ENGIE and eleQtra a developer of power and transportation projects in sub-Saharan Africa, signed a Joint Development Agreement that defines the terms and the schedule for the development and construction of the 50 MW Ada Wind power project in the Greater Accra Region in Ghana. The project is expected to require an investment of approximately $120 million and to start operations early 2019. ENGIE will enter as a 40% partner in the project.
A developer, owner and operator of renewable power projects in emerging markets in partnership with EREN Renewable Energy, a global independent power producer, are delighted to announce the three winners of the 2017 US$7 million Access Co-Development Facility (ACF) - an innovative funding and support platform for renewable energy projects in Africa.
The three winning projects, hailing from Tanzania, Rwanda and Ghana, were selected from a technologically and geographically diverse pool of 82 entrants from 23 countries after having presented to a live panel of industry expert judges. The panel based their final selection on the commercial, technical and environmental merits of the projects presented, as well as the local regulatory environment and capability of the project teams. The winners will share the US$7 million pot provided by the Access Co-Development Facility as well as technical support and expertise
Efforts by the African Development Bank (AfDB) to upgrade Africa’s agriculture sector is yielding good results with about 5.6 million people benefiting from the Bank’s interventions in the past year.
Among other things, AfDB plans scale up its focus on regional integration in 2017 as an important part of its development work with the planned launch of a Regional Integration Strategy.
These were some of the details pulled from the Annual Development Effectiveness Review 2017 (ADER) released by the AfDB .
A new World Bank report released on Wednesday has called for increased private sector investment in Africa’s under-developed electricity transmission infrastructure, a vital ingredient for reaching Africa’s energy goals.
Africa lags the rest of the world when it comes to electricity, with just 35 percent of the population with access to power and a generation capacity of only 100 GW. Those who do have power typically consume relatively little, face frequent outages and pay high prices.
The Executive Board of the International Monetary Fund (IMF) approved a three-year arrangement under the Extended Credit Facility (ECF) for Sierra Leone for about US$224.2 million, in support of the authorities’ economic development efforts.
The program will build on the lessons from the previous ECF arrangement. It aims at supporting important policies targeted at reducing inflation and significantly increasing domestic revenues, including by eliminating numerous tax and duty exemptions, while increasing infrastructure spending and bolstering the social safety net. The ECF program is also expected to play a catalytic role to maintain external support. In the medium-term, the arrangement will provide the framework for structural progress on revenue mobilization, public financial management and financial sector reforms, as well as increased reserves
Ghana has signed an accord with its neighbour, Cote d’Ivoire, for closer collaboration in the areas of cocoa production and marketing.
The Accra Agreement, signed on Friday, June 2, this year at the end of the two-day second technical cooperation meeting between both nations in the Ghanaian capital, seeks to assist the two countries to collaboratively tackle many challenges adversely affecting their cocoa economy, especially the issue of foreign pricing of cocoa by the West and Asia, among others.
It was signed by the Chief Executive Officer (CEO) of Ghana Cocoa Board (COCOBOD) and the Director-General of the Council of Coffee and Cocoa, Cote d’Ivoire respectively on behalf of both countries.
The African Development Bank, in partnership with SERUKA – a national women’s organization focusing on women’s economic empowerment in Rwanda –has launched the Rwanda Honey Value Chain Project, which aims to enhance honey production in the country.
The African Development Bank has approved a grant of approximately US $343,000 (280 million Rwandan Francs) to implement the project. The project will work directly with grassroots businesses. The implementing agency, SERUKA, is a reputable non-governmental organization with a sound track record in supporting grassroots economic empowerment initiatives in Rwanda.
Barclays Africa Group Limited has announced that following the completion of South Africa's largest bookbuild in South African Rands, Barclays PLC has sold 33.7% of Barclays Africa's issued share capital at a price of R132 per share.
This results in accounting deconsolidation of Barclays Africa from Barclays PLC.
Barclays PLC sold 285,691,979 Barclays Africa ordinary shares at a price of R132 per share, which results in Barclays PLC reducing its shareholding to 23.4%, with a further 7% to be taken up by the Public Investment Corporation at a later date, following receipt of the necessary regulatory approvals.
Thirteen African countries have signed series of partnership agreements with India to enhance the supply of agricultural machinery, credit advancement to farmers and scientific cooperation.
Farm machinery suppliers from the Indian state of Gujarat signed agreements with Ghana, Zambia, Mozambique and Togo for the supply of farm machinery, training on the use of the machinery in mechanized agriculture and cooperation in the use of the machinery in mining.
