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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

Subscriber

The World Bank’s board has approved supplemental financing of $15m to the Second Growth Policy Reform Credit (GPRC-2) to help cover additional financing needs caused by spillovers from the Libyan crisis and food shortages, both of which threaten the country’s economic progress

Niger
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The continuing frontier exploration push by small- to mid-sized players has revitalised demand for oil and gas sector financing, with Tullow providing a potential template.

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US oil companies have threatened to sue the SEC over planned new disclosure rules, but a lawsuit will do their image no favours

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An energy trade mission led by US deputy assistant secretary of state for African affairs William Fitzgerald visited Mozambique, Tanzania, Nigeria and Ghana from 6-17 February

Ghana | Mozambique | Nigeria | Tanzania
Issue 225 - 16 February 2012

Chad: Griffiths Energy cancels IPO

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Calgary-based Chad player Griffiths Energy International has abandoned plans for a share listing. A letter dated 3 February from its lawyers Norton Rose asked Canada’s securities regulators to withdraw its preliminary prospectus, which was filed in November. Griffiths Energy signed three production-sharing contracts (PSCs) with the N’djamena government last year: the 2,744km2 Mangara/Badila PSC, which comprises the DOB and DOI blocks, the 22,206km2 Doseo/Borogop PSC, made up of the Doseo and Borogop blocks, and the 826km2 DOH PSC

Chad
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IFC invests in Canadian miner; Benchmark bond; Addax Bioenergy reaches financial close

Sierra Leone | Côte d'Ivoire
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The Nigerian National Petroleum Corporation (NNPC) has secured a medium-term $1.5bn commercial bank loan, raising hopes that the multi-billion dollar payments backlog at its Pipelines and Product Marketing Company (PPMC) fuel-importing arm is being addressed

Nigeria
Free

Global reactions to the 12-day UN climate negotiations in Durban were mixed, but there were glimmers of hope from the event for Africa’s energy industry

Issue 222 - 16 December 2011

DP World opens container port extension

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Dakar port has opened a new container terminal, described by Dubai-based developer DP World as West Africa’s largest and most modern. Following a concession agreement signed in 2007,

Niger | Burkina Faso | Senegal | Mali
Issue 222 - 16 December 2011

High marks from the IMF

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The new government of President Alpha Condé has received a good report from an International Monetary Fund (IMF) mission that visited on 10-22 November. Mission head Harry Snoek said Guinea had made good progress under its 2011 staff-monitored programme, which involves close supervision but no funding,

Guinea
Issue 222 - 16 December 2011

New term at Sonangol for Vicente

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The cabinet has appointed Manuel Vicente to a new three-year term as head of Sonangol, apparently putting an end to speculation that he could be about to succeed President José Eduardo dos Santos.

Senegal
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The escalation of the euro crisis has added to concerns about Francophone African risk, although risk perceptions and pricing remain stable for now. There has already been an impact on trade finance availability and, as the Eurozone crisis unfolds, it may become harder still to source bilateral and commercial finance, writes Kevin Godier

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The European Commission has proposed new disclosure requirements along the lines of the US Dodd-Frank Act for companies based in the European Union. The new rules would require large extractive and logging companies to report payments they make to governments

Issue 220 - 18 November 2011

Government plans $500m bond

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Zambia’s new government plans to capitalise on its B+ credit rating by issuing a $500m ten-year sovereign bond next year. Presenting the 2012 budget to parliament, finance minister Alexander Chikwanda said the rating from Standard & Poor’s and Fitch “has opened up the opportunity for Zambia

Zambia