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Angola has opted not to pursue an extended fund facility (EFF) from the International Monetary Fund (IMF) that would have offered significant funding alongside tough conditionality, and will instead seek only technical assistance. “The president of the republic has informed the IMF of the government’s decision to continue their policy dialogue with the fund only within the context of the Article IV consultation and not through discussion concerning an EFF supported programme,” IMF spokesman Gerry Rice told a news briefing in Washington on 28 June.

Donors meeting in Paris on 24 February pledged CFA3.73trn ($7.8bn) for a development plan aimed at doubling economic growth over the next decade. President Macky Sall, who was elected in 2012 to replace Abdoulaye Wade, has sought to stamp out corruption, create jobs and diversify the economy, but growth is hampered by a lack of indigenous energy resources.The government, which presented its ten-year, $21bn “Emerging Senegal” plan to private and public sector institutions in Paris, had sought CFA2.97trn to fund its plans for the next four years, but managed to raise significantly more.

As the dozens of leaders departed Brussels, the 2-3 April Fourth EU-Africa Summit, and Fifth Europe-Africa Business Forum (EABF) that preceded it, could be judged a success. It was by all accounts the biggest such event ever hosted in Brussels, despite the no-shows – who included South African President Jacob Zuma, Zimbabwe’s Robert Mugabe (whose sanctioned wife Grace was denied an invitation), Yoweri Museveni (expected to attend but avoided protest at Uganda’s anti-gay policies), Morocco’s King Mohammed VI, and Algeria’s Abdelaziz Bouteflika and Côte d’Ivoire’s Alassane Ouattara (both ailing).

The European Union on 19 January signed the financing agreement for a grant of €65m ($70m) for a project aiming to expand access to electricity to at least 63,000 people, and to social and public infrastructure and small enterprises. The European Investment Bank (EIB) is providing a loan of €15m alongside the project, which forms part of the wider Lusaka Transmission and Distribution Rehabilitation Plan financed by the EIB, the World Bank, and national utility Zesco.

Tullow Oil and its partner Itochu Corporation are pulling out of the Kudu gas field development, transferring their stake back to the government, which looks set to bring in Chinese partners in their place. Industry sources said Tullow had lost patience with the slow progress on the project, where the government had been supposed to find a new upstream partner to take a portion of the 54% stake held by National Petroleum Corporation of Namibia (Namcor), and to provide guarantees to underwrite the project.

Dutch development bank FMO made more than E2.5bn ($3.3bn) in new investments during 2014, bringing its total committed portfolio to E8bn (from E6.6bn in 2013), according to results published on 25 March. The bank reported a net profit of E124m. Some E879m in new commitments was mobilised through third parties. FMO has reported especially strong growth in its African energy investments, which last year included Ghana’s Cenpower scheme.

The African Development Bank’s Sustainable Energy Fund for Africa has approved a $950,000 grant for the development of the 20MW Windiga solar power plant. The project preparation grant will support the remaining advisory activities needed for the project to reach financial close, including support for the structuring of a 25-year power purchase agreement with state utility Sonabel, the bank said.The project is being developed by Canada’s Windiga Energy in the Boucle du Mouhoun area in the west of the country.

The Development Bank of Southern Africa (DBSA) said on 22 October that it has been awarded $55.6m of funding from the Green Climate Fund (GCF) to establish a R2bn ($150m) Climate Finance Facility (CFF). The DBSA will provide R650m and is in advanced discussions with a local institution for the balance. The GCF is a global fund set up as a funding mechanism of the United Nations Framework Convention on Climate Change to support developing countries in responding to climate change.

Twenty years ago, a new publication was launched to fill a gap in FT Energy’s global map: African Energy created in April 1998 as a monthly report, meant the Financial Times subsidiary could claim to cover the world; previously, its stable of newsletters and online products had largely ignored Africa. African Energy opened its account with news that financing for the planned $3.5bn Chad-Cameroon pipeline was falling into place. That controversial project was eventually built, while others have taken longer to leave the drawing board.

Australia’s FAR has announced plans for an equity raising to generate funds for its share of the Sangomar oil field development. A share placement aims to raise A$146m (US$99m) at A$0.0425/share, while FAR will also conduct a share purchase plan with existing shareholders to raise up to A$30m more at the same price. The placement price represents a 21.3% discount to FAR’s last closing price on 9 December of A$0.054 and a 12% discount to the five-day volume weighted average price of its shares.

Africa Finance Corporation (AFC) on 22 June signed a $150m 15-year loan facility from KfW Development Bank. The funds will be used to refinance projects across the corporation’s current and prospective member states in several of AFC’s priority investment sectors: power, telecommunications, transport and heavy industries. “Not only will this loan facility from KfW add valuable capital to our finance reserves but the 15-year tenor period is particularly suited to funding the long-term, large-scale infrastructure projects that are so needed across Africa,” said AFC president and chief executive Andrew Alli.

The World Bank Group signed agreements on 6 August for the 96MW Tobene independent power project in Taiba Ndiaye, 90km north-east of Dakar. These included a E93.4m ($124.5m) financing agreement arranged by the International Finance Corporation (IFC) and a $40m equivalent partial risk guarantee from the International Development Association. The project will be developed on a build, own and operate basis by Melec PowerGen, an affiliate of Lebanon’s Matelec Group, which will own at least 90% of the plant. The early stage development of the E123m plant was led by IFC InfraVentures, IFC’s infrastructure project development fund, and IFC will retain a 10% stake on completion of a proposed equity investment.

Chinese appetite for booking significant reserves has been underlined by the acceptance of Libya-focused Verenex Energy Inc’s board for a C$499m ($387m) takeover bid by China National Petroleum Corporation subsidiary CNPC International (CNPCI). The Toronto Stock Exchange (TSX)-listed firm entered into a definitive agreement with the Chinese suitor on 24 February.

President José Eduardo dos Santos’ billionaire elder daughter Isabel has added to her portfolio with a controlling stake in Portuguese engineering company Efacec, ten years after she bought 38.3% in Portugal’s Galp Energia in partnership with Portuguese businessman Américo Amorim. Isabel dos Santos, whose fortune was estimated at $3bn last year by Forbes magazine, established the 50/50 Winterfell joint venture with the recently created Empresa Nacional de Distribuição de Electricidade (ENDE) in order to purchase foreign assets. Isabel dos Santos and Winterfell bought a 65% stake in Efacec Power Solutions at the beginning of June from two Portuguese companies, Grupo José de Mello SGPS and Têxtil Manuel Gonçalves.

An imminent decision on the future funding of the state-owned power utility may force it to revisit other capital expenditure and funding agendas, writes Kevin Godier