The Government of Uganda is set to receive a boost to its energy sector after India has offered a loan of US $141m to help the East African country expand its electricity distribution infrastructure. According to Ugandan President Yoweri Museveni, the loan would be extended to Kampala to build electricity transmission lines and substations. The…
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New York-headquartered computing firm Soluna, is building wind-powered blockchain computing infrastructure in Morocco, to bring a clean and sustainable alternative to the current cryptocurrency mining approach. The firm plans to develop its own 900MW wind farm power plant in Morocco and combine it with the company’s private computing facilities to help power the blockchain in…
Details A giant refrigerator will replace the village Jonas Alide Saide has called home for 70 years and he’s not happy about it. As Mozambique’s plans to export natural gas gather pace, Saide’s northeastern settlement of Quitupo will make way for a plant planned by companies including Anadarko Petroleum Corp. Located on a site larger than Manhattan, the…
Details The Group Chief Executive Officer, Dangote Cement Plc, Joe Makoju, has said the company has invested a sum of $3bn to build manufacturing plants and import/grinding terminals across Africa. The company’s operations are in Cameroon (1.5 metric tonnes per annum clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import),…
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The New Development Bank plans to lend as much as $600 million more in South Africa this year in an effort to spread funding more evenly across its five member states. The lender, backed by Brazil, Russia, India, China and South Africa, started operations in 2015 to support infrastructure projects and sustainable development initiatives in emerging economies.…
Details The Board of Directors of the African Development Bank on Wednesday, 18 July 2018, approved an unfunded US$ 250-million Risk Participation Agreement with ABSA Bank Limited. This Risk Participation Agreement housed within African Development Bank’s Trade Finance operations will enhance African issuing banks’ ability to leverage trade financing through a multi-sectoral approach. When fully utilized,…
Details Cameroon is set to receive US $794.5m for the construction of 420 MW Nachtigal hydroelectric project after the World Bank approved of the investment package. According to World Bank country director for Cameroon, Elisabeth Huybens the investment in the clean energy sector is essential to reduce electricity cost and ensure the competitiveness of Cameroon’s economy. “The…
Details When Ivory Coast put out a tender to build a bridge over the lagoon in its commercial hub of Abidjan, 10 out of the 18 companies that expressed interest were either Chinese firms or in partnership with them. China State Construction Engineering Corp. won the contract in May. The 109 billion CFA francs ($191 million)…
Details The Nigerian Sovereign Investment Authority (NSIA) recently released its 2017 financial report. One of the takeaways from that report is that net profit took a turn for the worse falling from N149 billion to N27 billion representing a decrease of 82%. The media is already awash with that news and we will, therefore, not bother…
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