Finance | - Part 81

Uganda Targets 1,000 Megawatts of New Generation by June 2020

KAMPALA (Capital Markets in Africa) – Uganda plans to boost power generation capacity by at least 1,000 megawatts by June 2020 to promote industrial growth by adding renewable sources such as wind, solar and biomass to hydropower. Increased generation will enable the East African nation to raise access on the national grid to 30 percent, according to a sector budget document on the Finance Ministry’s website. The World Bank estimates the country’s access at 26.7…

Gambia Truth Commission Begins Hearings Into Ex-Dictator’s Rule

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BANJUL (Capital Markets in Africa) – A commission that is investigating abuses under the 22-year rule of former Gambian President Yahya Jammeh began proceedings Monday as victims say they demand justice for atrocities committed against them. The repressive reign of Jammeh, who seized control of the West African nation in a 1994 coup, was characterized by human-rights violations such as torture, disappearances and forcing HIV sufferers to follow his own treatment methods. He was ousted two years…

Top Congo Coltan Miner Joins Rival Tracing Program, Exits ITSCI

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s top exporter of coltan — a raw material needed to make mobile phones — has signed on to a rival mineral-tracing program after exiting the more-established ITSCI system. Societe Miniere de Bisunzu is joining RCS Global Group’s Better Sourcing system, the parties said in a joint statement. Like ITSCI, Better Sourcing provides tracking and verification services for minerals originating in Congo and neighboring countries…

Tencent Joins Naspers in a $1 Billion Funding for India’s Swiggy

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JOHANNESBURG (Capital Markets in Africa) – Tencent Holdings Ltd. joined Naspers Ltd. in a $1 billion investment in Indian food delivery service Swiggy, which gains a potentially valuable ally in China’s largest social media and gaming company. Naspers led the financing, which snagged new backers Hillhouse Capital and Wellington Management in addition to existing investors DST Global, Meituan Dianping and Coatue. The funding round, which Bloomberg reported on in October, marks Swiggy’s third for 2018 and largest to date. Naspers, Africa’s most valuable company, said it put…

IMF Approves Disbursement of $172.1 Million to Sierra Leone

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LAGOS (Capital Markets in Africa) – The International Monetary Fund’s executive board approved disbursement of $172.1 million to Sierra Leone under a 43-month extended credit facility program. “The executive board’s decision enables an immediate disbursement of $21.5 million to Sierra Leone,” the Washington-based lender said Wednesday in an emailed statement. “The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.” The program is aimed at reducing inflation, mobilizing revenue to allow for…

Kenya Could Lose Port on Default of China Exim Loan, Nation Says

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NAIROBI (Capital Markets in Africa) – China’s Export-Import Bank could take over East Africa’s biggest port should Kenya fail to repay a loan taken to finance its new railway, Nation newspaper said, citing a report by the country’s auditor-general. The Chinese bank agreed in 2014 to lend Kenya 90 percent of the $3.8 billion it required for the railway’s first phase linking the port city of Mombasa to the capital, Nairobi. The East African nation secured another…

South Sudan Sees $2 Billion in Oil Investments as Just the Start

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SOUTH SUDAN (Capital Markets in Africa) – Recent pledges of $2 billion in investment for South Sudan’s oil may be just the start, with the war-torn nation expecting further agreements in early 2019, its petroleum minister said. Ezekiel Lul Gatkuoth’s prediction comes as the African nation’s warring sides prepare to form a power-sharing government in the latest bid to end five years of conflict. The country, home to sub-Saharan Africa’s third-largest crude reserves, is banking…

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