The Week That Was – 28th August 2020

31 Aug 2020

The Week That Was is a recap of major activities that happened in Africa in the last 7 days. You can view the video here. 

Central Africa

  • The G20 Debt Service Suspension Initiative (DSSI) will allow Angola to stop paying USD 2.6 billion in debt this year according to Fitch Ratings

Eastern Africa

  • Malawi has approved the issuing of a third mobile license
  • Malawi will allow flights to resume from the first of September after lifting COVID-19 restrictions
  • The Mozambican Ministry of Mineral Resources and Energy has announced that inactive mining companies may lose their mining licenses if they do not implement their agreed production plans
  • Flights to and from Mozambique has resumed after COVID-19 restrictions were lifted
  • South Sudan has approached the African Exim Bank for a $250 million loan
  • Management of oil fields in South Sudan will be taken over by 2027
  • Glencore will sell its entire stake in its Zambian Mopani Copper Mines to the government-owned ZCCM-Investment Holdings plc
  • Zimbabwe aims to develop its agriculture sector to contribute $8.2 billion to the economy by 2025

Northern Africa

  • Tunisia has announced the second new government in the space of 6 months

Southern Africa

  • The governments of Botswana and Namibia agreed on the framework for a plan to develop multiple projects. This will produce a combined 5-Gigawatt of Solar Energy
  • Botswana’s President Masisi reshuffled the cabinet during the week with new appointments effective immediately
  • South Africa’s largest insurance provider Discovery warned that profit could be completely wiped out due to COVID-19
  • South Africa’s Northam Platinum announced that their annual earnings more than doubled as a result of an increase in commodity prices and a weaker currency

Western Africa

  • The board of directors of the World Bank Approved a $250 Million loan to boost long-term growth in Niger
  • Nigeria’s Minister of Power announced that $6.1 billion has been secured for power infrastructure projects.  Of the $6.1 billion, 1.6 billion is earmarked for power distribution projects across the country
  • The Export Trading Group (ETG) received a $400 million revolving credit facility from the African Export-Import Bank (Afreximbank) to focus on food security and improved productivity across the African continent

Interested in knowing more, get in touch

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