Month: July 2020

Multiconsult to set floating solar PV in three dams funded by KfW

Frank

KENYA – Kenya Electricity Generating Company (KenGen) is contemplating the installation of floating solar plants in three of its key hydropower dams, which specialists say is a more economical option for renewable energy than land-based solar farms. Norwegian firm Multiconsult is set to conduct a pre-feasibility study for the floating solar PV (F-PV) project which will contribute to a more flexible and sustainable energy system in Kenya. The floating solar plants project includes the three dam reservoirs, Kamburu, Kiambere and Turkwell in Kenya. Multiconsult will review the power infrastructure at…

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ZINWA to finance US$946k for the rehabilitation of Wenimbe dam

Frank

ZIMBABWE – Zimbabwe National Water Authority (ZINWA) has proposed a budget of US$946,159 (over Z$342.4 million) for the rehabilitation of water infrastructure at Wenimbe dam, which is the only source of clean water in Marondera. This comes after the main source of water for Marondera town, Rufaro dam, has become heavily polluted with raw sewer with council spending a lot of money on water treatment chemicals. In an interview, Zimbabwe National Water Authority (ZINWA) Engineer Colleta Tundu said Wenimbe dam has two pumping stations and a 16km pipeline that runs…

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CDC groups commits an additional US$75m to its trade finance facility with Absa Bank

Frank

AFRICA – CDC Group, the UK’s development finance institution and impact investor, has announced an additional US$75 million commitment to its existing trade finance facility with Absa Bank. The investment will provide systemic liquidity across CDC’s African markets and enable local banks to sustain the availability of trade finance, supporting supply chains during the COVID-19 crisis. “CDC remains committed to closing Africa’s trade finance gap of US$110bn to US$120bn. By scaling up our trade finance agreements in Africa, we can protect vital supply chains that make a tangible impact on…

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BlueOrchard Finance holds the final close of its IIF fund for climate insurance

Frank

AFRICA – BlueOrchard Finance Ltd, a Swiss impact investment manager, has held the final close of the InsuResilience Investment Fund (IIF) Private Equity Sub-Fund, an initiative to improve access to climate insurance across the developing world. The fund has already made six investments across emerging markets, helping to protect more than 20 million poor and vulnerable people from the effects of climate change. “Small entrepreneurs and farmers are the backbone of food security in the developing world and are most affected by extreme weather events,” Philipp Müller, Chief Executive Officer…

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Debt fund EBF II secures US$10m from FMO for contribution of biodiversity conservation

Frank

SUB SAHARAN – FMO, a Dutch development bank, has approved the commitment of US$10 million in senior shares of Eco.business II Sub-Fund (EBF II), an open-ended debt fund managed by Finance-In-Motion. EBF II aims to promote ecologically sustainable businesses, with a special focus on fighting deforestation in Sub-Saharan Africa, through the provision of dedicated financing and technical assistance. The eco.business II Sub-Fund was initiated by Germany’s KfW Development Bank with financial support from the German Federal Ministry for Economic Cooperation and Development (BMZ). The investment by FMO will be used…

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Safaricom appoints its former CEO Michael Joseph as the new board Chairman

Frank

KENYA – Safaricom, Kenya’s largest telco, has appointed Michael Joseph as the new board Chairman ending the 13-year reign of Nicholas Ng’ang’a, who has served as the telco’s Chairman and non-executive director since 2007. Safaricom chief executive officer Peter Ndegwa said Joseph takes over from August 1, 2020 with a mandate to ‘improve customer sentiment, greater brand consideration and to bolster the firm’s digital transformation agenda.’ “He brings a wealth of skills and industry knowledge given his contribution to the growth of Safaricom from very humble beginnings to becoming one…

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United Bank of Africa appoints 6 new CEOs to drive up group strategy in global subsidiaries

Frank

AFRICA — United Bank for Africa Plc (UBA), a leading pan-African financial services institution, has made major changes in its global management structure, appointing 6 new CEOs to drive up group strategy in global subsidiaries. The 6 new CEOs: Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun and Usman Isiaka will head operations in UBA’s subsidiaries in Mali, Uganda, Zambia, Senegal, Tanzania and Sierra Leone respectively. In addition, United Bank of Africa appointed Ogechi Altraide, new Head, Retail Banking while  Amadao Konate, was confirmed as of Head, Treasury…

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Egypt defies all odds to maintain credit rating at B+ with stable outlook – Fitch Rating

Frank

EGYPT – Egypt has been able to maintain its credit rating at B+ with stable out look despite the country undergoing a difficult and challenging economic time occasioned by the raging COVID-pandemic and an oil price crash. Fitch Ratings, one of the Big 3 credit rating agencies affirmed Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with a Stable Outlook noting that the rating and outlook was supported by a recent track record of fiscal and economic reforms. Fitch Rating further noted that Egypt’s policy commitment to furthering the…

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Egypt gets readmitted by International Chamber of Commerce after 6 years in the cold

Frank

EGYPT – Egypt has finally been readmitted into the International Chamber of Commerce’s membership after suspension of its activities six years ago.  In a press statement, the World Chambers Federation (WCF), formerly the International Bureau of Chambers of Commerce, said that the Federation of Egyptian Chambers of Commerce managed to restore the committee’s activity and resolve all pending problems with parties concerned. President of the Federation of Egyptian Chambers of Commerce Ibrahim el-Arabi said that the committee’s general assembly, grouping 50 members, is scheduled to convene after Eidul-Adha holiday to…

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Italy’s energy giant ENI discovers new gas deposits in Egypt’s Mediterranean offshore region

Frank

EGYPT –  A consortium of oil and gas drilling companies led by Italy’s Eni have discovered new gas deposits with a potential of producing 32MMscfd of Gas in Egypt’s offshore region. The announcement of the new discovery was made by Egypt’s Petroleum and Mineral Resources Minister Tarek El Molla who further noted that gas was discovered in a well drilled in Bashrush, in the North El Hammad concession. The North El Hammad concession is located in the conventional Egyptian waters of the Nile Delta at a site operated by Italian…

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