OPEC Fund signs US$15m loan to improve energy access in Madagascar

MADAGASCAR – The OPEC Fund for International Development (the OPEC Fund) has signed a US$15 million public sector loan agreement with Madagascar to co-finance the second phase of a project that will improve energy access in rural areas. The finance will be used for Madagascar’s ‘Integrated Growth Poles Energy Access Enhancement Project (Phase 2)’, which will install solar nano-networks, power lines and street lighting in isolated communities in the Diana and Atsimo-Andrefana regions. In addition, the project will improve 43 kilometre of roads and tourist sites on the small island…

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South African government gets US$1b Covid-19 emergency program loan from New Development Bank

SOUTH AFRICA – The New Development Bank (NDB) has approved a US$1 billion Covid-19 Emergency Program Loan to the Government of the Republic of South Africa for supporting the country’s economic recovery from the Covid-19 pandemic. The loan will support the Government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery. The loan will be used to finance creation of employment opportunities in South Africa, in particular the first phase of the Presidential Employment Stimulus (PES) aimed to create and support…

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Kenya seeks another debt service suspension to June 2022

KENYA –  The government of Kenya has sought the Debt Service Suspension Initiative (DSSI) extension to June 2022, a one-year extension from the earlier granted June 30, 2021, debt service suspension secured in January. Besides the relief under the DSSI, the country is also pursuing new limits access to International Monetary Fund funds through the reallocation of existing special drawing rights and the allocation of new special drawing rights. Such facility will allow faster access of disbursements from the IMF Rapid Credit facility and the Rapid Finance Instrument, granted to countries…

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Kenya seeks lead managers for Eurobonds’ issuance

KENYA – The government of Kenya is looking for lead managers for the issuance of new Eurobonds to raise US$1 billion and 1 billion euros separately, the country’s Treasury has revealed. The East African nation said earlier this month it will not seek to overhaul its debt under a Group of 20 initiative because it fears that would curtail its ability to raise funds from global capital markets. The first issue, whose target date is before the end of this quarter, will raise US$1 billion which could be expanded for…

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Government of Mali settles its US$2m capital subscription arrears in Shelter-Afrique

MALI – Shelter-Afrique, a pan-African housing development finance institution, has received US$2 milllion from the government of Mali, being the full settlement of its capital subscription arrears. Mali becomes the fifth shareholder to fully settle Shelter-Afrique’s 2013 and 2017 calls for funds after Zimbabwe, Lesotho, Morocco and Namibia. Mr. Andrew Chimphondah, the Director General of the Shelter-Afrique group, flattered the government of Mali for its demonstration of confidence in the institution and recalled that Mali has often shown the way in ensuring that the company is well capitalized. “This is…

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Tech company Thales signs MoU to develop AI application in Egypt

EGYPT – Thales, a global company in high technology solutions, has signed a Memorandum of Understanding (MoU) with the Ministry of Communications and Information Technology (MCIT) in Egypt to further develop Artificial Intelligence applications in the country. The MCIT aims to fortify the AI industry in Egypt and develop local skills, technology, infrastructure and governance mechanisms to ensure its sustainability and competitiveness through its National AI Strategy. Leveraging Thales’ vision to develop sovereign capabilities through local innovation, education and industry, common projects will be identified to strengthen Egypt’s role as…

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Republic of Congo launches bond offering, to raise US$181

CONGO – The Republic of Congo has launched a public bond offering “EOCG 6.25% NET 2021-2026” which aims to raise 100 billion CFA francs (US$181.84m), at a net interest rate of 6.25% and a maturity of five years. In accordance with the announcements of the Congolese Ministry of Finance and Budget, represented by Minister Calixte Nganongo, the securities will be listed on the Central African Market Exchange (BVMAC). The offering period is open from March 12 to March 20, 2021. The nominal unit value of the 10 million securities will…

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Burkina Faso secures US$34m from EAIF for the construction of 30MW solar plant

BURKINA FASO – Emerging Africa Infrastructure Fund (EAIF) has provided US$34.59 million to Burkina Faso to support the construction of 30MW solar plant which will supply national grid. EAIF, a member of the Private Infrastructure Development Group (PIDG) is lending the project’s developer, Urbasolar SAS, 80% of the capital needed for the construction of the facility which is estimated to have a US$42.22 million development cost. EAIF is the sole lender to the project, its 20th clean energy project, providing US$34.59 million of the estimated Financial close (the transfer of…

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Kenya and UK finally ratify trade deal

KENYA – Kenya and United Kingdom post-Brexit trade agreement has received approvals from lawmakers of both countries, ending months of anxiety between the business community in Kenya and the UK. Kenya and the UK penned, a post-Brexit deal on 3rd November 2020, creating way for a long-term treaty that will shield Kenyan exports from the high tariffs that would apply when UK leaves the EU. Both countries reached a deal on the continuation of duty- and quota-free access of Kenyan exports after the UK finally exits the EU at the end…

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Morocco, Japan sign five-year MoC for promotion of public policies relating to layout and infrastructure

MOROCCO – The government of Morocco has signed a Memorandum of Cooperation with Japan, the first of its kind in the fields of land-use planning, town planning, infrastructure, and investment. According to a press statement, the agreement, set to last five years, will promote the sharing of expertise, capacity building, as well as good practices in the fields of planning and promotion of public policies relating to layout and infrastructure. The cooperation between the two countries prioritizes metropolization, urban resilience, and risk management in cities, as well as digitization and…

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