African Business and Economy News

[abesha]

City to create energy from garbage

By Tagu Zergaw

M.E.S.A. Waste Management, a new private company, has finalized preparations to transform the city’s solid waste to energy. M.E.S.A. has been developing its project proposal and organizing itself for the past year and is now officially registered with the Ethiopian Investment Agency with a planned investment capital of three billion birr, entering the country in the form of 250 million euro.
Ermias Mekonnen, Deputy Manager of M.E.S.A., told Capital that his company has finalized preparations to engage in this ‘green’ business following the city administration’s international tender.
“The garbage will be recycled to produce natural gas and high quality organic fertilizer,” Ermias told Capital. “We plan to install four to five biogas plants on the outskirts of the city.”
M.E.S.A.’s project will be fully financed by private sources. This makes it unique from many waste projects that usually outsource the profitable segments to the private sector but leave the necessary complimenting unprofitable jobs to public entities.
Steffen Schubert, CEO of Anapix Capital as well as former CEO of the International Dubai Stock Exchange and now General Manager of M.E.S.A., hopes to utilize his international experience to both finance and lead this project to success.
“Our plan is to establish this ‘lighthouse’ project in Addis Ababa to turn this city into a model for waste management, not only for Africa but for the world as a whole,” Mr. Schubert told Capital, adding that when M.E.S.A. is in full swing it will provide job opportunities for 800 to 1,000 people.
M.E.S.A. will be utilizing BEKON Biogas Technology. Accordingly, the accumulated organic substances in waste that contain energy and quality methane gas can then be transformed into electrical power and heat in block-type thermal power stations. Moreover, a valuable compost by-product that originates from biomass processing is used as fertilizer in the agricultural and horticultural industries.
This project will have many far reaching positive environmental effects, according to project organizers. They also hope Ethiopia will benefit by decreasing foreign currency exposure from importing diesel fuel or artificial fertilizer.
Ermias expressed his appreciation towards the city administration for its forward-looking stance to tackle both a public works and environmental challenge.


This will hopefully clean up Addis.

[Samuel107]

Notore’s $400m Fertiliser Plant Begins Production Today


One of the biggest agro-allied investments in Sub Saharan Africa, Notore Chemical Company, has announced that it churned out its first output of Ammonia in the early hours of today.
Notore's fertiliser plant, expected to be the largest in Sub Saharan Africa, gulped a total investment of $400 million.
According to a statement from the company, "Notore Chemical Industries Limited (“Notore”) has commenced commercial production of fertiliser. Ammonia production began in the early hours of today, Wednesday, 7th January 2009. Notore has also achieved mechanical completion of the rehabilitation of the Urea plant. Commissioning and trial runs of the Urea plant have commenced.”
The company said commencement of production was achieved following an extensive rehabilitation exercise that was carried out by the Engineering, Procurement and Construction (EPC) contractor, Proplant Inc. of Houston, USA, and a team of Notore technical personnel who have worked very hard to surmount the challenges associated with the rehabilitation of the plant which had been dormant for 10 years and over $400 million was invested in this project.
Notore acquired the assets of the liquidated National Fertiliser Company of Nigeria (NAFCON) in August 2005 thorough Nigeria’s Bureau of Public Enterprises, after a rigorous bidding process. The plant is situated at Onne, Rivers State, and has the capacity to produce 1,000 metric tons MT /day of ammonia, 1,500MT/day of Urea and a bulk blend NPK capacity of 2,000MT/day.
Managing Director and Chief Executive of the company, Mr. Jite Okoloko, said: “The African Green Revolution has indeed begun, with the commencement of our Train one. It is a truly historic moment. Nigeria has joined the elite league of industrialised nations that produce fertiliser, a key input in the production of much needed crops which will feed its citizens. We thank our partners, bankers, local and foreign investors who have stood by us, understanding and keying into the vision of making Nigeria self-reliant in food production.”
Notore’s vision is to be the number one agro-allied company by market share and profitability in Africa by enhancing the quality of life through providing access to safe agro-allied products.
“Notore, as Champion of the African Green Revolution, is committed to helping the continent attain self-sufficiency in food production,” Okoloko said, adding:“We are committed to ensuring that agriculture takes its pride of place as the main stay of the African economy.”
Sub-Saharan Africa, over the years has become the most notorious region in the world in terms of food insufficiency. Today, farmers in the region are forced to contend with new challenges that only scientific methods can surmount. As the Africa’s population grows, farmers have no choice but to exert more pressure on land, resulting only in soil nutrient depletion and raising of the risks of disease and pest infestations.
Notore says this vicious circle propelled it to brave the odds and invest in the agro-allied sector, a sector widely regarded as the most unattractive in the country. It decided to engage the problem by providing fertiliser and improved seeds.
With raw material for the production of ammonia being mainly air and natural gas, both of which are in abundant supply in Nigeria, the company intensified efforts to rehabilitate the plant abandoned for about 10 years.
And after pumping $400 million, all seem set for Nigeria to become self-reliant in meeting its need for fertiliser.
In the process of setting up the Notore plant, the company got approval from the Nigerian Electricity Regulatory Commission (NERC) to generate 50 megawatts of electricity that would be injected into the national grid.

[DanteXavier]

This will hopefully clean up Addis.

I agree, I hope that this initiative can find its way into more African cities.

[Matthias Offodile]

Two Successful Delineation Wells Extend Ebouri Field Offshore Gabon


Addax Petroleum Corp. Friday, January 09, 2009


Addax has announced the successful appraisal and development of the Ebouri field in the Etame Marin license area offshore Gabon. The Etame field is Addax Petroleum's principal offshore producing license area in Gabon.

The Etame Marin license covers an area of approximately 759,600 acres (3,074 km2) in the Gabon Basin, offshore southern Gabon. Addax Petroleum holds a 31.36% interest in the Etame Marin license area, which is operated by VAALCO, a US-based independent oil and gas company. The field is in water depths of approximately 75 to 80 m and currently has four wells producing from the Gamba reservoir.


Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said, "We are very pleased with the successful results from the recently drilled Ebouri and North Ebouri wells as this campaign has continued to demonstrate the high quality of the Etame Marin acreage. We are equally encouraged to continue our Gabon exploration program and we plan additional drilling of the Gamba sandstone trend in the Etame Marin field and in the adjacent Gryphon Marin license area."

The Ebouri field was discovered in 2003 and is approximately 18 kilometers northwest of the Corporation's producing Etame field in the Etame Marin license area. Two pilot holes were drilled with the Adriatic VI jackup rig in the main area of the Ebouri field, one to the south of the original Ebouri discovery and a second to the northwest, approximately 100 meters from the lease line of the Gryphon Marin license area, in which the Corporation holds a 68.75% operated interest. Both pilot holes were successful in delineating the Gamba sandstone formation above the oil water contact, thereby expanding the areal extent of the Ebouri field.

A horizontal development well on the same orientation as the second pilot hole is currently being completed, with initial production expected in early 2009. The Adriatic VI will then drill another pilot hole in the southern portion of the Ebouri field before continuing the Corporation's exploration program in the Gryphon Marin license area.

The North Ebouri appraisal well was drilled with the Pride Cabinda jackup rig approximately 2.5 kilometers to the northeast of the Ebouri platform. The well encountered and successfully appraised a gross oil column of 21 feet in the Gamba formation. A deviated sidetrack well is currently being drilled to optimize the location for a potential second horizontal development well. The Pride Cabinda will then continue the Corporation's exploration program in the Etame Marin license area with the planned drilling of two exploration wells, targeting two newly mapped structures in North Etame and Southeast Etame respectively.

[yosef]

here is something I found to be inspiring :cheers:


Ivorians hail first home-built buses

By John James
BBC News, Abidjan

Commuters in Ivory Coast can now travel around town on the first ever buses designed for and built in the region.http://newsimg.bbc.co.uk/media/images/45375000/jpg/_45375710_new_buses.jpg

The engineering arm of the national transport company, Sotra, decided it could save money and create a bus better suited to African conditions.

"We want the transfer of technology in Africa, and we want to build our own buses with our own specification," says Sotra's director Mamadou Coulibaly.

"In Europe the technology is very sophisticated with lots of electronic devices. In Africa we don't need this.

"We just need robust buses because our roads are not very well done like in Europe. This is an African design for Africa."

The first three buses hit the streets on Thursday, and more of the vehicles are rolling off the production line.

Squash

Public buses in Abidjan are extremely popular and are frequently tightly packed despite the sweltering heat and lack of air-conditioning.

"It's not true that if you're in a civil war you can't do things because you see yourself that during the crisis we tried to build big projects" Sotra's Mamadou Coulibaly

The new urban bus has fewer seats than a Western bus, meaning up to 100 people can be squeezed inside.

"I think it's a good thing. It'll help students to move about in more comfort," says Isaac Gueu, who is studying accountancy in Abidjan.

But not all bus users are in favour of this launch.

"If we import buses it's better because we already know their endurance, the pros and cons, so really, I'm a bit hesitant about making buses here," Ahmed Wague said.

The buses are designed and built in the main city of Abidjan on a chassis and engine base that is supplied in parts from European truck-maker Iveco.

What is intriguing is that almost all the work on this project was done while Ivory Coast has been in a political crisis prompted by the civil war.

Continental

In 2003, a year after the conflict started, Sotra started producing its own boat-buses which speed up and down the lagoon on which Abidjan is built.

"We tried to launch these projects because we can prepare for the post-crisis period by launching such projects," said Mr Coulibaly.

Ivory Coast bus
The company plans eventually to build 300 buses a year

"It's not true that if you're in a civil war you can't do things because you see yourself that during the crisis we tried to build big projects."

The Ivorian company has designed three types of buses - a coach, an urban bus and a tourist bus.

The tourist bus will make weekly trips from Abidjan to one of the world's biggest churches in the capital, Yamoussoukro.

http://newsimg.bbc.co.uk/media/images/45375000/jpg/_45375694_bus_main.jpgOrders are already coming in from other countries in Africa.

The company plans to build 100 buses this year and scale up to producing 300 a year.

"I think that we have to begin one day because it's not very difficult. We have been to school in Europe and we think that we are able today to build our own buses; there are no special difficulties," Mr Coulibaly said.

http://news.bbc.co.uk/2/hi/africa/7829006.stm

[Matthias Offodile]

Kenya signs deal with Qatar to make airport African hub


The project is expected to make Kenya a regional hub

The Kenya Airports Authority (KAA) has signed a Shs 27.3 billion (US$ 350 million) deal with Qatar’s Afro-Asia Investment Corporation (AAIC) for the development of a high class airport hotel and a conference centre.


Friday 16 January 2009

Signing the deal at the KAA offices here, Managing Director, George Muhoho, said the investment was in line with the ongoing expansion programme at the Jomo Kenyatta International Airport, Nairobi.

He added that the investment would bring in much needed benefits to the aviation industry and the national economy. Muhuho further explained that both the Cabinet and the KAA board had approved the project. The deal entailed signing the lease documents, concession documents and contract agreement.

The project involves construction of a 450-room, five-star hotel, convention centre, exhibition centres, international financial centre for Africa, multi-media centre, Europe and American trade centre, bonded warehouse and five office blocks, among other facilities.

He further explained that the new development in the aviation industry was a culmination of three years of negotiations with the Qatari government on the need to bring on board private sectors and to develop Jomo Kenyatta International Airport into a premier hub.

"Afro Asia Investment Corporation has been keen to expand its ties into Africa and after evaluating potential investments options within the region, it settled for this development," he said.

Further, the deal has been signed a month after President Mwai Kibaki, visited Qatar and initiated negotiations for a $3.5 billion loan to help in building a new port in the Indian Ocean island of Lamu.

Under the deal, the Kenyan government has leased a 90-acre piece of land to the Qatari investment institution for a period of 80 years whereby Kenya would be getting a percentage of the gross earnings.

The project will take three years to complete whereby the first year is destined for ground breaking while the other two will see the institution undertake the project in addition to and completing it. Muhuho said KAA would receive US$ 1 million for the first five years as concession fees.

KAA chairman, Erastus Mwongera, said the project would contribute to increased aircraft and passenger traffic resulting in increased revenue, provide Nairobi and JKIA with an aesthetic attraction, publicity and consequently real estate value.

Employment and gateway

It will also provide employment opportunity to over 5,000 Kenyans, increase consumption of local building materials, consumable goods, housing and services.

He added that the project would be unique and the largest expo and convention centre ever established, making Kenya the trade and gateway hub in the region, facilitate the promotion of trade, information and experiences.

It will also transfer technology and maximise foreign direct investment and the government will benefit from the over 1,000 foreign companies expected to establish trade liaison offices at the centre.

The AAIC Managing Director and Chief Kenyan Executive Officer, Dr. Mohamad Kilani, said: "We are proud and confident that this landmark project will be the first of its kind in Africa. Indeed, it goes without saying that such huge investment will bring a great benefit to Kenya in this critical time of global economic crisis."

He said his firm expected that the project would stimulate the Kenyan economy and create more than 5,000 new jobs.

[P.a.t.r.i.o.t]

Kenya signs deal with Qatar to make airport African hub

A good grand project indeed, I hope the whole thing is carried out succesfully and in time. The upgrading of the airport(JKIA) is already lagging behind, bt I guess that is how Africa works.

[Matthias Offodile]

The implementation procedure of the new biometric passeports in Gabon has started succesfully for gabonese locals ...this will ease travel for them considerably and curb informal migration to Gabon and electoral fraud in the country


Mise en service des passeports biométriques
(Gabon Eco 20/01/2009)

http://www.africatime.com/data/nouvelles/150700.jpg

La Direction générale de la documentation et de l’immigration (DGDI) a annoncé la mise en circulation dès le 19 janvier de nouveaux passeports embarquant les données biométriques des citoyens gabonais. Avec une validité tirée à 5 ans non renouvelables, les nouveaux passeports biométriques devraient permettre de faciliter les déplacements internationaux des citoyens gabonais dans les pays membres de l’Organisation de l’aviation civile internationale (OACI) où ce type de document est exigé pour entrer sur le territoire.

La biométrie fait son entrée au Gabon avec la mise en circulation depuis le 19 janvier dernier des passeports biométriques aux citoyens gabonais par la Direction général de la documentation et de l’immigration (DGDI).
Les nouveaux passeports biométriques, exclusivement réservés aux gabonais, ont une validité de 5 ans non prorogeable, contrairement aux anciens modèles en vigueur qui étaient valables 3 ans et renouvelables une fois.
En revanche, le prix d’établissement du document lui a doublé, atteignant 35 000 francs CFA pour les enfants de 0 à 16 ans et 70 000 francs CFA pour les adultes de plus de 16 ans. L’ancien passeport ne coûtait que 20 000 francs CFA à l’établissement, et 10 000 francs CFA pour la prorogation. Mais l´état gabonais va payer tous les frais pour les plus faibles de la société.

Le passeport biométrique est un document de voyage sécurisé comportant une puce électronique sur laquelle sont stockées les données biométriques et biographiques du demandeur, notamment la photo, l’identité complète, les empreintes digitales, la profession et la validité.
Etant donné la nature des informations enregistrées sur le document, la DGDI exige la présence physique du requérant pour délivrer le passeport.
Le lancement de l’opération est dans un premier temps centralisé sur la capitale gabonaise. En attendant la décentralisation de l’opération dans les différentes antennes provinciales de la DGDI et à l’étranger, des équipes mobiles doivent sillonner l’intérieur du pays pour collecter les dossiers des requérants dans les semaines prochaines.
La mise en place par le gouvernement gabonais du passeport biométrique découle de la décision du conseil des ministres du 8 janvier dernier.
Selon le gouvernement, cette décision du ministre de l’Intérieur, André Mba Obame, «permettra à notre pays (…) de maintenir les accords très avantageux avec des pays comme la France», lesquels «(…) permettront également aux Gabonais de voyager un peu partout dans le monde».
Le gouvernement n’a cependant encore donné aucune indication sur l’échéance de validité de l’actuel passeport.
La mise en circulation de passeport biométrique conduirait le gouvernement à élargir le système d'identité électronique mis en œuvre pour le passeport biométrique à la carte nationale d'identité. Un tel système bloquerait la fraude de documents ou l'usurpation d'identité souvent monnaie courante lors des élections.:cheers:
L’organisation des élections locales d’avril dernier avait vu une vive controverse animée par l’Union du peuple gabonais (UPG), parti de l’opposition, qui réclamait l’introduction de la biométrie à la constitution des fichiers électoraux.


Publié le 20-01-2009 Source : Gaboneco.com

[Matthias Offodile]

FAR assumes operatorship of offshore Senegal blocks

Offshore staff

SUBIACO, Australia -- FAR has received formal approval from Petrosen (Senegal's national oil company) to assume operatorship and increase its working interest to 90% under the contract for exploration and hydrocarbon production sharing covering the Rufisque and Sangomar, and Sangomar offshore blocks.

FAR and its co-venturer Petrosen have acquired one of the largest 3D surveys off the northwest coast of Africa covering an area of over 2,000 sq km (772 sq mi). The company says it has identified several plays and drillable prospects.

01/23/2009

[laurus]

China may expand Africa zero import tariff policy

25 Jan 2009 04:09:22 GMT
Source: Reuters

BEIJING, Jan 25 (Reuters) - China is considering including more African goods in a list of products excluded from import tariffs as a way of further boosting trade with the continent, state media said on Sunday.

China already levies no import tariffs on more than 10 types of goods imported from 31 African countries, including textiles, machinery and farm products, the official Xinhua news agency said.

"On the basis of offering zero tariffs for goods from 31 least developed African countries, we will actively consider further expanding the beneficiary scope of African products, and encourage enterprises to favour African goods under the same conditions," it quoted Commerce Minister Chen Deming as saying.

China has pumped billions of dollars into Africa in recent years in search of natural resources for its booming economy. That has unnerved Western donors, who worry that it is ignoring human rights abuses.

But China says its aid comes with no strings attached and that its trade with the continent is good for economic development. (Reporting by Ben Blanchard; Editing by Alex Richardson)

http://www.alertnet.org/thenews/newsdesk/PEK69279.htm

[Matthias Offodile]

Perenco makes new oil discovery off Gabon



1/26/2009 3:13:28 PM GMT



GABON: French company Perenco and MPDC from Gabon have discovered an oil field in the Ebene license offshore Gabon. The discovery has been named the Loche East Marine field. The partners have applied for development and production authorization, which is expected to be approved by the Gabonese government in a few months.

Perenco plans to use an adjacent production platform to optimize the economics of the project and bring around early production.

Perenco is the operator of the license with a 50 percent interest. MPDC Gabon has a 50 percent interest.

[Matthias Offodile]

Germany´s E.ON Ruhrgas signs Equatorial Guinea LNG agreement



1/26/2009 4:18:52 PM GMT


Equatorial Guinea

ESSEN, GERMANY: E.ON Ruhrgas (EONGn.DE) has signed an agreement for the development of gas infrastructure for a second liquefied natural gas (LNG) plant in Equatorial Guinea in West Africa.

The agreement envisages a consortium comprising Sonagas, E.ON Ruhrgas, Union Fenosa Gas and Galp Energía participating in drawing up a gas master plan for Equatorial Guinea and promoting the commercialization of gas reserves in the Gulf of Guinea.

"We are proud that we are now assuming a leading role in the project. The systematic expansion of our LNG business will make an important contribution towards security of supply for our markets," said Dr. Jochen Weise, member of the E.ON Ruhrgas Board of Management responsible for gas supply.

[Matthias Offodile]

Marketing sportif au Gabon : des opérations visibles et populaires:cheers::cheers:


Le sport prend une place prépondérante dans la société actuelle. Il est vecteur de nombreuses valeurs, il rassemble les peuples, sert de support à l’éducation, est un outil pour la santé, la politique... Le contenu du sport se veut riche et dense, il génère de nombreuses opportunités de consommation. Nous nous attarderons surtout sur l’aspect commercial et plus particulièrement sur le marketing appliqué au domaine du sport. En effet, le sport peut être comparé à une industrie. Les sociétés dont l’activité est en relation de près ou de loin avec le sport ont dû adapter les stratégies du marketing traditionnel afin de les appliquer au domaine sportif.
© Photo : Arias Danger Aimée



Orchestrée avec pertinence, la communication dans le sport présente de nombreux atouts lorsqu’il s’agit :
- d’accroître la notoriété d’une marque,
- de lancer un nouveau produit,
- de donner du sens et du contenu à une image,
- d’affirmer une marque dans un univers de performance,
- de créer des opportunités de relations publiques,
- de fidéliser ses clients,
- de créer et renforcer la cohésion sociale au sein d’une entreprise,
- d’animer la communication interne,
- de se positionner comme une entreprise citoyenne...

Ces atouts sont à l’origine du développement sans cesse croissant du sport comme territoire de communication et continuent de faire la force des meilleures stratégies de sponsoring. Il est essentiel, pour l’annonceur, en vue de garantir la réussite de son investissement dans le sport, de pouvoir répondre aux 3 questions suivantes :
- Quel dispositif mettre en œuvre ?
- Quelle somme investir ?
- Comment optimiser son engagement ?

Sponsoriser pour véhiculer des valeurs

L’association d’une marque ou d’une entreprise, lors d’une compétition, d’un événement sportif, d’un club voire d’un sportif professionnel, permet d’assurer des retombées médiatiques mais aussi, souvent, de générer un revenu complémentaire ou d’obtenir des avantages en nature. Si le sponsoring existe dans le sport, c’est que ce dernier est vecteur de valeurs qui permettent aux entreprises de mettre en place des stratégies vouées à accroître leur notoriété et travailler sur leur image de marque. L’omniprésence des marques dans le monde du sport professionnel résulte de la surmédiatisation de ce dernier. Le sport professionnel peut être utilisé comme une vitrine à l’échelle mondiale.

Le retour sur investissement du sponsoring sportif

Le retour sur investissement est de nature économique mais aussi symbolique. Sur le plan économique, le sponsoring doit permettre à plus ou moins long terme de faire augmenter le chiffre d’affaire ou la part de marché de la société. Les indicateurs pour réaliser ces calculs sont relativement faciles à mettre en place. Ce qui est plus difficile à déterminer est la part que joue le sponsoring dans les résultats économiques. Comme le sponsoring est souvent associé à une campagne publicitaire, on peut alors se demander quelle est la part qu’apporte la publicité sur les retombées économiques et affectives.

Toutefois, le sport véhicule un certain nombre de valeurs. L’affect est un élément important dans le comportement d’achat. Ainsi, s’associer à un événement sportif qui véhicule une image positive c’est donner à sa marque une valeur affective, le tout étant de choisir l’événement, le sportif qui correspond aux valeurs que veut véhiculer la société.

Le cas de la Tropicale Amissa Bongo

Événement majeur de l’année, la Tropicale Amissa Bongo est symptomatique de l’usage efficace du Marketing sportif. La visibilité est très importante, dans la rue comme sur les médias.

Certaines entreprises sponsors de la course comme la Banque de l’Habitat du Gabon, BHG, ont acquis une visibilité sur la seule base, ou presque, de la Tropicale. Gabon Airlines, avec un prix pour le meilleur coureur gabonais, a considérablement renforcé auprès du public son image de compagnie “nationale”. Le PMUG et Peugeot confirment leur statut d’entreprises liées au sport, à la performance. La performance logistique que sous-tend une telle course est venue confirmer Trans’form dans sa position de leader dans le transport au Gabon. Le Groupe MP, inconnu du grand public jusqu’alors s’est forgé une réputation de véritable sponsor d’événements sportifs, avec tout ce que cela entend de dynamisme, de capacité à la compétition et d’image de compétences dans ce domaine relativement nouveau. Des entreprises comme Setrag ou Comilog y ont gagné une adhésion sensible de leur personnel à un projet d’entreprise...

En résumé, les sponsors de la Tropicale Amissa Bongo ont su, pour la plupart, profiter pleinement de leur investissement, grâce, en particulier, à la réussite de la manifestation en termes d’organisation et de médiatisation. Car ce qui fait un sponsoring sportif réussi, c’est aussi, et peut-être avant tout au Gabon, la qualité d’organisation de cet événement. Lorsque le championnat de football gabonais est entaché de soupçons de fraudes, de détournements d’argent ou de matchs truqués, il devient difficile pour une entreprise d’y associer son nom.
Des places à prendre

Si Sprite a déjà largement investi dans le basket ball, il reste beaucoup de sports populaires au Gabon qui sont d’excellentes opportunités à saisir pour des entreprises désireuses de profiter des bienfaits du marketing sportif. En dehors du football, mal en point, la boxe, le handball, l’athlétisme sont vierges de tout sponsor d’envergure malgré leur popularité. Bien entendu, les entreprises intéressées ont intérêt à trouver des partenaires efficaces pour l’organisation des matchs, tournois ou autres manifestations. S’il y a beaucoup à faire, le gain d’image sur une opération réussie, là où d’habitude elle passe inaperçue, est d’autant plus important.

Le ticket d’entrée dans le sport au Gabon est encore très peu élevé, ce qui le rend attrayant pour les sponsors qui vont s’y attacher. Un investissement raisonnable peut permettre un retour sur investissement très important, difficile à obtenir autrement. D’autant plus que le sport de compétition n’est pas le seul créneau disponible. La pratique sportive amateur, y compris dans les sports considérés comme galvaudés comme le football, offre des opportunités très attrayantes : organisation de tournois de quartiers, création d’équipes juniors, développement d’espaces dédiés pour y suivre les matchs, accompagnement de joueurs de tennis ou organisation de régates et de compétitions de sports nautiques, etc.

Des PME aux multinationales, les annonceurs sont nombreux à pouvoir trouver des solutions adaptées à leurs besoins de communication en recourant au sponsoring sportif. Le sponsoring “de sens”, citoyen notamment, mais aussi le sponsoring “marchand”, accélérateur commercial privilégiant le retour direct sur investissement, constituent d’intéressantes alternatives au sponsoring “de puissance” qui privilégie la visibilité des supports. En fait, le marketing sportif étant encore balbutiant au Gabon, l’imagination et l’originalité de la démarche peuvent offrir aux dirigeants qui oseront y investir, une véritable opportunité pour développer leur image de marque et prendre des parts de marchés à leurs concurrents moins énergiques.

Publié le : 24/12/2008
Source : Business Gabon
Auteur : Luc Lemaire

[Kwame]

Experts - African Economies to Grow Despite Global Crisis
Davos, Switzerland — Although the continent is not insulated from the global financial crisis, African countries will perform "relatively better" than other regions of the world this year.

This was the consensus among discussants at the session on Africa at the World Economic Forum Annual Meeting holding in Davos, Switzerland.

Also, the Chairman and Editor-in-Chief of THISDAY Newspapers, Mr. Nduka Obaigbena, has made a strong case for more investments in Africa.

The tempered optimism on Africa's growth in 2009 is fuelled by the fact that its capital markets are not integrated globally, except for South Africa, thereby limiting the effects of the crisis on Africa.

However, it was projected that some 3.5 percentage points may be shaved off the continent's GDP growth this year, with serious problems already obvious as seen in the closure of numerous mines in Zambia.

The panellists were Chairman, Actis Africa Advisory Board, Actis, United Kingdom, Nkosana D. Moyo; President, African Develo-pment Bank (ADB), Donald Kaberuka; Chairperson, Indu-strial Development Corpo-ration, South Africa, Wendy Luhabe; Vice-Chairman, Absa Capital, South Africa, Leslie Maasdorp; and Executive Vice-President and Chief Executive Officer, International Finance Corporation (IFC), Lars H. Thunell.

The discussants listed the risks ahead as massive unemployment, as well as food and fuel shortages which could spawn social unrest.

They also expressed fears that the economic reforms that had helped boost growth could be reversed as governments take over "at risk" financial institutions and other private sector companies.

More restrictive regulations may be imposed and progress in good governance may be eroded as hard times aggravate corruption, they argued.

However, at a dinner session later in the day, Obaigbena said the focus should be on the opportunities the continent offers.

Obaigbena, who moderated a dinner session on "The Africa You Don't Know", asked investors to think of the continent in terms of "what we can do for Africa and what Africa can do for us", highlighting the fact that in the face of the global financial crisis, South Africa's ABSA Bank is now worth more than UK's Barclays Bank even though the British bank has 53.96 per cent stake in ABSA.

"In global news coverage, Africa takes between 1 and 2 per cent," he said. "And even at that, 80 per cent of news on Africa is about wars, famine and corruption. There is far more to report about Africa than that. For instance, many African countries have now embraced democracy. Guinea which recently witnessed a coup has been suspended from the sub-regional association on the account of this. Nigeria is now in the 10th year of unbroken democratic rule. No matter how slow things appear to be, we are making progress."

The discussion, held at Hotel Cresta Sun, was led by the Prime Minister of Mozambique, Mrs Luisa Dias Diogo, Managing Director of Shanduka Energy, South Africa, Phuti Malabie, Chief Executive of Wesizwe Platinum, South Africa, Michael H. Solo-mon, and Chief Executive of Shoreline Energy Intern-ational, Nigeria, Kola Ka-rim.

The Mozambican prime minister said her country has recorded tremendous pro-gress in recent years in order to boost the economy and promote growth.

"Our economy is expected to grow by about 6 to 7 per cent in 2009 in spite of the global downturn," she said. "In gender promotion, we're next to Rwanda in the whole of Africa. If you want to change the title of land ownership, it now takes two days. Our agricultural sector grew by 15 per cent last year and we expect a similar growth this year. All these engender economic growth."

She said African countries have embarked on initiatives which encourage good governance, an example being the peer review mechanism under New Partnership for African Development (NEPAD) under which African governments subject themselves to reviews by their counterparts.

