| Africatime
Sunday 26 March 2017
(Bloomberg 03/23/17)
Algeria’s state-run energy producer plans to boost crude oil output by 14 percent in the four years to 2019 and invest billions of dollars in exploration projects. Sonatrach Group expects to invest $9 billion from 2017 to 2021 in its search for new deposits of oil and natural gas, said Farid Djettou, head of the company’s associations division, which is responsible for foreign contracts. Sonatrach will drill an average of 100 wells annually over the same five years and plans to invest more than $50 billion in all of its operations during this period, Djettou said Wednesday in an interview in the coastal city of Oran. Algeria is Africa’s biggest gas producer and a member...
(Agence Ecofin 03/22/17)
(Agence Ecofin) - Le patron du premier groupe privé algérien Cevital, Issad Rebrab, a annoncé le 21 mars que son entreprise est à la recherche de banques pour accompagner son projet d’implantation d’usines de trituration d’oléagineux et de raffinage du sucre en Ethiopie, pour un investissement de 360 millions de dollars. « Au total, nous aurons besoin de 360 millions de dollars juste en Éthiopie, sans compter la plateforme logistique au port de Djibouti. », a-t-il déclaré lors d’un forum tenu à Genève, indiquant que l’export se fera grâce à la ligne ferroviaire entre Addis- Abeba et Djibouti, inaugurée récemment. M. Rebrab, qui s’exprimait aux côtés du ministre éthiopien des Affaires étrangères, Workneh Gebeyehu, et du président de l'Autorité djiboutienne...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years,...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...
(The Wall Street Journal 03/15/17)
Ndalo Media founder Khanyi Dhlomo and Mara Group founder Ashish Thakkar on where the potential is and what’s blocking it How is innovation in Africa different from innovation in Silicon Valley? And how can innovation in Africa be encouraged? Dan Keeler, frontier-markets editor of The Wall Street Journal, discussed those questions with Khanyi Dhlomo, founder and chief executive of Ndalo Media, a publisher based in South Africa, and Ashish Thakkar, founder of Mara Group, a pan-African investment group with operations...
(Reuters (Eng) 03/13/17)
The United Arab Emirates, one of the Middle East's largest economies, wants to expand trade ties with faster growing nations in Asia and Africa, a senior official said on Sunday. Rich Gulf Arab states are looking at ways to diversify their economies, including who they trade with, after more than two years of depressed oil prices forced a rethink of government spending. The pace of economic growth in Asian and sub-Saharan African economies has made them ideal partners, Abdullah al-Saleh,...
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of...
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise...
(Agence Ecofin 02/22/17)
Mali’s and Algeria’s ministers of energy, Malick Alhousseini and Noureddine Bouterfa respectively, are working on ways to implement the energy cooperation agreement established between the two nations in November 2016. The cooperation is to help Mali benefit from Algeria’s experience in terms of construction and management of solar and wind stations as well as in terms of power network development. According to Bouterfa, it should be facilitated by the geographical similarities between the two nations. The partnership will especially be helpful to Mali in the framework of its electrification program which is to benefit remote areas and see the construction of two hybrid power plants of 40 MW each in Gaoua
(Xinhuanet 02/22/17)
Africa Energy Indaba, the continent's premier energy event, kicked off in Johannesburg on Monday with the aim of finding solutions to the continent's energy future. The three-day conference is being attended by the governments' representatives, business and funders. The meeting seeks to unleash the continent's potential by coming up with an energy mix to develop Africa. Dr. Garth Strachan, Deputy Director General and Head of Gas Industrialization Unit in South Africa's Department of Trade and Industry said the recent discoveries...
(AFP (eng) 02/15/17)
Sub-Saharan Africa, where more than a half billion people live without electricity, trails the world in government policies that promote sustainable energy, according to a new World Bank report Wednesday. Much of the rest of the world, however, has made strides toward making energy broadly available, developing renewable power sources and increasing efficiency, the inaugural Regulatory Indicators for Sustainable Energy report said. In a survey of 111 countries, the World Bank found that through 2015 nearly 80 percent had begun...
(Agence Ecofin 02/14/17)
On Feb 8, on the sidelines of the International fair on real estate and urban development held in Algiers, the head of the national organization of real estate developers (ONPI), Maâmar Boumdal mentioned heavy land procedures which are detrimental to real estate investors. The official shared concerns over the “various constraints that real estate developers face, such as difficulty to obtain some approvals like building and subdivision permits, those for leveling as well as other technical dossiers. Moreover, delays are...
(AFP (eng) 02/12/17)
Once one of Africa's biggest car buyers, Algeria is embarking on an ambitious programme aimed at replacing hundreds of thousands of foreign imports with domestically produced models to keep drivers on the road. Facing up to a sharp drop in the price of oil -- its main revenue source -- the North African nation has launched a "new economic model" which seeks to reduce reliance on crude sales. One of the ways it hopes to achieve this is by developing...
(Standard Digital 02/09/17)
Hundreds of business and political personalities yesterday attended a German-African economic summit in Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his “Marshall Plan” for Africa. The plan is “with Africa, not for Africa,” Mueller (pictured) said, stressing that it would be based on cooperation between equals rather than the principles of traditional development aid. The plan, which Mueller presented to the German parliament’s development committee on Wednesday, is based on fair trade conditions, investment...
(Xinhuanet 02/08/17)
Algerian and Tunisian officials on Tuesday agreed on working to increase and optimize energy supply on the border areas of the two neighboring North African nations. The two nations held their bilateral energy committee in Algiers, as part of the visit of Tunisian Energy Minister Hela Cheikh Rouhou. The meeting focused on ways and means to boost energy interconnection network between the two nations, in a bid to increase electricity and supply to the border areas, said a statement of the Algerian Energy Ministry quoted by APS news agency.
(Bloomberg 02/06/17)
Prem Watsa’s Fairfax Financial Holdings Ltd. is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according to a regulatory filing in December. Fairfax...
(Xinhuanet 01/28/17)
The African Union (AU) has been endeavoring to ensure robust, resilient and long-lasting economic transformation of Africa through promotion of infrastructure and energy development on the continent, noted Elham Mahmood Ibrahim, AU Commissioner for Infrastructure and Energy. Speaking at a press conference Friday ahead of the 28th AU leaders' summit here, the commissioner said the pan-African bloc has scored achievements in its flagship projects and programs on the development of energy, transport as well as in the information and communication...
(Bloomberg 01/27/17)
Barclays Africa Group Ltd. was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. Demonstrators linked to the youth league of South Africa’s ruling African National Congress gathered outside the branch in Durban on South Africa’s east coast, Johannesburg-based Barclays Africa said in an e-mailed response to questions. Police ensured customers and staff were protected during the...
(Xinhuanet 01/26/17)
Adopting African Continental Free Trade Area (CFTA) has been named a major task for the African Union (AU) this year as the 30th session of its Executive Council opened on Wednesday. In her remarks at the opening of the meeting, Nkosazana Dlamini-Zuma, Chairperson of the AU Commission, called for member countries' commitment to meeting the first target in Agenda 2063 of commencing the CFTA by end of 2017. She underlines the need "to do what needs to be done on...
(Cnbc Africa 01/24/17)
While Brexit and the U.S. election dominated headlines in 2016, the African continent witnessed major changes of its own. Its two largest economies were destabilized, with Nigeria being driven into recession and the South African political elite grappling for power. Conflict continued to make news, with the continuation of people trafficking across the Mediterranean and violence in South Sudan bubbling over. Macroeconomic concerns Growth in Sub-Saharan Africa fell to 1.5 percent in 2016 according to the World Bank, which deemed...

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