Finance | - Part 17

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

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…

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…

Algeria and ENI sign solar plant deal for south – APS agency

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ALGIERS, Capital Markets in Africa: Algerian state energy company Sonatrach has signed a deal with Italian firm ENI for a solar power plant, state news agency APS said on Friday, as the North African state looks to decrease domestic consumption of gas for power and export more. The 10 MW photovoltaic plant to be launched before the end of 2016 in Ouargla in southern Algeria will supply the company’s Bir Rebaa field with electricity, allowing…

Gecamines Says Lundin Withdrawal From Congo Would Be Problematic

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CONGO, Capital Markets in Africa: Gecamines, the Democratic Republic of Congo’s state-owned miner, warned that any decision by Lundin Mining Corp. to withdraw from the Tenke Fungurume copper mine could scupper Freeport McMoRan Inc.’s proposed sale of its stake in the project. By exiting at the same time as Freeport and transferring full ownership of the project to new parties without securing Gecamines’ approval, Lundin and Freeport would further violate the state-owned miner’s rights, Chairman Albert…

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…

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…

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