establish a framework and create a conducive environment for the two countries' business communities to work together.

Source: IOL

Africa

Kenya Private Sector Alliance (KEPSA) and TradeMark East Africa ink USD1.5-million deal to expand trade and investment for Kenyan businesses

Kenya Private Sector Alliance (KEPSA) and TradeMark East Africa (TMEA) have signed a USD1.5-million financing agreement which will support the Public-Private Sector Dialogue (PPD) programme for its first two years. This program seeks to improve conditions for expanded trade and investment for Kenyan businesses, job creation as well as growing the economy. The PPD Program has six focus area: transport and logistics PPD (road, rail and air); Trade Facilitation PPD; Customs and Tax PPD; Standards and SPS PPD; Trade Logistics Cluster PPD; and, Technical Support for efficient PPD frameworks.

Source: Africa Business Communities

Africa

African Liquefied Natural Gas to attract USD103-billion in 2019

Africa is said to hold 7.1% of proven global gas reserves and is expected to contribute nearly 10% of global production growth through to 2024.

Source: Africa Business Communities

Africa

Chad invites Angola to explore oil

Angola’s President João Lourenço has confirmed that Chad has extended an invitation to Angola to explore oil in the country. During a joint press conference, President Lourenço stated that the invitation was made during talks between the delegations of the two countries which aimed to strengthen economic cooperation relations between the two states. The two countries are said to have signed a memorandum of understanding for economic cooperation and a verbal process.

Source: Africa Business Communities

Africa

Africa Data Centres Nairobi becomes PCI DSS compliant

Africa Data Centres Nairobi, which was formally known as East Africa Data Centre, is certified PCI DSS. CEO of Africa Data Centres, Stephane Duproz said that “This means that over and above the access controls for our actual facility, we are PCI compliant and able to offer our customers trusted and secure support for all credit card transactions processed online.” Stephane went on to say that “Africa Data Centres Nairobi will be proud to engage a lot more with the banking and financial services sectors as this new affirmation that it has met security standards for the payment card industry has been formalised”.

Source: Africa Business Communities

Africa

São Tomé and Príncipe and Equatorial Guinea discuss joint oil exploration

São Tomé’s President, Evaristo Carvalho has announced that an agreement for joint oil exploration has been signed in a maritime zone that overlaps between the two countries.  President Carvalho stated that, “We have signed some agreements and protocols, mainly in the area of joint exploration of maritime resources, which could bring benefits to our economic and financial situation,” He also went on to say, “the government of Equatorial Guinea is ready to immediately start” the agreement on joint oil exploration.

Source: Macauhub

Angola

Angolan textile factories return to state ownership

The former África Têctil factory, managed by Alassola, Indústria Têxtil de Benguela since 2014, has returned to Angolan state ownership through the Institute of Public Asset Management (IGAP), the Angolan press reported. The change in ownership was as a result of an injunction proposed by the Attorney General’s Office that was accepted by the court. It has been reported that the Attorney General’s Office last June “moved ahead with the seizure of these units, due to irregularities in the privatisation process and the breach by the new owners of the contractual clauses, particularly in terms of finances”.

Source: Macauhub

Angola

French group Maurel & Prom buys stakes in two oil blocks in Angola

According to a company statement issued in Paris, The French group Maurel & Prom is growing its presence in Angola by acquiring a 20% stake in two Angolan offshore oil blocks from Japan Oil Co for USD35-million. According to Maurel & Prom’s CEO, Michel Hochard the acquisition of stakes in two shallow-water blocks expands the group’s presence in Angola and is a significant step in the company’s growth strategy.

Source: Macauhub

Cape Verde

Cape Verdean government approves draft law regulating compulsory marine insurance

The Council of Ministers approved a draft law which aims to regulate compulsory marine insurance. According to the Minister of Culture and Creative Industries this legislation will reform the entire maritime passenger and cargo transport sector. Abraão Vicente, was quoted by the Inforpress news agency, saying that the draft law aims to establish a set of rules for compulsory marine liability insurance to cover damage to third parties and pollution damage to coastal areas and navigable waters.

Source: Macauhub

Equatorial Guinea

Equatorial Guinea to build West Africa’s first Liquefied Natural Gas storage and regas plant

The construction of the first liquefied natural gas (LNG) storage and regasification plant in West Africa is currently underway. The plant will be situated at the Port of Akonikien on the country’s mainland which will facilitate the transportation and storage of LNG from the country's LNG plant at the Punta Europa Gas Complex on Bioko Island, to Akonikien on the southern border of the mainland. The project is the first gas-to-power development in Equatorial Guinea’s LNG2Africa initiative and aims to advance efforts in monetise gas resources through the production of a domestic gas-to-power infrastructure.

Source: ESI Africa

Ethiopia

Ethiopia to open banks for Ethiopian investors in diaspora

The Ethiopia government has recently passed legislation that will enable Ethiopians in other parts of the world to invest in the country’s financial services industry. Ethiopians in the diaspora or those who are now nationals of other countries will be allowed to place capitals, buy stocks or establish businesses related to banking and finance. The country doesn’t permit its citizens to take dual citizenship.

