Finance | - Part 152

Telecom Egypt considers buying more spectrum

CAIRO, Capital Markets in Africa: Telecom Egypt, the state fixed-line monopoly, said on Monday it was considering buying more spectrum, weeks after acquiring a fourth-generation (4G) licence that will allow it to directly offer mobile phone services for the first time. “Telecom Egypt has presented a request to the National Telecom Regulatory Authority to understand the terms and conditions related to any other spectrum on offer so it can be studied and evaluated,” it said…

Eskom May Use $11 Billion Cash It Forecasts on South Africa Nuclear

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JOHANNESBURG, Capital Markets in Africa: South Africa’s state-owned electricity utility forecasts it will have more than 150 billion rand ($11 billion) in 10 years’ time, money it could use to fund the country’s proposed plan to build nuclear power plants. Eskom Holdings SOC Ltd.’s stronger financial and operating performance will continue improving, culminating in the excess cash resources by the 10th year of the company’s 2016-17 operating plan, Group Generation Executive Matshela Koko wrote in an…

African Union Says EU Funds Secured for Its Mission in Somalia

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LAGOS, Capital Markets in Africa: The African Union said it secured 178 million euros ($199.6 million) of financial support from the European Union for its peacekeeping mission in Somalia, as the war-torn nation prepares for elections next month. The contract signed Wednesday covers the period from Jan. 1 to Sept. 30, 2016, with funds to be used for the allowances of mission troops and police, international and local civilian staff salaries and operational costs, the…

Richest African Says Nigeria Needs $15 Billion for Economy

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LAGOS, Capital Markets in Africa: Nigeria needs $15 billion from asset sales and borrowing to revive a slumping economy and boost foreign reserves, according to Aliko Dangote, Africa’s richest man. “Through sales of assets, through loans from Bank of China or wherever, we need something like $15 billion,” Dangote, a Nigerian national, said in a Bloomberg TV interview at the U.S.-Africa Business Forum in New York on Wednesday. “We’re having a problem as the reserves are low….

OPIC Finances Wind Farm in Senegal, Solar Developer in Nigeria

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LAGOS, Capital Markets in Africa: The Overseas Private Investment Corp. lent $250 million to fund a wind project in Senegal. The Taiba N’Diaye wind farm is in western Senegal is expected to have a capacity of 158 megawatts once complete, the U.S. government’s development finance institution said in an e-mailed statement. OPIC has partnered with Lekela Power, a joint venture between Dublin-based Mainstream Renewable Power Ltd. and private equity investor Actis LLP, to build the project. It is…

Kenyan Geothermal Gets $60 Million From African Development Bank

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NAIROBI, Capital Markets in Africa: The African Development Bank will lend $60 million to finance a geothermal power project in Kenya. The funds will go to state-owned Geothermal Development Co. to buy three drilling rigs, according to Gabriel Negatu, regional director at the Abidjan, Ivory Coast-based financial institution. Kenya “has enormous potential in geothermal power capacity which it has not fully exploited,” Negatu said in an interview in Nairobi. The country has been tapping geothermal power in…

Kia Motors to assemble cars in Ethiopia, considers Algeria

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ADDIS ABABA, Capital Markets in Africa: South Korea’s Kia Motors Corp signed a deal with a local company on Thursday to start assembling cars in Ethiopia and is thinking of similar operations elsewhere in Africa. “It is important to penetrate the African market. We are also looking at the prospects of opening similar plants in Algeria and other countries,” Soon Nam Lee, President of Kia’s Middle East and Africa headquarters, told Reuters. Kia and Belayab…

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