All Africa (http://allafrica.com/stories/200901300011.html)

[Kwame]

TPDC, Statoilhydro in Study for Safe Petroleum Exploration
31 January 2009

Dar Es Salaam — The Tanzania Petroleum Development Corporation (TPDC) in partnership with StatoilHydro is leading a joint-industry one-year study of meteorological and oceanographic conditions in Tanzania's deep sea.

The study codenamed METOCEAN aims to provide information for safe and efficient operations during offshore petroleum exploration.

Following this study, StatoilHydro has announced that all shipping and fishing vessels are requested to note the location of the surface buoy and avoid the immediate surrounding area by at least three kilometres.

The study is based on the installation of four deep-buoys equipped with passive recording equipment between Kilwa and Zanzibar.

Three buoys (C1-C3) will be 400 metres below the surface, to measure ocean current speeds and the single wave buoy will have a surface float to measure wave action.

It is equipped with a radar reflector and is about 180 kilometres from the nearest shore.

Installation, service, inspections and retrieval will require four ship cruises to the four locations and after final retrieval of all four buoys, only 13 small, concrete anchors will remain on the seabed.

It is expected that METOCEAN will produce new data on the deep-sea, from locations that are very expensive to investigate.

It will benefit Tanzania irrespective of any future deep-sea exploration.

All Africa (http://allafrica.com/stories/200902021410.html)

[Kwame]

Rwanda: Oil Exploration Takes New Shape
2 February 2009

Kigali — Vangold Resources Ltd, a Canadian firm and New Resolution Geophysics (NRG), recently signed an agreement to carry out an aero-exploration exercise to search for oil.

This was revealed yesterday by the State Minister for Energy, Albert Butare.

"The aerial survey was not entirely perfect because of the scope of our landscape which has many hills. We have alternatively decided to use state-of-the-art boats, to conduct the oil exploration on Lake Kivu," Butare told The New Times.

He however stressed that such exotic boats are very few in the world and it will take about two months for the boats to arrive in the country.

So far, Vangold Resources Ltd is exploring the existence of oil reserves in the Albertine belt, which stretches from Uganda via the Democratic Republic of Congo to the Rwandan Western Province.

NRG was also sub-contracted by Vangold to carry out the airborne survey.

Although it failed, the gravity and aeromagnetic survey (research about the depth and shallow crustal structure) was estimated to cost US$1.2m (approx. Rwf 700m) and results were expected to be released in December last year.

According to Butare, previous studies have indicated sedimentary layers of oil in Rwanda, which implies that there is existence of oil in the Rwandan soils.

The area in the Kivu Graben where oil reserves are suspected to exist is dubbed the 'White Elephant,' a part of the great western East African Rift System.

Experts attest that, Tullow Oil and Heritage Oil have already made major oil discoveries in the same Graben. The 'White Elephant' area had previously been curved to 2,708 sq kms in area representing 11percent of the land mass of Rwanda.

Other experts also interpret that presence of Methane Gas in the deep waters of Kivu, which also originates partly from the earth crust, is an indication of probable oil presence below the Lake sediments.

If all the indications for petroleum potential remain positive, several companies will storm Rwanda to carry out the extraction but officials are keen not to raise hopes among the population who believe oil would solve all the problems the country faces.

All Africa (http://allafrica.com/stories/200902020006.html)

[Matthias Offodile]

More social housing projects u/c on the outskirts of Libreville


Gabon : Mbadinga signe pour les nouveaux logements sociaux de Libreville

Le ministre gabonais du Logement et de l’Habitat, Josué Mbadinga, vient de signer sous l’égide du Premier ministre une convention commerciale avec un groupe d’entreprises indiennes, BCD Ingab Consortium, pour le démarrage imminent des travaux des logements sociaux dans la banlieue sud-est de Libreville. La Banque Export-Import de l’Inde (Exim Bank), a accordé à cet effet un crédit de plus de 6,5 milliards de francs CFA au gouvernement gabonais pour la mise en œuvre de ce projet qui devrait permettre la construction de 300 logements sociaux dans la capitale gabonaise, qui accuse un déficit de plus de 120 000 logements.

© D.R

Les travaux d’aménagements des logements sociaux à la périphérie de Libreville devraient débuter de manière imminente, après la signature en fin de semaine dernière d’une convention commerciale entre le gouvernement gabonais et le groupement d’entreprises indiennes BCD Ingab Consortium.

La signature du document entre le ministre du Logement et de l’Habitat, Josué Mbadinga, et le représentant des intérêts indiens s’est déroulée sous l’égide du Premier ministre, Jean Eyeghe Ndong.

Ce document marque un accord pour la construction imminente de 300 logements sociaux à Bikélé, dans la banlieue sud est de Libreville, ainsi qu’une «unité de voisinage intégrée», comprenant un centre commercial, un complexe scolaire, un centre médico-social, un institut informatique et de communication, sur une superficie totale de plus de 25 hectares.

Le ministre Mbadinga a précisé que «ce projet concerne la construction de 300 logements réparties en 105 logements de 2 chambres, 135 logements de 3 chambres et 80 logements de 4 chambres».

«Les travaux doivent démarrer normalement dès que l’entreprise aura reçu l’avance pour le démarrage des travaux, pour laquelle il y a un certain nombre de formalités administratives à remplir», a précisé Josué Mbadinga.

Pour la mise en œuvre de ce projet, la Banque d’Export-Import de l’Inde (Exim Bank), a débloqué un crédit de 14,5 millions de dollars, soit plus de 6,5 milliards de francs CFA à l’Etat gabonais.

«Le gouvernement doit fournir rapidement après la signature une copie de la convention signée avec la banque, accompagnée d’un formulaire indiquant les principaux points d’accords et ensuite une autorisation du décaissement de l’avance des travaux sera mise à la disposition de l’entreprise après que le consortium ait adressé à l’Etat gabonais le certificat de garantie bancaire de 5% du montant de la convention», a expliqué le ministre du Logement.
La construction de ces logements entre dans le cadre d’un vaste projet de construction de plus de 3000 logements dans la capitale gabonaise, afin de pallier la crise du logement latente qui a entraîné une hausse spectaculaire des prix des loyers.


Publié le 04-02-2009

[Kwame]

Senate to Probe N230 Billion Natural Resources Development Fund
Abdul-Rahman Abubakar & Turaki A. Hassan

5 February 2009

Abuja — The Senate is set to investigate the utilization of about N230 billion deducted from the Federation Account since May 1999 as Development of Natural Resources Fund meant for development of the mining sector.

A group of 46 senators led by Senator George Sekibo (PDP, Rivers) have prepared a motion aiming to urge the Federal Ministry of Finance to stop further expenditure from the fund without strict compliance to the provisions of Section 80(3) and (4) of the Constitution.

According to the motion slated to be presented next week, "The sum of N231 billion had accrued to this fund between July 2002 and June 2008. The Federal Government has been deducting and paying 3 percent from the Federation Account from May 29, 1999 to December 2003 and 1.68 percent from January 2004 till date into a fund named Development of Natural Resources Fund."

The motion to be moved by Senator Sekibo revealed that the executive arm never made any request as provided for by law to spend the money but, "The fund has been depleted drastically without notable improvement in the solid mineral sector."

"No request has been made to the Senate and indeed the National Assembly with respect to expenditure of this fund as provided for by Section 80 (3) of the Constitution of Nigeria," movers of the motion said.

Section 80 (3) and (4) states that; "No moneys shall be withdrawn from any public fund of the Federation, other than the Consolidated Revenue Fund of the Federation, unless the issue of those moneys has been authorised by an Act of the National Assembly. (4) No moneys shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly."

"The Senate and indeed the National Assembly has not in any manner prescribed the expenditure of this fund as provided for by Section 80 of the 1999 Constitution of Nigeria."

The senator however indicated that government seems to have violated the utilisation of the fund as rather than investing it into Solid Minerals Development, "The sum of N80 billion was expended for the importation of rice in 2008 without recourse to due processes and adherence to the provision of the constitution. Most of the fund has been spent in areas other than the development of the Natural Resources contemplated by the Modification Order (Solid Minerals."

Former President Olusegun Obasanjo created the fund in 1999 and later approved the Modification Order in 2002 which makes the fund strictly for Solid Minerals Development and back-dated it to May 29, 1999.

The senators are therefore pushing for explanation into the actual amount remaining in the fund through directing its Committee on Finance to "Carry out a comprehensive investigation about the status of this fund and report back to Senate."

Some of the sponsors of the motion are Senators Hassan Mohammed Gusau (ANPP, Zamfara), Wilson Ake (PDP, Rivers), Ahmad Lawan (ANPP, Yobe), Ikechukwu Obiorah (PDP, Anambra), Ayodele Arise (PDP, Ekiti), James Manager (PDP, Delta), Ibrahim Ida (PDP, Katsina), Zaynab Kure (PDP, Niger), Iyabo Obasanjo-Bello (PDP, Ogun) and Grace Folashade Bent (PDP, Adamawa).

All Africa (http://allafrica.com/stories/200902050435.html)

[Kwame]

IFC to Invest $30 Billion in Continent
Justus Nduwugwe

5 February 2009

Africa - The World Bank President, Mr. Robert B. Zoellick, has said that the International Finance Corporation (IFC), the private sector arm of the World Bank Group is to invest $30bn in Africa for a period of three years.Zoellick also observed that the global financial crisis that grew into an economic crisis is now becoming an employment crisis, and in the coming months, for some, may become a human crisis.

A statement made available to LEADERSHIP yesterday by the Head of Media in the bank's Abuja office, Obadiah Tohomdet, stated that the World Bank President made this known while addressing African leaders at the just concluded 12th Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia.

Addressing African leaders, Zoellick said: "Many of you have already seen the danger signs, on top of the poverty, hunger, and malnutrition we saw last year as a result of soaring food and fuel prices".

On a positive note, he stated that the International Finance Corporation (IFC), the bank group's private-sector arm, is launching four initiatives for: helping recapitalise banks in poor countries, infrastructure financing, trade financing, and refocused advisory services. "We are expecting IFC's private sector investments to total about $30 billion over the next three years. And we want to use these investments to mobilise resources from others.

"Today, confronting Africa's challenges and ensuring that African voices are heard take on an even greater importance, as we face a global crisis. Africa will not escape it.

"Far from being insulated from these events, developing countries are feeling the effects and Africa is no exception.

"The first effects will be concentrated in sectors that are integrated with the global economy.

"African exports are expected to fall by 2 per cent in 2008, relative to the previous year, with some countries experiencing significant declines - a 30 per cent decline in Angola.

"FDI flows have dropped from 2.1 per cent of GDP to 1.5 per cent in developing countries, and drop-offs are particularly severe in African countries.

"Remittances are drying up. In Kenya, which already cut its growth rate of remittances in half last year, the projected growth in 2009 is zero", he stressed.

All Africa (http://allafrica.com/stories/200902050494.html)

[Matthias Offodile]

Fantastic news...an additional future industrial city for LBV (Bikelé, city´s outskirts):cheers:

Gabon : Tonda sur le terrain de la future zone industrielle

Le ministre du Commerce et de l’Industrie chargé du NEPAD, Patrice Tonda, s’est rendu le 4 février dernier sur le site qui accueillera la nouvelle zone économique industrielle, situé à Bikélé dans la banlieue Est de la capitale gabonaise. Il s’est agit de faire le point sur le terrain avec les techniciens en charge du projet sur l'avancement des études de faisabilité de ce vaste site qui devrait permettre de désengorger l'actuelle zone industrielle d'Oloumi et d'offrir de nouvelles marges de développement à l'économie locale.

© D.R

Le site qui va accueillir la nouvelle zone industrielle de Libreville a reçu la visite du ministre du Commerce et de l'Industrie en charge du NEPAD, Patrice Tonda, le 4 février dernier. Cette visite avait pour but de faire le point sur l'avancement du projet.

Consécutif à des études réalisées par les experts de l'Urbanisme, le choix de Bikélé, à la périphérie est de Libreville, a été motivé par sa proximité avec les moyens de transports pour l'acheminement des marchandises.

Le ministre du Commerce a expliqué que pour procéder au lancement effectif des travaux, le projet est en attente du résultat de l'étude de faisabilité en cours d'exécution par les experts et il devait recevoir l’adhésion des administrations, des institutions privées et publiques concernées.

«Nous allons d’abord achever l'étude de faisabilité qui a été confiée à des spécialistes et à ce moment là, quand les plans sortiront, nous pourrons situer plus exactement les choses. Il ne faut pas mettre la charrue avant les bœufs», a déclaré le ministre du Commerce.

«Nous avons également besoin de consulter nos partenaires, notamment les organisations syndicales, les organisations patronales et la société civile, de manière à ce que l’on réalise un projet harmonieux», a ajouté Patrice Tonda.

Paul Biyoghe Mba, précédent ministre du Commerce, «avait fait intervenir des spécialistes internationaux dans les environs de Libreville pour déterminer un site approprié pour la mise en place de ce projet… Ces spécialistes avaient retenu ce site parce qu’une fois les produits fabriqués, on peut les évacuer facilement grâce au chemin de fer et la route nationale qui sont à proximité du site», a expliqué Patrice Tonda.

Initialement prévu sur 1000 hectares, le chef de l'Etat avait reconsidéré ce projet de zone économique industrielle en lui octroyant une extension à 5000 hectares dans l'optique de lui donner une portée internationale, afin que «ce soit une zone économique intégrant l’industrie et l’activité économique au sens large du terme», a indiqué le ministre.

Grâce à la construction d’infrastructures industrielles et commerciales communautaires, ce projet devrait permettre d'offrir de nouvelles possibilités de développement de l'activité économique industrielle, dans le cadre du défi de la diversification de l'économie gabonaise.

«Nous devons tout faire pour lutter contre la pauvreté et nous devons faire de Libreville une ville qui soit au même niveau que les autres capitales du monde entier», a conclu Patrice Tonda.

Ce projet devrait également bénéficier au développement socio-économique de Bikélé où doivent également être construits un ensemble de logements sociaux et d'infrastructures publiques communautaires.

La nouvelle zone économique industrielle devrait enfin permettre de désengorger l'actuelle zone industrielle d'Oloumi, qui pâti d'importants problèmes d'assainissements, avec les inondations annuelles qui causent d'importants dommages matériels et entravent le développement de l'activité économique.

Publié le 06-02-2009

[Kwame]

N200 Billion Special Agricultural Fund Under Way
Justus Nduwugwe

6 February 2009

Abuja - The Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo yesterday disclosed that the bank is collaborating with other relevant government agencies on the creation of a special fund worth over N200 billion at a concessionary interest rate for the revitalisation of the agricultural sector.

The governor made this known while speaking at a one-day seminar on "The Challenges of Ensuring Appropriate Inflation Rate, Exchange Rate and Interest Rate Regimes in Nigeria", held at the CBN Main Auditorium, Abuja.

In his words, "We are working on a programme to provide a special fund for the Agric sector. If you look at that table already given to you, the credit extended to the sector is so minimal while its contribution to the national GDP is above 33.15 per cent.

"We have pointed out its link with inflation. For CBN, anything good for the agric sector is so for the monetary policy. What is good for agriculture is good for the national economy. In fact, by our estimate, at least, a N200 billion special fund is to be mobilised for the sector at a highly subsidised rate. With agriculture growing, the inflation rate would be reduced".

Meanwhile, the apex bank governor stressed that the exchange rate adjustments undertaken in the light of the global financial crisis, including the fall in oil prices, is a defence for the local industries and for the protection of jobs.

He emphasised that the exchange rate regime would continue to be a key shock absorber for the economy, to keep internal and external balance and ensure that government budget continues to function, assuring that the CBN is committed to stable exchange rate regime but would avoid fixity.

He debunked the notion that depreciation would be highly inflationary. "Prices of imported goods abroad have fallen significantly in many cases. Thus, a 20 per cent depreciation could at most leave many prices unchanged. Any such price adjustment will be temporary and cannot be sustained once exchange rate stability returns. It depends on what happens to agricultural output, and other domestic production", he added.

Soludo noted that the strategy being adopted by the apex bank is shock therapy, quick adjustment to avoid the consequences of painful, long adjustment, reminding the audience that long drawn out depreciation would have wiped off the reserves before the appropriate level is reached.

He listed the reasons for the pressure on the exchange rate to include fall in oil price; de-accumulation of foreign reserves as a result of decline in oil prices; limited foreign trade finances for banks - credit line may have dried up for some banks; declining capital inflow in the economy- failing portfolio inflows, FDI and other remittances and high import dependence of the economy.

On inflation rate, Soludo noted that inflation is difficult to tackle largely because any meaningful attempt to curb it entails a trade-off among other important macro-economic and social objectives such as increased employment, and economic growth and social safety growth to safer nets in the short-run.

All Africa (http://allafrica.com/stories/200902060344.html)

[Kwame]

Nigeria: First Bank, Intercontinental, Union, Zenith, UBA Make World's Top 500
Mojeed Jamiu

12 February 2009

Five Nigerian banks First Bank, Intercontinental, Union, Zenith, and United Bank for Africa (UBA) are now rated among the top 500 in the world in terms of brand value.

The Banker Magazine, a subsidiary of The Financial Times of London, in its February report saw HSBC of the United Kingdom retaining its number one position.

Second is Bank of America, which rose from number three, followed by Wells Fargo also of the United States, which moved up from eight to three.

In the global banking industry research and ratings for 2009, First Bank rated BBB, at number 315 and a brand value of 162 with a total market capitalisation of $4.932 billion.

First Bank led the Nigerian banks, while Intercontinental, rated BBB, listed at number 334, a brand value of 146, with a market share of $1.965 billion, was the second Nigerian bank listed.

Union Bank, rated BB at number 391 and a brand value of 134, has a market capitalisation of $2.070 billion.

Zenith rated BBB, at number 395 and a brand value of 114 has a market capitalisation of $3.224 billion.

UBA was rated BB with a brand value of 93 at number 449 in the world as well as a capitalisation of $2.309 billion.

Nigerian banks made their first showing on the list in 2007 when Intercontinental emerged number 355 and also the fastest growing bank in the world. It rose to 334 last year.

In the current ratings, First Bank is 315, Intercontinental (334), Union Bank, (392) Zenith (395), and UBA (449)

The five banks had emerged as industry leaders consistently since the consolidation introduced by the Central Bank of Nigeria (CBN) in 2004.

The arrival of Nigerian banks on the global benchmark is attributed to the recapitalisation which boosted their strength against global competitors.

The initiative also prompted some of them (such as First Bank, Union, Intercontinental, UBA, Zenith, Access, and Guaranty Trust) to open subsidiaries in London and other African countries.

The consolidation has equally helped Nigerian banks to absorb, to a great extent, the negative effects of the current global financial meltdown.

All Africa (http://allafrica.com/stories/200902120138.html)

[Matthias Offodile]

Noble Strikes Oil at Block 'O' Offshore Equatorial Guinea


Noble Energy, Inc. Friday, February 13, 2009


Noble Energy has announced an oil discovery on Block "O" at the Carmen prospect, offshore Equatorial Guinea. The Carmen well, which represents the Company's first oil discovery on Block "O", encountered approximately 26 feet of net oil pay, along with 13 feet of net gas pay.

Located in approximately 150 feet of water, the well was drilled by the Trident VIII jackup to a total depth of 11,550 feet to test a lower Miocene reservoir. The well has been temporarily abandoned pending future development considerations. There are no plans to flow test the reservoir at the current time.
Related Pictures

Equatorial Guinea
(Click to Enlarge)

Charles D. Davidson, Noble Energy's Chairman, President and CEO, said, "The result at Carmen is another positive data point for our West Africa operations where we have now drilled ten consecutive successful wells on our operated acreage. We are excited to confirm that the oil sourcing extends from Block "I", where we have two separate oil discoveries, to the north in Block "O". We are optimistic about the further prospectivity of the region, and we will be recalibrating our seismic to identify other similar opportunities. At the same time, our teams are continuing to advance the oil development scenario for first production in 2012 and Carmen looks to be a very nice tie-in candidate."

The Minister of Mines, Industry and Energy, H. E Marcelino Owono Edu, stated, "The Government of Equatorial Guinea is extremely pleased that another oil discovery has been made within the Equatorial Guinea part of the Douala Basin. The Government of Equatorial Guinea will continue to aggressively develop the discovered oil and gas resources within its territory for the benefit of the people of Equatorial Guinea, whilst maintaining a stable and consistent investment policy."

Noble Energy is the Technical Operator of Block "O" with a 45 percent participating interest. Its partners on the block include GEPetrol, the national oil company of the Republic of Equatorial Guinea with a 30 percent participating interest and Glencore Exploration Ltd. with a 25 percent participating interest.

[sammyjay77]

Nigeria, Ethiopia top Africa investment index

By Peter Apps

LONDON, Feb 17 (Reuters) - Nigeria and Ethiopia topped a new index of African potential investor destinations on Wednesday, with the survey organisers saying the continent offers good potential growth even against the global economic crisis.

The world's poorest continent had seen an investment boom in recent years but flows into the region are seen drying up as the global financial crisis and falling commodity prices take the shine off what were seen as promising frontier markets.

Business consultancy African Rainbow's Star of Africa index ranks 53 African countries in terms of their investment potential in various fields, with its creators arguing that potential growth in energy, water and communications consumption could amply reward investors taking the risk.

"It is for investors to make sure they don't miss a trick by overlooking a country they would otherwise have missed," said Katharine Pulvermacher, chief executive of African Rainbow.

"Africa is going to overtake the Middle East to become the second fastest growing region in the world after emerging Asia. It will be affected by the global financial crisis but it is much less exposed than many places."

South Africa, Mauritius and Tanzania took third, fourth and fifth place respectively, she said.

But it said some countries still have a long way to go, with Somalia, Chad and Eritrea named the least appealing markets on the continent, particularly due to low ratings for corporate governance and social capital.

Nigeria also scored poorly for corporate governance but its potential for infrastructure expansion in electricity, water, information technology and communications as well as its status as Africa's most populous country were enough to propel it to the top of the list.

CORPORATE GOVERNANCE RISKS

Rising oil prices had made Nigeria a favoured investment destination but as the oil price slumped in recent months, the government has imposed capital controls as the currency fell leaving investors concerned that they might not get their money out.

Pulvermacher said such events were covered under "corporate governance" and that different investors would have different tolerances for risk and reward.

"Some investors would view corporate governance as more important than others," she said. "They might be more drawn to somewhere like Tanzania which performs much better against those measures -- which they might not have realised."

She said the index was mainly intended for medium scale investors such as private equity houses making investments larger than those which would be covered by the microcredit sector.

Private equity in Africa has soared in recent years but its growth is seen faltering sharply as banks call in loans across the world and investor risk appetite slumps.

Nevertheless, African Rainbow says it believes the need is there. Some 497 million Africans have yet to connect to electricity grid, and only 6 percent of Africans used the Internet, it said.

Ethiopia, perhaps a surprise second place given the chronic poverty and hunger within the country and sometimes volatile relations with neighbours, owed its position in the table to its potential for water and electricity service expansion.

It had been cited as an increasingly appealing private equity destination before the global economic crash. (Editing by Andy Bruce)

Reuters (http://www.reuters.com/article/privateEquity/idUSLH9083320090218?sp=true)

[Kwame]

South Africa: Simeka Gains on Trend Towards Outsourcing
Lesley Stones

18 February 2009

Johannesburg — Black-empowered technology company Simeka Business Group has reported headline earnings per share unchanged from the 8.8c achieved a year ago, despite a 27% rise in revenue for the first half of its financial year.

CEO Mohammed Varachia said the group had seen solid growth during difficult market conditions, and its stock gained 1c to trade at 31c yesterday.

For the six months to November 30 its revenue rose from R309m to R393m and earnings before interest, tax, depreciation and amortisation (Ebitda) grew a healthy 37% from R58.4m to R80m. A similar rise in net profit saw it retain R47.5m, and headline earnings per share were only eroded because the number of issued shares rose by almost 100-million.

The fact that its Ebitda outperformed the growth in turnover showed it could maintain healthy margins and keep its costs under strict control, Varachia said. Part of its success came from capitalising on the demand for technology outsourcing, which is flourishing as companies cut back on their in-house technology staff to cope with the economic slowdown. The full effect of the economic meltdown may not have been felt yet, Varachia warned, but outsourcing offered Simeka good potential as more organisations began outsourcing to cut their costs.

Its performance was also boosted by acquiring the business services group SAB&T Ubuntu Holdings for R123m last June. That deal broadened Simeka's technology services to include general management consulting, and the two operations were now cross-selling to each others' customers.

Simeka's cash reserves stand at R94m, and although no interim dividend was declared a maiden dividend may be paid for the full financial year.

Simeka won new deals worth more than R150m in the past six months, Varachia said, and would earn annuity income topping R2bn in the next four years.

The group offers technology outsourcing and business support services with offices across SA, in 21 other African countries, and in the Middle East and the UK.

Its most recent foray was into Nigeria, and that branch was delivering profits ahead of target, justifying a further investment of R10m to tackle new opportunities.

AltX-listed Simeka is majority black-owned and managed, which it says is a competitive advantage and a key to growth.

Its goal in the coming 12 to 18 months is to chase more government tenders in anticipation of a rise in public sector spending.

That would be helped by its black empowerment profile, Varachia said. It would also make a concerted effort to grow internationally in the next six months, mainly by taking its Microsoft solutions to high growth areas in the Middle East.

"We are looking to increase turnover from outside SA to around 30% of total turnover by year-end in May 2011, compared to the current 10%," Varachia said.

All Africa (http://allafrica.com/stories/200902180572.html)

[Kwame]

Uganda: Economy Defies Global Decline
Sylvia Jjuuko and Agencies

18 February 2009

Kampala — Uganda's economy looks set to continue as one of Africa's fastest growing despite less demand for its products abroad and tighter global credit conditions, according to the International Monetary Fund (IMF) data released on Tuesday.

In its annual review of Uganda's economy, the IMF forecast economic growth is likely to stay in the 7% range before climbing to 8% in 2011/12 (July-June) and 2012/13 fiscal years.

Much of the growth reflects the discovery of oil in western Uganda, which has boosted investor interest.

Still, the IMF cautioned, the global economic slump will pose challenges for Ugandan economic activity going forward.

Strong private capital inflows, which allowed Uganda to build its currency reserves in 2007/08, have abated and reserves are expected to drop slightly as demand for exports falls and other inflows, including remittances and foreign direct investment, decline.

Uganda's financial system has been relatively insulated from the global financial crisis, but the economic slowdown could expose weaknesses in banks' credit portfolios, the IMF said

Central bank governor Tumusiime Mutebile had already warned that the global recession would slow down Uganda's economic growth by 3%.

"The effect on the economy will be a reduction in growth rates from 9.5% projected at the time of the budget to between 6-7%," he said. "Compared to Africa's projected growth of 3%, Uganda can still be proud of its growth performance."

The IMF was confident that the economy was well-positioned to face these challenges given its low public debt, comfortable level of international reserves and relatively sound banking sector.

It predicted that core inflation will benefit from the drop in international food and fuel prices, falling to about 7% by June 2009. The current annual core inflation rate, which excludes food crop items, fuel and electricity, was recorded at 13.4% at the end of January.

Mutebile last year explained that Uganda's financial sector was insulated against the credit crunch due to prudent risk-based banking supervision and their non-exposure to bad assets.

But he warned that a global recession would impact on Uganda's remittances from abroad, export earnings and aid inflows.

Mutebile said the immediate impact was fluctuation in the foreign exchange market that has seen the shilling depreciate against the dollar. The shilling fell from 1,640/50 per dollar in August 2008 to 1960/1970. Companies' share price also plummeted at the bourse.

While the IMF welcomed the Government's new National Development Plan to scale up investment in infrastructure, it suggested that projects should be carefully evaluated including their impact on the country's debt and international reserves.

It called on authorities to avoid steep cuts in current expenditures, to strengthen expenditure management and prevent further accumulation of domestic arrears.

The IMF urged the Government to increase tax revenues by 0.5% of GDP annually.

The Fund welcomed government's consideration of introducing a fiscal rule, which would help manage the country's oil revenues.

All Africa (http://allafrica.com/stories/200902190007.html)

[napoleon]

Thai Exporters advised to explore Africa

The Nation Published on February 21, 2009


New emerging markets will be key to ensuring export growth this year, but exporters must be aware of credit risks stemming from the effects of the widespread financial crunch.

Successful Thai exporters to African markets share the view that the continent is a land of opportunity for them, thanks to its emerging economies and the fact that it has suffered less from the global economic crisis.

However, there are still many factors to take into account before penetrating these markets, because exporters could suffer from credit defaults.

Speaking at a seminar yesterday entitled "Africa Day 2009 - Africa: Destination for More Opportunities" organised by the Foreign Trade Department, Sumeth Laomoraphorn, president of CP Intertrade, Thailand's leading rice exporter, said new exporters could face financial risk in Africa.

"As a large company, we can maintain our business if a buyer breaks a payment obligation. But small and medium-sized enterprises could be hit hard if partners have a credit problem or fail to follow the payment contract," said Sumeth.

To protect businesses from financial risk in African markets, Sumeth suggested exporters travel to there and look for trustworthy partners.

CP Intertrade exported more than 200,000 tonnes of rice last year. That number is expected to double this year, due to high demand for Thai rice.


Chaichan Chareonsuk, business-development export manager at Srithai Superware, said Africa offered less competition and fewer trade barriers for Thai exporters. But he warned that new exporters faced credit defaults and unpredictable regulations.

He said Srithai would not export goods until it received full payment for them from African importers.

