State-owned utility Ethiopia Electric Power (EEP) has invited private project developers to finance, and foresee the construction of Didesa hydroelectric power project. The project company will be evaluated and selected if they submit the least bid price and tariff charges in USD/MWh. EEP will then enter into a long-term Power Purchase Agreement (PPA) with the…
Fitch Ratings has announced its decision to maintain Eskom Long-Term Local Currency Issuer Default Rating (IDR) and unguaranteed local currency senior unsecured ratings of ‘BB-‘. According to the South African parastatal, the ratings agency has simultaneously maintained the National Long-Term Rating at ‘A(zaf)’ and the National Short-Term Rating at ‘F1(zaf)’. The rating agency has also…
If American, Japanese, and emerging economies’ policymakers had hoped to pressure the World Bank and International Monetary Fund (IMF) to drop their policies of refusing to fund coal power projects, they were ultimately disappointed. Instead, the World Bank and IMF spring meeting ended on April 22 with the announcement that the World Bank’s capital would…
INFRASTRUCTURE Development Bank of Zimbabwe (IDBZ) chief economist Khutula Sibanda says Zimbabwe needs around $5 billion annually for trade and finance in the retooling of the industrial sector and infrastructure development. BY SILAS NKALA Sibanda made the remarks yesterday during a meeting of the Confederation of Zimbabwe Industries at the Zimbabwe International Trade Fair on…
Telkom Kenya, the third largest mobile phone provider by subscription has announced a partnership with American Tower Corporation for the acquisition of tower masts in Kenya which expands the American company’s hold in Kenya. The two companies announced that they have reached a definitive agreement for ATC to acquire up to 723 towers from TKL…
British investment fund CDC Group’s Sh14 billion investment in ARM Cement has dropped to a market value of Sh2.1 billion as investors continue to react to the Nairobi Securities Exchange-listed firm’s financial challenges. The firm’s share price fell to a new low of Sh6.05 yesterday after a steady decline from highs of Sh90 in August 2014.…
The Angolan government has raised $3bn in its second Eurobond issue in international markets with demand from 500 investors based in the US, Europe and Asia reaching nearly $9bn. The deal included two parts: $1.75bn of 10-year bonds with a yield of 8.25% and $1.25bn of 30-year bonds with a yield of 9.375%. The government…
FinDev Canada, Canada’s development finance institution, has annoucned its first transaction, a $10m investment in M-KOPA, a ‘pay-as-you-go’ energy provider to off-grid homes in Kenya. M-KOPA has connected 600,000 homes across Africa, providing 75 million hours of kerosene-free lighting each month. Its battery-powered systems come with lights, phone-charging, and a solar powered radio; with daily…
Sub-Saharan African countries could increase tax revenue by an average of 5 percent of gross domestic product — much more than what they receive in international aid — if they reform their tax policies, the International Monetary Fund said. Key steps would be to strengthen value-added tax systems, streamline exemptions and expand coverage of income taxes, the…
Sub-Saharan African nations affected by increasing public-debt levels and non-performing loans must take action to address rising vulnerability, the International Monetary Fund said. About 40 percent of low-income countries in the region are now assessed as being in debt distress or at high risk of this, the IMF said Tuesday. The median level of public…