Victoria Oil and Gas raises US$7.5m for Matanda drilling in Cameroon

CAMEROON – Victoria Oil & Gas, the Cameroon-based gas and condensate producer and distributor, has entered into a definitive financing agreement with Meridian Capital to raise maximum gross proceeds of US$7.5mn through the issue of unsecured loan notes. The proceeds of the facility will be utilised for general working capital purposes, including long lead items for the proposed well on the Matanda licence. “The use of such funds includes helping us progress our very prospective Matanda licence in which we have a 75% interest prior to state back-in,” Roy Kelly,…

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Oil & gas company Eni agrees to merge Meleiha and Meleiha Deep concessions in Egypt

EGYPT – Eni SPA E, an Italian multinational oil and gas, has agreed to merge the Meleiha and Meleiha Deep concessions in the Western Desert of Egypt. It has signed a deal with the Egyptian General Petroleum Corporation (EGPC) and Lukoil, which renamed the combined concessions as Merged Meleiha. The deal also extended the Merged Meleiha’s concessions to 2036, with possibilities of stretching the time period further to 2041. This is expected to unlock the true potential of the area’s resources. The company is expected to use high-resolution 3D seismic…

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Kenya raises US$1b in oversubscribed Eurobond sale

KENYA – The government of Kenya raised US$1 billion in its first Eurobond sale in two years as the East African nation balances between the need to fund its economic recovery and lower its debt burden. The 12-year bonds, priced to yield 6.3%, received more than US$5.4 billion in orders following a three-day virtual roadshow, the National Treasury said in a statement. “The oversubscription was a sign of strong global investor confidence on Kenya’s economy and medium-term economic prospects,” Treasury Secretary Ukur Yatani said in the statement. The government forecasts economic…

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Amazon Payment Services launches first global FinTech lab to support regional startups

MENA – Payment processing business Amazon Payment Services has set up its first global FinTech lab at the DIFC Innovation Hub, UAE, to support regional start-ups and companies driving innovation in digital payments. According to the company, the initiative aims to increase FinTech adoption in the region by providing a forum for discussions on digital payments and addressing challenges customers face in making payments. “The region is going from a frontier stage to an emerging stage of financial technology. Through the Amazon FinTech Lab, we work with innovators and visionaries…

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Power generating company Egbin Power Plc set to raise US$1.8bn to increase its generating capacity

NIGERIA – Egbin Power Plc, a power generating company, has announced that it plans to raise the sum of US$1.8 billion in a bid to increase its present generating capacity from 970 megawatts to 1,320 megawatts in its second phase growth plans. The company also plans to export electricity generated through the West African Power Pool with its increased generating capacity. “The plan is to raise the fund to be available to kick off,” the company said in a statement, adding that it is looking at a combination of debt…

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Engie, Energy Web partner to launch solar mini gid and kits financing platform

AFRICA – Electricity access solutions provider Engie Energy Access, a subsidiary of French giant Engie, has partnered with Energy Web to launch “DeFi”, a decentralised financing platform that will facilitate the deployment of solar mini-grids and solar kits in sub-Saharan Africa via electronic money. Finance access to electricity in rural areas is a major concern for providers of decentralised electricity access solutions and Engie Energy Access is trying to find an answer to this nagging question by setting up the “DeFi” decentralised financing crowdfunding platform. The crowdfunding platform uses blockchain…

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Helios Towers raises US$160m to buy more towers in Africa and other regions

AFRICA – Telecommunications company Helios Towers says it has raised US$160 million in equity and bonds in order to invest in more tower infrastructure in Africa and elsewhere. The company raised US$110 million in 48 million new shares on the London Stock Exchange and US$50 million as convertible bonds, it announced. “This capital raising further strengthens our balance sheet and supports our growth strategy,” said the company, which has a market capitalisation of US$2.3 billion. Helios Towers has been listed on the London exchange since October 2019. The company owns…

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AfDB approves US$1.4m grant to improve food security in Zambia in the wake of Covid-19

ZAMBIA – The Board of Directors of the African Development Bank has approved a US$1.4 million grant from the Global Agriculture and Food Security Program to reduce malnutrition among the Southern African nation’s most vulnerable households. The Mitigating Impacts of Covid-19 on Household Food Security Project will create about 150 permanent skilled or semi-skilled positions and 40 part-time unskilled jobs in crop, livestock and fisheries value chains. The project will supply inputs for crops, livestock and aquaculture enterprises to promote good agricultural practices and increase food production and a capacity…

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