Chaichan suggested four main African countries for new exporters to start off with: Egypt, good for penetrating other countries in the North; Kenya, for the East; Nigeria, for the West; and South Africa, for the South.

Federation of Thai Industries deputy secretary-general Anukul Tamprasirt warned of huge expenses for exporters wanting to explore new markets like the ones in Africa, stemming from duplicate laws and uncertain regulations.

To facilitate new exporters wanting to break into African markets, the government is being urged to provide them with information that will help them to do so.

Commerce Minister Porntiva Nakasai urged Thai exporters to penetrate emerging new markets.

"Amid the slowdown in exports to major markets, exports to Africa and new emerging markets are key to ensuring continued export growth this year," she said.

Porntiva will conduct a roadshow with more than 14 businesses in April to pave the way for Thai exporters' movement into the region.

Despite the slowdown, the ministry expects exports to Africa to surge to US$10 billion (Bt357 billion) this year, up 47.93 per cent from $6.76 billion last year.

[oshon]

Turkey lifts entry visa for Kenyans


By Ramadhan Rajab

Kenya and Turkey have abolished visa requirements for business executives.

Prime Minister Raila Odinga, who hosted a Turkey-Kenya business forum in Nairobi said the partnership would facilitate realisation of Millennium Development Goals.

The PM urged the Turkish Government to establish an employment exchange programme to facilitate sharing of skills and ideas.

"Kenya boasts of a strong human resource pool and bilateral relations should assist tap these opportunities for our people," Raila said.

Briefing the Press on Saturday, Turkish President Abdullah Gul said he had signed a visa management protocol with President Kibaki.

"The agreement will see Kenyan and Turkish citizens with diplomatic, official and service passports enter the two countries without visa. This will spur and strengthen trade relations," Gul said.

Other benefits include launch of direct flights from Istanbul to Nairobi and healthcare.

"Connecting the two cities will enhance and facilitate our business communication and promote tourism as well," Turkish Counsel Ceren Cerciler told The Standard on Sunday.

Boost growth

Gul said bilateral trade agreements were still awaiting ratification.

He pledged Turkey was committed to bridging the $250 million trade imbalance between Kenya and his country.

He urged the Government to invest more in hotels and infrastructure to attract tourism.

"My visit to the Nairobi National Park proves that Kenya is a very unique country and an African tourist destination," he said.

Gul also promised to open an African-Turkish regional co-operation office in Nairobi.

Gul and his delegation were in the country following invitation by Vice-President Kalonzo Musyoka during Turkey-Africa Heads of State Summit, last year.

Kalonzo, who represented President Kibaki at the summit, held talks with the Turkish President and the business community.

Selahattin Esim, founder and managing director of Turkish Hospital Information Systems, said the partnership would boost the country’s growth.

Gul and his delegation wind up their state visit today and will proceed to Tanzania.

[oshon]

Canada steps up efforts to sell its universities


Published on
By Harold Ayodo

With 10,000 Kenyans studying in Canadian universities, the country is stepping its efforts to attract students.

"We are marketing our universities targeting thousands of candidates who sat KCSE last year," said Canadian High Commission Commercial Counsellor Gib McEwen.

" Kenyans are part of the three million foreign students who contribute over Sh395 billion to our economy annually," he said.

He said the education sector was pivotal to Canada’s economy.

The country’s universities admit 100,000 foreign students annually. The country is also targeting graduates looking to advance their studies.

Local public universities lock out over 40,000 students who meet the minimum entry requirement of C+ over lack of bed-space. McEwen said the country attracts a large number of Kenyans even without offering scholarships.

"Kenyan students are sought after for their academic strengths and rich contribution to student life on Canadian universities. Canada has confidence in the local education system," he said.

Canadian universities are relatively cheaper as compared to others in other Western and Far East countries, he said speaking at a Canadian High Commission education fair where 17 universities showcased their courses in Nairobi.

The fair allowed prospective students to interact with representatives from Canadian universities. There was information on academic courses, procedures, visa issuance and living abroad.

Institutions that were represented at the fair include University of Manitoba, College of the Rookies, Algonquin College and Grant MacEwan College.

Others were International College of Manitoba, Memorial University of Newfound land, Columbia International College and Sait Polytechnic

[oshon]

Zimbabwe: Unity Government May Need Up to U.S.$5 Billion
John Allen and Verna Rainers
20 February 2009

--------------------------------------------------------------------------------
Cape Town — Zimbabwean Prime Minister Morgan Tsvangirai said Friday that rebuilding his shattered country would require an international aid package of up to five billion U.S. dollars.

Addressing a news conference in Cape Town after talks with South Africa’s President Kgalema Motlanthe, Tsvangirai also signalled that he would not allow a dispute over detained opposition activists to derail efforts to secure immediate emergency assistance.

“We are working slowly to deal with [detentions]… and to make sure that it doesn’t become the [focus of] attention. The real [focus]… is the plight of Zimbabweans,” he said.

Tsvangirai flew to Cape Town to appeal for help in meeting basic, short-term needs – as basic, according to a high-level South African source, as drugs for clinics and hospitals and money to pay for last year’s school examination papers to be marked.

The new prime minister said he was appealing for help from member countries of the Southern African Development Community (SADC) because they had guaranteed the agreement reached last September which laid the basis for the unity government.

“Starting with SADC, there must be a demonstrable show of confidence… No one is going to show confidence in the new government unless the region itself feels confident that this a process that they are able to back,” Tsvangirai told journalists.

Although a South African newspaper report suggested in advance of the meeting that Tsvangirai would ask South Africa for one billion U.S. dollars, Motlanthe asserted that “there are no figures to speak of – those are going to be crunched by the technical people by the end of next week.”

But, he added, “we’ve got to respond positively so that when we ask others to come to the party it should be that we ourselves are giving the lead.”

Tsvangirai said the unity government’s key priorities were to reopen schools, to get clinics and hospitals operating again and to feed Zimbabweans.

“As for the medium- to long-term economic recovery programme, it has not been assessed at this time how much is needed but I think it will run into billions of dollars – maybe as high as five billion dollars.

“But… what we are looking for [now] is a short-term intervention to make sure that at least we are jump-starting those facilities or those sections that affect the people.”

Asked about the plight of opposition activists – including abducted human rights campaigner Jestina Mukoko and prospective government minister Roy Bennett – who remained in detention, Tsvangirai said he, President Robert Mugabe and Deputy Prime Minister Arthur Mutambara all agreed that the detainees should have the opportunity to be bailed out of prison.

“I am sure that those detainees and Roy Bennett would be processed to be given bail in the shortest possible time,” he added.

Relevant Links
Zimbabwe: Our Situation is Dire, Tsvangirai Tells Region in Aid Appeal
Zimbabwe: Cholera Cases Rise to Top 80,000
Zimbabwe: Oversight to Power Sharing Deal Undermined By Funding Shortage
Zimbabwe: SA to Discuss Reconstruction With Delegation
Zimbabwe: Tsvangirai for SA Talks on U.S. $1 Billion Rescue Package
A decision on Zimbabwe’s controversial central banker, Gideon Gono, would be made “at an appropriate time” after his performance had been evaluated, he said. “I have heard people who are trying to crucify him even before you have evaluated his work.”

Zimbabwe would adopt a “a multi-denomination facility” for its currency in the immediate future – including U.S. dollars and South African rands, Tsvangirai said. Civil servants would be paid first an allowance and then their salaries in foreign currency “until the real value of the Zimbabwe dollar is established.”

Read comments. Write your own.

Copyright © 2009 allAfrica.com. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.

Active Discussions: Tsvangirai Aid Plea
13 recent comments Zimbabwe: Oversight to Power Sharing Deal Undermined By Funding Shortage
8 recent comments Zimbabwe: Tsvangirai for SA Talks on U.S. $1 Billion Rescue Package
8 recent comments Zimbabwe: Unity Government May Need Up to U.S.$5 Billion
4 recent comments Zimbabwe: Our Situation is Dire, Tsvangirai Tells Region in Aid Appeal
More Tsvangirai Aid Plea comments »
Author: African32 Fri Feb 20 19:06:48 2009 Whatever the final figure that is to be 'crunched out' by South Africa for it's contribution, I hope someone will actually work out the total cost to SA for the last 9 years of quiet diplomacy's refugee, asylum, illegal alien repatriation and policing costs, on top of the R300 million agricultural aid package and this and other future packages. Then I hope a lot of South African taxpayers will ask difficult questions of the ANC during the election campaigning as to why they could not have followed a faster time table or applied a bit more arm bending to both… [Read Full Text]

Read Our Commenting Guidelines Flag Comment Reply
Author: jallohlaw Fri Feb 20 20:33:18 2009 First, it is hard core unAfrican to question the interactions between brothers and sisters at whatever level of generality. The South Africans regard Zimbabweans as their brothers and sisters. Whatever happens between them is their business.

Second, and equally significant, we lay our lives down that before we die we shall raise and resolve THE LAND QUESTION in South Africa, just as we did successfully in Zimbabwe.

All those taxes that you are talking about are peanuts compared to the 800 pound guerilla in the room, so to speak, waiting to rise and proclaim: THE LAND MUST REVERT!

Read Our Commenting Guidelines Flag Comment Reply
Author: buddhamate Sun Feb 22 00:31:21 2009 "The South Africans regard Zimbabweans as their brothers and sisters. Whatever happens between them is their business." As far as this ruling mob in south Africa and Mugabe are concerned it's honour amongst theives!!!

Read Our Commenting Guidelines Flag Comment Reply
Author: carlos4 Fri Feb 20 19:12:21 2009 Well, some people wont let a little thing like a minister be thrown in the slammer on trumped up charges, but, it will be a cold day in the Congo when 5 Billion gets handed to these boyz! Let us know when ZAPO goons lose the right to torture, maim and kill. When we see EVIDENCE of that, then, you might see some dollars. Until then, take names and registration plates. Dont give them hope that they will ever sleep easy for what they've done and continue to do.

Read Our Commenting Guidelines Flag Comment Reply
Author: jallohlaw Fri Feb 20 20:44:12 2009 The agony of THE DEFEAT is nimble: it creeps into any and all things Zimbabwean and, in the end, ends up inflating THE AGONY OF THE DEFEAT.

Blessed then are the victors, for they see not the black of night, but day, and a sun shinny day, at that.

Read Our Commenting Guidelines Flag Comment Reply
Author: chachacha Fri Feb 20 20:31:55 2009 Yes when a neighbor kindly request help I presume it’s up to the neighbor to help. When South Africa was under the apartheid regime we did help a lot of South Africans. So as Zimbabweans we are saying yes we have been through hell so kindly help us to rebuild ourselves. Our mistakes are known we can not start pointing fingers but to look at the task ahead. This is the change we are looking for.

Read Our Commenting Guidelines Flag Comment Reply
Author: akapfunde1 Sat Feb 21 15:07:41 2009 Chachacha mwana iwe pamberi newe!!! I say maen amen amen to all you have said. There is a need to be positive and bless the national leadrship. Mwari tinomutendai.

Read Our Commenting Guidelines Flag Comment Reply
Author: onesoulzim1 Sat Feb 21 18:38:11 2009 You reap what you sow.

I find Zimbabweans blessed with vast mental capabilities, in most cases we lose the head of arguments in every discussion we engage in hence we become irrelevant discussants. Please, we may have our differences with Mugabe, land distribution, colonial whites, etc but Bennett’s case is real, it is a life journey of an individual unfolding. A Sad journey of life indeed. Who would want to walk in Bennett’s life? Absolutely NO-ONE, therefore the brother must re-visit his world outlook. People take advantage of silly actions performed by others just to enhance their interests, be it… [Read Full Text]

Read Our Commenting Guidelines Flag Comment Reply
Author: dr who? Fri Feb 20 10:50:02 2009 Mr Prime Minister, you promised that within 24hrs all political prisoners will be set free, but it seems you can’t even free a senior member like Bennet. Is Mugabe playing you again I ask?

Read Our Commenting Guidelines Flag Comment Reply
Author: jallohlaw Fri Feb 20 17:45:25 2009 MT, our brother who, as we correctly predicted during THE DAYS OF DARKNESS, would join the Great Warrior, Cde. MUGABE in the unstoppable advancement of the democratic emerging nation of Zimbababwe, is now rocking.

Bring in the money, the benjamins, whatever: shower our beloved Zimbabwe with your Midas touch. Let the money roll in, for without money there is only God, our African God, that is, and the God of all humanity.

We predicted that you will rock with the GREAT LIBERATOR, and you're now styling with the man himself. Keep it up, MT!

Read Our Commenting Guidelines Flag Comment Reply
See all comments.

[owo9ja]

Zimbabwe: Unity Government May Need Up to U.S.$5 Billion
John Allen and Verna Rainers
20 February 2009

--------------------------------------------------------------------------------
Cape Town — Zimbabwean Prime Minister Morgan Tsvangirai said Friday that rebuilding his shattered country would require an international aid package of up to five billion U.S. dollars.

Addressing a news conference in Cape Town after talks with South Africa’s President Kgalema Motlanthe, Tsvangirai also signalled that he would not allow a dispute over detained opposition activists to derail efforts to secure immediate emergency assistance.

“We are working slowly to deal with [detentions]… and to make sure that it doesn’t become the [focus of] attention. The real [focus]… is the plight of Zimbabweans,” he said.

Tsvangirai flew to Cape Town to appeal for help in meeting basic, short-term needs – as basic, according to a high-level South African source, as drugs for clinics and hospitals and money to pay for last year’s school examination papers to be marked.

The new prime minister said he was appealing for help from member countries of the Southern African Development Community (SADC) because they had guaranteed the agreement reached last September which laid the basis for the unity government.

“Starting with SADC, there must be a demonstrable show of confidence… No one is going to show confidence in the new government unless the region itself feels confident that this a process that they are able to back,” Tsvangirai told journalists.

Although a South African newspaper report suggested in advance of the meeting that Tsvangirai would ask South Africa for one billion U.S. dollars, Motlanthe asserted that “there are no figures to speak of – those are going to be crunched by the technical people by the end of next week.”

But, he added, “we’ve got to respond positively so that when we ask others to come to the party it should be that we ourselves are giving the lead.”

Tsvangirai said the unity government’s key priorities were to reopen schools, to get clinics and hospitals operating again and to feed Zimbabweans.

“As for the medium- to long-term economic recovery programme, it has not been assessed at this time how much is needed but I think it will run into billions of dollars – maybe as high as five billion dollars.

“But… what we are looking for [now] is a short-term intervention to make sure that at least we are jump-starting those facilities or those sections that affect the people.”

Asked about the plight of opposition activists – including abducted human rights campaigner Jestina Mukoko and prospective government minister Roy Bennett – who remained in detention, Tsvangirai said he, President Robert Mugabe and Deputy Prime Minister Arthur Mutambara all agreed that the detainees should have the opportunity to be bailed out of prison.

“I am sure that those detainees and Roy Bennett would be processed to be given bail in the shortest possible time,” he added.

Relevant Links
Zimbabwe: Our Situation is Dire, Tsvangirai Tells Region in Aid Appeal
Zimbabwe: Cholera Cases Rise to Top 80,000
Zimbabwe: Oversight to Power Sharing Deal Undermined By Funding Shortage
Zimbabwe: SA to Discuss Reconstruction With Delegation
Zimbabwe: Tsvangirai for SA Talks on U.S. $1 Billion Rescue Package
A decision on Zimbabwe’s controversial central banker, Gideon Gono, would be made “at an appropriate time” after his performance had been evaluated, he said. “I have heard people who are trying to crucify him even before you have evaluated his work.”

Zimbabwe would adopt a “a multi-denomination facility” for its currency in the immediate future – including U.S. dollars and South African rands, Tsvangirai said. Civil servants would be paid first an allowance and then their salaries in foreign currency “until the real value of the Zimbabwe dollar is established.”

Read comments. Write your own.

Copyright © 2009 allAfrica.com. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.

Active Discussions: Tsvangirai Aid Plea
13 recent comments Zimbabwe: Oversight to Power Sharing Deal Undermined By Funding Shortage
8 recent comments Zimbabwe: Tsvangirai for SA Talks on U.S. $1 Billion Rescue Package
8 recent comments Zimbabwe: Unity Government May Need Up to U.S.$5 Billion
4 recent comments Zimbabwe: Our Situation is Dire, Tsvangirai Tells Region in Aid Appeal
More Tsvangirai Aid Plea comments »
Author: African32 Fri Feb 20 19:06:48 2009 Whatever the final figure that is to be 'crunched out' by South Africa for it's contribution, I hope someone will actually work out the total cost to SA for the last 9 years of quiet diplomacy's refugee, asylum, illegal alien repatriation and policing costs, on top of the R300 million agricultural aid package and this and other future packages. Then I hope a lot of South African taxpayers will ask difficult questions of the ANC during the election campaigning as to why they could not have followed a faster time table or applied a bit more arm bending to both… [Read Full Text]

Read Our Commenting Guidelines Flag Comment Reply
Author: jallohlaw Fri Feb 20 20:33:18 2009 First, it is hard core unAfrican to question the interactions between brothers and sisters at whatever level of generality. The South Africans regard Zimbabweans as their brothers and sisters. Whatever happens between them is their business.

Second, and equally significant, we lay our lives down that before we die we shall raise and resolve THE LAND QUESTION in South Africa, just as we did successfully in Zimbabwe.

All those taxes that you are talking about are peanuts compared to the 800 pound guerilla in the room, so to speak, waiting to rise and proclaim: THE LAND MUST REVERT!

Read Our Commenting Guidelines Flag Comment Reply
Author: buddhamate Sun Feb 22 00:31:21 2009 "The South Africans regard Zimbabweans as their brothers and sisters. Whatever happens between them is their business." As far as this ruling mob in south Africa and Mugabe are concerned it's honour amongst theives!!!

Read Our Commenting Guidelines Flag Comment Reply
Author: carlos4 Fri Feb 20 19:12:21 2009 Well, some people wont let a little thing like a minister be thrown in the slammer on trumped up charges, but, it will be a cold day in the Congo when 5 Billion gets handed to these boyz! Let us know when ZAPO goons lose the right to torture, maim and kill. When we see EVIDENCE of that, then, you might see some dollars. Until then, take names and registration plates. Dont give them hope that they will ever sleep easy for what they've done and continue to do.

Read Our Commenting Guidelines Flag Comment Reply
Author: jallohlaw Fri Feb 20 20:44:12 2009 The agony of THE DEFEAT is nimble: it creeps into any and all things Zimbabwean and, in the end, ends up inflating THE AGONY OF THE DEFEAT.

Blessed then are the victors, for they see not the black of night, but day, and a sun shinny day, at that.

Read Our Commenting Guidelines Flag Comment Reply
Author: chachacha Fri Feb 20 20:31:55 2009 Yes when a neighbor kindly request help I presume it’s up to the neighbor to help. When South Africa was under the apartheid regime we did help a lot of South Africans. So as Zimbabweans we are saying yes we have been through hell so kindly help us to rebuild ourselves. Our mistakes are known we can not start pointing fingers but to look at the task ahead. This is the change we are looking for.

Read Our Commenting Guidelines Flag Comment Reply
Author: akapfunde1 Sat Feb 21 15:07:41 2009 Chachacha mwana iwe pamberi newe!!! I say maen amen amen to all you have said. There is a need to be positive and bless the national leadrship. Mwari tinomutendai.

Read Our Commenting Guidelines Flag Comment Reply
Author: onesoulzim1 Sat Feb 21 18:38:11 2009 You reap what you sow.

I find Zimbabweans blessed with vast mental capabilities, in most cases we lose the head of arguments in every discussion we engage in hence we become irrelevant discussants. Please, we may have our differences with Mugabe, land distribution, colonial whites, etc but Bennett’s case is real, it is a life journey of an individual unfolding. A Sad journey of life indeed. Who would want to walk in Bennett’s life? Absolutely NO-ONE, therefore the brother must re-visit his world outlook. People take advantage of silly actions performed by others just to enhance their interests, be it… [Read Full Text]

Read Our Commenting Guidelines Flag Comment Reply
Author: dr who? Fri Feb 20 10:50:02 2009 Mr Prime Minister, you promised that within 24hrs all political prisoners will be set free, but it seems you can’t even free a senior member like Bennet. Is Mugabe playing you again I ask?

Read Our Commenting Guidelines Flag Comment Reply
Author: jallohlaw Fri Feb 20 17:45:25 2009 MT, our brother who, as we correctly predicted during THE DAYS OF DARKNESS, would join the Great Warrior, Cde. MUGABE in the unstoppable advancement of the democratic emerging nation of Zimbababwe, is now rocking.

Bring in the money, the benjamins, whatever: shower our beloved Zimbabwe with your Midas touch. Let the money roll in, for without money there is only God, our African God, that is, and the God of all humanity.

We predicted that you will rock with the GREAT LIBERATOR, and you're now styling with the man himself. Keep it up, MT!

Read Our Commenting Guidelines Flag Comment Reply
See all comments.

$5bn?! all that noise and all it'll take is 5bn. wow

[BUTEMBO21]

$5bn?! all that noise and all it'll take is 5bn. wow

Just to put it head above water.

[Lydon]

$5bn?! all that noise and all it'll take is 5bn. wow

$5 bn of other people's money thanks to Mugabe.

[owo9ja]

$5 bn of other people's money thanks to Mugabe.

other people spent their time and money placing sanctions on zim. they should pay up or shut up

[owo9ja]

Just to put it head above water.

still very small. i think the US gives egypt close to that yearly and egypt much more.

considering how bad the condition was described, thats not much at all.

[Lydon]

other people spent their time and money placing sanctions on zim. they should pay up or shut up

$5 bl worth of money? I think not.

You've got a serious chip on your shoulder if you think the world owes Zimbabwe anything. It's hilarious that Mugabe continually bashes the West, but look who is paying to rebuild "his" country now :lol:

[owo9ja]

$5 bl worth of money? I think not.

You've got a serious chip on your shoulder if you think the world owes Zimbabwe anything. It's hilarious that Mugabe continually bashes the West, but look who is paying to rebuild "his" country now :lol:

i didnt say the world, and didnt mention the criminals, who are in fact the west. of course they wont pay. criminals never do. anyway zim will be rebuilt

[Lydon]

:banana:

[Nobleskills]

February 23, 2009: Turkey plans to deepen its trade relations with Africa by opening 15 embassies on the continent in the next two years.

This is expected to boost communication between investors on business opportunities, according to Mr Timur Tidgemir, the head of Africa department at the Turkish Confederation of Businessmen and Industrialists.

Direct flights
“Processing papers and application for visas has been extremely cumbersome in some African countries,” said Mr Tidgemir.

This is set to change as the country said on Saturday Kenyan traders would now be able to use one pass for several visits while Turks holding diplomatic or service passports would not require visas to visit Kenya.

Turkey has an embassy in Kenya and wants to enhance trade linksfollowing the announcement that Turkish Airlines will start direct flights between Nairobi and Istanbul.

Kenya has been a good hunting ground for Turkey with its exports having increased from $98 million in 2007 to $233 million at the end of last year. The increased activity was driven by petroleum products, which form the bulk of exports to Kenya. The Eurasian country also exports generators, carpets, agricultural machinery, flour and pasta.

In contrast, Kenya’s exports to the country stagnated at $12 million, with leather and tea being the main products. The direct flights are expected to enhance trade, especially for Kenyan businessmen looking to sell their products.

Turkey’s aggregate trade with Africa stands at $15 billion compared to $130 billion in goods and services in its trade with the rest of the world.

Mr Tidgemir, who was leading 120 investors accompanying President Abdullah Gul on a tour of the region last week, said Turkey plans to increase trade in Africa to $25 billion in two years. Turkey has bee wooing Africa for three years through business summits with African investors.

It is keen on energy prospects as a way to reduce reliance on the Middle East and Russia. In Kenya, Turkey is eying the construction industry, agri-processing and consumer goods such as ready-made textiles.

On competition, he said: “China may be ahead of us on the government contracts, but we are looking to engage the private sector more through joint ventures with Kenyan entrepreneurs.”

Turkey is heavily present in Sudan construction industry, while South Africa is Turkey’s leading trade partner due to exports of gold and coal. Egypt has specific incentives for Turkish investors.

The timing may also be blurry owing to the full blown effects of the financial crisis that is expected to dampen growth in Africa.

[owo9ja]

American billionaire, Soros targets Nigerian banks
By Ayodele Aminu with Agency Reports, 02.21.2009
Saturday, February 21, 2009

The stock market meltdown and credit crunch in the country has not deterred the $20 billion hedge fund company belonging to American billionaire, George Soros from scouting for potential opportunities in Nigeria's banking sector.


advertisement
The American financier, cum political activist and philanthropist, may be looking to invest in the financial services segment of the capital market where stock prices have collapsed during the past year amid intensifying fears about the level of supervision and transparency, reports the Financial Times.

Nigeria along with Ethiopia topped a new index of African potential investor destinations this week, with the survey organisers saying the continent offers good potential growth even against the global economic crisis.

Senior analysts from Soros Fund Management visited Nigeria this week to meet bankers and government officials, raising hopes in the market of a return of foreign interest after many portfolio investors fled during the course of the past year.

Remi Babalola, Minister of State for Finance, confirmed he was due to brief Sharif Atta, a senior analyst at Soros Fund Management, and Ahmad Zuaiter, a portfolio manager, on the investment climate in Nigeria.

"What makes it interesting is that they are the first to come since the global financial crisis and since the departure of most other investors from the market," Mr Babalola told the Financial Times. "It's going to be a magnet for other investors to come in."

The Soros delegation met Nigerian bankers including senior managers from United Bank for Africa and Diamond Bank during their trip to Lagos, according to sources within the banks. Representa-tives of at least two other big US and European funds have also visited Lagos since the start of the year, according to another industry source. Soros Fund Management declined to comment.

The trips take place against a backdrop of intensifying concerns about the health of Nigeria's banking sector, which enjoyed spectacular growth after a consolidation exercise launched in 2005 before share prices began to tumble in March last year.

The market capitalisation of the Nigerian Stock Exchange has fallen by about 60 per cent in local currency terms since the market reached a historic high on March 5, 2008, according to data from AfriFinance, mainly as a result of losses in banking stocks which have a heavy weighting within the overall share index. Some analysts say the valuations mean some banks now appear much more reasonably priced.

Nigerian regulators have been quick to blame the collapse on foreign investors withdrawing funds as the global credit crisis intensified.

But analysts argue hedge funds and other international investors, which never held more than an estimated 10-12 per cent of share capital, appear to have played only a secondary role. Many industry insiders say the sudden collapse was rooted instead in the widespread practice of banks loaning money for share purchases, which allowed soaring valuations to lose touch with market fundamentals.

The plunge in stock prices has provoked concern about the extent of banks' exposure to losses from these loans and raised questions about the level of supervision by the Central Bank of Nigeria and other regulators. Many investors call for Nigerian banks to adopt much more transparent accounting procedures.

Victor Osadolor, group chief financial officer for UBA, who met the Soros team, said they were keen for greater transparency. "These are sophisticated investors, so they understand where to come in. There's plenty of bargains," he said.

Interest in Nigeria as an attractive investment haven is beginning to pick up again, with a survey released this week on African potential investor destinations showing the country and Ethiopia topping the index.

Africa had seen an investment boom in recent years but flows into the region have been drying up as the global financial crisis and falling commodity prices take the shine off what were seen as promising frontier markets.

Business consultancy African Rainbow's Star of Africa index ranks 53 African countries in terms of their investment potential in various fields, with its creators arguing that potential growth in energy, water and communications consumption could amply reward investors taking the risk.

"It is for investors to make sure they don't miss a trick by overlooking a country they would otherwise have missed," said Katharine Pulvermacher, chief executive of African Rainbow.

"Africa is going to overtake the Middle East to become the second fastest growing region in the world after emerging Asia. It will be affected by the global financial crisis but it is much less exposed than many places."

South Africa, Mauritius and Tanzania took third, fourth and fifth place respectively, she said.

But it said some countries still have a long way to go, with Somalia, Chad and Eritrea named the least appealing markets on the continent, particularly due to low ratings for corporate governance and social capital.

Nigeria also scored poorly for corporate governance but its potential for infrastructure expansion in electricity, water, information technology and communications as well as its status as Africa's most populous country were enough to propel it to the top of the list.

Rising oil prices had made Nigeria a favoured investment destination but as the oil price slumped in recent months, the government has imposed capital controls on the depreciating naira leaving investors concerned that they might not get their money out.

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[sammyjay77]

Nigeria, S/Africa inaugurate 10-man council on economic recession

Nigeria and South Africa, yesterday, formally inaugurated a 10-man Joint Presidential Advisory Council on Investment (JPACI) to help leaders of the two countries tackle the effect of the global economic recession by creating new business opportunities and consolidating on existing ones.

