South African President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth, and his ruling African National Congress (ANC) backs the plan, two senior party officials said on Tuesday. Ramaphosa, who replaced scandal-plagued Jacob Zuma as ANC leader late last year, is trying to rekindle growth before next year’s…
DetailsAlgerian state energy firm Sonatrach is in talks with 14 international firms for a joint venture to trade oil and gas products after agreeing to buy its first overseas refinery, its CEO said on Thursday. “I am happy to say that 14 firms are on the list to do a JV on trading with us,”…
Details Sebastiao Pedro struck it lucky in 2014 when, as a 21-year-old small-scale miner, he found a large red ruby in northern Mozambique. He sold it to a buyer from Vietnam for $43,000, returned to his family 900 miles away and built a house with the proceeds. Then the money ran out. This year he went…
DetailsThe World Bank has agreed to offer the Government of Liberia an initial US $500m for road projects across the country. This is according to Information Minister, Lenn Eugene Nagbe. The Information Minister, Mr Nagbe said the government is considering the offer in a positive manner adding that modalities are ongoing to ensure that the money is made available. Upon…
DetailsThe World Bank has agreed to offer the Government of Liberia an initial US $500m for road projects across the country. This is according to Information Minister, Lenn Eugene Nagbe. The Information Minister, Mr Nagbe said the government is considering the offer in a positive manner adding that modalities are ongoing to ensure that the money is made available. Upon…
Details A group of Mozambique bondholders proposed the government pay them portions of future natural gas revenue as part of a restructuring of the nation’s Eurobonds, according to two people familiar with the discussions. The so-called Global Group of Mozambique’s Bondholders formally made the proposal to the southeast African nation, which also includes cash-flow relief until…
DetailsThe Government of Gabon through its financial institution, Caisse des Dépôts et Consignations (CDC) has signed an agreement with ENGIE to construct eight hybrid solar power plants with a combined capacity of 2.2 MW in the country. Construction of the project is set to begin in a few weeks and upon completion it will contribute…
Details The International Finance Corporation (IFC) has partnered with Gaia Energy which is a Moroccan company to establish a joint platform for the development of wind power and renewable energy projects in Africa. Confirming the news was Moundir Zniber, founder and President of the company who said that IFC’s expertise in financial structuring and mobilization, as…
Details The Federal Government of Nigeria has assured that work on the Apapa corridor of the Lagos-Ibadan Rail project will commence this August. Lagos State Governor Akinwunmi Ambode confirmed the statement and commended the Government’s action expressing optimism that the development would go a long way to enhance movement of cargos from Lagos to other parts…
Details Tanzania is set to begin construction of the 6.2 km Selander bridge in Dar es Salaam following signing of a Memorandum of Understanding between Tanzania and South Korea. The MOU which was signed in the presence of President John Magufuli and the visiting South Korea Premier, Mr Lee Nak-yeon, will see construction costs of the…
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