Finance | - Part 151

Zambia, Zimbabwe Pick AfDB Advisers for $4 Billion Batoka Plant

HARARE, Capital Markets in Africa: Zambia and Zimbabwe have appointed the African Development Bank as lead financial advisers for the construction of the 2,400-megawatt Batoka Gorge hydro-power project that’s expected to cost $4 billion, an official said. The two southern African nations face severe power shortages as years of under-investment are amplified by low water levels at the Kariba dam hydro-power station that they each rely on for about half of total supplies. “Only yesterday, we were talking…

Eni asks banks for billions to finance Mozambique gas project

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MAPUTO, Capital Markets in Africa: Italian oil firm Eni has approached banks for billions of dollars to finance a huge offshore gas development in Mozambique, a significant step in getting a long-delayed project off the ground, the company and sources said. Eni confirmed it met bankers in London last week about project financing to develop the Coral field, part of the huge reserves discovered six years ago in the Area 4 concession off the Mozambican…

AfDB Seeks Investors for $7.6-Billion Tanzanian Railway Line

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DAR ES SALAAM, Capital Markets in Africa: The African Development Bank will hold an investors’ roadshow to attract as much as $7.6 billion in financing for a railway line linking Tanzania’s port in Dar es Salaam with neighboring landlocked countries. The Abidjan, Ivory Coast-based lender is teaming up with the World Economic Forum to help attract investors to bankroll the 2,200-kilometer (1,370-mile) line, according to Gabriel Negatu, AfDB’s regional director for East Africa. “We are convening a meeting of…

Investment | Turkey’s MNG Gold to Invest $45 Million in Burkina Faso Mines

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Ouagadougou, Capital Markets in Africa: Turkey’s MNG Gold is spending $45 million to mine gold in Burkina Faso after obtaining two projects in Africa’s fourth-largest producer of the metal. The Balogo pit in the south of the country will yield 100,000 ounces annually when production starts this year, Richard Zongo, MNG Gold’s country manager, said in an interview. To guarantee the profitability of the mine, which has a lifespan of only two years, the company bought the rights…

African Development Bank aims to lend Nigeria $4.1 bln for power and farming

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LAGOS, Capital Markets in Africa:– The African Development Bank is looking to provide a total of $4.1 billion to Nigeria over 2016 and 2017, its president said on Monday, as Africa’s biggest economy seeks to bridge its budget deficit and improve weak infrastructure. Akinwumi Adesina said the funds would be used to develop the power and agriculture sectors in the west African country, which has slipped into recession for the first time in over 20…

East Africa Oil Pipelines Boon to Private Funders, AfDB Says

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NAIROBI, Capital Markets in Africa: Oil pipelines planned in Kenya and Uganda to ferry crude from fields to port present opportunities for private financiers keen to gain a foothold in East Africa’s energy industry, the African Development Bank says. “Nobody has ever, ever lost money financing pipelines,” Gabriel Negatu, the Abidjan-based lender’s regional director for East Africa, said in an interview in Kenya’s capital, Nairobi, on Sept. 23. If there is oil flowing, “it’s generally viable,” he said. East…

Egypt eyes $10 bln in foreign investment as it upgrades infrastructure

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CAIRO, Capital Markets in Africa: Egypt hopes to attract $10 billion in foreign direct investment (FDI) next year and will automate the process of establishing a company, its investment chief said, highlighting efforts to revive the economy and earn much-needed hard currency. The most populous Arab country has been scrambling to attract the investment needed to restore growth since the 2011 uprising, which ushered in protracted political turmoil and scared away tourists and foreign investors…

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