Finance | - Part 139

Tanzania receives $305 million World Bank loan for Dar es Salaam port expansion

DAR ES SALAAM (Capital Markets in Africa) – Tanzania will receive a $305 million loan from the World Bank to expand its main port in its main commercial city Dar es Salaam, where congestion and inefficiencies are hampering ambitions to transform the east African nation into a regional transport hub. The port, whose main rival is the bigger but also congested port of Mombasa in Kenya, acts as a trade gateway for landlocked African states…

Vodacom Said to Mull Sale of Shareholding to Black Investors

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JOHANNESBURG (Capital Markets in Africa) – Vodafone Group Plc’s publicly traded South African unit is considering the sale of a 15 billion rand ($1.1 billion) stake in what would be one of the country’s biggest ever deals aimed at boosting black participation in the economy, according to two people familiar with the matter. Vodacom Group Ltd. plans to buy back part of the 12.47 percent stake owned by government-pension fund manager the Public Investment Corp., said…

Turkey Plans to Invest $1 Billion in Mozambique Over 20 Years

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MAPUTO (Capital Markets in Africa) – Turkey will invest $1 billion in Mozambique over the next two decades, President Recep Tayyip Erdogan said during a two-day visit to the southern African country struggling to attract foreign investment. Mozambique’s finances have been in trouble since early 2016 when it emerged the government withheld information about the magnitude of its indebtedness while arranging new credit. The nation has since said missed interest payments for external commercial loans, including a…

Angolan Fund Says China Exim Will Lend $600 Million for New Port

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LUANDA (Capital Markets in Africa) – The Export-Import Bank of China is lending Angola as much as $600 million for the construction of a deep-sea port in the northern enclave of Cabinda, according to Jose Filomeno dos Santos, the chairman of Angola’s sovereign wealth fund. The first phase of the port, which will include a 630-meter (2,070-foot) container terminal, ship-repair facilities, warehouses, a power plant and a free-trade zone, will be completed in the second half of this year,…

Angola’s Sovereign Wealth Fund Plans to Finance Deep-Sea Port

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LUANDA (Capital Markets in Africa) – Angola’s sovereign wealth fund committed $180 million to building a deep-sea port in a bid to boost trade as oil prices remain low. The port will include a 630-meter (2,070-foot) terminal, ship-repair facilities and a free-trade zone, Fundo Soberano de Angola, known by its Portuguese acronym FSDEA, said in an e-mailed statement on Tuesday, without saying where the port will be built. The commitment, which will lead to the creation of 20,000 jobs,…

Guinea President Says Rio Payment Saga Tied to Internal Feud

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GUINEA (Capital Markets in Africa) – The President of Guinea is disputing public statements made by Rio Tinto Group regarding the firing of a senior executive for a $10.5 million payment made to the president’s friend Francois de Combret. President Alpha Conde said the firing of Alan Davies, who headed Rio’s $20 billion Simandou iron ore project in Guinea, was the result of an internal feud. Rio has said it was because of improper payments to de Combret…

Power Africa Partner Gigawatt Global Advances 1,000 MW in Burundi

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BUJUMBURA (Capital Markets in Africa) – Amid the lush and rolling hills of Mubuga, 100 km outside the Burundian capital of Bujumbura, 2,500 people came yesterday to celebrate the festive ground-breaking for a 7.5 MW solar field that will add 15% to the East African country’s generation capacity. In a colorful and drum-accented ceremony attended by government officials, international investors, religious leaders and the diplomatic community, Gigawatt Global (http://GigawattGlobal.com), the leading frontier solar and social development…

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