Finance | - Part 171

AfDB approves US $141.71million for the Dar es Salaam Bus Rapid Transit System Project

Dar es Salaam, Tanzania, Capital Markets in Africa — The Board of Directors of the African Development Bank Group approved on Wednesday, September 30, 2015, two loans totaling US $141.71 million to finance the second phase of the Dar es Salaam Bus Rapid Transit (BRT) System Project. The US $97.42-million loan from the AfDB market window and the US $44.29-million loan from the Africa Growing Together Fund (AGTF)* will support Tanzania Government’s efforts to decongest…

The AfDB injects US$14.4 million to boost industrial competitiveness in Côte d’Ivoire

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Abidjan Cote D’Ivoire, Capital Markets in Africa — The African Development Bank (AfDB) formally approved a grant of 8.226 billion CFA francs (approximately US $14.4 million) to Côte d’Ivoire from the African Development Fund (ADF) to fund the Support to Industrial Competitiveness Enhancement Project (PARCSI). This project forms part of a broader AfDB assistance package to support implementation of the country’s restructuring programme, which includes efforts to modernise businesses and update Côte d’Ivoire’s export strategy….

Islamic Finance in Africa: A Promising Future — ICD

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JEDDAH, Kingdom of Saudi Arabia, Capital Markets in Africa — A newly-released report “Islamic Finance in Africa: A Promising Future” by the Islamic Corporation for the Development of the Private Sector (ICD) takes an in-depth look at the tremendous growth opportunities for Islamic finance to flourish in the region. The new report was released during the Africa Islamic Finance Forum 2015 in Abidjan. The report is being published as the global banking community comes together…

AfDB unveils a blueprint to get rid of Africa’s energy poverty by 2025

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Abidjan, Cote d’Ivoire, Capital Markets in Africa — The African Development Bank Group (AfDB) unveiled its landmark initiative to solve Africa’s huge energy deficit by 2025 at a High Level Stakeholder Consultative Meeting attended by business and political leaders at its headquarters in Abidjan on 17 September 2015. The “New Deal for Energy in Africa,” which charts the way for a transformative partnership on energy focuses on mobilizing support and funding for the initiative from…

AfDB approves US$ 121 million for electricity expansion to rural households in Uganda

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Abidjan, Cote d’Ivoire, Capital Markets in Africa — The African Development Bank (AfDB) Group Board approved on 16 September 2015 a US$ 121 million loan and grant to help Uganda’s government improve access to electricity for rural households, businesses and public institutions to ultimately improve the livelihoods, economic opportunities and access to social services in rural communities. The Bank Group allocated a US$ 100-million loan and an additional €10.205 million grant mobilized by the AfDB…

Randgold Resource stakes on Ghana’s Gold partnering with AngloGold

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ACCRA, Ghana, Capital Markets in Africa — Randgold Resources Limited (“Randgold”) and AngloGold Ashanti Limited (“AngloGold Ashanti”) have concluded an investment agreement (the “Agreement”) aimed at the formation of a joint venture to redevelop and operate AngloGold Ashanti’s Obuasi gold mine in Ghana. In terms of the Agreement, Randgold will lead and fund a development plan designed to rebuild Obuasi as a viable long-life mining business with an attractive cost structure and returns. Obuasi, located in…

Guinea plans to build a US$2 Billion Hydropower Dam

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Conakry, Guinea, Capital Market in Africa — Guinea is in talks with China International Water & Electric Corporation (CWE) to build a US$2 billion hydropower dam that would boost the West African country’s energy output, according to Ministry for Energy official, Lansana Fofana. Lansana Fofana, said the proposed dam would double the country’s energy output, providing new capacity for the expansion of bauxite processing. “The idea is to feed the mining industry,” Fofana, the head of…

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