Search results

African Export-Import Bank (Afreximbank) has extended almost $1.8bn of financing support to the Nigerian oil and gas industry in deals with Nigerian National Petroleum Corporation (NNPC) and local independent Eroton E&P in a sign that some export credit agencies are still ready to support hydrocarbons despite the post-COP26 pushback against the sector 

Fitch Ratings upgraded its sovereign long-term foreign-currency issuer default rating from B to B+ on 19 November, with a stable outlook. The move reflects a faster-than-expected rebound in tourism traffic since March and a strong vaccination rollout (78% of the population is now vaccinated)

The Inter-American Development Bank (IDB) on 29 November said it had debarred Brussels-based Tractebel Engineering (TE Belgium) for 46 months for fraudulent and corrupt practices related to a project in Haiti in 2015-16. The decision qualifies TE Belgium for cross-debarment by the World Bank Group, African Development Bank, European Bank for Reconstruction and Development and other multilaterals.

The African Development Bank (AfDB), the Private Infrastructure Development Group (PIDG)’s Emerging Africa Infrastructure Fund (EAIF) and France’s Proparco have joined the 34MW Djermaya solar PV project , which will also include a 4MWh battery system. The trio signed a loan agreement on 26 November, with the AfDB committing €18m ($20.3m) and the EAIF and Proparco each providing €9.3m in senior debt.

The Zambian government has shelved a plan to reintroduce taxes on imported fuel, in an effort to keep prices lower. In December, fuel prices increased after the government removed subsidies on petroleum products in an effort to better reflect market prices. Zambia has migrated to a monthly pricing cycle that makes local pump prices more responsive to shifts in international oil prices and foreign currency exchange rates.

The Ministry of Energy and Water Resources is seeking expressions of interest from consultants to support financial planning for its rural electrification strategy, as resources and energy minister Gaston Eloundou Essomba revealed an estimated financing gap of FCFA874bn ($435m) for 2022-30.

Sun King – the rebranded Greenlight Planet – has raised $260m in a funding round. The series D round attracted major private institutional investors. The fundraising was seen by some observers as a vote of confidence in the solar home system industry, which has suffered negative press in recent months over alleged sharp business practices and continues to face questions about the sustainability of business models.

The World Bank on 15 September approved a $150m International Development Association (IDA) grant to provide a rapid response to the financial crisis faced by the Ivoirian government. It will also support essential reforms to improve governance,

Toronto Stock Exchange (TSX)-listed Tenaz Energy Corporation is buying Egypt- and Morocco-focused gas producer SDX Energy in an all-share $27m acquisition backed by SDX’s management and board. The deal will see SDX delist from London’s AIM market and brings an ambitious Canada-based independent into North Africa.

As the post-Kabila Democratic Republic of Congo (DRC) slowly opens up to investment, a new cast of characters is emerging with the promise of helping to make up the country’s dramatic infrastructure shortfalls.

State power utility Zesco has agreed new tariffs with Zambia’s two largest independent power producers (IPPs), in an effort to prevent its $1.5bn debt to electricity suppliers ballooning further.

Organisation of Petroleum Exporting Countries (Opec) secretary-general Mohammad Sanusi Barkindo fell victim to a heart attack in his native Nigeria on 5 July, aged 63, shortly before he was due to leave the post he had held with some skill and grace since August 2016.

President Abdelmadjid Tebboune on 14 July named a new finance minister to replace Abderrahmane Raouya, who was sacked.

FMO has signed a $750,000 ‘repayable development contribution’ for AEE Power Ventures, drawn from the Dutch development finance institution’s Access to Energy Fund.

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), is investing $43m in the Climate, Energy Access and Resilience (Clear) Fund, which is advised by Helios Investment Partners. InfraCo and Helios had said during COP26 last November that they were working to set up the new pan-African fund, to raise more than $350m for investment into sustainable infrastructure and businesses.