Addressing a joint press conference announcing the inauguration of the council at the Presidential Villa, Abuja, Vice President Goodluck Jonathan accompanied by Baleka Mbete, South African deputy president, explained that the council is expected to advise both governments on the path of economic recovery

“We trust God that in this time of global economic recession, you will work hard to bring our two countries into the path of economic recovery and development, advise the two governments on business cooperation and investment promotion,” Jonathan remarked.
The vice president stated that “the council, as its name suggests, shall serve as an advisory body to both Nigeria and South Africa on business cooperation and investment promotion. The decision of the two presidents was further re-affirmed during my last month in Pretoria with Mbete.”
Members of the JPACI, drawn from both the public and private sectors of Nigeria and South Africa, are expected to meet from time to time to review business cooperation and opportunities and advise both governments appropriately.
Its Nigerian members are: Jim Ovia, managing director, Zenith Bank; Mazi Sam Ohuabunwa, president of the Nigeria Economic Summit Group (NSEG); Femi Otedola, chairman, Zenon Oil; Mohammed Gambo, former managing director, Federal Airports Authority of Nigeria (FAAN) and Sani Nuhu, former comptroller general of the Nigeria Customs Service.
South African members of the council are: Cheryl Carolous, chief executive of Pretonia Group; Wendy Nqenga of Aphrodeitis Minning Company; Phutuma Nleko, chief executive officer of MTN; Simphiwe Tshabalala, chief executive officer of Standard Bank and Jerry Vilakazi, president of the Business Unity South Africa (BUSA).
Explaining the decision that led to the establishment of the council, Jonathan said, “During the visit of President Umaru Yar’Adua to South Africa in June 2008, it was agreed between him and his host, former President Thambo Mbeki of South Africa, that there should be established a JPACI.”
He stated that the members of the group were selected based on their track records in their chosen fields.
“Today, we have the honour of inaugurating this body of notable individuals from both countries. Gentlemen, you have been chosen for this very important task based on your proven record of service in the public service and industry. We have great confidence in you and expect that you will bring your wealth of experience and knowledge to bear in this onerous assignment,” he noted.
Members of the JPACI, the VP further disclosed would meet to choose their chairman and co-chairman.

[MBA-Congo]

Massmart’s 1st-Half Profit Climbs 14% as Sales Rise (Update2)

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By Garth Theunissen

Feb. 26 (Bloomberg) -- Massmart Holdings Ltd., South Africa’s largest food and goods wholesaler, said first-half profit rose 14 percent as consumers increased purchases of cheaper food and liquor products amid an economic slowdown.

The Johannesburg-based company said net income climbed to 868.3 million rand ($87 million), or 4.23 rand per share, in the 26 weeks ended Dec. 28, compared with 762.9 million rand, or 3.70 rand, in the same period a year prior, according to a statement to the city’s stock exchange today. Massmart’s stock fell 25 cents, or 0.4 percent, to 71 rand by 9:37 a.m. in Johannesburg, giving the company a market value of 14.3 billion rand.

“Fifty-percent of Massmart’s sales are driven by food and liquor and being a food retailer has never been this good,” Chief Executive Officer Grant Pattison said in a telephone interview from Johannesburg. “Food product inflation has exceeded cost inflation, which has translated into profit. We’ve also seen volume pickup in food and liquor sales as the tough economic climate saw consumers migrate to value products, which is what our chains deliver.”

Economy Shrinks

South Africa’s $278 billion economy, Africa’s biggest, shrank an annualized 1.8 percent in the final quarter of last year, ending the longest period of economic expansion on record as six interest-rate increases in the year to June helped cut consumer spending. Growth also slowed as simultaneous recessions in the U.S., Europe and Japan slashed demand for platinum and ferrochrome, among South Africa’s biggest exports. Inflation in South Africa quickened to an annual 13.6 percent in August as oil prices climbed to a record $147.27 in July and food prices rose.

Massmart, which earns more than 91 percent of its revenue in South Africa, said sales in the 26-week period rose 13 percent to 22.8 billion rand, compared with 20.1 billion rand in the same period a year prior. Revenue from the rest of Africa increases by 45.4 percent driven by increased sales volumes and a 28 percent decline in the value of the rand last year, which boosted earnings when “translated into domestic currency,” Pattison said.

“African economies performed well but are likely to have a delayed reaction to the global slowdown,” said Pattison. “Our African expansion plans will continue but we’ll be keeping a close watch on the effect of falling commodity prices on individual countries.”

New Units

The company plans to open new units in Angola, Senegal, Rwanda and the Democratic Republic of Congo while new stores will be added in Nigeria and Ghana, according to Pattison. Massmart also plans to increase the number of Dion Wired stores, which sells electronic appliances and digital cameras in South Africa, to 20 from six over the next five years, he added.

Pattison says the group expects sales growth in South Africa to improve in the second half of this year as falling interest rates boost consumer spending. South Africa’s 10.5 percent main interest rate may be lowered to seven percent by year-end, according to Investec Asset Management.

“The 2009 calendar year will be more difficult than 2008 but we expect to start seeing an improvement in the second-half of this year,” said Pattison. “It typically takes about six to nine months for lower interest rates to start feeding through into consumer behavior.”

A report yesterday showed South African inflation eased to an annual 8.1 percent in January, the slowest pace since 2007, giving the central bank more room to lower borrowing costs. The South African Reserve Bank cut its key interest rate by 1 percentage point on Feb. 5, the second decline in three months and biggest in more than five-years.

Massmart will pay an “interim cash dividend” of 252 cents a share for the six-month period ended 28 December 2008, according to today’s stock exchange statement. Cash generated from operations increased 41 percent to 2.5 billion rand in the period, the statement added.

[Kwame]

Gambia: Batigroupe Ready to Invest in Country
Hatab Fadera

25 February 2009

Banjul - The Gambian leader, Professor Alhaji Dr Yahya Jammeh, yesterday received in audience a group of investors from the Batigroupe Consortium, an investment firm based in Dakar, Senegal.

The delegation, led to State House by Diaru Diallo, the general manager of the Batigroupe Consortium, is said to have reached advance stage on its discussions with The Gambian leader on prospect of a significant investment in the agriculture sector of country.

This positive development was reached after series of routine consultations between the top officials of the group and Professor Jammeh, in recent times. Speaking to reporters shortly after their audience with Gambian leader, Diaru Diallo said their previous visits were meant to explore areas for potential investments. He added that after further thoughts, they came to realize that the agriculture sector constitutes a key area for the Gambian heasd of state.

He went further to reveal that during the course of their previous engagements in the country, he was able to invite agro-production experts from their agricultural unit to come over and explore investment possibilities. He went on to to hail President Jammeh's agricultural initiatives. For his part, Alioune Correa, director general of Versen Company, under the Batigroupe, told reporters that his company is engaged in an all-year- round intensive agricultural production in both open field and greenhouse. Correa also disclosed that they were impressed by President Jammeh's agricultural activities in Kanilai.

According to him, the Gambian leader's dedication to agriculture, as the engine of development, is a source of motivation for their venturing into this sector. "We will build on that motivation to help The Gambia attain intensive agriculture production for both local consumption and exportation," he said, while revealing to reporters that they are ready to start investment in the country "very soon."

All Africa (http://allafrica.com/stories/200902260297.html)

[Kwame]

Zimbabwe: Multiple Currency System Boosts Production
Martin Kadzere

26 February 2009

Harare — THE multiple currency system has improved local producers' credit worthiness, enabling them to negotiate flexible payment terms with suppliers, a factor that has significantly boosted local production.

Over the past few weeks, there has been a gradual improvement in factory production as most companies are now procuring raw materials on credit.

The use of stable currencies such as the South African rand and the United States dollar seems to have created confidence in raw material suppliers, who are now giving producers a grace period of up to 30 days to pay.

While the Zimbabwean dollar has not ceased to be legal tender, most business transactions are now in US dollars and/or rands.

Businesses are getting revenue in foreign currency and industrialists believe there is now a sense of security on the part of suppliers.

Supplying local companies with raw materials on credit was risky especially when local producers had to sell their final products in local currency, which was under the weight of hyperinflation.

A survey by The Herald yesterday revealed that activity has improved in industrial sites in Harare.

Some firms were recruiting or calling back workers they had previously laid off as they prepare to resume operations.

"There is business confidence and it is because we are dealing with currency that is not losing value," said Mr Callisto Jokonya, the immediate past president of the Confederation of Zimbabwe Industries.

Locally produced goods began reappearing on supermarket shelves after Government allowed some shops to trade in foreign currency.

"Many companies are now getting raw materials on credit. It's encouraging," said a production manager with a sweets and confectionery company.

A supervisor with Olivine Industries who preferred to remain unknown said the company would embark on "a massive" recruitment drive".

"I cannot tell you the exact number but it will be massive," he said.

It is also understood that Unilever South East Africa, formerly known as Lever Brothers, would resume "reasonable production" next week.

National Foods Limited is already at full throttle with a three-shift working system.

An official with Nestle Zimbabwe said production had improved over the past few weeks due to improved raw material supplies.

"It's no longer cash on delivery. We can now get supplies and pay within a period of 30 days and our production is going up," said the official. "We opened another production plant yesterday (Tuesday) and more of our products will be available in supermarkets."

Zimbabwe factory output fell to unprecedented levels over the past decade largely due to shortage of foreign currency to import raw materials. Many companies cut production to levels below 30 percent capacity, resulting in severe job losses, while other firms relocated to neighbouring countries.

Economic liberalisation as enunciated in the fiscal and monetary policies has changed the trading environment in favour of local production.

The Herald (http://www.herald.co.zw/inside.aspx?sectid=940&cat=8)

[Kwame]

Africa: 'Gulf States' Technology Can Be Swapped for Africa's Food'
Stephanie Nieuwoudt

25 February 2009

Cape Town — Countries in the Gulf and in Africa can form mutually beneficial partnerships, with Africa supplying fertile arable land and the Gulf investing in technology, fertiliser and other agricultural inputs.

This is one of the proposals made at the Gulf-Africa Strategy Forum held in the South African city of Cape Town from Feb 24 to 25. The two-day forum is hosted by the Gulf Research Centre (GRC), a Middle Eastern think tank.

It is hoped that delegates at the forum will be able to identify future cooperation, trade and investment initiatives and form partnerships to act on the potential. The forum will also look at strengthening political and security partnerships.

"In Africa, farmers are faced with the obstacle of underdeveloped infrastructure," Shakeel Meer, divisional executive in charge of industrial sectors at South Africa's statutory Industrial Development Corporation (IDC), told IPS.

One of the problems is a lack of road infrastructure, preventing farmers from accessing larger markets. They end up being subsistence farmers. According to Meer, Gulf countries can invest in training farmers, supplying farm inputs and developing infrastructure.

A case in point is Ethiopia where only 14,8 percent of the arable land is cultivated. Talks about exploiting the potential of this country are in progress, according to Marie Bos, a researcher at the GRC.

Both the African continent and the Gulf countries face food security issues. In the Gulf, population growth is expected to increase from 30 million in 2000 to 60 million by 2030. This will place severe stress on an arid region with limited food producing capabilities.

The Cooperation Council of the Arab States of the Gulf, also known as the Gulf Cooperation Council states (GCC), will import 60 percent of their food by 2010, according to reports by the Food and Agriculture Organisation. The GCC is a reginal organisation consisting of Kuwait, Bahrain, Saudi Arabia, Oman, Qatar and the United Arab Emirates.

Meer cautioned against aid with strings attached but also emphasised that investors had to ensure that good human rights practices are followed and that all development and trade agreements are transparent.

He added that South Africa's main trading partners are the European Union (38,5 percent of trade), the U.S. (18,4 percent) and other African countries (14,9 percent).

However, the European Union and the U.S. are experiencing major financial crisis which has already seen a decline in different trade sectors.

A number of delegates emphasised the need to diversify markets and service delivery while expressing concern about the strain of the global economic meltdown and the plunge of oil prices.

Dubai, where oil revenue has boosted development for over a decade, saw its property market plunge when the global oil price plummeted to about 37 dollars a barrel at the end of last year, leaving the country with a huge deficit. Dubai's neighbour, Abu Dhabi, has stepped in with a 10 billion dollar bailout plan.

"As the world economy is hit hard by a global phenomenon, emerging markets such as the Gulf and Africa, which have relatively speaking been less affected, must work on a strong recovery," Abdulaziz Sager, chairperson of the GRC, wrote in the memorandum spelling out the aims of the Gulf-Africa Strategy Forum.

"This move cannot be deemed sustainable without a better understanding of the other and a strong political commitment."

Dr Tomaz Augusto Salomão, the executive secretary of the Southern African Development Community (SADC), told delegates that by forging strategic partnerships between Gulf and Africa regions, new investment opportunities can be opened up for the emerging economies of the Gulf to invest in Africa.

The continent is especially attractive because a number of countries have sustained economic growth of five percent and more over the last five years.

According to Salomão, foreign investment into the SADC region is more attractive than it has been for decades.

This is because some countries have established investment agencies which act as one-stop investment centres; SADC countries have relaxed barriers to foreign investment; and they have introduced a mix of investment incentives.

There has also been substantial liberalisation of exchange regulations.

With its population of 230 million people, SADC's gross domestic product (GDP) was about 250 billion dollars in 2007. This is more than the GDP of the Economic Community of West African States (ECOWAS) and more than half of the whole of sub-Saharan Africa's aggregate GDP.

SADC's total exports were worth more than 65 billion dollars.

"The investment and trade opportunities for the GCC in the SADC region are diverse and range from sectors such as infrastructure, agriculture, energy, tourism, forestry and mining.

"Our responsibility is to promote dialogue between our regions, engage the private sectors and take advantage of the healthy business environments which our two regions offer," Salomão said.

All Africa (http://allafrica.com/stories/200902250836.html)

[Kwame]

Nigeria: Govt Earmarks N250 Billion for Commercial Agriculture
Etim Imisim And Dele Ogbodo

24 February 2009

Abuja — Minister of Agriculture and Water Resources, Dr. Abba Ruma, said yesterday that the Federal Government has earmarked the sum of N250 billion as grant to help the Nigerian farmers sustain their productivity.

The Minister said the grant is to cushion the effects of the global food crisis, declining prices of crude oil and fall in expected revenue of government and will be administered by the Central Bank of Nigeria. Ruma who spoke at an interactive forum said President Umaru Musa Yar'Adua's seven point agenda is about harnessing the potential of Nigerian agriculture to address the multiple challenges of economic growth, wealth creation and unemployment.

The minister said that states and local governments were expected to channel one per cent of their earning into agriculture but that this is not being done at the moment. According to him, commercial agriculture on a large scale undermines the activities of small peasant farmers. He plans to create a situation where both small- and big-time farmers work together in a cooperative system.

Meanwhile, the technology transfer centre of the North Central Agro-Input Dealers Association was launched yesterday at the National Agriculture show Site at Tudun Wada, Keffi, in Nassarawa State. This was the first of a number of sites to be launched. The second one will be launched tomorrow (Thursday) at the Fadama II office at Gwagwalada, Abuja.

International Centre for Soil Fertility and Agricultural Development (IFDC) country representative in Nigeria, Mr. Scott Wallace, said low productivity was responsible for the reduced income of farmers. According to him, less than 10 per cent of agro-dealers in Nigeria had the right kind of knowledge and training. President of the association, Mr. Oguh Hyginus John, said legislation is needed to encourage dealers who are willing to take up agro-dealership as business. He said little attention is given to agro-dealers by policy makers and that there are no credit facilities for the sector as it is not considered a part of the agriculture business. The programme is supported by the IFDC.

"Nigerian agriculture is characterised by low level of input usage resulting in low productivity and reduced farmer income for farmers," Wallace said. "Farmers are confronted with escalating costs of production arising from rising world prices for inputs such as fertilizers and crop protection products. Both supply and demand sides issues act to adversely affect farmer use of modern inputs."

Abuja — Minister of Agriculture and Water Resources, Dr. Abba Ruma, said yesterday that the Federal Government has earmarked the sum of N250 billion as grant to help the Nigerian farmers sustain their productivity.

The Minister said the grant is to cushion the effects of the global food crisis, declining prices of crude oil and fall in expected revenue of government and will be administered by the Central Bank of Nigeria. Ruma who spoke at an interactive forum said President Umaru Musa Yar'Adua's seven point agenda is about harnessing the potential of Nigerian agriculture to address the multiple challenges of economic growth, wealth creation and unemployment.

The minister said that states and local governments were expected to channel one per cent of their earning into agriculture but that this is not being done at the moment. According to him, commercial agriculture on a large scale undermines the activities of small peasant farmers. He plans to create a situation where both small- and big-time farmers work together in a cooperative system.

Meanwhile, the technology transfer centre of the North Central Agro-Input Dealers Association was launched yesterday at the National Agriculture show Site at Tudun Wada, Keffi, in Nassarawa State. This was the first of a number of sites to be launched. The second one will be launched tomorrow (Thursday) at the Fadama II office at Gwagwalada, Abuja.

International Centre for Soil Fertility and Agricultural Development (IFDC) country representative in Nigeria, Mr. Scott Wallace, said low productivity was responsible for the reduced income of farmers. According to him, less than 10 per cent of agro-dealers in Nigeria had the right kind of knowledge and training. President of the association, Mr. Oguh Hyginus John, said legislation is needed to encourage dealers who are willing to take up agro-dealership as business. He said little attention is given to agro-dealers by policy makers and that there are no credit facilities for the sector as it is not considered a part of the agriculture business. The programme is supported by the IFDC.

"Nigerian agriculture is characterised by low level of input usage resulting in low productivity and reduced farmer income for farmers," Wallace said. "Farmers are confronted with escalating costs of production arising from rising world prices for inputs such as fertilizers and crop protection products. Both supply and demand sides issues act to adversely affect farmer use of modern inputs."

This Day (http://www.thisdayonline.com/nview.php?id=136615)

[Kwame]

Rwanda: Agriculture Propels GDP to 11.2 Percent Growth
John Gahamanyi

25 February 2009

Gasabo — The good performance of the agricultural sector boosted Rwanda's real Gross Domestic Product (GDP) from 7.9 percent in 2007 to 11.2 percent last year, the Central Bank said yesterday.

This is the highest economic growth Rwanda has registered in five years, according to a report by the Central Bank. The revelations were made yesterday during the launch of the Monetary Policy and financial stability statement, an event that took place at Prime Holdings.

According to official figures presented by the Governor of the National Bank of Rwanda (BNR), François Kanimba, there was strong recovery in the agriculture sector which bounced back to notch a 15 percent growth last year up from 0.7 percent the previous year.

The good performance of the sector is attributed to the favourable weather conditions experienced countrywide throughout the year.

According to Kanimba, agriculture also greatly benefited from government's bold move of implementing the green revolution programme.

"This explains good results in food crop production which increased by 16.4 percent," the monitory policy and financial stability statement reads in part. In non agriculture sectors, there was a noticeable improvement in both industry and service sectors.

Rwanda's production industry is said to have grown by 10.7 percent, mainly driven by the growth in electricity, gas and water production which registered a combined growth of 16.9 percent.

Construction activities are estimated to have grown by 25.9 percent while the manufacturing sector decreased by four percent.

Statistics also show that the service sector improved, registering growth of 7.9 percent.

This is attributed to the good performance in production of real estate and business which grew by 14.2 percent, finance and insurance 12 percent, transport, storage and communication 11.4 percent. It is also partly due to whole sale and retail trade, restaurants and hotels which grew by 9.4 percent.

The Governor said that Rwanda has experienced high inflationary pressures due to both international and local factors.

Despite reports of high inflation rates last year, Kanimba said that it is stabilising, noting that it has reduced by 0.7 percent between September and December 2008 and 0.2 percent in January 2009.

The governor expressed optimism that Rwanda will maintain its GDP growth in double digits at the same time try to cub inflationary pressure back to a single digit. He however noted that it is a big challenge, given the development level the country is in.

"We are in a growth cycle where we have to agree or accept some trade-off between growth and inflation," Kanimba said.

He added that, even without any external shocks, a developing country like Rwanda with an ambitious development agenda, inflation is expected to rise because of inflows resulting from the budget support.

On the export side, overseas sales are said to have increased by 37.5 percent increase in value, mainly due to high prices on the international market until September 2008.

Kanimba also noted that the global economic recession has affected some export sectors like the mining industry since the last quarter of 2008.

Despite the good performance of exports, Rwanda's imports bill increased by 54.2 percent, something which is attributed to the global inflation.

This has as well widened the current account deficit - excluding grants¬ - to 21.3 percent of the GDP in 2008 from 18.8 percent of GDP in the previous year.

All Africa (http://allafrica.com/stories/200902250042.html)

[Kwame]

Uganda: China Grants Reach Sh197 Billion
David Muwanga and Mikaili Sseppuya

24 February 2009

Kampala — China has extended a total of $100m (about sh197b) loans and grants to Uganda in the last five years.

"The Chinese government has provided Uganda interest free loans and grants to set up different projects in the country totalling $100m since November 2003 to date," the former industry state minister, Prof. Ephraim Kamuntu, said.

"The projects that benefited include Kibimba and Doho rice schemes, which have promoted agriculture diversification and made Uganda one of the major rice producers in Africa," he said.

This was during the launch of the China Enterprises Chamber of Commerce in Uganda at the Sheraton Kampala Hotel, recently.

Kamuntu said the other projects financed by China include Mandela Stadium, the Uganda Industrial Research Institute, the foreign affairs ministry headquarters, trucks for various government departments, health and education exchange programmes.

in addition, he said, the China had promised to double assistance to Africa this year during the Beijing summit and provide $3b (about sh5.9 trillion) preferential loans and $2b (about sh3.9 trillion) preferential buyers' credit.

Kamuntu added that it would also set up a $5b (about sh9.8 trillion) China-Africa development fund to encourage Chinese companies to invest in Africa.

Gavin Zhao, the chamber chairman, said the objective of the chamber was to establish commercial links between Uganda and China to boost trade and cooperation.

"the chamber will attract more Chinese investors to come and take advantage of the good investment climate in Uganda and contribute to its development," he said.

"We shall also provide business consultation services and other forms of assistance to the Chinese government, enterprises and institutes."

All Africa (http://allafrica.com/stories/200902250021.html)

[Kwame]

Mozambique: BCP looks to enter new African markets via Millennium bim
Maputo, Mozambique, 23 Feb – Millenium bim bank, controlled by Portuguese banking group Banco Comercial Português (BCP), is looking at entering new neighbouring African markets to take advantage of the inter-relation between the economies of these countries, the bank’s chief executive said Saturday in Maputo.

Malawi and Zambia, which are a corridor to Angola, are markets that the Millennium bim team is already looking at, by approaching companies that operate both in those countries and in Mozambique, but the internationalisation process may also include Botswana and Tanzania, João Figueiredo said.

A capital increase to almost double carried out by incorporating reserves, that the Board of Directors plans to propose to shareholders at the 25 March general meeting, would also "strengthen the bank" to "launch itself in other areas," as noted by Armando Vara, the deputy chairman of BCP and chairman of Millennium bim.

Geographical location is also considered to “strategic to interlink the economies of these countries,” and the main “players” in those markets, Figueiredo said, v«citing examples of many companies including large agricultural producers and distribution networks and retail chains, as well as construction companies, which simultaneously operate in Mozambique and several of these other countries.

In 2008, Millennium bim boosted its revenues by 20 percent and its profit by 25 percent, to 51 million euros.

The bank is majority-owned by BCP, which has 66.69 percent of its capital, and its second-biggest shareholder is the Mozambican state, which has a 17.16 percent share and other stakes via state bodies.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=6936)

[Kwame]

Nigeria: NNPC, Shell JV Seal $1.619 Billion Gas Deal
Bassey Udo

25 February 2009

Abuja - The Nigerian National Petroleum Corporation (NNPC) on Tuesday sealed a $1.619 billion modified carry arrangement (MCA) deal with the Shell Petroleum Development Company (SPDC) of Nigeria joint venture for the expansion of the Gbarain-Ubie Gas Gathering project in the Niger Delta region.

The sealing of the deal, which is the third to be undertaken between the two parties, was consequent upon a presidential directive of December 2007 for major oil companies operating in the country to source for additional funding of their programmes and projects in the country through various alternative funding schemes.

The latest agreement brings to three the total number of MCAs signed with Shell valued at about $2.4 billion, including the $538 million bridge loan signed earlier last year.

Specifically, following the $3 billion shortfall in the government's share of the $8.8 billion funding outlay for the joint venture for 2008, the NNPC and its partners were authorized to explore various arrangements to raise the funding.

After discussion on various schemes, including the carry arrangement, bridge loans, term loan and bank loans, the NNPC and Shell settled for the MCA to take care of the project, which has remained a strategic initiative, being the main supply of natural gas for the multi-billion dollar Nigeria LNG project in Bonny.

The terms and conditions of the deal, which will attract tax reliefs at the rate of about 15 percent, will cover the period between 2007 till 2012.

A breakdown of the package reveals that the sum of $219million will cover 2007; $481million (2008); $454million (2009); $257million (2010), and $281million for 2011 and 2012.

Signing the agreement on behalf of NNPC, its Group Managing Director, Mohammed Barkindo, said the deal is the best option for ongoing and expansion projects to help sustain operations in the oil and gas industry towards the full realization of national objectives.

Describing the deal as coming at the most opportune moment when the global financial system has come under serious stress, Barkindo said the expansion of the scope of the project to include gas feed, oil well and condensate development as well as gas supply to independent power projects (IPPs), gas pipelines and gas gathering systems, will help realize strategic national goals.

Managing Director, Shell Petroleum Development Company (SPDC), Mutiu Sunmonu, who described the deal as the single largest MCA to be signed with the NNPC, disclosed that the heads of agreement for the deal was signed last May as part of efforts to search for alternative funding for its programmes in the country.

He said prior to the latest agreement, a loan agreement for about $3billion was signed between the two partners, saying it epitomizes the joint ventures practical commitment to its partnership with the Federal Government to development of Nigeria's oil and gas industry, as it will help generate significant wealth for the country in terms of employment, especially for the youths in the Niger Delta.

"It is a practical demonstration of international oil companies (IOCs) commitment to the growth of the industry. For Shell, there can be no practical way of demonstrating our commitment to the economy and the social development of the country than the deal to allow the project go on without any problem," he explained.

All Africa (http://allafrica.com/stories/200902250151.html)

[Kwame]

Angola: Sao Tome and Principe hopes to produce oil in partnership with Sonangol
Luanda, Angola, 23 Feb – The prime minister of Sao Tome and Principe, Rafael Branco, said Friday in Luanda that he hoped his country would start “producing oil” very soon and in partnership with Angolan state oil company Sonangol.

Branco was speaking at the end of a meeting with his Angolan counterpart, António Paulo Kassoma, as part of an official visit to Angola at the invitation of the Luanda authorities.

The Sao Tome prime minister said that there was an “additional consideration” for international investors due to the currently low price of oil and the world crisis, but said he was confident of the success of exploration in Sao Tome and Principe.

"This international climate, with the price of oil at US$40, creates some additional considerations for international investors, particularly in our case in which the main reserves are located in deep and ultra-deep waters," he said.

Branco also said that “advanced talks” were underway with and Angolan oil company and noted that “soon” a “formal partnership” would be established with this company that could “potentially be open to other sectors.”

"But Sonangol will be at the core of the partnership," he noted.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=6937)

[oshon]

Singapore eyes Rwanda as investment destination


L-R: Alphonsus Chia, CEO RDB Joe Ritchie.
BY EUGENE KWIBUKA
Rwanda presents ‘tremendous’ investment opportunities that Singaporeans can exploit given the country’s need for their innovations, visiting chief of Singapore Cooperation Enterprise (SCE) said Thursday.

The Chief Executive Officer (CEO) of SCE, an arm of the Singaporean government for cooperation and exchange of experience, Alphonsus Chia, made the statement after meeting President Paul Kagame in Urugwiro Village.

He said that Rwanda’s need for infrastructural and skills development present an opportunity for cooperation with Singapore.

“The opportunities are tremendous, you have a lot of potential in tourism, and hoteliers should consider investing in Rwanda…I understand that there are many natural places that could be great for eco-tourism, a lot of things,” he told journalists after holding talks with President Kagame.

He observed that possible areas of cooperation and investments in Rwanda for Singaporeans range from infrastructural design and development in urban housing, Information Communication Technology (ICT), and vocational training.

“We see a lot of opportunity here compared to other places in the region,” Chia said.

The CEO of Rwanda Development Board, Joe Ritchie, described Chia’s visit to Rwanda, the first in Africa, as a sign that Singaporeans have taken Rwanda ‘very seriously’. He admits that Singaporeans have a lot to bring to Rwanda especially in the hospitality industry and professional training.

“They [Singaporeans] have been extremely successful,” he said shortly after witnessing Chia’s talks with Kagame.

During his visit in Singapore in May last year, the Rwandan President invited business leaders in the country to explore opportunities that Rwanda and Africa offer as they register remarkable development and economic growth.

Rwanda plans to have put in place a knowledge-based economy by the year 2020 and raised the per capita income of its citizen to that of a middle-income country.

But a recent audit of national skills conducted by government’s Human Resources and Institutional Capacity Development Agency (HIDA) revealed a 40 per cent gap in the expertise required to achieve its development goals.

Ends

[oshon]

Kagame makes urgent call for improved infrastructure

BY GASHEGU MURAMIRA
ARUSHA - President Paul Kagame has called for quick means in addressing the current under-development of regional infrastructure, if the East African region is to increase its competitiveness.

He made the call while making his State of the East African Community (EAC) address, yesterday at the East African Legislative Assembly (EALA), in Arusha, Tanzania.

The President who also briefed EALA members on the current status of the regional integration, its achievements, challenges and the way forward; was addressing the regional lawmakers in his capacity as the current Chairperson of the EAC Heads of State Summit.

During the address, he observed that increasing regional competitiveness, is still hindered by the state of the region’s infrastructure, which he said would have been fundamental in boosting trade and investment in East Africa.

“Lets us face it – these highly strategic infrastructure assets that could drastically cut the costs of doing business in our region and in neighboring countries call for most urgent action,” he said. He particularly singled out railway development which he said still remains worrisome.

The President told the lawmakers that modernization and expansion of rail services in East Africa is not proceeding according to the region’s collective vision, which he described as a dynamic market, served by a network that links the coastal cities of Mombasa and Dar es Salaam “with their hinterland counterparts”.

