Rockefeller Foundation to lead a Commission to end energy poverty

The Rockefeller Foundation, together with the Africa Development Bank and the US Department of Energy have launched a Global Commission to End Energy Poverty with the purpose of providing access to electricity to about 840 million people with no access to affordable and reliable energy. The Commission will develop a roadmap to ensure access to electricity to the poor in a cost-effective manner and will comprise of heads of development banks, utilities, off-grid companies, senior academics, industry leaders and investors.

Source: ESI Africa

Africa

Oil leads São Tomé and Príncipe to negotiate with Equatorial Guinea and Nigeria

The government of São Tome Príncipe is said to begin negotiations with Equatorial Guinea and will revise its treaty with Nigeria on joint oil exploration. Elsa Pinto, Minister of Foreign Affairs, Cooperation and Communities did not mention dates for the start of negotiations between the countries, said that the two initiatives represent a “challenge” for São Tomé and Príncipe.

Source: Macauhub

Angola

BFA becomes first Angolan bank to sign on to Afreximbank's trade facilitation programme

Banco de Fomento Angola (BFA) has become the first Angolan bank to sign on to the the Afreximbank Trade Facilitation programme (AFTRAF) for an initial USD50-million line of credit. Afreximbank said that BFA will use the credit to confirm letters of credit and to issue guarantees, avalisation and other trade enabling products. The line may also be increased based on demand from the Angola market. The signing of the AFRAF facility by BFA forms part of an ongoing cooperation between Afreximbank and BFA as both entities are actively engaged in other areas in support of the Angolan economy.

Source: Africa Business Communities

Ghana

Ghana Cocoa Board seals deal on USD1.3-billion cocoa syndicated loan agreement

The Ghana Cocoa Board has completed a USD1.3-billion cocoa syndicated loan agreement (receivables-backed trade finance facility) with 24 participating banks for the purchase of cocoa beans from local farmers during the 2019/2020 crop season. The agreement will be lead by MUFG Bank Limited, Rabobank, Natixis, Societe General, Nedbank Limited and Ghana International Bank.

Source: Africa Business Communities

Ghana

Ghana Cocoa Board signs agreement with China company to establish processing factory

An agreement has been signed by the Ghana Cocoa Board (COCOBOD) and the China General Technology Group Holding (Genertec) to establish a cocoa processing factory in Ghana. The factory will be situated in Sefwi-Wiawso, Western Region and will be operated by COCOBOD and Genertec through a Public Private Partnership. Chief Executive of COCOBOD, Hon Joseph Boahen Aidoo said that the project holds great potential to contribute significantly to the improvement of the Ghanaian economy, and particularly, for the local economy of the Sefwi-Wiawso area.

Source: Africa Business Communities

Kenya

Kenya cuts budget spending by USD445-million

The Kenyan government has announced its intentions of reducing its 2019-20 budget spending by KSh46.2-billion (USD445-million) due to revenue collection shortfalls. The announcement follows Acting Finance Minister Ukur Yatani's plans to cut spending on foreign travel by public servants and advertising by ministries. The country’s former Finance Minister, Henry Rotich, was criticised for increasing public spending and for introducing additional taxes to fund spending.

Source: Ecofin

Mozambique

Vitol and ENH of Mozambique establish a partnership based in Singapore

Vitol and Mozambican oil and gas company ENH have established a partnership that will focus on trading oil products, with a particular focus on liquefied natural gas (LNG), liquefied petroleum gas (LPG) and condensate products. 51% of ENH Energy Trading will be initially be owned by ENH and the remaining 49% by Vitol, with the partnership agreement stating that the Mozambican state’s share will increase over time.

Source: Macauhub

South Sudan

China grants USD600-million to settle pay issues

The government of South Sudan has loaned USD600-million from China which will be used to pay public servants salary over a period of six months. This is following a boycott of the 2019-2020 budget presentation ceremony by South Sudanese MPs over unpaid salaries.

Source: Ecofin