Finance | - Part 136

Preview of South Africa’s Budget Speech 2017

JOHANNESBURG (Capital Markets in Africa) – The upcoming Budget will be a critical one given there is no more room for the upward revision of deficit targets as seen over the last few years. As a result of the current slow growth environment, the tax increases and expenditure cuts set in October’s Medium-term Budget have to be adhered to if Treasury is to deliver a positive Budget. This is according to Senior Economist, Johann Els,…

Exxon stumps up $2.8 bln for Mozambique gas gateway to Asia

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Exxon Mobil Corp, the world’s biggest publicly traded oil producer, has agreed to pay Italy’s Eni $2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets. Eni is currently the operator of Mozambique’s Area 4 licence which, with 85 trillion cubic feet of gas in place, is one of the world’s largest gas discoveries in recent years. The…

USTDA Promotes Solar Energy Development in Burkina Faso

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LAGOS (Capital Markets in Africa) – The U.S. Trade and Development Agency awarded a grant to Société de Production d’Energie Solaire de Kodéni SAS today for a feasibility study for two 17 megawatt solar photovoltaic plants near the villages of Pá and Kodéni in Burkina Faso. The solar plants are being developed by BioTherm Energy, a South African renewable energy company. Burkina Faso has one of the least developed energy sectors in Sub-Saharan Africa. Less…

African renewable energy projects compete for a share of US$7million

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LAGOS (Capital Markets in Africa) – Access Power a developer, owner and operator of power projects in emerging markets and a Power Africa partner, today announced the launch of ACF 2017, the third edition of the highly successful funding and support platform for renewable energy projects in Africa. The official opening of the submissions process was announced today at the Power Africa Annual Partners Meeting in Washington, D.C. Now in its third year, the ACF…

Solar Project in Mali Gets Loan From African Development Bank

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BAMAKO (Capital Markets in Africa) – The African Development Bank approved a concessional loan for a 33-megawatt solar project in southeast Mali that’s being built by Norwegian renewable energy company Scatec Solar ASA and U.S. development institutions International Finance Corp. and Power Africa. The Segou solar plant is expected to supply about 5 percent of the African country’s electricity, equivalent to 60,000 households, according to a statement on Scatec’s website. The partners have signed a 25-year power purchase agreement with…

GM plans to sell stake in East African unit to Isuzu

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NAIROBI (Capital Markets in Africa) – General Motors Co on Tuesday said it plans to sell its majority ownership stake in General Motors East Africa to its Japanese partner Isuzu Motors Ltd, as the U.S. carmaker continues to streamline by exiting non-core operations. Isuzu will acquire GM’s 57.7 percent stake in the unit in Kenya, which produces trucks under the Isuzu brand and sells imported Chevrolet-brand vehicles. More than 90 percent of the vehicles sold…

Africa Finance Corporation carries out $150 million Sukuk on Nasdaq Dubai

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LAGOS (Capital Markets in Africa) – Africa Finance Corporation (AFC) has carried out a 150 million US dollar Islamic financing transaction on the Murabahah platform of Nasdaq Dubai, the international financial exchange serving the Middle East and Africa. The transaction was executed to facilitate the issuance by AFC of a 150 million US dollar Sukuk, which was the first US dollar Sukuk to be issued by any multilateral African institution. It was also the first…

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