Kagame also announced that the East African Railways Master Plan, has been finalized and that the final draft report is currently under review in partner states.

He however said that the challenge would be in implementing the plans for renovating the railway network, as well as extending it to partner states that are not yet connected to it.

The railway project that is currently underway will link three countries; Burundi, Rwanda and Tanzania. On energy, the President said that the oil pipeline extension from Eldoret to Kampala was still ongoing and would be completed by the fourth quarter of 2009.

“The terms of reference for the feasibility study on the extension of the pipeline from Kampala to Kigali and Bujumbura have been finalized,” he said.

Similarly, the President pointed out that the terms of reference for the feasibility study of the Dar Es Salaam-Tanga-Mombasa natural gas pipeline had been completed and approved by the EAC Sectoral Council on Energy.

Kagame highlighted that the customs union launched in 2005, had stimulated trade and investment contrary to beliefs that it would retard economic opportunities for some countries.

He illustrated this by saying that in 2007, the total intra-EAC trade increased by 22 percent compared to the previous year, while the total East African trade with the rest of the world, also increased by 27, percent in 2007, up from 23 in 2006.

“This should further encourage us all to commit to an even quicker pace of integration towards the Common market protocol,” he told the legislators amidst constant applause.

He highlighted the non-tariff barriers and red tape that still increase the costs of doing business in East Africa, and called for continued progress in addressing the matter.

The EALA Speaker Abdirahin Abdi commended the President for having, under his leadership, organized the EAC Strategy Retreat which aimed at improving collaboration among EAC organs as well as addressing the needs of East Africans. The retreat was held earlier this month in Kigali.

[oshon]

Virus research body to promote sciences
Friday, 27th February, 2009 E-mail article Print article

UGANDA Virus Research Institute (UVRI) and Makerere University are planning a fair to promote science in schools. The event, which will take place on Thursday, will run under the theme; “You can be a scientist too.”

According to Dr. Edward Katongole Mbidde, the UVRI chief, the Open Day is a new initiative to for students in S3 and above and undergraduates to learn about opportunities and careers in science and scientific research.

Students will be able to find out what scientists do and what they need to do if they wish to follow a career in science.

The event will include schools from Entebbe, Wakiso, Kampala, Mukono and Mpigi districts.
At the open day, scientists from both institutions will display their work in trade fair format with booths. There will also be career guidance for students.

[Nobleskills]

After three years of increasing its footprint in the East African region, KCB plans to venture into the wider African market. Other than Kenya, the bank has operations in Uganda, Tanzania, Rwanda and Southern Sudan.

It recently said plans were underway to open a branch in Burundi, which is expected to start running before the end of the year.

KCB chairman Peter Muthoka said the bank would streamline East African operations before going continental next year.

Future plan

"We will spend time and resources creating an efficient regional financial platform and consolidating existing business in all markets," he said.

"Work is underway to create a roadmap for that expansion, which will enable us to stake a claim in the continental market by 2013 and we will aim at being a preferred financial institution in Africa with a global reach."

The bank is also planning to add 30 new branches to its network across the country and 20 more in the other markets.

The group CEO Martin Oduor-Otieno also said KCB Group’s mortgage arm Savings and Loan (S&L) would be going regional, and will start with Southern Sudan.

[MBA-Congo]

India has launched a hi-tech project it says will provide medical education and better health care in Africa.

Launched by Indian Foreign Minister Pranab Mukherjee in Delhi, the project will at first connect 11 African countries with India.

The services will include virtual classes for medical staff and online medical consultations.

India is highly conscious of China's involvement in Africa and has announced a number of joint projects.

Degrees

Mr Mukherjee described the project as bridging the digital divide between India and Africa.

Patients in parts of rural Africa will soon be able to seek medical advice from Indian doctors via satellite and fibre-optic link-ups.

Nurses will get training and virtual classrooms will help around 10,000 African students annually get specialised degrees from universities.

Online medical consultations will be provided every day for one hour to isolated hospitals.

To start with, 11 African countries including Ethiopia, Senegal, Nigeria and Ghana will be connected with India.

By June eight more countries will be covered and eventually the offices of 53 African heads of state will be linked.

[Kwame]

South Africa: Free State Budget Focuses on Poor
27 February 2009

Tshwane - R6.05 billion has been allocated towards sustained economic growth, reducing unemployment and support programmes aimed at the massification of the Extended Public Works Programme (EPWP) in the Free State 2009/10 budget.

Free State Finance MEC Phi Makgoe, presenting the 2008/09 provincial budget and related budget to 2010/11 Medium Term Expenditure Framework (MTEF) period on Friday, said poor people must have access to assets such as land, housing, water, energy, sanitation, transport, credit, education and health.

He said this was the key to ensuring they are able to participate in economic activity and therefore better placed to benefit from economic growth.

The budget for public works and roads programmes was increased by 18 percent to reach R2.059 billion. This is expected to grow an additional 9 percent to reach an amount of R2.241 billion in the next financial year.

The Department of Health was allocated R4.879 billion resulting in healthy annual growth of 14 percent, the Department of Social Development received an additional R665.985 million in while integrated housing and human settlement will be increased to R907.708 million in 2009/10.

Mr Mokgoe emphasised that inability to avail suitably located affordable land for housing development in line with the department's planning and delivery timelines, be effectively addressed once and for all in the interest of creating a better life for all the citizens of this province.

The budget for Education Department was increased with 15.9 percent in 2008/09 to R6.599 billion, where after it increases with a further 8.7 percent and 8.1 percent to R7.170 billion in 2009/10 and R7.748 billion in 2010/11.

All Africa (http://allafrica.com/stories/200902270720.html)

[You are to blame]

Rwanda: Country Reports Growth Despite High Inflation


Bosco Hitimana
28 February 2009

Kigali — Rwanda is sustaining an impressive economic growth rate despite the soaring imported and locally initiated inflationary shocks.

The National Bank of Rwanda (BNR) says the country's economy remained strong in 2008, growing by 11.2% against 7.9% registered in 2007, despite soared imported inflation rate and global financial and economic slump.

The good performance, the bank says, was achieved following significant improvements in different sectors of the economy like agriculture which showed tremendous recovery.

The national bank governor, François Kanimba, said the agriculture sector production recovered from 0.7% in 2007 to 15% last year.

This, he said, is explained by the good results in food crop production which increased by 16.4%, due to favourable weather conditions and a green revolution programme.

The industry sector grew by 10.2% from 10.2% in 2007 because of increased production of electricity, gas and water and construction activities. Manufacturing registered a backdrop of -4% down from 6.9% in 2007.

The services sector performed poorly, falling from 12.8% in 2007 to 7.9% last year, though it was raised by real estate and business services which grew from 10.5% in 2007 to 14.2% in 2008.

Wholesale and retail trade, restaurant and hotel services declined from 13.9% in 2007 to 9.4% in 2008. Transport, storage and communications services also fell from 18.4% to 11.4% in 2008 while finance and insurance services reduced from 22.7% in 2007 to 12% in 2008. Rwanda's exports rose in value by 37.5% while imports grew in value by 54.2% compared to 2007, forcing the exports/imports coverage ratio to fall to 23% from 25.8% in 2007.

Coffee, tea and minerals composed about 68% of Rwandan total exports. Tourism which was ranked the top foreign exchange earner, registered one million visitors up from 826,000 in 2007, representing 30% growth.

Rwanda's banking sector performed better, maintaining the soundness observed in 2007, registering two foreign banks: Kenya Commercial Bank (KCB) and South Africa's Blue Financial Services. Commercial banks' total balance sheet grew by 33% from Rwf384.1 billion ($690.8 million) in 2007 to Rwf511 billion ($919,06 million) in 2008. Banks' net profit after tax reached Rwf12.2 billion ($21.9 million) from Rwf6.1 billion ($10.9 million) in 2007.

The governor challenged the country's lead economists and business community on the registered economic growth versus high inflationary pressures, which increased from 6.6% in 2007 to 22.3% in 2008.

"It's very difficult to sustain high growth rate in a country like Rwanda without tolerating a high inflation rate," he said.

In terms of annual average, inflation stood at 15.4% against 9.1% in 2007, according to the bank's statement.

The statement says the imported inflation increased by 22.3% during the year 2008 against 4% in 2007 and has created pressure on local products.

Consumer prices of foodstuffs, beverages, fuel and all utilities' tariffs, significantly increased in 2008. Kanimba however assured that since the last quarter of 2008, the inflation is stabilizing, following the fall in international oil and food prices."Between September and December 2008, the consumer price index (CPI) increased only 0.7%, and by January 2009, it had increased by 0.2% and we do expect such trend to continue in the near future," he assured.

He said, this year, Rwanda's economy is expected to remain strong with a growth rate above 7%. The country is likely to get affected by the ongoing financial and economic slump mainly in export products like coffee and minerals whose prices slid.

[Kwame]

Rwanda: Rwf11.5 billion for poverty reduction
Saturday, 7th March 2009

KIGALI -Government and the British Department for International Development (DFID) have signed an agreement worth £20 million (Rwf11.5 billion) to reduce poverty and inequality.

The money to be spread over a period of four years from 2009 to 2013 will facilitate financial aid and technical cooperation to the Vision 2020 Umurenge Programme (VUP).

VUP is one of the flagships of Rwanda’s Economic Development and Poverty Reduction Strategy (EDPRS). It is one of Rwanda’s main mechanisms for protecting the poor from shocks. Its purpose is to reduce the number of Rwandans living in extreme poverty.

A memorandum signed between the UK and government in Kigali will ensure that the DFID funds help in the implementation of VUP in a number of ways.

It was signed between the Minister of Finance and Economic Planning, James Musoni and Martin Leach, the Head of the UK Department for International Development (DFID) in Rwanda.

According to the agreement, DFID funds towards VUP will be implemented in three ways such as, funding public works that provide employment to members of poor households with no land but can work, and through direct cash transfers to poor households that have no land but cannot work. Leach also added that the deal will develop people’s access to financial services.

“This will increase the number of people who have money in the bank account, who save and who can access small loans,” he said.

He also explained that the whole programme will be underpinned by sensitisation and training to help the people lift themselves out of extreme poverty.

Following the signing, DFID will immediately disburse the first tranche of Rwf2.8 billion to VUP, representing an increase of almost 10 percent to the DFID-Rwanda’s bilateral assistance this year.

This brings the total to Rwf28.8 billion between 2008 and 2009.

During the signing, Minster Musoni emphasised the strong position of reducing extreme poverty, on the National Development Agenda, which he underscored to be well spelled out in the Vision 2020 Umurenge Programme.

New Times (http://www.newtimes.co.rw/index.php?issue=13827&article=13975)

[Matthias Offodile]

CGGVeritas plans 2D off Gabon

Offshore staff


http://images.pennnet.com/articles/os/thm/th_311758.jpg

LONDON -- GCCVeritas plans to acquire two 2D seismic surveys offshore Gabon in time for the 10th Gabonese License Round scheduled between June and December of 2010.

The two surveys are to be in the north and south of Gabon's underexplored deepwater blocks. In the north (Zone Nord) CGGVeritas says will acquire a 2,200 km (1,367 mi) grid designed to highlight Tertiary and Cretaceous plays. In the south (Zone Sud) a 7,400 km (4,598 mi) very long offset survey will image beneath the Aptian salt to help identify potential traps.

"The complexity of the salt bodies in the South Gabon Basin would warrant 3D seismic coverage," says Steve Toothill, chief geologist, CGGVeritas EAME region. "However, to shoot a 3D survey over the whole area of more than 50,000 sq km (19,305 sq mi) would take too long and be prohibitively expensive. A well planned 2D survey, specifically designed to target below the salt, will be sufficient to delineate structures. This will allow oil companies to evaluate the area, make their bids and then follow up with high-specification 3D surveys, such as wide-azimuth, to provide better illumination below the salt."

03/05/2009

[MBA-Congo]

Congo to improve power supply to Brazzaville, Pointe-Noire
PANA

The Congolese governme nt plans to improve electricit y supply to Brazzaville, the capital city, and Pointe-Noire, an official source t old PANA here on Monday.

According to the source, power supply to those cities will improve with the comp letion of a number of energy-related infrastructures in the country.

They include the northern Imboulou hydroelectric dam which is being built with a n installed capacity of 120 MW and network of transmission lines of about 815 ki l ometres of high voltage lines that will carry energy to Brazzaville and district s in the northern part of the country.

The Coordnator of the Imboulou hydropower dam project, Léon Ibovi, said the form er transmission network linking Pointe-Noire and Brazzaville, through the High v o ltage line at Mindouli to the southern part of the country, would be rehabilitat e d shortly to enable electricity generated from the 300-MW Congo power plant (CEC ) , and the Moukoukoulou hydroelectric Dam (in the south), to get to Pointe-Noire a nd Brazzaville.

When completed, the projects would afford Congo the capacity to boost social and economic development in the areas.

[Matthias Offodile]

Tullow Gets $2 Billion Loan, Finds More Oil in Ghana (Update1)


By Eduard Gismatullin - Bloomberg

March 9 (Bloomberg) -- Tullow Oil Plc, the U.K. explorer with projects in Ghana and Uganda, raised $2 billion in loans to fund developments and refinance debt. It also made a further discovery in Ghana.

The debt is split between a Senior Facility of $1.785 billion, a Junior Facility of $100 million and $115 million from the International Finance Corp., the World Bank's private-sector lending arm, with a final maturity of December 2015, Tullow said in a statement today. The margin on the Senior and IFC facilities, depending on the level drawn, is up to 3.75 percent over the dollar London Interbank Offered Rate.

Separately, Tullow said it well “has discovered a significant highly-pressured light hydrocarbon accumulation” in the Deepwater Tano license offshore Ghana.

Tullow gained as much as 13 percent in London trading. The shares were 80.5 pence higher at 815.5 pence as of 8:06 a.m. local time.

The London-based company plans to invest about $3.1 billion in developing the Jubilee field off Ghana and start pumping oil there in 2010. Tullow is targeting about 4 billion barrels of oil and gas resources in the Gulf of Guinea off Ghana and Ivory Coast.

The Tweneboa-1 well was drilled to a depth of 3,593 meters (11,800 feet) and is currently being drilled deeper “to further assess the discovery and the up-dip limit of a potential deeper fan system,” the company said today.

The loans have been provided by BNP Paribas SA, Royal Bank of Scotland Group Plc, Barclays Plc, Calyon, ING Bank NV, Lloyds TSB Bank Plc, Natixis SA, NIBC Bank NV, Societe Generale SA, Standard Bank Plc, Standard Chartered Plc, Sumitomo Mitsui Banking Corp. and Bank of Scotland Plc, Tullow said.

Kosmos Energy LLC, Ghana National Petroleum Corp. and Anadarko Petroleum Corp. also hold stakes in the Deepwater Tano license.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

More good news for lovely Ghana:cheers:

[MBA-Congo]

Vietnam to Boost Trade, Oil Projects With Africa, News Reports


By Nguyen Dieu Tu Uyen

March 10 (Bloomberg) -- Vietnam’s Ministry of Industry and Trade plans to boost bilateral trade and petroleum projects with African countries, Vietnam News reported, citing the ministry.

Under the program, Vietnam aims to diversify exports of agricultural products and accelerate oil projects in African countries including Algeria, Cameroon, Congo, Madagascar and Nigeria, the report said. Vietnam also expects to find crude oil and gas in the Africa, it said.

Vietnam plans to raise exports to Africa to $1.6 billion this year and to $1.8 billion in 2010, the newspaper said, citing the industry and trade ministry. Bilateral trade is expected to reach $2.5 billion in 2009 and to $3 billion next year, it said.

[Kwame]

Uganda: World Bank to Invest U.S.$75 Million in Energy, ICT
Alice Kiingi and Barbra Among

9 March 2009

Kampala — THE World Bank is to invest $75m (about sh148b) in the second Energy for Rural Transformation Project (ERT11). "The project, which is a follow-up of the ERT1, aims at increasing access to renewable energy and information communication technologies (ICTs) in rural areas in order to contribute to the productivity of businesses and the quality of life of households," Paul Baringanire, the bank's power engineer, said.

Baringanire said the ERT II was directly in line with the Uganda Joint Assistance Strategy, which states that "Investments in power generation will increase the reliability and lower the cost of electricity, which is a major setback to businesses."

"ERT11 with the support of the Global Environmental Facility, will harness local entrepreneurial capacity in expanding access of rural communities to modern renewable energy," he told reporters at the launch of the World Bank's monthly coffee press dialogue in Kampala.

The dialogue is an interactive forum for the World Bank Group to avail the media with information about the bank's activities in the economic, health and education sectors.

Baringanire said rural transformation was a priority in the Poverty Eradication Action Plan (PEAP). The PEAP depends on provision of infrastructure and functioning social services to promote growth, reduce poverty and provide easy and cheap access to modern energy services and ICTs, which is still a challenge to the Government.

He said three demonstration centres had been set up in Kyambogo, Buddo, Najjera, adding that they were also looking at investments in solar and thermal power.

The Uganda National Bureau of Standards is currently testing the thermal materials and setting standards for solar panels to avoid counterfeits on the market, which are targeting mainly schools.

"In the second phase of this project, we shall set up 30-50MW power units in the development of rural renewable energy. With these developments, we are supporting the potential of the private sector in Kasese and Mpondwe to boost businesses because lack of energy hampers development in these areas."

Baringanire said $60m (sh118.8m) had been allocated for boosting pump water to schools and health centres, especially those in northern Uganda, West Nile and Karamoja.

All Africa (http://allafrica.com/stories/200903100052.html)

[MBA-Congo]

ANTOFAGASTA is actively looking as far afield as Africa and Australia, the company's chief executive told Dow Jones Newswires in London, as growth by exploration is a core pillar of the Chilean miner's strategic plan.

Projects are copper only, with possible by-products such as gold, although Marcelo Awad said the company has been offered a couple of gold projects and would get involved in a stand-alone gold mine on an opportunistic basis "if it was already halfway constructed".

Although no new opportunities have been identified currently, Mr Awad said the copper producer is looking in Zambia, where it is already active, as well as in Congo, South Africa and Namibia.

The collapse in copper prices, which have more than halved since their peak in July 2008, has opened up a number of opportunities for cash-rich miners such as Antofagasta.

With many copper projects postpone or deferred, and medium and small-tier companies struggling to make ends meet, Antofagasta's $US2.9 billion ($4.5 billion) cash coffers have opened up even more potential deals for the company.

The company is one of a dwindling number of miners to pay a dividend for 2008, and has actually increased the amount by 21 per cent.

The company's Zambian project was signed as a joint venture with Teal Exploration & Mining last year as a farm-in agreement.

"We retain 30 per cent of the asset which comprises two licences in the Zambian Copper Belt," said Mr Awad. "By investing $US3.5 million in exploration, we'll get 50 per cent of the joint venture."

Its joint venture power is on the verge of changing, however - due to a shift in the shareholding of Teal, Antofagasta will soon be partnering South Africa's African Rainbow Minerals and Brazil' Vale in Zambia.

"We plan to continue with this (joint venture) program (in Zambia) - we have no plan to slowdown or pull out," Mr Awad said. "This position will allow us to look around (for other opportunities in the country), and is a step already inside the Copper Belt."

Mr Awad said a couple of Antofagasta staff are regular visitors to the mineral-rich Copper Belt region which spans Zambia and Congo, with one based in South Africa.

"We haven't identified any new opportunities (in Zambia) at the moment. We're looking in Congo as well as at prospects in South Africa and Namibia, all in copper," Mr Awad said.

In Australia, Antofagasta recently completed due diligence on the acquisition of a company with a copper mine near to start-up, but "we pulled out at the eleventh hour," Mr Awad said.

A number of copper companies active in Australia have entered bankruptcy proceedings in the last several months as the deteriorating economic environment took its toll.

[Kenguy]

Co-op Bank to open branches in Uganda, Sudan.

By CATHERINE RIUNGU
The East African,
Posted Saturday, March 7 2009

Encouraged by a healthy balance sheet, the Co-operative Bank of Kenya is casting its eyes further into the region with plans to open branches in Uganda and Southern Sudan well underway.

It will be the second Kenyan bank to open shop in Southern Sudan, where KCB is already operating with branches in Juba and Rumbek. Equity Bank is also eyeing the Southern Sudanese market.

Co-operative Bank’s announcement comes barely a week after KCB said that it would open more branches in both towns, where it has earned more than Ksh500 million ($6.4 million) in the financial year 2008.

An upbeat managing director Gideon Muriuki, while releasing the bank’s 48 per cent rise in its full-year results for the year ending December 31, 2008, which went up to Ksh3.4 billion ($44.1 million) from the Ksh2.3 billion ($29.8 million) recorded in 2007, said the performance provided a strong base on which to thrive.

Last year, the bank netted Ksh5.4 billion ($70.1 million) in its Initial Public Offering, which came in the middle of a battered stock market.

He projected a 50 per cent increase in pre-tax profit in the next financial year, buoyed by the money raised in the IPO and last year’s earnings.

So far, at least six local banks — Equity, KCB, Commercial Bank of Africa, Fina and Diamond Trust Bank — are operating in regional markets with prospects of further expansion within the year.

Noting the current local appetite for property, Co-op Bank also announced plans to diversify its products with a mortgage finance product expected to be launched soon.

During the past year, the bank’s loan book grew by 39 per cent to Ksh53.3 billion ($692 million), while its total income rose by 17 per cent to Ksh9.7 billion ($125 million).

Due to increased service points, customer deposits grew by Ksh11 billion ($142 million) to Ksh65.8 billion ($854 million) with additional expansion expected later in the year.

“There is ongoing work to open 34 more branches countrywide to bring our total service points to 85 by the end of this year,” said Mr Muriuki.

[MBA-Congo]

IMF advises Africa: don't print more money

The United States and Europe are in recession, but the African economies are still growing. The International Monetary Fund (IMF) writes - in a report published this week - of a slowdown in growth from more than five percent to three percent.

So the head of the IMF, Dominique Strauss-Kahn (pictured), said on Wednesday during a two-day summit that he does not expect a strong recession in Africa.

The meeting in Dar es Salaam, Tanzania's economic capital, is the first summit conference of its kind since the start of the global economic crisis. Directors of central banks and ministers of finance are among the 300 participants.

Mega-contracts
Africa's crisis originates outside the continent. After years of barely any economic growth, the tide began to turn at the start of this century. Mostly under pressure from the IMF and the World Bank, a number drastic reforms had been pushed through and these began to have an effect. The gigantic level of growth in Asia, and especially China, led to an enormous demand for raw materials. China signed mega-contracts with various African countries, including one with the Democratic Republic of Congo worth some nine billion US dollars.

Africa started to grow faster than Europe or the United States, until the world financial crisis struck last year. The IMF report says:

"Sub-Saharan Africa has not faced a systemic financial crisis in recent months and its banks have few direct linkages with the toxic assets affecting major financial centers."

Nonetheless, as a consequence of the crisis, the prices of raw materials began to fall and thus reduced the flow of money into Africa


Fewer transfers
Another important factor is the declining flow of money from Africans working in Europe, North America and the Middle East. According to estimates, Kenyans are now transferring 38 percent less money back to their relatives in Africa, and the Sengalese as much as 50 percent less. Each year, Africa has been receiving an estimated 39 billion US dollars in the form of transfers made by Africans working in the diaspora.

So, Africa's badly-needed economic progress has found itself coming under threat. The IMF divides the affected countries into three groups. The first are the economically-stronger states: South Africa, Nigeria, Ghana and Kenya. Then follow the countries that are largely dependent on exports of raw materials, such as Sudan, Zambia and DR Congo. The countries at the bottom of the economic ladder, often fragile states such as Burundi, Liberia and Guinea-Bissau, will be the ones most hurt if the West gives less aid.

Examples
One example of how Africa is being affected can be found in DR Congo. Here, the consequences can be seen at every level. In the mineral-rich region of Katanga, governor Moise Katumbi estimates that some 200,000 miners have lost their jobs. Foreign mining companies have closed their doors or are producing at half capacity. That's because the price of copper is too low to operate viably.

The story in neighbouring Zambia, Africa's biggest copper producer, is even more dramatic, with thousands of mineworkers unemployed and a steep fall in the standard of living already apparent. Only those countries with large reserves, such as oil-exporting Nigeria, are capable of cushioning the economic blows - and even then, only for the short term.

Keeping inflation under control
The IMF is advising all those countries that are currently in need of money to sit tight and stick to their economic reforms. The IMF argues:

"Macroeconomic stability and steady progress toward medium-term development goals are both vital for sustaining growth in Africa."

That means also that no extra money should be printed to tackle the problems. Inflation, already high because of last year's increases in food prices, needs to be kept under control. At the same time, countries with no money in the state coffers need to be given assistance to ensure they can implement their social programmes.

According to the IMF report, 22 impoverished developing countries need a financial injection of at least 25 billion dollars. The Fund, which had lost influence in recent years because China and other Asian countries had taken over much of its role in issuing loans, has already given special assistance to Malawi and Ethiopia, and will also do so shortly to help the DR Congo and probably Kenya, too.

The IMF made an offer at the summit in Dar es Salaam to be the advocate for the African continent with the countries of the rich, industrialised West. But the 300 participants did not seem very eager to take up the offer. Africa's politicians haven't yet forgotten their experiences 10-15 years ago, when the IMF forced them into making some very painful economic changes

[abesha]

The IMF made an offer at the summit in Dar es Salaam to be the advocate for the African continent with the countries of the rich, industrialised West.

I swear to God you can't make this shit up! :hilarious :rofl:

[Matthias Offodile]

Observers Congratulate Ghana on Transparency in Oil Sector


By Brent Latham
Dakar
13 March 2009




An international governance watchdog group says Ghana is to be commended for keeping contracts in the oil industry transparent to the public. Observers hope the move will help spread the wealth from an anticipated oil boom.

Revenue Watch Institute, a non-profit institute that promotes responsible resource management, says Ghana is keeping its promise to make public current and future contracts in the oil industry.

Industry analysts in Africa say the promise will go a long way in helping the public understand what can be expected of the oil companies and their own government.

"We thought that that was a very important step, and if we live by that promise, it will not only ensure that the citizens will not only have detailed information about what is contained in these contracts, but it will also enable the citizens to be able to hold the government accountable for its promise," said Emmanuel Kuyole, Africa regional coordinator for New York-based Revenue Watch.

Kuyole says the disclosure will also allow institutions like Parliament to play a supervisory role, ensuring revenues are properly utilized.

Ghana is poising itself for an oil boom after British and American companies discovered offshore deposits in 2007. The companies say the Jubilee field, named for its discovery during the celebration of Ghana's 50th year of independence, may contain as many as one billion barrels of crude oil.

Kuyole says Ghana hopes to avoid the experiences of neighboring countries including Nigeria, Cameroon, and Equatorial Guinea, which he says have suffered from rampant corruption since their own oil finds.

"None of these countries have the contracts available to the public. The indication that contracts are going to be made to the public is in itself a bold step," he said.

Kuyole hopes civil society group and local communities in Ghana will now be motivated to push an agenda of environmental and social responsibility from both government and oil companies.

"If the communities are not involved, or even if they are and do not have detailed information regarding what commitments have been made, especially in issues regarding compensation but also around respect for environment, around livelihood and so on, we know that part of the challenge, apart from management of the revenues, are issues regarding development and issues regarding environmental and social impact," said Kuyole.

Ghana, which is a leading producer of cocoa, hopes a profitable oil sector will add to its relatively strong export sector. Ghana's mining industry has also historically been among the most important in Africa.

In January, Ghana celebrated democratic elections in which the opposition candidate, John Atta-Mills, won the presidency by a narrow margin.

[abesha]

Chinese car maker poised to dominate Ethiopia’s market


Motivated by its locally assembled products selling well as Awash and Abay cars, the Chinese car maker Lifan is set to build a car manufacturing plant in Ethiopia. Pan Juequan,Chief Representative of Lifan and project manager of the future establishment in Ethiopia, spoke to the Reporter’s Hayal Alemayehu on Lifan’s project in Ethiopia.


Lifan is about to set up a vehicle manufacturing plant here. What did motivate you to do so?

Juequan: We have already been here for the last one year and witnessed that there is a growing demand for our products in this country.
We are the sole suppliers for Holland Car, which assembles ‘Awash’ and ‘Abay’ cars here for the local and export market by wholly using our products.

The demand for these cars is still growing.
In fact, our products [Abay and Awash cars] were the best sellers here last year compared to similar type of cars sold to the market, according to data from the Ethiopian Customs Authority. We were able to sell over 800 cars. So Lifan is planning to increase its products in Ethiopia by establishing its presence in the country.

How would you describe the relationship between Lifan and Holland Car?

Howland car had introduced us here. Basically, we are the sole suppliers for Holland car. Holland Car products have for so long been produced in China. Holland’s Awash brand is the Lifan 620 we produce in China while Abay is exactly the same version of Lifan 520.

Currently, Lifan is the sole supplier for Holland car. We may in the future forge a new type of relationship.

How is Lifan doing in its home market?

We have a good market there. If you are in China, you will easily notice the popularity of our products as you could see many Lifan brands plying the streets. Lifan is, of course, not limited to the local market. Our products are being sold in over 52 countries, including Brazil, Russia and Ukraine.

You are now on your way to establish your presence here. What are the plans involved and the investment it takes to realize them?

We are pursuing two options with regard to a manufacturing plant we will set up here. We may buy out Holland Car’s assembling plant or set up a new facility altogether.
We have allocated USD 10 million for the investment.

What will the new facility or Lifan produce here?

Lifan’s investment project here will have three phases. The first phase will involve the production of passenger cars and motor bikes. The second phase will include the production of trucks and pick-ups while the third phase incorporates the production of generators and pumps.

