The Week That Was is a weekly recap of all major events that took place in Africa last week.
- Angola’s ambassador to Tanzania announced there is a plan to build a rail line from Port Lobito in Angola, through Zambia to Dar Es Salaam. It will also connect to the existing 1,860 km rail network between Zambia and Dar Es Salaam.
- ExxonMobil has delayed its final investment decision to proceed with the massive Rovuma LNG project in Mozambique. A decision was expected earlier in the year but the onset of the COVID-19 pandemic and instability in the Gabo Delgado region has further delayed the decision.
- Tanzania announced that it has set a GDP growth target of 8 percent per year over the next 5 years.
- Zambia became the first African nation to default on a loan payment due to European bondholders post the COVID-19 outbreak. It was asking bondholders to delay the interest payment by 6 months. The International Monetary Fund is working with the Zambian authorities to find a workable solution.
- Zimbabwe had to import 600MW to help cover power shortages. The imported power was supplied by Eskom in South Africa and HCB and EDM in Mozambique.
- Algeria expects a budget deficit of 13.6 percent of GDP in 2021.
- The Transport Minister in Egypt announced that it plans to construct railway lines that will connect to Benghazi in Libya and Wadi Halfa in Sudan.
- Lucara Diamond Corporation in Botswana said it has found a 998-carat high white diamond at its Karowe mine. This is the fifth largest stone ever discovered.
- The Executive Board of the IMF has decided to allow an immediate disbursement of US$51.28 million to the government of Burkina Faso as part of the Extended Credit Facility program. After the IMF review, it found that performance was satisfactory despite the COVID-19 pandemic.
- The Ghana Ministry of energy instructed ENI and Springfield E&P to merge activities on their adjoining fields Sankofa and Afina fields.
- The government of Ghana is planning to list 18 state-owned entities on the Ghana Stock Exchange. The aim is to attract domestic capital and involvement in the operations of these entities.
- The Katsina state government has identified 400 possible mining sites with 37 minerals. This is in an attempt to reduce the dependence on the oil sector. Some of the minerals include gold, iron ore, and copper.
- USAID has agreed to provide an additional $136.5 million in aid to the Federal Government in Nigeria.
- The managing director of The Gambian National Water and Electricity Company, Nawec, has stated that it requires urgent investment to ensure a reliable supply of water to the country.