Finance | - Part 186

West Africa: New railway network aims to boost inter-regional trade

On the dual carriageway linking the main airport to downtown Niamey, the capital of Niger, workers are busy digging trenches in the middle of the island separating the lanes, and laying tracks where rows of lampposts once stood. They are racing against the clock to build a thousand-kilometre stretch of a regional network that will connect Niamey to the West African seaport of Cotonou, Benin. The project is expected to be completed by the end…

Financing Africa’s massive projects

Posted on by The Editorial Team

It is an audacious $4.8 billion project undertaken by one of the world’s poorest countries. At the construction site in the Benishangul region of Ethiopia near the Sudanese border, some 8,500 workers are labouring tirelessly every day to build the gigantic Grand Ethiopian Renaissance Dam. When completed in 2017, the dam will generate 6,000 megawatts of electricity for domestic consumption and export. On the surface, the 558 ft tall dam — Africa’s biggest hydropower project…

SEFA supports 72MW Solar PV power project in Cameroon

Posted on by The Editorial Team

The Sustainable Energy Fund for Africa (SEFA) approved at the end of 2014 a USD 777,000 preparation grant for JCM Greenquest Solar Corporation to support the development of a 72 MW Solar Photovoltaic (PV) power plant as the first renewable energy Independent Power Producer (IPP) in Cameroon. The SEFA grant will finance environmental and social impact assessments and the cost related to the technical, legal and financial advisory services. Despite Cameroon’s abundant resource potential and…

AfricInvest exits stake UAP Holdings Kenya

Posted on by The Editorial Team

AfricInvest, a leading pan-African SME-focused private equity firm, is pleased to announce that its AfricInvest Fund II (“AFII”) and AfricInvest Financial Sector (“AFS”) Fund, along with two other investors, Aureos Africa Fund (managed by Abraaj) and Swedfund, entered into an agreement to sell their 37.3% collective stake in UAP Holdings Limited (“UAP”) to Old Mutual Holdings, a wholly-owned subsidiary of Old Mutual plc (“Old Mutual”) for KES 14.2 billion (approximately USD155.5 million). Old Mutual had…

Financial Reforms: South Africa’s Twin-Peaks Regulation

Posted on by The Editorial Team

The South African banking sector is a very well regulated sector. This factor is a key contributor to the ability of the sector to withstand the financial crisis precipitated in the USA and spreading to Europe in 2008. Other factors contributing to this are the responsible and conservative business models adopted by SA banks and their relatively risk-averse nature. The Global Competitive Report rates the SA banking sector as the second most stable banking sector…

Chinese yuan penetrates African markets: Could it be the next global reserve currency?

Posted on by The Editorial Team

In March this year Zimbabwe joined a growing list of countries in Africa and the world using the Chinese currency, yuan, also known as remnibi (RMB), as one of its official currencies after its central bank added the RMB, the Japanese yen, the Australia dollar and the Indian rupee to the existing basket of currencies. Zimbabwe abandoned its currency in 2009 when it was rendered worthless by excessive inflation. Since then, it has been using…

Cenpower announces project financing for construction of IPP

Posted on by The Editorial Team

Following the fulfilment of the conditions precedent to its debt financing agreements, Cenpower Generation Company Limited (Cenpower) announced the financial close of the circa USD900 million project financing required for the construction and development of the Kpone Independent Power Project (KIPP) on 23 December 2014. KIPP is a 350MW combined cycle multi-fuel power station to be located near Tema, Ghana. Once construction is complete, it is expected to be the largest IPP in the country which will account…

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