The week that was, October 30th, 2020

Nov 2, 2020 | Country

The Week That Was is a weekly recap of all major events that took place in Africa last week.

Business Intelligence Providers ABiQ presents a weekly recap of major activities that took place in Africa in the last 7 days. 

Central Africa

  • The Angolan Ministry of agriculture is working with The World Bank and the French Development Agency to improve the efficiency of farms to increase production and help to access local markets.  To this extent, The World Bank and French Development Agency have contributed $230 million to the project.
  • France’s Meridiam and Gabon signed a $210 million deal to build a hydropower dam as part of Gabon’s commitment to reduce greenhouse gas emissions. When completed in 2023, the Kinguele Aval project on the Mbei River will have a production capacity of 20 MW or 13% of Libreville’s current annual consumption.

Eastern Africa

  • Mozambique president Filipe Nyusi laid the cornerstone of the new Metoro Solar Power Station in Gabo Delgado in the north of the country.  The power plant will be built at a cost of $56 million and will have a capacity of 41 MW.
  • The Somalian government has approved the 2021 budget of $671 million.  The budget includes election expenses and development as well as $240.8 million for projects.
  • Revenue from electricity exports in Uganda declined by 95 percent to $25 million.  The main reason for the decline was the drop in demand from Kenya.
  • The government of Zambia announced that it received some debt payment relief from the China Development Bank.  Interest payments were delayed by 6 months and the final settlement date was extended by the same time period.  Zambia is currently negotiating with holders of Eurobonds for a 6-month extension of payments.

Northern Africa

  • In Egypt, gas production from the offshore Qattameya gas field in North Damietta was started by developer BP.
  • The cornerstone of a new free trade zone between Sudan and South Sudan was laid in the area of Mokhaleef in the White Nile state.  The Kosti and El Jebelein free zones will aim to generate $3 billion in trade between the two countries.  River traffic was also resumed between the two countries.

Southern Africa

  • Total SE made a second large discovery in Block 11B/12B at a depth of 3,400 metres.  Total and partners Qatar Petroleum, CNR International, and Main street will make a detailed assessment of the reservoir for further exploration and appraisal activities.
  • Airports Company of South Africa will require $680 million over the next 5 to 6 years to recover from the impact of the Pandemic

Western Africa

  • Ghana’s Ministry of Finance has announced it plans to issue $3 billion of sovereign bonds in support of the 2021 budget and allow it to service debt payments.
  • Using a $13 million loan facility from the African Development Bank, Ghana’s government purchased 100 buses which was handed over to Intercity STC Coaches Limited to expand its domestic and regional network in Western Africa.
  • Niger received a $19.9 million credit facility from the IMF Executive Board
  • The Nigeria government plans to establish a single regulator for the nation’s midstream and downstream oil and gas sectors.
  • Over the last 6 years, Nigeria has received close to $27 billion in foreign development assistance.  The bulk of this was received in 2018.  Just over $5 billion was received during 2020.

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