The Week That Was, 7th August 2020

Aug 10, 2020 | Country

A weekly recap of all major events that happened in the last 7 days in Africa

Here is a recap of major activities that happened in Africa in the last 7 days. You can watch the video here: 

Central Africa

  • The Secretary of State for Planning in Angola announced that almost $450 million has been made available to various entrepreneurs. This credit support program will help production, diversification of exports and import substitution.

Eastern Africa

  • Djibouti received grants worth more than $40 million from the African Development Bank. This will help support the national budget in aid of the government’s efforts to battle COVID-19.
  • Talks over the disputed Renaissance Dam between Ethiopia and the downstream governments of Egypt and Sudan stalled.
  • Telkom Kenya announced that it has decided to cancel the planned merger with India’s Bharti Airtel Networks.  No apparent reason for the decision has been offered other than a change in strategy.  Last Month Telkom Kenya rolled out rural internet services in collaboration with Google’s parent Alphabet.
  • The Mozambique government launched an international tender to construct a 220-kilometer 400 kV power line connecting Mozambique to Malawi.  The government has already secured $127 million in backing for this project.
  • Cairo based African-export-import-bank (Afreximbank) provided $400 million to Mozambique LNG project through loans and guarantees.
  • A tender to develop Seychelles Port Victoria will be tendered by the Seychelles Ports Authority. The project will extend the port by 230 metres. The project was approved by the cabinet and has secured $41 million in financing.
  • Somalia announced that international flights will resume this week.
  • Within days of appointing the board of directors for the newly formed Somali Petroleum Authority (SPA), the government announced that it is opening licensing rounds for seven offshore oil blocks.

 Northern Africa

  • Egypt and Greece established and an exclusive economic zone for Oil & gas drilling in the Mediterranean.  This comes weeks after Libya and Turkey established a similar exclusive economic zone. The deal sets the sea boundary between the two countries demarcates the exclusive economic zone.
  • Libya’s National Oil Corporation has called for the ‘demilitarization’ of oil facilities in an effort to improve oil and gas production amidst the ongoing conflict.
  • Tunisia’s tourism sector has declined by 56 percent as a result of COVID-19.

 Southern Africa

  • Botswana’s central bank announced that rough diamond exports dropped almost 70 percent in the second quarter of 2020. Exports declined to $293 million from $916 million in the first quarter of the year.
  • Namibia’s competition board stopped the acquisition of Ohorongo Cement by West China Cement. The board said they were concerned about the lack of competition in the local market if the deal was approved.
  • South African Breweries announced that they canceled a proposed $290 million investment in the South African beverage market as a result of the ban on liquor sales during the COVID-19 lockdown.
  • Eskom, South Africa’s power utility seeks $221 million damages over coal deal.  Eskom stated that previous executives and the Gupta family diverted funds as part of a coal supply agreement.
  • With the surge in the price of gold, South Africa’s Gold Fields forecasts around 300% increase in half-year profits.

 Western Africa

  • Electricity generated in Nigeria reached a record 5,377 MW last week. This is 2.8 MW more than the previous record set 18 months ago.
  • The East-West road in the Niger Delta in Nigeria has received $51 million as additional funding from the federal government to complete the project.

Interested in knowing more, get in touch.

Still have questions?

Our team is ready to help.

Get access to trusted and valuable data to inform your business decisions and open opportunities for growth.