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Victoria Oil & Gas (VOG) has raised £9.5m ($15m) through a placing of 292m new shares to finance completion of the Logbaba gas and condensate project in Cameroon following the increase in its working interest to 95%.

ArcelorMittal, the world’s largest steel and mining company, on 27 September started commercial iron ore production in Liberia. A launch event in Buchanan was attended by President Ellen Johnson Sirleaf, minister of lands, mines and energy Roosevelt Gasolin Jayjay and ArcelorMittal chairman Lakshmi Mittal.

The European Investment Bank (EIB) is considering E300m ($410m) of financing for the Moroccan Agency for Solar Energy’s planned 500MW solar power plant

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,

Angola’s oil parastatal has raised a $1bn ten-year loan facility backed by South Korea, marking an unprecedented tenor for one of the most regular African users of international syndicated loan markets, writes Kevin Godier

Tanzania has tapped a seven-year commercial $250m loan to fund new infrastructure projects, signing off on the deal on 8 August with a consortium of local and global banks led by Stanbic Bank Tanzania and parent company Standard Bank Group of South Africa. 

The Zambian authorities are planning to issue their delayed debut Eurobond after presidential elections in Q4 2011 – which will also allow global bond markets to take stock after a period of turmoil in the Eurozone

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

The Egyptian oil parastatal seems set to solicit a big pre-export loan, but financial woes persist

Økokrim, the Norwegian National Authority for the Investigation and Prosecution of Economic and Environmental Crime, has convicted three former employees of engineering consultancy Norconsult of bribery in connection with the Dar es Salaam Water Supply and Sanitation Project

Burkina Faso, Democratic Republic of Congo, Morocco, Mozambique and Zambia presented investment plans and projects for approval at the Climate Investment Funds (CIF) partnership forum in Cape Town on 24-25 June, hosted by the African Development Bank (AfDB). New projects included:

The board of the Lomé-based Banque Ouest Africaine de Développement (BOAD) has approved more financing for troubled Senegalese utility Senelec and the government’s emergency power sector recovery plan ‘Takkal’ (AE 210/1).

Sharp falls in Asian currencies in 1997-98 – as governance and other weaknesses in previously booming ‘tiger’ economies led equities and other markets to collapse – had a negative impact on the burgeoning number of Asian

Recent pressure on the Kenyan, Tanzanian and Ugandan shillings poses problems for power developers and others operating in East Africa’s fast-growing economies, with echoes of the late 1990s events in Asia that undermined that region’s burgeoning IPP sector, writes Kevin Godier with Jon Marks

Companies doing business in Africa are looking closely at the provisions of the UK Bribery Act, which came into force on 1 July. The act replaces and brings together previous bribery laws, which date back to 1889, setting tough penalties and making companies responsible for their co-venturers and contractors.