Are you going to assemble cars likes Holland car does here or manufacture them like you do at home?

We will start our operation here by assembling cars while we will eventually upgrade our facility and start producing them.

Do you have plan to export your products?

We will, in fact, be exporting our products to Sudan, Kenya, Uganda and South Africa, among others. We will be producing right-hand wheel cars for these export markets.

When will you launch your project and start operation?

We will launch the project in the coming three months. We have already started the registration process with the Ethiopian Embassy to China and in a month or two get licensed by the Ethiopian Investment Agency. We will go operational during the current year if all goes according to plan.

Can you tell me the product capacity of Lifan’s plant here, at least in the first phase?

During the first phase, we will be producing passenger cars and motor bikes. The plant will have an annual production capacity of 1500 passenger cars and 2000 motor bikes. In the near future, we will upgrade the facility and our production.

http://en.ethiopianreporter.com/content/view/804/1/

[MBA-Congo]

OKI announces expansion into sub-Saharan Africa

Johannesburg, 17 March 2009 ] - With the recent appointment of Printacom as sub-Saharan Africa distributor of OKI Printing Solutions, the company has announced its expansion into this relatively uncharted and opportunity-filled region.

Martin Venter, Printacom business development manager, says the company will initially focus on Botswana, Swaziland, Mozambique, Namibia, Angola, Congo, the Democratic Republic of Congo and Mauritius, through Tarsus Africa.

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“The first steps for us will be to begin engaging with partners, ensuring they have sufficient training to speak about our solutions authoritatively, understand which solutions to recommend in which situation, and that sufficiently streamlined supply chains exist to ensure stock is available timeously.

“Simultaneously,” he says, “we will be seeking out warranty fulfilment and support partners in each country, so that any repairs, swap-outs or similar support-related issues can be dealt with professionally and quickly.

“These efforts should ensure we can have a good head start in sub-Saharan Africa and begin building good market-share there,” he says.

For OKI, the sub-Saharan Africa region is ripe with opportunity, and because of the cost-efficiency of its solutions, a great area for expansion.

“We feel extremely bullish about the possibilities presented by this new region and look forward to marked success with our plans for even further expansion,” he concludes.

[Kwame]

South Africa: ANC Looks to Cosy Up to China
Mathabo Le Roux

17 March 2009

Johannesburg — AFRICAN National Congress treasurer-general Mathews Phosa says the partnership between China and SA will be stepped up after the election.

"After the election we will see an increase in co-operation between China and SA. The seeds have been sown," he said.

Phosa was speaking at the launch of a representative office of the China-Africa Development Fund in Johannesburg -- the first of its kind in Africa.

Established in 2007 by the China Development Bank, the fund stems from a pledge by Chinese President Hu Jintao at the China-Africa Co-operation summit in Beijing in 2006 to foster closer ties with the African continent.

It was set up with an initial capital injection of $1bn by the China Development Fund, but capitalisation will eventually reach $5bn, said Chen Yuan, chairman of the China Development Fund.

The Department of Trade and Industry yesterday also signed a record of understanding with the fund to establish a framework for co-operation.

Deputy Trade and Industry Minister Elizabeth Thabethe said the collaboration would earmark strategic sectors for investment, including mining, transport, energy, agriculture, manufacturing, infrastructure development, and the information and communication technology sector.

Phosa said the fund's pledges to invest in the continent at a time when the financial meltdown had seen investment and trade finance in emerging economies dry up, should be welcomed.

Since its inception, the fund has invested $400m in 20 projects in Africa, notably a cotton project in Malawi, a power plant in Ghana, a glass factory in Ethiopia and trade zones in Egypt and Nigeria.

Business Day (http://www.businessday.co.za/articles/economy.aspx?ID=BD4A960780)

[Matthias Offodile]

Portugal, Angola create investment bank, seek to expand trade




AP Wednesday, 11 March 2009

Officials say Portugal's largest bank and Angolan state oil company Sonangol are creating an large-scale investment bank that will finance infrastructure projects in the Southwest African country.:cheers:
State-owned Caixa Geral de Depositos and Sonangol will establish the bank in the second half of this year with initial capital of US$5 billion.
That's what officials said Wednesday at the end of a two-day state visit to Portugal by Angolan President Jose Eduardo dos Santos.
The bank will also support industrial and agricultural development projects in Angola.
Angola, a former Portuguese colony, aims to rebuild its infrastructure which was devastated in a civil war which broke out after its 1975 independence. The war ended in 2002.

[MBA-Congo]

Kenya, Congo to Sign Bilateral Trade Pact, Business Daily Says

March 19, 2009: Kenya will sign a bilateral trade agreement with the Democratic Republic of Congo next month, signalling the country’s intention to deepen trade relations with African countries.

The new deal is expected to shore up Kenya’s exports to the country, marking Kenya’s first major trade salvo into a Francophone African country.

The agreement will largely focus on non-tariff barrier issues because the two countries are members of the Comesa trading bloc and cannot therefore have a free trade area agreement.

Tackling non-tariff barriers will mean Kenyan products will be cleared faster at the ports and entry visas may be abolished, among other benefits. Comesa is structured as a free trade area and therefore takes care of all tariff issues like import duties among its 19 members.

Mr Linus Ogola, the chief trade development officer at the ministry’s department of external trade, confirmed the expected deal. “We want to smoothen trade with DRC and have some mechanism to fall back to in case of any disputes,” he said.

He said the agreement was being renegotiated by the two countries after a previous one that guided trade relations since the 1960s expired nearly 19 years ago.

Kenya exports goods worth Sh8 billion every year to the DRC based on 2007 figures, but trade experts say the volumes could grow tenfold in the next two years if Kenya makes efforts to attack the 60 million people market.

[Kenguy]

^^
Nice! more trade between Kenya and DRC. Thanx MBA.:cheers:

[MBA-Congo]

^^
Nice! more trade between Kenya and DRC. Thanx MBA.:cheers:

It's still to be seen lots of hardliners are sitting in the Assemby and Senate.

[MBA-Congo]

African Nations Work on $1 Billion Plan to Boost Trade Links

March 18 (Bloomberg) -- African nations are working on a $1 billion plan to improve trade routes in southern Africa by upgrading rail networks, roads and simplifying customs procedures to stimulate growth.

“Faster border crossings and improved railways and highways will improve the access of producers, especially in landlocked countries, to regional and international markets, stimulating economic growth and investment,” according to an e-mailed statement yesterday from the North South Corridor project. The project will cost $1 billion over the next five to 10 years, it said.

The project is being run by the Common Market for Eastern and Southern African, East African Community and Southern African Development Community, which will seek aid, loans and investments from companies for funding, according to the statement. A meeting will be held in Zambia on April 6 and 7 to secure funding, it said.

The corridor project, a pilot under the Aid for Trade program, will prioritize routes from the Dar es Salaam port with the Copperbelt in Zambia and the Democratic Republic of Congo; and routes from the Copperbelt to South Africa’s ports.

[ufookoro]

Nigeria: George Soros $20 Billion Analysts Holds Talks With Diamond Bank, Others


The world renowned George Soros's $20billion hedge fund company is considering direct investment in the Nigerian banking sector, thereby fueling speculations in the market on a possible increase on the number of foreign investors prospecting in the country irrespective of the world economic recession.
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Investigation revealed that Senior Analysts from Soros Fund Management paid a visit to Nigeria recently and held meaningful discussions with top government functionaries and selected bankers; a development financial analysts described as a good omen for the country, attributing it to the enormous potentials inherent in the Nigerian financial sector in terms of quick return on investments.

The Hedge fund delegation, it was gathered met with representatives of Diamond Bank Plc in Lagos to discuss possibilities of creating investment windows. It was also learnt that other investors from the United Stated of America and Europe had also met with the banks not quite long ago.

One of the Soros Senior Analysts, Sharif Atta and Ahmad Zuaiter, a portfolio manager met with the Minister of State for Finance, Remi Babalola on the prevailing investment climate in the country. The Minister it was learnt stated that the firm's visit is going to be a magnet for other investors to come in.

He said that what makes it interesting is that George Soros is the first of such companies to visit Nigeria since the global financial crises, which led to the withdrawal of most foreign investors from the Nigerian capital market.
Relevant Links

* West Africa
* Banking and Insurance
* Economy, Business and Finance
* Nigeria

Capital market analysts are of the view that Soros' official visit has rekindled the confidence of foreign investors in the Nigerian market. "I am very sure that before they came to Nigeria, they had good insight of the sound health and performance of the banks they visited. This is probably informed why these banks were the focal point during their visit," said a capital market player.

When contacted, Diamond Bank's Head Corporate Communications, Mr. Charles Udoh stated that the development reaffirms growing confidence in the Bank's determination to build a strong financial services institution that has the capacity to create and deliver superior customer value at all times.

:banana::banana:

[Matthias Offodile]

Portugal, Angola create joint mega investment bank

MORE FROM BUSINESSWEEK


LISBON, Portugal

Portugal's largest bank and Angolan state oil company Sonangol are creating a mega investment bank that will finance infrastructure projects in the southwest African country, officials announced Wednesday.

State-owned Caixa Geral de Depositos and Sonangol will set up the bank in the second half of this year with initial capital of 5 billion dollars, officials said at the end of a two-day state visit to Portugal by Angolan President Jose Eduardo dos Santos.

The bank will also support industrial and agricultural development projects in Angola.:cheers:

Angola, a former Portuguese colony, aims to rebuild its infrastructure which was devastated in a civil war which broke out after its 1975 independence. The war ended in 2002.

Angola is a major oil producer and joined OPEC in 2007.

Portugal is keen to broaden its exports beyond its traditional markets in the European Union. Angola is its fourth-largest export market after Spain, Germany and France.

[Matthias Offodile]

Fiat eyes top spot in Angolan truck market



LUANDA, March 4 (Reuters) - Italy's Fiat Group (FIA.MI) plans to be the top importer of trucks to Angola in coming years as the nation continues to rebuild infrastructure after almost three decades of civil war ended in 2002.

Filipe Mendes de Almeida, who represents the group's Iveco truck business in the southwestern African nation, said on Thursday he would import 2,000 trucks to Angola in the next five years.

"In the first year alone we will import 250 trucks," said de Almeida, who started selling Iveco trucks to Angola through his company Vecauto in May. "I am confident we can become market leaders in the next five years."

Volvo (VOLVb.ST), the world's number two truckmaker, is currently the leader in the market.

Angola, one of the world's fastest growing economies, has been rebuilding roads, bridges and ailing communications destroyed by the war. It is also investing billions of dollars to restore its once-prosperous agricultural sector. (Reporting by Henrique Almeida, editing by Will Waterman)

[bizzybonita]

Foreign investments in Sudan reach $20b



March 20, 2009, 23:51

Riyadh: Foreign direct investment in Sudan has increased to $20 billion, a top official said.

"The volume of foreign investments in the country reached more than $20 billion as of the end of last year," Dr Mustafa Othman Esmail, adviser to the president of Sudan, told Gulf News.

"The International Criminal Court's decision to issue an arrest warrant for President Omar Al Bashir does not adversely affect the inflow of foreign capital. The government is providing all guarantees and facilities to investors," he said.

Esmail announced plans to hold the first Sudanese-GCC (Gulf Cooperation Council) Forum in Khartoum in the near future. "The forum, which will be held under the patronage of the government of Sudan, would focus on the economic, social and cultural issues with a wide participation of the GCC states and Sudan. Several prominent figures, including economic experts, writers, academics and officials will take part," he said.

He said that discussions were held with Abdul Rahman Al Attiyah, Secretary- General of the GCC, about details of the forum. "A charter has been worked out in this respect and it will be signed during the forthcoming visit of a delegation from the GCC Secretariat-General to Sudan.

The delegation will be headed by Abdul Rahman Al Attiyah," he said. Esmail said that there has been an agreement with the GCC to create a permanent Sudanese GCC Forum.

"This forum would work to boost the bilateral relations in the economic, cultural, social and economic fields," he said, adding that broad outlines have been worked out.

"We are anticipating that the visit of the GCC Secretary General, after the Arab Summit, to be held in Doha later this month, would herald a new era in boosting the ties of Sudan and the Gulf states," he said.

http://www.gulfnews.com/business/Investment/10296854.html

[MBA-Congo]

Zambia's Chambishi operations to resume in 2 months

By Shapi Shacinda

LUSAKA, March 21 (Reuters) - Zambia's largest cobalt producer Chambishi Metals Plc aims to restart production within two months after its managers complete arrangements to buy raw materials, its CEO Derek Webbstock said on Saturday.

Webbstock told reporters that the company's operations, which were placed under care and maintenance in December, would restart once deals for copper concentrate were concluded with local mines and mines in the Democratic Republic of the Congo.

Chambishi's owners Luanshya Copper Mines (LCM) also operated the closed Baluba copper mine. Luanshya is in turn owned by Bein Sten Group Resources (BSGR) and International Mineral Resources (IRM), which said they were making losses due to low copper prices.

Webbstock said China's NFC Africa was the frontrunner to buy LCM units, Baluba and the greenfield Mulyashi project, which had the potential to produce up to 100,000 tonnes of copper per year.

"We are going to keep Chambishi and we are talking to (mines in) the DRC and hopefully within two months, if we can have contracts from DRC and within Zambia, we will get concentrate coming from the Congo," Webbstock, who is also CEO of Luanshya, said. "We hope Chambishi will be up and running in two months."

BSRG and IRM would retain Chambishi Metals Plc, which had employed 900 workers, of which 500 to 600 would be re-employed.

Chambishi produced about 2,500 tonnes of cobalt before its closure although its owners had wanted to raise output to about 3,400 tonnes. It had also planned to produce 20,000 tonnes of B-grade copper.

Webbstock said BSRG and IRM would exit other LCM units once LCM had finalised repayment of about $100 million the firm owed its shareholders and other creditors.

"My liabilities are about $100 million at the moment and since shareholders (may) have no recourse to their money, the next investor may get it for free, but I see somebody paying between $30 million to $40 million for the assets," he said.

The Mulyahsi project, which LCM had planned to complete building in 2010 at a cost of $354 million and would have produced up to 60,000 tonnes in its initial stage, was the future of the LCM units, he said.

"Any investor that wants to buy LCM must look seriously at developing Mulyashi, it's the future of Luanshya."

"NFC (Africa) have had intensive studies on Luanshya and since NFC operates in the country, I would assume that they have significant (Chinese) government backing and so they stand a greater chance to buy Luanshya," Webbstock said.

Zambia's Mines and Minerals Development Minister Maxwell Mwale said on Thursday that NFC Africa, Britain's Lion Finance, working in partnership with a local firm Madini Copper Resources, and Shanduka Group of South Africa were looking to buy the LCM assets.

Webbstock said bids for Luanshya would close in mid-April. (Reporting by Shapi Shacinda; editing by David Stamp)

[MBA-Congo]

The Tata Nano, the world's cheapest car, is being launched in India.

Costing just 100,000 rupees ($1,979; £1,366), the Nano is due to go on sale across India over the next 10 days.

Tata hopes the 10 feet (3 metre) long, five-seater car will be cheap enough to encourage millions of Indians to trade up from their motorcycles.

Tata owner Ratan Tata has described the launch as a "milestone". Analysts say it will take the firm up to six years to make a profit from the Nano.

Factory row

The four-door Nano has a 33bhp, 624cc engine at the rear.


The basic model has no airbags, air conditioning, radio, or power steering. However, more luxurious versions will be available.

A slightly bigger European version, the Nano Europa is due to follow in 2011, and is expected to cost nearer to £4,000.

Analysts said that if the car proves an immediate hit in its home market, Tata may struggle to meet demand.

This is because the main Nano factory in the western state of Gujarat, which will be able to build 250,000 cars a year, is not due to open until next year.

In the meantime, Tata will only be able to build about 50,000 Nanos at its existing plants.

The delay happened when Tata had to abandon plans to build the Nano in a new plant in the eastern state of West Bengal due to a row over land acquired from farmers.

This caused the launch of the Nano to be put back by six months.

'Milestone'

Tata's managing director Ravi Kant said that bookings for the car will start on 9 April, and that a ballot will then select the first 100,000 people to get their Nano


Deliveries will then begin from July

I think we are at the gates of offering a new form of transport to the people of India and later, I hope, other markets elsewhere in the world," Mr Rata told reporters gathered for the launch.

Even if Tata can sell 250,000 models a year, it will add only 3% to the firm's revenues, says Vaishali Jajoo, auto analyst at Mumbai's Angel Broking.

"That doesn't make a significant difference to the top line," he said.

"And for the bottom line, it will take five to six years to break even."

Yet with seven million motorcycles sold last year in India, Tata is eyeing a huge marketplace for the Nano.

Like almost all global carmakers, Tata has seen sales fall as the global economic downturn has continued.

The firm made a 2.63bn rupees loss for three months between October and December.

In addition, Tata is struggling to refinance the remaining £2bn of its £3bn loan it took out to buy the Jaguar and Land Rover brands from Ford in June of last year.

[Kwame]

Nigeria: 'Russia Should Extend More Preferences to Nigeria'
Kester Kenn Klomegah

23 March 2009

Moscow — As cooperation between Nigeria and Russia is strengthened, Russia should consider extending preferences to some goods from Nigeria to further boost trade between the two oil producers, according to the deputy director of the Russian Academy of Sciences's Institute for African Studies, Professor Dmitri Bondarenko.

His suggestion comes after Nigerian Foreign Minister Ojo Maduekwe and his Russian counterpart Sergey Lavrov held a review meeting of the two countries' intergovernmental commission on economic and scientific-technical cooperation on Mar 17 last week. They agreed on a broad range of bilateral economic issues.

Bondarenko told IPS that the commission could become a tool for the revival of Russian-Nigerian economic cooperation.

This possibility is symbolised, albeit ambivalently, by the Ajeokuta plant which could become the largest metal producing plant in Africa. The building of the steel plant started in 1970 during the Soviet era. According to Bondarenko, it was "unfortunately stopped in the late 1980s due to problems on both ends".

This has made the Ajeokuta project is "a painful topic in discussions among Nigerian policy experts on Russian-Nigerian relations".

For trade relations between Russia and Nigeria and other African states to improve appreciably, Bondarenko suggested that "Russia gives some trade preferences to African countries - for example, tax exceptions or reduction among other measures. This can become an effective political step to strengthen relations with African countries".

However, at least two points should be taken into account, he said: firstly, such measures should only apply to specific goods, so as not to discourage non-African partners. For example, if Russia gives preferences to African imports of pineapples and bananas, it would have to do the same with Latin American importers of the same goods for economic and political reasons.

Secondly, such preferences should apply to direct imports by African companies but not to trade mediated by Russian or third countries' companies.

The value of trade, having practically doubled in 2008 to about 300 million dollars, and the allowance for re-exports - more than one billion dollars - serve as an indicator of current growth.

Today, Nigeria is Russia's second largest trade partner among sub-Saharan African countries. Russian business circles show an ever greater interest in entering the promising market of that large country.

Dr Bashir Obasekola, a prominent Nigerian economist and the outgoing president-general of an organisation representing the Nigerian community in Russia, told IPS that "the trade current trade statistics of about 300 million dollars seems peanuts given the potential of both countries and the size of their economies.

"The volume of trade should be in the billions of dollars, even without military hardware. One of the major hindrances to free trade and a significant increase in trade transactions between Nigeria and Russia is the lack of direct air flights," Obasekola said further. "This makes it more inconvenient and expensive for potential investors to travel easily to both countries.

"Besides, there are no adequate economic and social statistics available to potential Russian and Nigerian investors."

He also explained that Russian industries need raw materials, agricultural produce and other consumer goods that are cheaply available in Africa. Without special incentives, these things cannot easily get to the Russian market.

"Such measures as changing import-export tariff policies could encourage buyers and sellers in both countries to trade. Adequate legal protection should be made available for investors in both countries. The lack of legal mechanisms is sometimes being exploited by criminals in both countries," he added. This led to fraud and the illegal seizure of properties and investments.

Apart from the differences in the level of economic development and climate, Russia and Nigeria are similar in several ways. Both countries have large populations, with a variety of mineral resources. Nigeria and Russia are both suppliers of oil and both play significant roles in regional and world affairs.

Both countries are emerging economies, although Russia is far ahead in economic development, a member of Group of Eight industrialised countries (G8) while Nigeria is aspiring to be part of the 20 most-developed economies by the year 2020.

The Russian private and public sectors could also play significant roles in the infrastructural development (energy, housing, roads and railways) of Nigeria, Obasekola said finally.

The two governments hope that the commission will help them to actualise the existing rich potential that both Russia and Nigeria possess in the trade and economic field and in the sphere of large investment projects.

These would include projects related to the development of infrastructure; the ferrous and non-ferrous metals industry; electric power, including nuclear energy; and the extraction of hydrocarbon and other mineral raw materials.

"We agreed to speed up work on modernising the legal base of our relations. A whole array of important draft documents are in the stage of elaboration, including an agreement on the encouragement and protection of investment," Lavrov said after the official meeting.

The Russian foreign ministry's spokesperson, Andrey Nesterenko, said at the start of the diplomatic talks that, "economic and trade ties between Russia and Nigeria have been picking up in recent years, which is consistent with the two leaderships' policy of taking the partnership to a new qualitative level".

Nesterenko added that "key aspects of Russian-Nigerian cooperation is to bring all the available suggestions for large projects in the energy sphere, the ferrous and non-ferrous metals industry and other sectors onto a practical footing."

Inter Press Service (http://www.ipsnews.net/news.asp?idnews=46233)

[Kwame]

Rwanda: Multi-National Company Funding SMEs Development
Eddie Mukaaya

21 March 2009

Kigali — GroFin, a multi-national finance company is funding the development of Small and Medium Enterprises (SMEs) in Rwanda.

The support is through a scheme known as 'growth finance'. It is offered in the form of access capital and advisory services to credible and viable SMEs, who are unable to attract capital.

Eric Rwigamba, the General Manager of GroFin-Rwanda explained that this is because such SMEs do not have the necessary track record or collateral to access finance from the banking sector.

"They may also be too small for private equity and their finance requirements are beyond microfinance institutions," he continued.

Rwigamba also added that this is bridged by the GroFin complete business solution, which increases the probability of success and profitability for SME businesses, thus encouraging sustainable economic growth and job creation.

Since the support decision is based on a quality business plan yet many present proposals, Rwigamba explained that GroFin assists client develop proposals into implementable business plans.

Since 2007 when GroFin started operating in Rwanda, several investment projects have been offered support worth Rwf2 billion ($3.5 million). The financial support ranges between $50,000 (Rwf28 million) to $1 million (Rwf566 million).

The company also has support worth $52,238 million (Rwf29.6 billion) to 146 businesses in eight countries in Africa. This has maintained 2,603 jobs and created more 1,732 jobs. It has also assisted in developing entrepreneurial skills and knowledge.

However the Director of Entrepreneurship and Business Growth in the Private Sector Federation (PSF), Antoine Rutayisire Manzi, was sceptical about GroFin's contribution towards SME development in Rwanda.

"We (PSF) have not met with GroFin to asses their contribution towards our members' development," he explained.

Meanwhile, GroFin recently joined forces with CDC, the UK's development finance institution, and the Shell Foundation to highlight the potential of the 'growth finance' initiative.

The Managing Director of GroFin, Jurie Willemse said; "With the partnerships of CDC and Shell Foundation, GroFin remains committed to development SMEs by assisting them maximise their profit, create job opportunities and sustain wealth."

Chris West, Director of the Shell Foundation said; "The problem is not a shortage of entrepreneurs in Africa; it has been to give these people the necessary investment and support to help their business grow."

The New Times (http://www.newtimes.co.rw/index.php?issue=13841&article=14360)

[Kwame]

Mozambique: Sugar industry returns to growth in exports
Maputo, Mozambique, 23 March – The Mozambican sugar industry, after in 2007 seeing a fall in export volumes, saw a recovery in 2008, exporting 134,796 tonnes of sugar to various markets, according to a report from Mozambican news agency AIM.

According to the Mozambican minister of Agriculture, Soares Nhaca, exports in 2008 provided revenue of around US$65 million, which was an increase of 55 percent on 2007, a rise which was the result of an average price of US$482 per tonne.

Meanwhile, even with a rise in exports seen in 2008, the record year remains 2006, when large amounts of sugar were exported, particularly to the international free market.

However, in terms of revenue, exports in 2008 reached a peak, given that the biggest volume went to preferential markets, where prices are more attractive.

As part of the Everything But Arms (EBA) initiative, in 2007-2008 exports to this market totaled 37,500 tonnes. This year Mozambique was given an additional quota of around 10,000 tonnes, due to some developing countries being unable to meet their EBA quotas, making a total quota of 47,565 tonnes.

Macau Hub (http://www.macauhub.com.mo/en/news.php?ID=7096)

[Kwame]

Zimbabwe: TA Holdings Invests in Hotel Refurbishment
23 March 2009

Harare — TA Holdings Limited has set aside US$7 million for refurbishment of Cresta Hotels in Zimbabwe.

In a statement to shareholders two weeks ago, the company said it would also undertake regional investments in countries such as Botswana, South Africa and Nigeria in a bid to maintain an acquisitive business model.

The investments were also meant to position the firm ahead of the 2010 Soccer World Cup finals to be held in neighbouring South Africa.

More than 90 000 soccer fans and officials are set to descend on SA for the month-long soccer extravaganza with a spill-over of tourists visiting other regional countries, hence the need to adequately prepare for the anticipated business.

"Current projects under consideration include the building of 50 additional rooms at the Cresta Churchill in Bulawayo and 28 rooms at Cresta Riley's in Maun," TA Holdings said.

It added that a state of the art conference facility with a capacity to sit 250 people will be opened at the Cresta Lodge Gaborone in June.

"This will be complemented by all the rooms at the hotels undergoing refurbishment that will be completed in the first quarter of next year."

The conglomerate said the Cresta Hotels South Africa office would also expand its operations into Nigeria and open two new hotels this year. Plans were underway to restructure Grand Re to effect external treaty opportunities.

The group was also in negotiations relating to two major investment initiatives, a regional insurance business and a substantive stake in a listed company in Zimbabwe.

"Appropriate communications will be published in compliance with ZSE regulations as soon as negotiations are completed," the company said.

TA Holdings is a locally listed firm with interests in the hospitality sector, agro-chemicals and insurance in Africa.

The Herald (http://www.herald.co.zw/inside.aspx?sectid=2071&cat=8)

[Kwame]

Nigeria: UBA, Citibank Give MTN Cote d'Ivoire $150 Million Facility
23 March 2009

Lagos — United Bank for Africa Group (UBA) and a host of other financial services institutions, led by Citibank, are providing a $151 million five-year loan facility to MTN Cote d'Ivoire, in a move that underscores capacity of the major African banks to fund big ticket transactions across Africa.

The institutions, which also include Bank of Africa CI, BIAO CI, Omnifinance-Nigeria, SocGen's SGBCI, Societe Ivoirienne de Banque (SIB), Groupe Credit Agricole, Standard Chartered CI and regional banking group Ecobank, according to a statement made available to THISDAY in Lagos, yesterday, will provide MTN with 76.1 billion CFA francs ($151 million) to restructure its debts and fund investments in the West African country, a statement from MTN noted.

In securing a loan facility of this magnitude, MTN Cote d'Ivoire has defied the strict credit conditions prevalent in the current economic clime. This also shows the commitment by these institutions to support viable African businesses, given the lack of interest from global financial institutions in the developed world.

Deputy General Manager, UBA Cote Dí Ivoire, Liby Guillaume, said UBA Cote d'Ivoire's participation in the transaction demonstrates its capacity to propel change and development in Cote d'Ivoire.

This Day (http://www.thisdayonline.com/nview.php?id=138896)

[Kwame]

Nigeria: Country Realises N56 Billion From Yam Export
21 March 2009

Lagos - The Nigerian Export Promotion Council (NEPC) says Nigeria realised N56 billion from yam export last year.

A General Manager in the NEPC, Mrs Osibo Omowunmi, told News Agency of Nigeria (NAN) in Lagos on Thursday that this was against N37 billion realised in 2007.

She said that the feat was achieved through spirited efforts of the NEPC in sensitising citizens on export of non-oil products.

Omowunmi said that Nigeria was the largest producer of yam in the world while Cote d'Ivoire, Ghana and Benin were second, third and fourth respectively.

She said that the world production of yam was 51.4 million tonnes per year out of which Nigeria accounted for an average of 36.7 million tonnes, Ghana 3.6 million tonnes and Cote d'Ivoire 4.8 million tonnes.

The NEPC official said that export of yam and yam products was being done informally in Nigeria unlike countries like Ghana and Cote d' Ivoire that had dominated the international market.

According to her, Nigeria is just coming up and because it is advantage as the largest producer of yam, it will carve a niche in the market.

She said that export of yam and yam products had great potential because of they were in high demand abroad.

The NEPC manager said that it was worrisome that Nigeria was exporting 25 per cent of its total production, consuming 25 per cent and investing 25 per cent as seeds while 25 per cent was wasted.

"Our goal is to reduce the number of yam tubers wasted and increase productivity to enhance export.

"The council is seeking possible ways to ensure farmers and exporters make more money in spite of the economic meltdown," she said

Omowumi said the council had educated the yam farmers and exporters on procedures for selecting, propagating and processing yam products to meet international standard.

She said that the inability of exporters to meet stringent sanitary standards in European countries was a disadvantage to Nigeria.

"Due to poor quality products, packaging and labeling, Nigeria is not yet in its pride of place in terms of exports when compared to the country's agricultural potentials," she said.

