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issue 324 | 30 Sep 2019

Africa Business in Brief

 


Africa

South Africa, Botswana sign MoU to enhance regional harmonisation

The governments of South Africa and Botswana have signed a memorandum of understanding (MoU) which will formalise the countries’ commitment to collaborate on all standards related matters. This also includes standards development and acknowledging South Africa as an inspection services provider for the implementation of the Botswana Standards (import inspection) regulations.

Source: Africa Business Communities

Africa

No room for coal in Africa’s renewable future, says AfDB President

African Development Bank (AfDB) President Akinwumi Adesina announced plans to scrap coal power stations across the continent and switch to renewable energy at United Nations climate talks in New York. According to President Adesina, the bank will roll out USD500 million green baseload scheme which is set to yield USD5 billion of investments that will help African countries transition from coal and fossil fuel to renewable energy as well as unveiling plans for USD20 billion of investments in solar and clean energy that would provide the region with 10,000MW of electricity.

Source: ESI Africa

Africa

DR Congo, Burkina Faso, and Benin join Alliance Smart Africa

The Democratic Republic of Congo, Burkina Faso and Benin will join BLOC Smart Africa, a EUR100 million venture capital fund dedicated to innovative and technological African start-ups. BLOC Smart Africa was formed through a partnership signed on 16 May 2019 between Smart Africa Alliance, a public-private organization dedicated to Africa's digital transformation, and Bamboo Capital Partners, the impact investment platform.

Source: Ecofin

Angola

Chevron Group increases oil and natural gas production in Angola

Chevron Group president, Mike Wieth announced that the company will increase its exploration of natural gas resources and production in Angola, following a meeting with Angolan President João Lourenço. Wieth was quoted by the Angop news agency, saying that he had received commitment from the Angolan head of state to support projects carried out in various sectors by the group, which is Angola’s largest foreign oil employer.

Source: Macauhub

Angola

Spanish company invests in wind power in Angola

V&V Rending, a Spanish company has proposed a USD180 million wind power investment in the Angola wind power production in the Kiwaba Nzoji municipality of Malanje province. Production is expected to commence in 2020. The company’s chairman, Pedro Luís Villar López stated that economic feasibility studies had already been carried out by the Ministry of Energy and Water at the site where from January 2020 the first wind farm in Angola will be located. The Company’s portfolio includes several hydroelectric projects, which will be developed in other regions of the country.

Source: Macauhub

Côte d’Ivoire

Côte d’Ivoire joins World Bank’s Donor Funded Staffing Program

Côte d’Ivoire has become first African country to receive approval from the World Bank to join the Donor Funded Staffing Program. The program which was initiated by the World Bank and is financed by donor governments aims to contribute to the World Bank's diversity targets and capacity building efforts. The membership will allow Ivorian public officials to benefit from professional training sessions in various development areas either at World Bank headquarters or in their country offices.

Source: Ecofin

Kenya

Kenyan government partners with The Rockerfeller Foundation, UN to fast-track attainment of SDGs

The Kenyan government has signed a Communique with the Center for Effective Global Action (CEGA), The Rockefeller Foundation and the United Nations at the University of California, Berkeley. The agreement aims to kick start future action and support for the delivery of Kenya’s Big Four agenda and brings together strategic partnerships work with the Government of Kenya to build SDG focused partnerships which will drive financing and innovations to address complex development goals.

Source: Africa Business Communities

Kenya

Canon and Kenya Film Commission partner to accelerate the development of the film industry in Kenya

Canon has partnered with the Kenya Film Commission to promote the Kenyan film industry both locally and internationally. The collaboration seeks to highlight the importance of the film and photography sectors in Kenya and looks to create job opportunities in this sector. The collaboration will also support development by facilitating access to Canon’s latest innovative technologies and equipment.

Source: Africa Business Communities

Mozambique

Mozambican government plans to create Special Economic Zone in former Textáfrica neighbourhood

Mozambican Prime Minister, Carlos Agostinho do Rosário, has announced plans to turn the neighbourhood of former cotton factory Soalpo, later called Textáfrica, in Chimoio, the provincial capital of Manica into a Special Economic Zone. The Prime Minister, was quoted by newspaper Notícias, announcing that all industrial, commercial and other developments that will be implemented in the future Soalpo Special Economic Zone will be exempt from taxes and customs duties on equipment imports.

Source: Macauhub

Nigeria

New private equity fund to invest in sustainable energy

The Sustainable Energy Fund for Africa (SEFA), which is currently being managed by the African Development Bank (AfDB), has approved a USD500,000 grant to support the development and launch of the Nigeria Energy Access Fund (NEAF). Nigerian impact investment firm, All On developed the private equity fund. The SEFA grant aims to support and develop specific work streams to set NEAF in motion and enhance its engagement with private and public sector investors.

Source: ESI Africa

Uganda

Afreximbank signs East Africa branch office agreements in Kampala

The African Export-Import Bank (Afreximbank) has signed two principal documents with the Ugandan government to establish an East Africa Branch Office in Kampala. The Branch Office Agreement was signed by the Afreximbank President Prof. Benedict Oramah and Ugandan Minister of State for Foreign Affairs, Philemon Mateke. Former Nigerian President, Olusegun Obasanjo said that the establishment of the Afreximbank East Africa Branch Office represented a significant advance in ensuring the provision and availability of trade finance in the East Africa region and in Uganda, describing Afreximbank as a typical example of a strong African institution.

Source: Africa Business Communities