Source: Africa Business Communities

Ghana

KT Corp unveils global epidemic prevention platform in Ghana

Korean telecommunications company, KT has launched a Global Epidemic Prevention Platform (GEPP). The project is the first public-private partnership between Korea and Ghana. The platform is the result of a joint effort by KT and the Ghanaian government to advance Ghana's health information system through the use of information and communications technology. The two entities signed an agreement last November to start the endeavor which would enable Ghana Health Service (GHS) to improve its ability to fight diseases in a more methodical manner.

Source: Africa Business Communities

Mauritania

World Bank’s IFC to invest in Mauritanian mine

The International Finance Corporation (IFC) is said to vote mid-October on the approval of a USD300-million investment in a gold mine in the Tasiast region of Mauritania. The mine, which is currently owned by Tasiast Mauritania Limited SA, a subsidiary of Kinross Gold Corporation, has undergone all of the necessary environmental and social studies for an investment to be considered.

Source: Ecofin

Mozambique

New photovoltaic plant under consideration in Mozambique

An environmental impact study of a 50-megawatt photovoltaic power plant which is to be built in Lichinga, Northern Mozambique is scheduled to commence in September following a recently signed memorandum. The memorandum was signed between the provincial government, the Anglican church in Niassa and Gigawatt Global with an investment estimated at an amount of USD200-million.

Source: Macauhub

Mozambique

Mozambique joins African Export and Import Bank

According to a statement issued at the end of a Council of Ministers meeting held in Maputo, Mozambique is set to join the African Export and Import Bank (Afreximbank). The Council of Ministers are said to have authorised the Minister of Finance to sign the relevant documentation for the accession process. Afreximbank was established by the African Development Bank in 1993 and holds registered capital of over USD11-billion. The bank will set up a fund which is estimated at USD1-billion to support the implementation of the free trade agreement in Africa.

Source: Macauhub

Nigeria

Chinese investments in Nigerian oil hit USD16-billion

According to the Nigerian National Petroleum Corporation’s (NNPC) Group Managing Director, Malla Mele Kyari, Chinese investments in the oil and gas industry of Nigeria have reached USD16-billion. Malla addressed the management of China National Offshore Oil Corporation (CNOOC) by saying, “To have an investment of USD16-billion in Nigeria is clearly an indication of your confidence in us. We have a target to grow production to 3m barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest.”

Source: Africa Business Communities

São Tomé and Principe

São Tomé and Principe sign MOU for Lusophone Compact

São Tomé and Principe signed a country-specific Memorandum Of Understanding (“MOU”) for the implementation of the Lusophone Compact aimed at fast-tracking inclusive, sustainable, and diversified private sector growth. The agreement was signed by Hon. Osvaldo Vaz, São Toméan's minister of planning, finance and blue economy, African Development Bank Country Manager for Angola and São Tomé and Príncipe, Joseph Ribeiro and Portugal’s Ambassador in São Tomé and Príncipe, Luís Gaspar da Silva. São Tomé becomes the fifth nation to sign the agreement following Mozambique, Cabo Verde, Angola and Guinea-Bissau.

Source: ESI Africa

South Sudan

China National Petroleum Corporation Consortium discovers new oil field in South Sudan

A consortium led by China National Petroleum Corporation (CNPC) has discovered 300 million barrels in recoverable oil discovery in South Sudan’s northeastern Upper Nile state this is equivalent to the Oyo Discovery announced earlier this month in Congo. The exploration well was drilled at a total depth of 1,320m near the Adar oilfield in Block 3. Earlier this year, South Sudan has signed an exploration and production sharing agreement (EPSA) with South Africa’s Strategic Fuel Fund for the highly prospective Block B2 as part of the country’s strategy to diversify its basket of investors and encourage further exploration.

Source: Africa Business Communities

South Sudan

South Sudan National Revenue Authority and TradeMark East Africa partner to modernize trade systems

A Memorandum of Understanding has been signed between the South Sudan National Revenue Authority (NRA) and TradeMark East Africa (TMEA). The purpose of this MOU is to establish modern trade systems and procedures that facilitate faster clearance and transiting of goods. This document will also build on work initiated by TradeMark East Africa (TMEA) and the two governments at Elegu-Nimule border, which is between Uganda and South Sudan.

Source: Africa Business Communities

Sudan

Central Bank of Sudan gets USD250-million Saudi loan to improve public finance

The Central Bank of Sudan has received USD250-million in aid from Saudi Arabia which will be used to ease pressure on the local currency and contribute to exchange rate stability. Sudan is currently on the U.S. black list of countries financing terrorism. As a result of this and other problems of being indebted to international institutions, Sudan can no longer get financial assistance from the International Monetary Fund and the World Bank.

Source: Ecofin

Zimbabwe

Zimbabwe signs deals with Russia ahead of Africa-Russia summit

The governments of Zimbabwe and Russia have signed multi-billion dollar cooperation agreements. The deals address key sectors such as energy, mining, tourism, health, agriculture, and media. It’s reported that 6 of the agreements target the mutual protection of classified information, cooperation in the field of geological exploration and mineral resource management; cooperation in platinum group metals, cooperation in the field of diamond exploration and mining and cooperation in the field of energy.

Source: Ecofin