Vanguard (http://www.vanguardngr.com/content/view/31538/42/)

[MBA-Congo]

Zimbabwe Lomagundi refinery to be re-opened

THE Government will soon set aside funds to resuscitate the Lomagundi Copper Refinery to ensure value addition and toll manufacturing for countries in the region including South Africa and the Democratic Republic of Congo.
Since its closure, the country has lost millions of dollars in potential revenue, as it had to resort to exporting copper concentrate, to Zambia.
"The Lomagundi copper refinery will also be resuscitated to ensure maximum beneficiation of locally produced copper which is currently being exported in concentrate form.
"The Refinery will further be utilised as a toll Refinery for copper concentrates from Zambia, the Democratic Republic of Congo, Namibia and South Africa," according to proposals contained in the Short-term Economic Recovery Programme document launched last week.
The refinery is owned by the Zimbabwe Mining Development Corporation.
Efforts to resuscitate Lomagundi have failed over the years.
Exploitation of chrome reserves will receive priority given the huge potential in expanding ferrochrome production in the country.
Zimbabwe has the world's second largest chrome reserves.
"The Inclusive Government will therefore take advantage of the existing beneficiation facilities to refine all important base metals which include chrome, copper, nickel and iron ore," said the STERP document.
Other measures meant to rekindle the mining sector include maintaining a ban on the exportation of all forms of metal scrap to encourage local value addition of base metals.
The contribution of mining to the revival of the economy is limited by the low level of beneficiation and value addition to mineral resources.
Initiatives to increase beneficiation and value addition for all major minerals including gold, platinum, nickel, copper, coal, coke, and other various non-ferrous ores and concentrate would also be undertaken including penalties for the exportation of raw minerals where value addition options are readily available.
The Government has also pledged to make concerted efforts to promote beneficiation and value addition programmes in the precious metals sector.
Presently, virtually all diamonds, emeralds and semi-precious stones are exported in raw form, while a small percentage of gold is manufactured into jewellery.
"This process will take advantage of the existing local gold refinery and mature jewellery industry, which will make it immediately and commercially feasible to add value to our mineral resources," reads the document.
Platinum producers will be urged to enter local tolling arrangements for smelting, converting and base metal refining so that the country fully benefits from its natural resources.

[Kwame]

Angola: Treasury bonds issued in phases

25-03-2009 6:04 A.M.

Luanda - The issuing of treasury bonds, approved this Wednesday by the cabinet council, shall be carried out in a phased manner and shall be subjected to the free adherence of investors, who could take part in this market through the direct profit system available in the National Reserve Bank (BNA).

These bonds shall be issued in Angolan Kwanzas, in order to encourage investors to trust the national currency and enable the creation of a structure of mid and long term interest rates in local currency, with reference to the market, reads the cabinet communiqué.

Speaking to the press at the end of the meeting, the Finance minister, Severim de Morais, stressed the importance of this measure in the framework of the government's plan to reduce the consequences of the international crisis in the national economy.

“It is an important measure contained in the chronogramme of measures approved by the cabinet council. It is a tool of budgetary, monetary and fiscal policy to reduce the effects of the economic and financial crisis”, explained Severim de Morais.

After the issuing short-term bonds in 2007 and 2008, the Finance minister referred that this year the authorisation request was made to treasury bonds, meant to turn the short-term incurred debt into mid-term.

To him, the issuing of these kinds of bonds is a "very important" step for the implementation of fiscal and monetary measures that leave the government at ease regarding the management of the state budget.

The minister of Finance was this Wednesday authorised by the government to resort to the special issuing of treasury bonds, in national currency, up to the limits established in the state budget.

The meeting also approved the contract programme of supply of services for the construction of the Logistics and Distribution Centre of Luanda (CLOD), signed between PRESILD-New Trade Network and the Mercasa/Incatema Consulting Consortium, SARL.

The contracts comprises the implementation of projects of architecture, engineering, construction, supervision and equipping the centre with the specific technical material, respective studies of concession and re-dimensioning, as well as the plan of training.

According to Severim de Morais, the contract, which was signed in 2006 and which only awaits the respective financing, will enable the construction of the biggest distribution and logistics centre in the Sub-Saharan region and "shall be one of the biggest public-private partnerships”.

The first CLOD was inaugurated in December 2008 by the Head of State, José Eduardo dos Santos, in Viana district, 30 kilometres from Luanda city, country's capital.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/Treasury-bonds-issued-phases,b5bba0f5-7878-4c14-8896-5239e155f143.html)

[Kwame]

Angola: Province Submits Portfolio of Projects Exceeding One Billion USD

26-03-2009 17:25

Lubango - The vice-governor of Huila to the economic sphere, Fernando Pontes Pereira, said today (Thursday) that the province has a portfolio of projects exceeding one billion U.S. dollars.

The governor, who spoke at the ceremony of inauguration of an economic enterprise of the group "Admar Damiano", estimated at more than USD 200 thousand, said the province of Huila has grown substantially and its portfolio of projects is "very" high.

"Just to have an idea, today we can say without fear, Huíla to have a portfolio of businesses over a billion U.S. dollars", he stressed.

Pontes Pereira highlighted the important economic works in progress in the province as the rehabilitation of roads, construction of soccer fields, the Polytechnic School of the railways, hospitals and a number of private investments that lead to the conclusion that the portfolio of projects the province is significant.

Progressed to the stage to make these services, you need to open businesses of materials and finishes group Admar Damiano took a major step in this field, providing alternatives to contractors and not only, and would promote more competition to the sector.

The venture "KDG Angola Lda", inaugurated by vice-governor is located in the neighborhood of Tchioco, outskirts of Lubango, employs 14 people and is devoted to the sale of ornamental material, finishing of interior and health, materials and ceramic pipe.

The manager of the project, Ariana Monteiro, said that the company will be able to meet the needs of the local market because the suppliers - European and Asian - provide the necessary quantities.

The venture "KDG Lda Angola" is the eighth and largest of its kind in Huíla, located in an area of four hectares.

AngolaPress (http://www.portalangop.co.ao/motix/pt_pt/noticias/economia/Apresentada-carteira-projectos-superior-USD-biliao,0f4262c4-bb94-419c-a394-589129d9ce63.html)

[Kwame]

Ghana: Bank of Ghana Secures World's Highest Certification
Daniel Nonor

26 March 2009

Accra - The Bank of Ghana (BoG) has secured an ISO/IEC 27001:2005 certification, which is the world's highest accreditation for information protection and security, the bank has said in a statement issued yesterday. It said the independent assessment was carried out by UK-based Lloyds Register Quality Assurance (LRQA), one of the few companies in the world to perform ISO 27001 audits.

ISO 27001 is the only auditable international standard which defines the requirements to ensure that sufficient security controls are instituted within the certified organization. Additionally, maintaining the ISO 27001 Certification requires an annual review and three year re-certification in the continual scrutiny of Bank of Ghana's information security management system in a manner that aims to provide confidence to clients and the public as a whole that the Bank's data is protected on an ongoing basis.

By this certification, the Bank of Ghana has distinguished itself as the first central bank in Africa and joins a small group of central banks including Federal Reserve Bank of New York, Reserve Bank of India, Bank of Indonesia, and Bank of Taiwan that have attained this prestigious status. The IMF and World Bank are among other financial institutions that have such a certification by the International Standards Organization.

The statement further stated that the certificationwas an indication that the Bank has addressed, implemented and controlled the security of the bank's information, and that BoG's management information and systems are secure to ensure the integrity of data sent out as well as data received, significantly limiting security and privacy breaches.

It also establishes that relevant laws and regulations are being met, especially in line with the BoG's mandate of ensuring an effective banking system in the country, and among other things Minimize internal and external risks to business continuity.

The bank also said, managed information security services for the certification project were provided by UK-based AKK Risk Management Consulting Ltd involved in the provision of such services to private as well as government institutions.

The Chronicle (http://db.ghanaian-chronicle.com/thestory.asp?id=11136&title=Bank%20of%20Ghana%20secures%20world%E2%80%99s%20highest%20certification)

[Kwame]

Angola: Coca-Cola invests USD 150 million in Angola
3/26/09 6:07 PM

Luanda - The Coca-Cola Botling, through its northern and southern bureaus, invested Usd 150 million in the construction of two new plants, purchase of bottles and equipment in Angola last year.

The information was released Thursday in Luanda by the director general of Sabmiller/Angola, Samuel Jerónimo.

According to the official who is also the Coca-Cola director in the northern region (Cabinda, Luanda and Benguela) and South (Huíla, Namibe and Kwando Kubango), of the said amount, Usd 100 million were used in the construction of the plants (Luanda and Catumbela), 30 million in the purchase of bottles and 20 in equipment.

Speaking to Angop on the company’s investments over the last few years, the source highlighted that of Catumbela plant, estimated at Usd 22 million, with a refillable bottle filling line, and of Funda (Cacuaco) project, of Usd 75 million worth of soft drinks.

Other investments went to the purchase of bottles (about Usd 25 million) and a fleet of trucks that spent six million dollars in 2008, the source also said.

The official mentioned logistics and personnel as the main constraints facing the company, adding that the ports and airports have proved insufficient to handle the volume of raw material used.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/Coca-Cola-invests-USD-150-million-Angola,7fa55230-7b3c-4da1-9c2b-3572d1d44034.html)

[Kwame]

West Africa: ECOBIZ to Boost Non Oil Exports
Patience Azodo

26 March 2009

Lagos — A tool to facilitate the nation's non-oil export commodities has been launched by the Economic Community of West African States (ECOWAS) at the Manufacturers Association of Nigeria, Lagos. The tool is called Economic Community of Business Information System (ECOBIZ).

Chairman, MAN Export Group, Mr Romeo Berberopoulos, said ECOBIZ has been developed as a tool to promote intra-community trade and business transaction in general in West Africa.

He said that the system's architecture consists of a network of National Correspondents connected to a regional hub managed by the ECOWAS community computer centre, saying that these national corespondents are mostly Chambers of Commerce or national organisations responsible for export promotion, as in the case of Nigeria.

He noted that ECOBIZ is a tool developed for the direct use and benefit of enterprises to facilitate their quest for business opportunities, saying that it's sustainability could therefore be guaranteed only when the real private sector takes its ownership.

Mr Romeo said: "You can now understand why ECOWAS was very enthusiastic in receiving the request from MANEG to be conferred with the status of a focal point, specifically with regards to the position of Lagos in the Nigerian economy.

He noted that the history of the system dated back to 1995, with the technical assistance from the International Trade Centre (ITC) in Geneva, the ECOWAS community computer centre initiated the process of developing software which will facilitate the identification, collation and management of business opportunities in ECOWAS member-states.

The chairman said that the system then was known as SIGOA-TOPS (Trade Opportunities System) as test case. The system was used during ECOWAS Trade Fairs from 1997 to 2001.

He said that this system enables ECOWAS to create a database on business opportunities in West Africa and automatically generate business matching listing based on offers and demands of goods and services by registered companies, adding that to enable MANEG to perform well ECOBIZ focal point, ECOWAS commission is assisting it with equipment such as desktop computers, printers, laptops and a host of others.

Vanguard (http://www.vanguardngr.com/content/view/31985/169/)

[Kwame]

Zambia: State, Three Companies Sign $90 Million Pact
26 March 2009

Ndola - THE Government and three companies have signed a US$90 million Investment Promotion and Protection Agreement (IPPA) aimed at optimising the agriculture and transport sector.

Commerce, Trade and Industry Minister Felix Mutati said yesterday that the investments were a sign of the Governments commitments to diversify from over dependence on the mining

Mr Mutati said during the signing ceremony with J and J Transport, Export Trading Company (ETC) Bio-Energy and Progressive Poultry Limited that the ceremony also symbolised Zambia's investment potential in various sectors.

"The coming of more investments in the country is an indication that we have created an enabling environment for both local and foreign investors. These investments are proving the Government's commitment of prioritising agriculture," Mr Mutati said.

He said that in the last three days the Government had signed more IPPAs intended to cushion the economic challenges and unemployment levels Zambia was faced with.

Mr Mutati signed on behalf of the Government, J and J Transport general manger Karel Mare for his company, ETC Bio-Energy director Mahesh Patel on behalf his company, Progressive Poultry chief operating officer, Roedolf Steenkamp for the Poultry Company and Zambia Development Agency (ZDA) board chairperson Luke Mbewe for the agency.

J and J Transport is expected to set up a $16.5 million trucking transport fleet to operate a full-fledged modern and efficient transport, ETC Bio-Energy would develop a $56 million new farm land and develop a bio-diesel plant and Progressive Poultry are expected to set up a $18.6 million broiler farm and hatchery for the supply of day old broiler chicks.

He said Finance and National Planning Minister Situmbeko Musokotwane during his Budget presentation said that the Government would diversify from mining to agriculture and the investments were part of that diversification.

Mr Mare said his company would invest US$16, 450, 000 fleet of trucks and satellite.

Times of Zambia (http://www.times.co.zm/news/viewnews.cgi?category=6&id=1238045554)

[Kwame]

Angola: Multinational Philips wants to operate in Angola
3/26/09 4:39 PM

Luanda - The multinational Philips, world leader in manufacturing electronic products intends to invest in Angola, setting a strategic agreement with the government and local enterprises said on Wednesday here, the company’s market manager, Jan Hoogstrta.

According to Jan Hoogstrta, speaking in a press conference in a business exhibition held in the Angolan capital city, Luanda, the Philips sees Angolan market with a good expectation and confidence considering that Angola grant stability and business increment in the Sub-Saharan Africa.

Without revealing the amount to be spent on the business, nor the jobs it may create in the country, Jan Hoogstrta said that facilities of investment as well as the legislation betterment are the guarantees and facts of importance to businessmen.

“We did not define our amount to invest nor the number of jobs to create but we have a big confidence in the market,’’ referred the market manager of Philips adding that the European company wants to cooperate in public illumination and giving other solutions to products of its branch of activities.

With a profit of 27 billions of euros in 2007, Philips has all over the world 134, 000 employees in 60 countries.

The company leads the equipment market of medicine diagnosis by image and monitor of patients, personal and house hygienic products as well as electronic products.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/Multinational-Philips-wants-operate-Angola,c3a5ed44-b74d-4d2d-ae25-5545068e1b51.html)

[Kwame]

Angola: USA Wishes to Establish Accord to Ease Investments
3/25/09 4:43 PM

Luanda - The United States of America (USA) wishes to sign a bilateral agreement with Angola intended to facilitate investments in the country.

This was said Wednesday in Luanda by the US ambassador to Angola, Dan Mozena.

At the end of an audience with the speaker of the National Assembly (Angolan Parliament), Fernando da Piedade Dias dos Santos, the US diplomat considered the relations between both countries as good and strong.

Dan Mozena said that USA wishes to strengthen cooperation with Angola, especially concerning the diversification of investments in the national economy.

The diplomat informed that with Fernando da Piedade he discussed the parliament's role in building a very strong democracy, the possibility of exchanging visits between the National Assembly and the US Congress, as well as strengtening of existing bilateral relations.

Regarding the democratic process in Angola, the ambassador said it is becoming reinforced, having expressed optimism about its progress in the future.


He recognised the country's as an emerging democracy that is being strengthened adding that the 2008 legislative elections went in a good atmosphere and that he hopes the next will be better.

Dan Mozena was expressing his country's evaluation of the Angolan democratic process.

After receiving the American diplomat, Fernando da Piedade Dias dos Santos met with the executive secretary of the Gulf of Guinea Commission, the Sao Tomean Miguel Trovoada, from whom he received courtesy greetings.

The organisational level of the commission, its challenges and Angola's opinion about the future topped the conversation that lasted for about a half an hour.

Miguel Trovoada pointed out the instability in the Gulf of Guinea region as a problem that is worrying the organisation greatly.

Meanwhile, he said he believes in a plan to be put in place by the heads of State to grant more security to the region.

Also on Wednesday, the speaker of the National Assembly received the recently accredited ambassador of the Kingdom of Morocco to Angola, Mostafa Bouh, who also presented courtesy greetings.

Mostafa said that Angola and Morocco have historic ties that need to be further reinforced.

"There is a consensus that these relations can be further consolidated in the future", said the Moroccan diplomat, who took office on 19 February 2009.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/politica/USA-wishes-establish-accord-ease-investments,97f8f5c9-4692-4311-9984-a7a941534cca.html)

[Kwame]

Rwanda: A-Link Technologies to Assemble Laptops, Radios
Eddie Mukaaya

26 March 2009

Kigali — A-Link Technologies, a Chinese firm will soon assemble laptops and radios in Rwanda with an initial investment worth $0.5 million (Rwf283.7 million).

This will consolidate Rwanda's stance as an Information Technology hub in the region whereas the firm increases its product line. Currently, it assembles mobile phones, making Rwanda the first country in the East African region to host such a plant.

According to Edward Yin, the President of A-Link Technologies, the two projects (laptop and radio) will be on the market by end of July this year.

"The laptops are expected by the end of next month, whereas the radio project is expected later on," he explained.

Adding, "Our partners in China are currently developing the laptop chips.Once ready and shipped into the country, alongside other parts, the laptops will be assembled and sold on the local market."

Management predicted that a laptop, which will be christened 'A-Link' like other products assembled, will cost about $400 (Rwf 226,960). This is $216 (Rwf113,480) less than the current price.

Currently, a laptop on the local in the likes of HP, Acer or Dell costs Rwf350,000 ($616).

Yin stressed that the projected price for the A-Link laptops may drop depending on the market, though the investment decision was attracted by their high prices.

Initially, A-Link had planned to venture into assembling television sets and radio after starting its operations with mobile phones last year.

However the Minister in the President's Office in charge of ICT, Romain Murenzi was not aware of the developments when contacted. He promised to make an official comment after meeting with the Chinese investors soon.

Mobile phone assembling was the first project by A-Link with an investment of $0.5 million (Rwf283.7 million). It was after government started laying of fibre optic cables for wireless broadband in Kigali and the suburbs, a new technology intended to increase coverage of high speed wireless internet.

Since then, it has produced about 6,000 handsets, with an average output of 200 phones per day.

With already 30 Rwandans employed to assemble phones, the two projects (laptop and television) are expected to also employ more 30 citizens.

A-Link is an affiliate to China link Digital and Technology Company Limited, also a Chinese based electronics company.

After Rwanda, the company is targeting the East African Community and the Common Market for Eastern and Southern Africa (COMESA) region.

The New Times (http://www.newtimes.co.rw/print.php?issue=13846&print&article=14495)

[Kwame]

Angola: President Dos Santos meets head of Brazilian multinational Odebrecht
3/25/09 6:14 PM

Luanda – The Brazilian multinational firm Odebrecht will invest this year in the country from USD 800 million to USD one billion in the most diversified areas, according to its head, Emílio Odebrecht, at the end of a meeting with the Angolan president, José Eduardo dos Santos.

Speaking to journalists, Emílio Odebrecht, said that it was as always an occasion to ‘’render accounts to the president on what he trusted us, not only in service delivery, but also on the Brazilian investments in Angola".

They have also analysed future areas of cooperation and afterwards the priorities of the Angolan government, as well as what was done in the past.

Concerning the priorities, Emílio Odebrecht said that they are focused, just like in the entire world, on the creation of new jobs.

"Today, we have about 27,000 Angolans working for Odebrecht, it is really a great challenge, and I think that all the problems that emerge have been overcome within our commitment with Angola and with its Government", he referred.

Last year, the company invested heavily in the sectors of civil construction, agriculture, real estate, industry, among other areas and in accordance with the "government priorities and new investments that we are studying they will also be achieved yet this year", he said.

AngolaPress

[Kwame]

Ghana: Ecobank announces 50 per cent growth in profit
March 27, 2009

Accra, GNA - Ecobank Ghana Limited, one of the leading banking institutions in the country, on Thursday said it recorded a 50 per cent growth in its profit after tax during the year 2008.

Speaking at the bank's Annual General Meeting (AGM) in Accra on Thursday, Mr Tei Mensa Mante, Chairman of the Board of Directors, said profits jumped from GH¢22.3 million cedis in 2007 to GH¢33.6 million in 2008.

According to Mr Mante the Bank grew their income streams with strong performance in their net trading income pointing out that the net interest was also up by 29 per cent from GH¢35.7 million to GH¢46.1 million cedis attributing that to quality assets investments made by the bank.

The Board Chairman said the bank's operating cost also increased by 73 per cent following an expansion drive in respect of opening of new branches and other delivery channels undertaken during the year.

On the shareholders' return, Mr Mante said because the bank recorded an impressive performance, a dividend payment of GH¢0.16 per share for a total dividend payment of GH¢26.5 million cedis.

"This will represent a payment ratio of 90 per Profit After Tax transfer to regulatory and statutory reserves."

According to Mr Mante, the Bank's deposit mobilisation yielded positive results with deposits growing by 56 per cent from GH¢438 million cedis to GH¢683 million cedis adding "the growth in deposits shows the confidence of the banking public in our bank".

He told shareholders of amendments of regulations made by Council of the Exchange with effect from January, this year.

He said as part of the regulation, all new or additional security being listed should be electronic securities that had been admitted into the Ghana Stock Exchange Security Depository.

"The amendment of the regulations on the listed companies in compliance of the Exchange's request will enhance the rate at which securities are placed in the depository, make for more efficient and less cumbersome keeping of shareholders' records and ultimately improve liquidity in the capital market."

Mr Mante therefore encouraged all shareholders to contact a stockbroker with their share certificates and have those share certificates placed in the Ghana Stock Exchange.

He further pledged the bank's commitment to always maximize the returns on shareholders' investments.

Mr Samuel Ashitey Adjei, Managing Director, Ecobank Ghana Limited, said the bank's prospect for growth in the Ghanaian economy remained high although the global financial crisis could scale down the growth rates.

Mr Adjei told the shareholders that the bank had expanded its branch network from 32 in 2007 to 44 in 2008 adding that they were sited at strategic locations in order to promote the bank's growth.

Mr Adjei announced that the bank has also established a Venture Capital subsidiary known as Ecobank Venture Capital Financing Company.

According to him the company had received the needed regulatory approval to commence business adding, it would begins its operation during the first half of the year.

At the end of the AGM, shareholders in their resolutions approved the payment of dividend of 0.16 per share.

They further authorized directors of the bank as part of the increase of the Stated Capital of the company to GH¢100 million cedis.

Shareholders also approved on the transfer of GH¢4.1 million cedis from the bank's Income Surplus to states Capital and issued proportionate terms in favour of shareholders on the Register of the Company as of March 19, this year with GH¢40,306,250 bonus shares be credited as paid for.

Ghana News Agency (http://www.ghananewsagency.org/s_economics/r_5451/)

[Kwame]

Tunisia: Country to Export Green Energy to Europe
27 March 2009

Tunis — Private operators will soon be able to export 200 MW of green energy to Europe through the underwater electric connexion set up between Tunisia and Italy, within the ELMED project.

The project with a total capacity of 1000 MW will help Italy ensure its energetic security, as well as integrating Tunisia within the European electrical connection network, said Mr Corrado Clini, a senior official at the Italian Ministry of the environment, land planning and the sea, during a round table organized in Tunis by the Mediterranean Centre of Renewable Energies (MEDREC). New European legislation encourages the import of green energy into Europe, he said.

On his part, the Tunisian Minister of Industry, Energy and Small and Medium Enterprises, Mr Afif Chelbi said that the Tunisian Italian partnership in terms of reducing energy consumption, has led to a ten fold increase of solar panels in the country, from 8000 to 80,000 square meters between 2004 and 2008.

He also said that Tunisia aimed at reducing its overall consumption of primary energy by some 20% by 2011, noting that the country had changed its legislative framework to encourage electrical production through renewable energies and through cogeneration.

All Africa (http://allafrica.com/stories/200903270836.html)

[Kwame]

Angola: Nigeria Intends to Cooperate With Country in Air Transport And Banking
27 March 2009

Luanda — Nigeria intends to cooperate with Angola in the air transport and banking sectors with a view to reinforcing the economy of both states.

This was said to the press by the Nigerian ambassador, Clement Layiwola, at the end of an audience granted by the Angolan Prime Minister, António Paulo Kassoma, which was held in Luanda.

During the meeting, it was discussed the creation of a joint commission between the two countries which will prioritise the establishment of direct flight between Luanda and Lagos, the diplomat said.

The ambassador said currently to travel from Angola to Nigeria and vice versa, it takes two days, but if there was a direct flight the trip would only last three hours and thirty minutes.

The air connection will reduce the passengers' expenses and also increase the direct exchanges between the entrepreneurs of the two countries, Clement Layiwola said.

The ambassador considered that the political relations between both states are good, and it is expected the extension of the cooperation to the banking sector in order to boost the economic relations and avoid the financial transfers through other countries.

The Nigerian official spoke about the strategic importance of Angola in the stability of the central and southern Africa regions.

He defended the need for Angola to be united with South Africa and Nigeria to help the continent grow and fight poverty and other negative factors that affect Africa.

The Nigerian ambassador congratulated the Angolan government on the success achieved during the visit of the Angolan Head of State to Germany and Portugal and the visit of Pope Benedict XVI to Angola, which happened in February and March, respectively.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/politica/Nigeria-intends-cooperate-with-Angola-air-transport-and-banking,ca769177-09bb-435e-a530-8ba30200d77d.html)

[Kwame]

Zimbabwe: Tourism Gets Govt Lifeline
Isdore Guvamombe

27 March 2009

Harare — GOVERNMENT is working on an emergency tourism revival fund whose matrix will be discussed in Cabinet next week as Japan yesterday lifted its travel warning on Zimbabwe.

Government threw its weight behind a resolution by the inaugural National Tourism Stakeholders' Conference to urgently develop a national tourism brand driven by unity of purpose and immediately ordered the reconstitution of the Taskforce on Tourism and Communication.

The closure of the conference coincided with Japan's decision to lift its travel warning for its citizens wishing to visit Victoria Falls and saying it was considering extending its aid beyond humanitarian needs.

This followed recommendations made by the country's Ambassador to Zimbabwe, Mr Koichi Morita.

Tourism and Hospitality Industry Minister Walter Mzembi, who hosted the conference through the Zimbabwe Tourism Authority, said he had already started working on an emergency tourism funding package.

"I have already started working on an emergency finance package that should be available soon.

"Mozambique has already raised about US$5 billion, but I think we are starting with an initial US$500 million as we look for more money. We cannot be like Mozambique but we will start somewhere.

"Only last week, I sent ZTA chief executive Karikoga Kaseke to South Africa for meetings to raise funding and the results are positive," Minister Mzembi said.

As a sign of urgency, the taskforce was instructed to meet today and start driving the national tourism agenda ahead of the 2010 World Cup soccer finals.

In closing remarks, read on his behalf by the Minister of State in the Prime Minister's Office, Gordon Moyo, Prime Minister Tsvangirai assured the tourism industry that his office treated the conference with great importance and guaranteed total support in the implementation of the resolutions.

"Let me assure you that your resolutions will receive the serious attention they deserve and

that the Office of the Prime Minister will play its role in ensuring that they are implemented.

"I assure you that the inclusive Government will do everything necessary to mobilise resources needed for the implementation of your resolutions by the Ministry of Tourism and Hospitality Industry and indeed all other sector ministries," he said.

PM Tsvangirai urged the international community to give the inclusive Government a chance to turn around the economy through sectors like tourism.

"I therefore, appeal to the international community to give the inclusive Government the support it needs in its economic revival efforts and acknowledge where we make progress on the implementation of the Global Political Agreement and to match this progress accordingly," he said.

Speaking after meeting Vice President Joseph Msika at his Munhumutapa offices in Harare yesterday, Mr Morita said most of the places he visited across Zimbabwe were safe.

"I have visited some parts of the country, including Victoria Falls, and I have found them very safe and secure.

"I have also recommended to my government that they remove travel warnings to our citizens and so far the government has eased the travel warnings to Victoria Falls," he said.

Mr Morita last week said he had recommended the lifting of travel warnings to Zimbabwe and described the latest development as encouraging.

He said his country was also looking at increasing aid beyond humanitarian requirements.

"Although we do not have a specific period, we hope that some developmental aid would be given to the Government," he said.

Mr Morita said his country was also looking at resuscitating and rehabilitating some projects that had been affected by the prevailing economic crunch.

His government, he said, welcomes the inclusive Government and hoped the new dispensation would usher in economic stability.

"We need to look forward and my government hopes the political parties would work hard together in bringing economic stability to the country," he said.

The two-day tourism conference came up with a cocktail of resolutions, among them the establishment of the Zimbabwe International Marketing Council and the revamping of the country's information technology system in line with modern technology.

There was also a resolution to have banks immediately start working on the use of plastic money to make life easy for tourists, especially those expected to throng the country ahead of the 2010 soccer extravaganza.

The Herald (http://allafrica.com/stories/200903270030.html)

[Kwame]

Angola: First Angola Business Park launched in Lunda Norte

Luanda, Angola, 26 March – The Drago Group has announced the launch on 4 April of the first logistics station integrated in Angola Business Park, a project which includes construction of production centres in all provinces, at an overall investment of some US$700 million.

This Project of the Drago group, which has its headquarters in Luanda, aims to encourage economic and industrial development of the country’s 18 provinces, via the creation of production facilities that attract investors and which support economic activity.

The logistics hubs will be provided with all necessary facilities for development of an industrial city, ranging from factories to hotels, supermarkets, warehouses, offices, container parks, truck stations, heliport, fuel stations and apartments, amongst other support services.

“We are going to offer everything that an investor needs to do business in the provinces,” said Gentil Viana, who is responsible for the Drago group’s Project, which has secured funding from Angolan banks, such as Banco de Desenvolvimento de Angola.

