Ethiopia, Uganda join Egmont Groups’ financial intelligence network

The Egmont Group, a global financial network that develops coordinated policies and responses to various financial crimes including money laundering and terrorist financing has granted Ethiopia and Uganda membership into the organisation, increasing its membership base to 164 countries. The two countries will benefit by having the ability to exchange financial intelligence with other Financial Intelligent Units through a secured platform.

Source: African Business Communities

Africa

COMESA secures USD300m for economic and regional development

The Board of Directors of the African Development Bank (AfDB) have approved a USD300-million support facility for the Eastern and Southern African Trade & Development Bank (TDB). The COMESA regional trade and project finance package comprises of a composite funded trade finance and project finance facility and an unfunded trade finance risk participation agreement (RPA). The project finance component will facilitate the delivery of export-oriented infrastructure promoting regional trade within the COMESA region. It will also scale up intra-African trade and foster regional integration.

Source: ESI-Africa

Africa

Alternet Systems in deal to mass produce ReVolt Motorcycles for Africa

Alternet Systems, Inc. (“ALYI”) obtained sign off from its African production partner on ALYI's industrial design specifications plan for the ReVolt Electric Motorcycle to be mass produced in Africa. In April, ALYI announced agreements from Africa worth an estimated USD50-million as well as a Letter of Intent (LOI) for a ReVolt Electric Motorcycle assembly plant in Kenya that included an initial USD20-million order of 2,000 ReVolt Electric Motorcycles.

Source: African Business Communities

Africa

Three accords finalised with Burundi, DRC and Rwanda for Ruzizi III hydropower project

Project agreements for the Ruzizi III hydropower with the governments of Burundi, the Democratic Republic of Congo (DRC) and Rwanda have been signed by IPS, the industrial and infrastructure development arm of the Aga Khan Fund for Economic Development (AKFED) and SN Power, a Norwegian international renewable energy company. The 147MW Ruzizi III is planned as a run-of-river hydropower project situated on the River Ruzizi.

Source: Energy Mix Report

Angola

Eni drills well offshore Angola

Energy company Eni has managed to successfully drill Agogo-2, the first appraisal well of the Agogo discovery in Block 15/06, offshore Angola. The well results confirm 650 million barrels of oil in place at the Agogo field and indicate further upside in its northern sector that will be assessed with new appraisal wells. Angola continues to play a significant role in Eni's strategy for organic growth.

Source: African Business Communities

Angola

UAE plans to invest USD2-billion in Angola

The United Arab Emirates has announced plans to invest USD2-billion in the construction of a tractor assembly line, gas and electricity production and agriculture. Ahmed Dalmoor Al Maktoum said collaboration in the gas production sector will reduce electricity costs and support the operation of the industry. According to the Angop news agency, Ahmed believes the effects of this cooperation will be apparent in the next six months.

Source: Macauhub

Botswana

USTDA renews public procurement partnership with Botswana

A Memorandum of Understanding (MoU) was signed between the U.S. Trade and Development Agency (USTDA) and the Republic of Botswana’s Public Procurement and Asset Disposal Board (PPADB). This MOU will continue a five-year long partnership in which the PPADB “established policies and procedures that integrated life-cycle cost analysis (LCCA) and best-value determination in a fair and transparent manner”.

Source: African Business Communities

Burkina Faso

China Yunhong Group plans to invest more than USD300-million over the next five years

Chinese Industrial group, Chona Yunhong Group has announced its plans to invest FCFA200-billion (estimated USD336.6-million) in Burkina Faso over the next five years. This announcement follows the re-establishment of diplomatic ties between the two countries in 2018.

Source: Ecofin

Cape Verde

Pró Capital of Cape Verde receives financial allocation

Deputy Prime Minister and Finance Minister of Cape Verde, Olavo Correia, launched the first capital-mounting operation of Pró Capital. Pró Capital is a publicly owned venture capital company established to create and develop of Cape Verdean companies, and aims to hold interests in companies that demonstrate strong growth and development potential. The company was allocated of 550 million escudos (USD5.5-million) with the objective of financing the activities of micro, small and medium enterprises, by up to a maximum of 49% of the capital, through a venture capital scheme.

Source: Macauhub

Cameroon

MTN Cameroon launches MTN Fusion

Telecommunications company, MTN has launched a service called MTN Fusion which aims to create a collaborative platform between MTN Cameroon and other companies. The purpose of this platform is to create a “new ecosystem” bringing together the company’s current and prospective clients and enabling the telecommunications provider to tailor unique services for each client. Clients may include startups, small and medium-sized industries, multinationals, enterprises, etc.

Source: African Business Communities

Ghana

Ghanaian government suspends power concession agreement with PDS

The Ghanaian government has suspended its concession agreement with Power Distribution Services (PDS). This decision was taken after the government alleges “fundamental and material breaches of PDS’s obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which have been discovered upon further due diligence”. The Electricity Company of Ghana (ECG) has been granted full control of power distribution while the government undertakes a full-scale enquiry.

Source: Energy Mix Report

Ivory Coast

IFC coordinates EUR264-million financing for expansion of Azito power plant

The International Finance Corporation (IFC), Globeleq Africa Holdings Limited (Globeleq) and Industrial Promotion Services West Africa have accumulated the funds necessary for the development of the Azito thermal power station (Azito Phase 4). The development of the plant aims to increase electricity supply and support Côte d'Ivoire in achieving its 42% renewable energy target by 2030 through improving network stability, facilitating the integration of intermittent renewables and supplementing the country's hydroelectric power station.

