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issue 321 | 10 Sep 2019

Africa Business in Brief

 


Africa

China commits USD1.4-billion investment into bankable energy projects in Africa

The African Energy Chamber has managed to secure over USD1.4-billion in intentions to invest in Africa’s bankable projects in mining, oil and gas, power, and renewables sectors. “During various meetings with top Chinese energy companies and financial institutions, the Chamber discussed the signing of agreements and contracts that will make energy work for Africa while providing Chinese investors with attractive and rewarding opportunities in Africa”.

Source: ESI-Africa

Africa

World Bank, Japan to support human capital development through education in Africa

The World Bank and the Government of Japan have announced a new initiative which is Africa focused and is aimed at advancing the goals of the Human Capital Project, a global effort to accelerate more and better investments in people for greater equity and economic growth. The multi-year initiative, which was announced during the seventh Tokyo International Conference on African Development (TICAD) in Yokohama, will support two key initiatives of relevance to African countries namely: Global Education Policy Dashboard and a Japan-Africa higher education partnership.

Source: African Business Communities

Angola

Angola may start supplying South Africa with oil and natural gas

According to the Angolan Secretary of State for Geology and Mines, Jânio Corrêa Victor, South Africa plans to acquire oil and natural gas extracted in Angola. This is based on an intention expressed by the South African Minister of Mineral Resources and Energy, Gwede Mathashe. Minister Mathashe is said to be planning to travel to Luanda to meet the Angolan Minister of Mineral Resources and Oil, Diamantino Azevedo, so that his country can start receiving oil and gas extracted in Angola, according to the Angop news agency.

Source: Macauhub

Angola

International Finance Corporation boosts credit line to support Angolan companies

According to Angolan bank, Banco de Negócios Internacional (BNI), the International Finance Corporation (IFC) has increased the USD50-million credit line set up in July 2014. BNI said in a statement that adding to this line of credit, along with enhancing the bank’s credibility with that international financial institution, will also allow it to increase support to the country’s business sector.

Source: Macauhub

Benin

Inauguration of Maria Gleta plant boosts Benin’s power supply by 50%

The Maria Gleta plant, located near the city of Cotonou, has been officially inaugurated by Dona Jean-Claude Houssou, Benin’s Energy Minister. The plant will supply the national grid with 127MW of electricity increasing Benin’s capacity for electricity generation by more than 50%. According to Minister Houssou, the plant was part of the government’s ‘Revealing Benin’ action plan, which centres around 45 flagship projects aimed at strengthening macroeconomic development, consolidating democracy and improving the lives of the population.

Source: ESI-Africa

Kenya

The Central Bank of Kenya (CBK) approves National Bank acquisition by KCB

According to a report by African Business Communities, The Central Bank of Kenya (CBK) has approved the acquisition of 100 percent shareholding of National Bank of Kenya Limited (NBK) by KCB Group PLC (KCB Group). The approval has been granted in accordance with Section 13(1) (e) of the Banking Act. KCB Group is a Kenyan non-operating holding company that owns banking subsidiaries in the East African region in Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan.

Source: African Business Communities

Kenya

Kenyan capital markets receive new boost with ICIFA and CISI joint membership deal

The Chartered Institute for Securities & Investment (CISI) and the Institute of Certified Investment and Financial Analysts (ICIFA) have formed a partnership which will back the enhancement of standards in professionalism and integrity in Kenya’s capital markets. Dr. Jonah Aiyabei of ICIFA said: “The partnership between ICIFA and the CISI sets a significant milestone for closer collaboration among the two professional institutes. We are indeed proud to be associated with the CISI and we look forward to a cohesive working relationship aimed at promoting integrity and professional development in the financial services industry not just in Kenya but globally.”

Source: African Business Communities

Madagascar

Madagascar joins Africa Finance Corporation as 22nd member state

Madagascar has joined the Africa Finance Corporation (AFC) after being the 22nd state to do so. Richard Randriamandrato, Madagascar’s Minister of Economy and Finance said that "As a Country we are committed to the reduction of poverty in Madagascar, of which development of infrastructure plays an integral role. We see AFC as a key solution provider towards our development goals and look forward to working closely in the coming years."

Source: African Business Communities

Malawi

Toshiba follows on pact to develop geothermal energy in Malawi

Toshiba has pledged to support the government of Malawi in the development of geothermal energy. The Toshiba group’s president, Satoshi Tsukanawa said that Toshiba is increasing its focus on Africa, including Malawi and plans to support the continent in developing the areas of geothermal and hydropower systems. Toshiba and representatives of Malawi met on the sidelines of Tokyo International Conference on African Development following a Memorandum of Understanding (MoU) signed off in 2018. The MOU outlines that Toshiba will strengthen “the development of the energy sector in Malawi by building the capacity of the country’s human resource in the sector".

Source: ESI-Africa

Mozambique

African Development Bank contributes to major power transmission line in Mozambique

The African Development Bank is has agreed to part-finance the construction of a 563 km power transmission line in Mozambique. The agreement was signed on 28 August to start the Temane transmission project, approved by the Board in July. The Bank will contribute USD33-million in grants to the project. The transmission line will run from Vilanculos (Temane) in Inhambane province to Maputo, connecting Mozambique and South Africa. The project is co-financed by the African Development Bank in partnership with the World Bank, Islamic Development Bank, Development Bank of Southern Africa, Kingdom of Norway and OPEC Fund for International Development, for a total of USD552-million.

Source: African Business Communities

Nigeria

Eni discovers gas and condensates onshore Niger Delta

Oil and gas conglomerate, Eni, through its affiliate Nigerian Agip Oil Company (NAOC) has made a significant gas and condensate discovery in the deeper sequences of the Obiafu-Obrikom fields, in OML61, onshore Niger Delta. The discovery amounts to about 1 trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences. The find has further potential that will be assessed with the next appraisal campaign.

Source: African Business Communities

Nigeria

Afreximbank announces USD500-million facility for Nigerian manufacturers

The African Export-Import Bank (Afreximbank) president, Prof. Benedict Oramah, has announced that the bank intends to allocate USD500-million from its Nigeria-Africa Trade and Investment Promotion Programme to support Nigerian manufacturers take advantage of the opportunities offered by the African Continental Free Trade Area (AFCFTA) agreement. President Oramah went on to say that “the opportunity for African manufacturers under the AfCFTA was phenomenal and that intra-regional trade in manufactures could rise to more than USD150-billion by 2022 as a result of the entry into force of the agreement”.

Source: African Business Communities

Somalia

The African Development Bank (AfDB) funds road and water supply projects in Somalia

The African Development Bank (AfDB) has signed off on two grants to the combined value of USD28.8 million. The bank plans to launch both projects in mid-September. The bank issued a grant worth USD11.99-million to the Kismayo Baidoa Urban Water Project and USD16.86-million towards partly financing a USD66.7-million road development project which will rehabilitate 355km of regional road networks. These two projects will be implemented within the framework of the multi-Partner Somalia infrastructure fund managed by the AfDB.

Source: ESI-Africa

Uganda

Tullow terminates its farm-down agreement with Total and CNOOC in Uganda

Tullow Oil terminated its farm-down to Total and CNOOC in Uganda on 29 August 2019. This is following the expiry of the Sale and Purchase Agreements (SPAs). The company has been unable to secure an extension of the SPAs with its Joint Venture Partners, despite previous extensions to the SPAs having been agreed by all parties. The termination of this transaction was as a result of being unable to agree all aspects of the tax treatment of the transaction with the Government of Uganda which was a condition to completing the SPAs.

Source: African Business Communities