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EGYPT: EIB loan will help launch Egyptian Refining Co project; UGANDA: New oil and gas policy; TANZANIA: Heads roll over power scandal

Egypt | Uganda | Tanzania
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A fund advised by Helios Investment Partners has agreed to invest $100m for a 12.4% stake in Kenya and Ethiopia player Africa Oil Corporation, in a significant vote of confidence for the company, which has scaled down its activity following the fall in the oil price. Africa Oil said on 1 May that Stampede Natural Resources, owned by a fund advised by Helios, had bought 52.6m shares in Toronto and Nasdaq-listed Africa Oil at C$2.31/share. Stampede will nominate a non-executive director to the board of Africa Oil.

Issue 332 - 18 October 2016

Uganda: FMO financing for Tororo solar

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Netherlands development agency FMO has arranged a $14.7m senior loan for the financing of the 10MW Tororo solar photovoltaic project. The plant will be developed and owned by Italy’s Building Energy. FMO acted as mandated lead arranger of the facility, half of which was syndicated to the Emerging Africa Infrastructure Fund. The project is being developed under the KfW-led Global Energy Transfer Feed-in Tariffs (GET FiT) facility. FMO is also financing a similar scheme at Soroti, which began construction in March.

Uganda
Issue 239 - 21 September 2012

Draft European transparency rules approved

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The European Parliament’s Legal Affairs Committee has voted in favour of a draft law that would require European resource companies to declare their payments to governments worldwide.

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Power utility Eneo has begun work to modernise transmission and distribution networks linking Douala and other major towns as part of a $60.6m investment spend planned for 2015. Following its takeover by UK private equity player Actis, the work confirms the former AES Sonel’s renewed commitment to improving supply across the country, despite concern over payment flows from the government.The investment announcement followed efforts to boost generation with the start-up of the 20.8MW Bassa gas-to-power plant, with 16 gensets installed by Saudi Arabia’s Altaaqa. This will be followed by the 30MW Logbaba plant, to come on line in April.

Cameroon
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Total and its joint venture partners have made the final investment decision to develop the ultra-deep offshore Kaombo project on Block 32. An optimisation exercise reduced the total project cost to $16bn from $20bn, Total said. “With the launch of Kaombo, the upcoming start-up of CLOV and three exploration wells planned in the Kwanza Basin this year, Angola remains a priority country for Total,” said Total upstream president Yves-Louis Darricarrère. “While continuing our commitment to develop the Angolan oil industry, Total has significantly optimised the project’s design and contracting strategy in recent months. Kaombo illustrates both the Group’s capital discipline and objective to reduce capex.”

Angola
Issue 362 - 01 February 2018

Mozambique: CTRG refinancing

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The 175MW Central Térmica de Ressano Garcia (CTRG) thermal power plant has been refinanced by a group of lenders who provided a debt package totalling $189m. The International Finance Corporation (IFC) provided $55m on its own account together with a syndicated loan of $42m, half each from the Emerging Africa Infrastructure Fund and the Netherlands’ FMO. Proparco and Absa Bank (as arranger) provided parallel loans.

Mozambique
Issue 214 - 30 July 2011

New US embassy residence

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The foreign ministry has spent $6.5m on a new residence for its Washington embassy, buying a property that used to belong to late senator Ted Kennedy

Gabon
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Europe’s financial woes have affected the African project financing arena, pushing up the cost of longer-tenor deals. As a result, development finance institutions’ involvement is more crucial than ever

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Mining gold from the hillsides in north-east Guinea poses huge challenges for investors and the community alike, underlining the need to tackle a range of sensitive issues and manage expectations in long ignored regions of highly under-developed economies, writes Thalia Griffiths, recently in Lero.

Guinea
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Algeria is moving ahead with its controversial plan to print money in a form of quantitative easing intended to help the government stabilise the domestic economy, notably by paying off debts owed by national oil company Sonatrach and state utility Sonelgaz. Finance minister Abderrahmane Raouia on 27 November said Algiers planned to print AD1,800bn ($15.6bn), through Treasury bills authorised by Banque d’Algérie. According to Raouia, “no less than AD900bn will be mobilised to take over Sonatrach’s debts”.

Algeria
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SOUTH AFRICA: Proparco gives IDC E30m credit line; REGIONAL: Donors back private equity health fund; TANZANIA: IFC backs forestry project

Tanzania | South Africa
Issue 413 - 17 April 2020

Liberia: EITI board lifts suspension

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The board of the Extractive IndustriesTransparency Initiative (EITI) has agreed to lift Liberia’s temporary suspension with effect from 6 March. A statement said Liberia had shown improvement in implementation related to stakeholder oversight and the publication of outstanding EITI reports. Liberia was one of the first countries to implement the EITI, under former president Ellen Johnson-Sirleaf, but was suspended from the initiative in September 2018 due to reporting delays and the lack of a multi-stakeholder group to oversee the process.

Liberia
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A loan worth up to $1bn to support power sector reform is expected to go before the World Bank board for approval on 28 May. The government’s strategy, outlined in the 2017-2020 Economic Recovery and Growth Plan (ERGP), is to reach financial close on the 15 solar photovoltaic projects that have signed power purchase agreements, accelerate the standardisation of the independent power producer (IPP) process, and develop a clear legal and commercial framework for investment in power projects. Cost-reflective tariffs and a nationwide metering programme are also included.

Nigeria
Issue 199 - 03 December 2010

AfDF moots transmission loan for Ethiopia

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The African Development Bank’s concessional loans arm is considering a UA93.75m loan and UA58m grant for a project to improve the electricity transmission system

Ethiopia