Finance | - Part 186

DAVOS: Energy high on the agenda of African policy makers

The world economic forum is creating a working group of African leaders to build political momentum for a sustainable energy transition in Africa. Members of the group –to be known as AFRICAN ENERGY LEADERS GROUP, will come together to share insights and to enhance the overall capacity to build public-private partnerships, leverage political support and mobilize funds for sustainable energy and development initiatives on the continent.The Group noted at the inaugural Press Conference, the importance of…

Africa Finance Corporation initiates $900m power project in Ghana

Posted on by The Editorial Team

Africa Finance Corporation (AFC), last week, effected the ground-breaking of the $900 million Kpone Independent Power Project (Kpone IPP) in Ghana, implemented by the Cenpower Generation Company Limited. AFC is the lead project developer, mandated lead arranger and largest equity investor in Kpone IPP, which reached financial close in December 2014. The ceremony was attended by Ghanaian Vice President KwesiAmissah-Arthur, Minister of Power Dr. KwabenaDonkor, and Robert Dwamena, Managing Director of the Electricity Company of…

Boosting Solar Energy Capacity in Africa

Posted on by The Editorial Team

Sub-Saharan Africa is rich in energy resources but its potential remains mostly untapped. Despite the abundance of sunlight, solar projects have been developed slowly and often inefficiently.Weak competition and high transaction costs are some of the obstacles that hamper the progress of the technology.In a continent where most people live without electricity, expanding the supply of energy has become an imperative that cannot be delayed. To meet projected demand, Africa needs to increase its power-generation…

Kenya gets $700 million IMF’s insurance finance

Posted on by The Editorial Team

The IMF Executive Board approved February 2 a financing package for Kenya of about $700 million that the East African country’s authorities plan to use as insurance against external shocks. This financing is precautionary, as Kenya plans not to draw on it unless the balance of payments comes under pressure. The financing package approved by the Board involves “blended access”—combined general and concessional resources comprising a $504.3 million Stand-By Arrangement and a $194 million arrangement…

Nigeria to borrow N90billion in bonds

Posted on by The Editorial Team

Nigeria plans to raise 90 billion naira ($475 mln) in sovereign bonds with maturities ranging between five and 20 years at its next regular auction on Feb. 11, the Debt Management Office (DMO) said on Tuesday.The debt office said it will auction 35 billion naira worth of the 5-year bond, 30 billion naira of the 10-year paper and 25 billion of the 20-year debt note, using the Dutch Auction System. The 5-year debt note is…

Why Intra-African Trade Matters: Working Locally to go Global

Posted on by The Editorial Team

Economic integration efforts have a long history in Africa. The large number of preferential trade agreements signed in the past five decades has led to a “spaghetti bowl” of intertwined and overlapping regional organizations. Every African country is a party to at least one regional economic agreement, and many are members of five or more. Despite these efforts, intra-African trade remains low. Regional exports are less than 10 per cent of Africa’s total merchandise exports,…

Kenya’s manufacturers laud efforts to enhance intra-Africa trade

Posted on by The Editorial Team

Kenya’s manufacturers have praised efforts being made by the government to secure additional market, enhance intra-African trade and boost the country’s exports through regional trade blocks. The Kenya Association of Manufacturers (KAM), which organised a forum in Nairobi to review the progress on the Tripartite Free Trade Area (TFTA) negotiations and its impact on business, lauded the ministry of foreign affairs for engaging the private sector in the talks. KAM Executive Officer in charge of…

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