The Week That Was is a weekly recap of all major events that took place in Africa last week.
- Cameroon had its first regional elections on December 6th. More than 3,000 people have died in politicly related unrest since 2016.
- Kenyans will likely have to pay more for cooking gas. This is as a result of a demand increase in Asia that is driving up the price of gas.
- The asset base of Kenyan Commercial Bank’s, or KCB as it is known, has surpassed $10 billion after the acquisition of two banks in Rwanda and Tanzania from London based Atlas Mara Limited. KCB has now set its sights on Ethiopia and the DRC for further expansion.
- The Mozambique government submitted its 2021 draft budget to the legislator with a deficit of more than $1.4 billion. The plan is to finance the shortfall through international grants, loans, capital gains tax recovery, and high interest-bearing domestic debt.
- Shandong Hi-Speed Group Co., Ltd signed an agreement with the South Sudan government to construct a 392-kilometer road from the capital Juba to the Western region. This will include the construction of 10 intersections and other road crossings and culverts.
- The government of Uganda has approved an environmental plan allowing the $3.5 billion crude oil export pipeline from oil fields to the Indian Ocean in Tanzania. Construction work will start in early 2021.
- Egypt’s Transport Minister announced that it plans big rail and metro expansions. Bechtel Corporation is close to finalizing an agreement to build Cairo’s sixth line.
- Namibia Critical Metals Inc. and Japan Oil, Gas and Metals National Corporation is working as a joint venture on the Lofdal Heavy Rare Earths Project. Metallurgical tests indicate significant deposits of Xenotime which, under this project, will be destined for Japanese markets.
- Engen had to decommission its refinery in Durban, South Africa, after an explosion and fire. An investigation is ongoing. After that, repairs will be scheduled and executed before the refinery is recommissioned.
- The Group managing director of NNPC has stated that Nigeria remains one of the most expensive places in the world to execute upstream oil and gas projects.
- Nigeria’s federal executive council approved $300 million for road reconstruction projects in the country.