Finance | - Part 152

African Union Says EU Funds Secured for Its Mission in Somalia

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…

Richest African Says Nigeria Needs $15 Billion for Economy

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LAGOS, Capital Markets in Africa: Nigeria needs $15 billion from asset sales and borrowing to revive a slumping economy and boost foreign reserves, according to Aliko Dangote, Africa’s richest man. “Through sales of assets, through loans from Bank of China or wherever, we need something like $15 billion,” Dangote, a Nigerian national, said in a Bloomberg TV interview at the U.S.-Africa Business Forum in New York on Wednesday. “We’re having a problem as the reserves are low….

OPIC Finances Wind Farm in Senegal, Solar Developer in Nigeria

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LAGOS, Capital Markets in Africa: The Overseas Private Investment Corp. lent $250 million to fund a wind project in Senegal. The Taiba N’Diaye wind farm is in western Senegal is expected to have a capacity of 158 megawatts once complete, the U.S. government’s development finance institution said in an e-mailed statement. OPIC has partnered with Lekela Power, a joint venture between Dublin-based Mainstream Renewable Power Ltd. and private equity investor Actis LLP, to build the project. It is…

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…

Kia Motors to assemble cars in Ethiopia, considers Algeria

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ADDIS ABABA, Capital Markets in Africa: South Korea’s Kia Motors Corp signed a deal with a local company on Thursday to start assembling cars in Ethiopia and is thinking of similar operations elsewhere in Africa. “It is important to penetrate the African market. We are also looking at the prospects of opening similar plants in Algeria and other countries,” Soon Nam Lee, President of Kia’s Middle East and Africa headquarters, told Reuters. Kia and Belayab…

Uganda to spend $2 bln on power connections, grid: Umeme executive

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NAIROBI, Capital Markets in Africa: Uganda plans to spend at least $2 billion in the next five years to connect more people to its electricity grid and raise connection rates, a senior executive at sole power distributor Umeme Ltd said on Thursday. Ugandan officials say they want to boost electricity supply rapidly to power an industrialisation drive. In recent years they have cut subsidies for consumers and introduced a tariff adjustment mechanism. The country said…

Vodafone Squeezed in Egypt as State-Backed Partner Turns Rival

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CAIRO, Capital Markets in Africa: Vodafone Group Plc is getting squeezed in Egypt as its state-backed partner embarks on a solo push into wireless services — crowding the market with a fourth provider while potentially leaving its U.K.-based ally to fend for itself. To finance its own network, Telecom Egypt may sell its 45 percent stake in an existing venture with Vodafone, according to two analysts who have been briefed by the company. The options range from an initial…

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