Source: African Business Communities

Kenya

DPO Group acquires PayFast in major deal for African online payments sector

The Nairobi headquartered company DPO Group, a payment service provider has acquired PayFast through a combination of shares and cash with the PayFast management team remaining key shareholders in DPO Group. This transaction has given the DPO Group access to provide its service to over 100,000 merchants across 18 African markets.

Source: African Business Communities

Kenya

Capital Markets Authority Kenya and Abu Dhabi Global Market partner on sustainable finance

The Financial Services Regulatory Authority (FSRA) of ADGM and the Capital Markets Authority (CMA) of Kenya have entered into a Memorandum of Understanding (“MOU”). This MOU establishes a framework that permits the parties to exchange information relevant to products, services and initiatives. It also aims to develop legislative, regulatory and institutional frameworks that enable the two parties to facilitate and support sustainable finance.

Source: African Business Communities

Libya

Libya’s Waha Oil Company contracts local firms for field redevelopment

Waha Oil Company has contracted Libya Engineering Technology Company to carry a preliminary engineering study for the rehabilitation of its Dahra and Bahi fields in concession 32. This also includes the strategic project for the redevelopment of production in the Dorra/Al-Jafra reservoir as part of the company’s ongoing effort to rehabilitate a number of oil fields whose surface facilities and infrastructure were destroyed as a result of war and unrest in the region.

Source: Energy Mix Report

Morocco

EIB provides EUR129-million loan for Noor Atlas solar program in Morocco

The European Investment Bank (EIB) has approved a loan of EUR129-million to be utilised in the implementation of the Noor Atlas program. Under this program, seven photovoltaic plants will be constructed and distributed throughout the country with a capacity of approximately 200 MV. The plants are to deliver electricity to 350 000 Moroccan households. The power plants will be set up in the localities of Tata, Tan Tan, Outat El Haj, Ain Beni Mathar, Boudnib, Bouanane and Enjil. The cost to set up the plants is estimated at EUR272-million. The program has also received the financial support of the German Development Bank, KfW, who committed EUR130-million, through a subsidised loan.

Source: Energy Mix Report

Mozambique

Ncondezi Energy gets CMEC, GE as co-developers for 300 MW coal power plant in Mozambique

A Joint Development Agreement has been signed by Ncondezi Energy, China Machinery Engineering Corporation (CMEC) and General Electric Switzerland (GE). Under this agreement, the parties are to co-develop and construct the Ncondezi 300 MW coal fired power project and coal mine in Tete, Mozambique. The agreement was finalised by senior representatives at a Beijing signing ceremony which included CMEC President Mr. Han Xiaojun, GE Steam Power President & CEO, Mr. Michael Keroulle, and Ncondezi Chairman, Mr. Michael Haworth.

Source: ESI Africa

Namibia

NamPower enters into an optical fiber connection partnership with Paratus Africa

NamPower, Namibia’s power utility has entered into a commercial contract with fiber optics Internet connectivity provider Paratus Africa. This agreement will allow Paratus access to utilise NamPower’s high speed telecom network called The Grid Online to improve the quality of its internet service offering. The Grid Online was launched in March and allows NamPower to provide managed services to any telecommunications service provider that signs up for the service. The agreement between NamPower and Paratus has been approved by the Ministry of Communication Technologies and fulfils the requirements of the infrastructure sharing policy of the Namibian Communications Regulatory Authority.

Source: African Business Communities

Niger

Niger to set up an export processing zone to boost investment

Niger intends to set up an export processing zone. The decree declaring that the public utility be set up this device was adopted in the Council of Ministers on July 26, 2019. Through this zone, Niger aims to become more attractive and indirectly increase its economic capacity.

Source: Ecofin

Nigeria

GE Healthcare and Access Bank partner to provide financing to Nigeria’s healthcare providers

GE Healthcare and Access Bank Nigeria have partnered up to provide healthcare equipment financing to the private healthcare sector enabling healthcare providers the means to access affordable healthcare services. As part of this partnership eligible healthcare service providers will be able to access loans through Access Bank while GE healthcare supplies equipment and technical support. This partnerships will allow borrowers access to loans of up to USD800,000 (negotiable), based on their requirements.

Source: African Business Communities

Togo

From now on VAT will be deducted at source

Togo is said to be exploring tax loopholes that will expand its tax base, establish mechanisms to optimise the mobilisation of existing taxes and adopt a system of withholding tax of Value Added Tax (VAT). This action is said to be based on the recommendation of its donor the International Monetary Fund (IMF).

Source: Ecofin

Zimbabwe

Zimbabwe’s private sector gives nod to power tariff hike

Zimbabwe National Chamber of Commerce (ZNCC) chairperson Mike Kamungeremu stated that the private sector has agreed to pay a cost reflective power tariff of up to the equivalent of USD0,14 per kilowatt-hour guaranteeing a constant supply of electricity in the county. This statement comes after calls by the industry requesting a power tariff hike as part of the strategy to address the power crisis in the country following the Confederation of Zimbabwe Industries (CZI) 2019 conference.

Source: Energy Mix Report