The first park will be called Lunda Norte Business Park and built in the city of Dundo over the next two years. The budget outlined is of US$37 million, the same cost as estimated for the remaining centres, which may vary based on the characteristics of each of the provinces.

Luanda and Huambo are the next provinces to receive a centre.

In the capital, Menha Business Park will be built in an area of 131 hectares, in Kifangondo commune, Cacuaco municipality, and will have a strategic role as it could serve as a platform to distribute production from other centres.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7118)

[Kwame]

Nigeria: $5 Billion Bauchi Refinery Takes Off April
Blessing Uduehi

27 March 2009

Abuja — The Bauchi State governor, Malam Isa Yuguda, has allocated a parcel of land along the Bauchi-Jos road for the immediate take-off of a refinery estimated to cost over $5 billion (about N725 billion).

The leader of the German delegation and chairman of Shark Petroleum International, Professor Daniel Jiang, told reporters that the company is determined to assist the Yuguda administration in service delivery that includes construction and equipping of a standard general hospital, construction of standard schools and award of scholarship to deserving students. Other areas are: creation of job opportunities and transfer of technology to indigenes of the state.

Professor Jiang revealed that the Bauchi refinery, when completed, would have the capacity to refine 100,000 barrels of crude oil per day. It would be Shark Petroleum's contribution towards a sustainable economy in Nigeria and cheap petroleum products to consumers, he said. Bauchi State commissioner of information, Muhammed Ahmed Abdullahi, stated that the refinery is one of the projects initiated by the Yuguda administration to improve the economy of the state as well as create job opportunities particularly for the teeming youths.

"The refinery, when operational, will offer job opportunities to the people as well as improve the economy to an appreciable level," said the commissioner. "It is the desire of the Yuguda administration to liaise with the company for further research in the Benue for a possibility of oil exploration in the state." He said the Yuguda administration has already extended its hand of cooperation and assistance to Shark Petroleum for the successful take-off of the gigantic project.

"Land has been provided for the project. Governor Yuguda is pursuing the aspect of licence from the appropriate official quarters as well as the requirements submitted by the company for the viability of the project within the shortest time, Abdullahi state."Apart from the refinery, the Yuguda administration is intensifying efforts for the actualisation of the multi-million dollar Kafin Zaki dam and, to back the projects, the administration is to construct two gigantic hydro-electric power plants capable of generating 160 megawatts from River Dindima and Waya Dam in Alkaleri and Ganjuwa local governments in the state respectively."

Speaking on the viability of the refinery, the district head of Giade in Bauchi State, Alhaji Muhammed Sabo Abdulkadir, commended Yuguda for wooing such a huge investment to the state which, he said, is the first of its kind in Nigeria and described Yuguda as "a silent achiever who believes in action rather than loud noise on the pages of newspapers and the electronic media".

"The investment is one of the fallouts of the numerous foreign trips of Governor Yuguda and has clearly debunked all allegations levelled against the governor by armchair critics," the district head noted.

Leadership (http://www.leadershipnigeria.com/news/149/ARTICLE/8416/2009-03-27.html)

[Kwame]

Mozambique: China second largest investor in 2008 after South Africa
Maputo, Mozambique, 27 March – China became the second biggest foreign investor in Mozambique in 2008 after ranking sixth in 2007, the project director for the Centre for Investment Promotion (CPI) told Macauhub in Maputo.

Nuno Maposse also said that the most recent figures pointed to China having invested US$76.8 million in 2008, exceeded only by South Africa, whose companies invested US$136 million in Mozambique that year.

For the second year running China is one of the top ten investors in Mozambique and Maposse said that he believed that, in future, China could even reach the top spot if current Chinese interest in investment projects is maintained.

In the last few weeks the Mozambican capital has played host to two seminars for Mozambican, Mainland Chinese and Macau businesspeople, with Chinese businesspeople seeking new business opportunities in partnership with Mozambicans.

The first delegation submitted investment proposals to the Mozambican authorities, the amounts of which were not made public.

China has been involved in many projects in Mozambique, including providing teh country with a loan to modernise and expand Maputo international airport, at a total investment of US$75 million.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7126)

[Kwame]

Angola: China provides loan of US$4.5 billion as part of Framework Agreement with Angola
Luanda, Angola, 27 March – China has provided Angola with a loan of US$4.5 billion to support the national reconstruction process as part of the Framework Agreement with Angola, the Chinese ambassador to Angola, Zhang Bolun said Thursday in Luanda.

This amount was provided for restoration and repair of electricity grids, schools, hospitals, roads, railways and other projects, with the ambassador noting that the process was currently being extended to areas such as airport construction, telecommunications and building social housing.

Speaking to Angolan news agency Angop, Zhang Bolun said that around 50 large Chinese companies were set up and working in Angola, but noted that if smaller companies were added that total would rise to over 100.

The ambassador also said that over 50,000 Chinese citizens currently worked in Angola, on some of the most important national reconstruction projects.

Zhang Bolun also told Angop that in 2008 Angola was China’s biggest trading partner in Africa, with bilateral trade of some US$25 billion.

In that year, the balance of trade favoured Angola, as China imported large amounts of oil (31 million tonnes), whilst Angola imported machinery, construction materials and articles for daily use.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7127)

[Kwame]

Rwanda: Government Woos Indian Investors
Eddie Mukaaya

27 March 2009

Kigali — The government through the Rwanda Development Board (RDB) has wooed Indian investors to venture into different sectors of the country. This was during an official meeting between the business community of Rwanda and India that took place yesterday at Mille Collin Hotel.

In her opening remarks, the Minister of Trade and Industry, Monique Nsanzabaganwa said that the improved opportunities in Rwanda make it possible for investors to make profits but also contribute to the growth and development of the country.

"We have easy access to a consumer market of over 360 million people in East, Central and Southern Africa under the regional economic bloc" she explained.

Nsanzabaganwa also added that the country has readily available and affordable labour force with a bilingual policy which makes the country and the business community a major link to the world.

"To sustain this growth in quest for prosperity, we need friends like you whom we can work in partnership to explore the various investment opportunities untapped in Rwanda or even in India," she observed.

With the private sector as the engine behind the steadily growing Rwandan economy, Nsanzabaganwa disclosed that government still remains keen on hearing from investors with views to continue strengthen the operating investment environment.

Joe Ritchie, the Chief Executive Officer of RDB also expressed the country's will to investors in order to realise further economic development.

"Government laid a firm foundation for you (investors) to build on," he said.

The Indian Ambassador to Rwanda based in Uganda, Ninaj Srivastara also echoed government's call for investors. He said that Rwanda is a conducive and steady business country due to the good will of its government.

Srivastara observed that there are incentives and policies in place that promote investment.

"The country's economic growth of 11 percent last year expresses government's commitment towards development, where Foreign Direct Investment (FDI) is key," he continued.

Srivastara added that India's strengthen in ICT can bolster Rwanda's efforts to become a regional ICT hub.

The 20 delegates under the Federation of Indian Chambers of Commerce and Industry (FICCI) will sign a Memorandum of Understanding (MoU) with the Rwanda Private Sector Federation (PSF) and the East African Business Council (EABC) to strengthen their partnership.

They will also meet President Paul Kagame during their three day visit. The meeting comes as a result of the recent visit of President Paul Kagame to India accompanied by the Rwandan business delegation for the India-Africa Business Partnership Summit held early this year.

The summit generated interests in the Indian industry for Rwanda as a business delegation.

The New Times (http://newtimes.co.rw/index.php?issue=13847&article=14531)

[Kwame]

Mozambique: Trade with US totals US$229 million in 2008
Maputo, Mozambique, 27 March – Trade between Mozambique and the United States totalled US$229 million in 2008, a figure that represents double the volume reached in 2007, the US embassy in Mozambique said Thursday in Maputo.

A statement issued on the occasion of this week’s visit by the Mozambican Minister for Industry and Trade, António Fernando, to the United States, said that US exports to Mozambique rose 86 percent in 2008, to US$213 million.

In their turn Mozambican exports to the United States reached US$16.8 million in 2008, or 214 percent more than in 2007.

Mozambique sold titanium, cashew nuts and precious stones to the United States benefitting from customs tax exemption under the terms of the African Growth and Opportunity Act (AGOA), approved by the US administration in favour of some poor countries.

“Mozambique is just one of 14 Sub-Saharan African countries with which the United States has a Framework Agreement for Trade and Investment,” the statement said.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7132)

[Kwame]

Zimbabwe: ZPI Forecasts Growth in Property Sector
Nqobile Bhebhe

26 March 2009

Harare - THE property sector has over the past five years experienced a severe strain to maintain value of property portfolios amidst serious shortages of foreign currency to replace and service equipment.

ZimRe Property Investments (ZPI) however believes in a hyperinflationary environment, their business revolves around their asset column as opposed to income column. For the group, "profit is made when you buy and not when you sell".

Announcing their financial result for the year ending December 31 2008, ZPI this week said it foresees real growth in the sector that had been on a downward spiral over the years.

"With the all inclusive government finally in place -- a national budget dollarised but balanced, a monetary policy regime that essentially liberalised exchange control with dividend and profits remittance decontrolled -- we see brighter prospects for real growth of the business," said ZPI chairman Buzwani Mothobi said.

Mothobi said the property market will experience a time lag before it responds to real growth.

"For possibly the next six months, activity on the property market will remain slow as the market adjusts to the dollarisation and attempts to align with regional markets, depending on political and economic development in the country," said Mothobi.

Due to the absence of inflation figures, the group announced their results in historical terms, which in a hyperinflationary environment does not give a clear picture of the company's performance.

The figures are "meaningless" as they are also reported in local currency. The group does not compare the December 31 2008 figures with the previous period as they were reduced to nil after the Reserve Bank revalued the currency removing 13 zeros.

ZPI said the company experienced one of its worst operating periods during last year.

Their operating environment was marked by rapidly rising inflation which necessitated currency reforms in August, spiralling business and service costs, a crunching cash crisis for the greater part of the year, excessive regulation of prices and a distributing market-wide flight of both skilled and unskilled manpower.

"Coupled with this was the rapid decay in business ethics and what amounted to extortionist and predatory pricing structures for both goods and services across the economy," Mothobi said.

ZPI said whilst costs escalated, particularly during the second half of the year when they tracked the US dollar on the parallel market exchange rates, rental income remained subdued in Zimbabwe dollars.

As a result, rentals continued to be sub-economic and trailed far behind comparatives.

The group said an eight year ambitions project blueprint for large scale commercial, industrial and residential developments which was in line with future outlook of the sector had been put in place.

A total of 136 low density residential stands in Parklands, Bulawayo were completed last year at an estimated cost of US$1,5 million.

The US$30 million Pabasa Industrial Park in Bluffhill, Harare, is said to be at an advanced stage on a 3,2 hectare to accommodate 36 factory shells.

The Rhodene residential development in Masvingo is said to be in progress and comprise of 300 low-density stands.

"To date all roads, water and sewer designs are complete and were approved by the City of Masvingo. An Environmental Impact Assessment commenced in early 2009 to complete the preliminary works for the project, essentially launching the project to take off," ZimRe said.

Zimbabwe Independent (http://www.thezimbabweindependent.com/index.php/business/22269-zpi-forecasts-growth-in-property-sector)

[Kwame]

Mozambique: Vale begins coal mining at Moatize
Maputo, Mozambique, 27 March – Brazilian mining company Vale Friday launched an investment of US$1.3 billion in Mozambique with the laying of the first stone of the Moatize coal mining project.

The event represents the end of a process that begin with signing a prospecting and survey agreement in 2004 between the Mining Resources Ministry and Companhia Vale Moçambique, which was later followed by signing a mining contract, as well as a concession for the Moatize coal mining project, in November 2006.

Actual coal mining is expected to begin in 2011, with initial production of 11 million tonnes.

The ceremony will be attended by Mozambican president, Armando Guebuza, and other members of the government, top Vale executives and diplomatic representatives.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7133)

[Matthias Offodile]

Angola: First Angola Business Park launched in Lunda Norte

That´s good to hear!:cheers:

[Matthias Offodile]

Gabon : PromoGabon défriche la création d’entreprise




Publié le 30-03-2009


http://gaboneco.com/Pics/Actualite/1238366505-Promogabon.jpg

L’organisme de promotion des Petites et moyennes entreprises et industries, PromoGabon, a récemment organisé à Libreville un séminaire de formation aux stratégies managériales pour les promoteurs d’entreprises. Cette formation doit permettre aux promoteurs de mieux accompagner les entrepreneurs dans leurs démarches de création et de développement d’entreprises, notamment à travers l’appui à l’acquisition d’équipements semi industriels et d’outils de gestion.



Le joug de la crise économique contraint les promoteurs locaux à mettre en place des stratégies incitatives pour encourager la création d’entreprises et lutter contre les retombées socio-économiques de la récession économique mondiale.

L’agence gabonaise de promotion des Petites et moyennes entreprises et industries (PME/PMI), PromoGabon, a récemment organisé à Libreville un séminaire de formation des promoteurs gabonais aux stratégies managériales.

Cette formation de deux jours devait permettre aux promoteurs gabonais d’obtenir les outils stratégiques nécessaires à la validation d’une idée entrepreneuriale, ou la mise en forme d'un projet d’entreprise.

«L'objectif de ce séminaire c'est de pouvoir mobiliser les ressources humaines, les potentiels promoteurs dans le cadre de la mise en place d'un mécanisme d'accompagnement à la création des entreprises par l'obtention des machines semi industrielles, comme des machines à fabriquer du savon, du papier hygiénique, écraser du manioc», a expliqué le directeur général du DIPC, Pierre Difouca.

«Notre objectif est de pouvoir encadrer les PME en partenariat avec le ministère des PME et Promo Gabon, et rendre leurs projets effectifs par un système d'accompagnement au financement», a-t-il poursuivi.

«La mission principale de DIPC et développement, c'est de pouvoir contribuer au développement économique et social, notamment par la création des entreprises et la création d’emplois. Notre objectif c'est de pouvoir assister les entreprises en leur permettant d'avoir les outils nécessaires, notamment le matériel semi industriel pour la transformation des produits et pour le développement des structures économiques», a conclu Pierre Difouca.

Les modules de formation mises en place par PromoGabon devaient permettre aux promoteurs locaux de «mieux maîtriser les outils de travail utilisés quotidiennement, et pas encore optimisés dans le cadre de vos activités professionnelles», a expliqué le directeur général de PromGabon, Yves-Marie Biyogho.

En ces temps où les entrepreneurs sont frileux sous le ciel gris de la conjoncture économique mondiale, l’assistance et l’accompagnement des jeunes entreprises se dessine comme un des moyens privilégiés pour lutter contre la pauvreté, créer de l’emploi et diversifier l’économie nationale.

[Kwame]

Africa: Investors Eyeing South-South Trade to Help End Crisis
Stephanie Nieuwoudt

30 March 2009

Cape Town — Despite the challenges that the global economic crisis poses to Africa and other developing regions in the southern hemisphere, South-South trade still offers huge opportunities as there is room for growth beyond the current levels.

According to Jean-Louis Ekra, president of the African Export-Import Bank (Afreximbank) - a multilateral organisation that finances and promotes trade with African countries - the potential benefit from South-South trade may offer the same financial gains as trade with richer, Northern countries.

With the downscaling of North-South investments, Southern countries will do well to forge intra-regional links to optimise potential and opportunities, he said. Ekra was speaking at the third Annual Africa Trade and Investment Conference in Cape Town, South Africa. It ended on Friday Mar 27.

However, while a feeling of optimism reigned at the conference, which was attended by bankers and investors, there were also voices urging constraint because of the negative impacts the global financial crisis have already had on Africa.

Sketching a positive picture, Ekra said that South-South merchandise trade has grown significantly in the past 20 years, albeit from a very low base. South-South trade represents six percent of world trade, a 100 percent increase from 1985 levels.

South-South merchandise trade grew at an average rate of 12.5 percent per year over a 24 year period - a figure that compares well to the North-North growth rate of seven percent and 9.8 percent for North-South trade.

African trade with the BRICs (Brazil, Russia, India and China), especially India and China, has been robust with a rise of 1,170 percent between 1985 and 2007. In 2007, trade between these countries amounted to 256.25 billion dollars and represented 32.7 percent of Africa's total trade.

Intra-African trade has grown at a slower pace - from seven percent in 1985 to about 10 percent in 2008. These figures lag behind eastern and south-eastern Asian countries where intraregional trade equals more than 40 percent of total trade.

Until recently South-South trade was dominated by commodities. It was widely accepted that this stymied growth as countries were trading very similar products.

South-South trade got a tremendous boost with the industrialisation of China and India. These countries became large-scale manufacturers, dominating the export market to a large extent. According to Ekra, South-South trade was further boosted through multilateral trade negotiations which eventually led to the establishment of the World Trade Organisation, the internet revolution and sweeping economic reforms in many countries.

The current economic crisis has led to a strong demand for investment stocks outside of the U.S.. In Egypt, Ghana, Kenya, Nigeria and South Africa some of the highest global stock returns were posted between 2003 and 2007. Investors were quick to tap into this market.

Yet, despite strong growth in gross domestic product (GDP) these past five years and political stability in many African and other developing countries, these countries have not remained unscathed by the current economic crisis.

The value of stocks in Africa has declined since the beginning of 2009 - with Nigeria being the worst affected. The World Bank's estimates indicate that exports of Asian countries will fall by more that 40 percent this year when compared to 2007/08 levels.

Ekra added that some African countries, especially those producing fuels and solid minerals, will probably experience export declines of more than 50 percent.

"The World Bank estimates that the expected decline in global trade will be 90 percent attributable to demand and 10 percent to lack of trade finance. There is therefore a strong argument for boosting domestic demand across the world," Ekra stated.

He added that Afreximbank, as a trade facilitator, has placed emphasis on pursuing pan-African initiatives that "make sense as a self-reliance strategy".

This means that African financial institutions should share information and work together on intra-regional projects. Co-operation has already led to the creation of the African Bankers' Association; the development of an African correspondent banking and letter of credit confirmation scheme (Africorrbanking); and an annual trade finance seminar.

Afreximbank is also working with the BRICs countries because "greater interaction with the BRICs provides an opportunity for the transfer of cutting-edge technical and managerial competencies as well as market access capabilities for African traders".

Konrad Reuss, managing director of Standard & Poor's, a financial institution providing credit ratings, indices, investment research and data, told the conference that projected GDP growth for many African countries is around 3.8 percent - down from an average of between five percent and six percent over the last five years.

"This is still positive growth. However, with the projected increase in population, the per capita expenditure will also increase which to a large degree could negate the growth. In these stormy seas, we will soon see where the good African skippers are."

Avril Stassen, investment advisor at the Africa Agribusiness Investment Fund (Agri-Vie), a private investment fund focusing on agribusiness in sub-Saharan Africa, argued that the contraction in commodity prices will moderate growth on the continent.

But there is still strong growth in infrastructure investments - railroads, roads, dams as well as agribusiness - in Africa. "In fact, it seems as if investors are even keener to invest on the continent than last year. Foreign direct investment inflows in 2008 increased by 17 percent, from 2007 levels, to 62 billion dollars," Stassen told delegates.

This is despite risks posed by potential political instability, exchange rate volatility, lack of infrastructure and a thin layer of managerial capacity in many countries.

Stassen explained that Agri-Vie bases its optimism about Arica on four pillars: Africa is resource-rich; there is continuous capital inflow; urbanisation is taking place at a rapid pace; and many countries have instilled measures to ensure improvements on the national and corporate governance levels.

Inter Press Service (http://allafrica.com/stories/200903300556.html)

[Kwame]

Zimbabwe: SADC Supports U.S.$8 Billion Plan to Revive Country's Economy
Tichaona Sibanda

30 March 2009

London -- Southern African leaders meeting in Swaziland on Monday agreed to support a US$8 billion plan to help Zimbabwe recover from a decade-long recession, but not using their money.

South African Foreign Minister Nkosazana Dlamini-Zuma told journalists at the end of the summit that SADC member states will determine how much they will contribute toward the plan, which was drafted jointly by Finance Minister Tendai Biti and Economic Planning Minister Elton Mangoma.

The Zimbabwe delegation to the summit included Robert Mugabe and Tendai Biti. The plan presented by the delegation included US$2-billion in short term aid to kick-start the collapsed economy.

Mangoma told us from Johannesburg that the figure rose to US$8 billion, from the originally discussed US$5 billion, after they produced their Short Term Emergency Recovery Plan (STERP) that contained some additions that required urgent attention.

'Basically what SADC have done is to approve our plan and they will use that plan to source the money from other quarters. But we have also approached South Africa separately to help us with credit lines and balance of payment support to get our economy back on track as soon as possible,' Mangoma said.

The economic planning minister explained that they expect South Africa to roll out the credit lines to Zimbabwe as early as next month. This will allow companies in Zimbabwe access credit facilities to buy raw materials and other goods that will revive industry.

'The credit line, which the South Africans are referring to as a loan of US$1 billion, will help us create jobs when the production circle of our industry is re-established,' Mangoma said.

He admitted though that the South African government might struggle to extend the balance of payment support to the country. This aid, in cash, would be channeled direct to the finance ministry and would be used to fund various government projects - from paying the civil service to buying stationery for schools and medicines and machinery for hospitals.

Prospective donors and the international community all insist that certain conditions must be fulfilled by the inclusive government, if any aid is to be injected into the country.

In the past two weeks an International Monetary Fund team and several international development ministers from countries in the European Union, visited the country in efforts to engage the government and see how best they could help. They have all insisted that Zimbabwe had to do its part by restoring democratic freedoms and the rule of law and demanded that the recent wave of seizures of white-owned farms, blamed on Mugabe loyalists, must stop.

Biti recently told business leaders that for the economy to turn around, they needed to have good governance, adding 'our politics must be right.'

Mugabe meanwhile said economic recovery required foreign aid and the removal of western economic (targeted) sanctions.

But the British, the European Union and the United States insist their sanctions -- travel and visa restrictions on Mugabe and more than 200 of his party leaders, officials and loyalists -- have little bearing on the country's economic crisis.

In Washington, U.S. State department spokesman Robert Wood, recently said the Obama administration was awaiting evidence that Zimbabwe was 'firmly and irrevocably on a path to inclusive and effective governance, as well as respect for human rights and the rule of law', before they will consider removing any targeted sanctions or put together an aid package.

Economist Isaac Dziya said international donors are already helping the country cope with the humanitarian crisis. But, suspicious of Mugabe, they have hesitated to pour in development aid until they see that Biti has real authority in the new unity government.

'The country will struggle to get balance of payments from anywhere, as long as we owe the IMF and world bank close to US$125 million. We may plead to have this debt written off but this will be a tall order because of the country's bad political record. But if we improve the country's image, maybe the same institutions will look at us with a different eye and write off the debt,' Dziya said.

SW Radio Africa (http://www.swradioafrica.com/news300309/sadc300309.htm)

[Kwame]

Tanzania: Development Group in U.S. $1.2 Billion Coal Initiative
30 March 2009

Kampala -- The National Development Corporation (NDC) and Pacific Corporation East Africa (PCEA) have formed a company to explore and exploit coal resources in Southern Tanzania.

The company, Tancoal Energy Limited (TANCOAL) is a joint venture registered in Tanzania in 2008 with majority shares owned by Atomic Resources Limited of Australia.

According to TANCOL Director Gideon Nasari, TANCOAL joint venture was formed with the aim of exploiting coal resources at Ngaka and Mhukuru in Ruvuma region, Southern Tanzania.

Its principal business will be to explore mining resources related to the energy sector and it is currently holding a number of prospecting concessions which have been granted as applications.

Nasari recently said TANCOAL views the development of the Ngaka and Mhukuru coal deposits in Mbinga and Songea districts as a solution to the problem of power shortages in Tanzania.

The $1.2 billion will be used to develop a coal feedstock, construction of a 400MW coal-fired power station and erecting a long distance, high voltage transmission line.

The drilling programme has provided results for seam correlations, and has confirmed stratigraphic continuity and classification.

Preliminary resource work shows that Ngaka (Mbalawala) has about 90-120 million tonnes of coal reserves which can be mined by a combination of opencast and underground methods.

TANCOAL is of the opinion that the benefits that will be brought by this venture include enhancing the national energy security by decreasing dependence on electricity imported from outside the country.

Nasari is optimistic that power tariffs will be reduced and the outflows and exchange risks of foreign currency required to purchase fuel or to import electricity from outside Tanzania will decrease.

TANCOAL also targets creating opportunities from excess power production that would be exported to other countries.

Power from coal is expected to promote rural electrification which stimulates development of various economic sectors such as mining, agriculture, industry and tourism and would accelerate industrialization and poverty eradication.

Since its formation, TANCOAL has spent TShs 1.4 billion ($1.27 million) on studies and fieldwork.

For the past 50 years, Tanzania has tried to explore coal in collaboration with multinational mining companies but no significant results have been obtained to date.

However, TANCOAL has been able to achieve significant results.

East African Business Week (http://allafrica.com/stories/200903301300.html)

[Kwame]

Mozambique: Government to launch recovery of Sementes de Mozambique seed company
Maputo, Mozambique, 30 March – The Mozambican government has decided to launch the recovery of seed company Sementes de Moçambique (Semoc), a project that initially includes investment of 17 million meticals, according to Mozambican news agency AIM.

The national director for Agrarian Services at the Agriculture Ministry, Boaventura Nuvunga, told the news agency that an action plan had been drawn up to recover the company, which included an investment credit between the Treasury an Semoc, for funding maintenance of the processing factory in Chimoio, capital of the central province of Manica.

The credit will also be applied to acquiring a mobile seed processing factory and its respective truck and field motor vehicles, as well as refurbishing Semoc’s warehouses.

The recovery of this company, which has been facing innumerable difficulties in its operation, is part of a number of activities to implement the Plan of Action for Food Production (PAPA) 2008-2011.

On of PAPA’s priority action is related to boosting the capacity to control seed quality and for that purpose in the first half of 2009 the central and regional seed laboratories are due to be refurbished as part of a project expected to cost US$10 million.

This project, which also includes acquisition of vehicles for the central and regional seed laboratories, has the technical assistance of the United Nations Food and Agriculture Organisation (FAO), and is funded by the European Union (EU).

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7135)

[Kwame]

Botswana: Barclays Weathers the Storm of '08
27 March 2009

Gaborone -- Although Barclays Bank Botswana expects a sharp increase in loan payment defaults in 2009, it managed to survive 2008 unscathed by the global financial crisis, posting a healthy 84-percent rise in profits to P543 million.

In a statement accompanying the bank's audited year-end results to 31 December 2008, Managing Director Thuli Johnson says despite the impact of the global financial crisis, the bank managed to deliver outstanding results, a trend that he expects will continue in the coming years.

"Our focus on rapid but controlled growth, at the same time giving attention to governance, risk control has seen Barclays perform very strongly," Johnson says. "Whilst we are cognisant of the effects of the economic slowdown, we are confident that with the same focus on customer centricity and internal controls, we are well positioned to deliver profitability in the years ahead."

As the economic crisis bites harder this year, Barclays expects an upward trend in impairments, especially in retail lending, hence the bank has adopted a stricter credit risk control.

"The bank expects its customers to remain under pressure in 2009 as the global financial crisis begins to have impact on the Botswana economy," it says. "The bank will continue to closely monitor the credit risk criteria and particularly focus on recovery."

Commercial banks in Botswana have enjoyed years on successive impressive results, mainly on the back of retail banking. However, as the economic recession gathers momentum and companies fold up - especially the mines - that line of business is likely to be adversely affected as default rises while new businesses will also be hard to start.In 2008, Barclays says it delivered successful returns on investments made as income went up 40 percent to P1.16 billion while earnings per share went up by 75 percent to 49thebe.

Its reported profit before tax included a one-gain relating to the Visa Initial Public Offering of P32 million. Impairment charges in 2008 reduced to P61 million from a huge P95 million in 2007, which was mainly made up of bad loans to haulage company, Lobtrans.

Net interest income for the year increased by 42 percent to P788 million. The bank says its growth was mainly driven by higher volumes in customer loans - a result of the retail expansion programme launched in 2007.

In 2007, the bank opened 14 additional branches to reach a total of 42, increased ATM distribution from 45 to 98, and further introduced eight sales and service centres.

In 2008, total customer loans increased by 34 percent to P5.2 billion. The board also declared a dividend of 11.74thebe per share to support continued growth and strengthen capital position.

The bank also announced that it had begun the year positively with the acquisition of the domestic Barclaycard business from Barclays Bank PLC. Barclays says it viewed this as a strategic investment which will allow management to drive the business forward to the benefit of both its customers and shareholders.

Mmegi Online (http://www.mmegi.bw/index.php?sid=4&aid=31&dir=2009/March/Friday27)

[Kwame]

Rwanda: Kagame, Indian Delegation Discuss Investment
Edmund Kagire

28 March 2009

Kigali — President Paul Kagame yesterday hosted a delegation at Urugwiro Village of over 20 investors from India under the Federation of Indian Chambers of Commerce and Industry (FICCI) who are planning to invest in Rwanda.

The group, which is currently in Rwanda to study the Country's investment atmosphere, discussed with the President prospective areas where they would wish to invest ranging from ICT, Textiles and the Agriculture Sector.

Speaking to the Press after meeting the President, Mukund Choudhary, the Managing Director of Spentex textile industries of India speaking on behalf of the group, said that the President assured them his full support to invest in the country.

Group members accompanied by the Minister of Commerce and trade, Monique Nsanzabaganwa, admitted their interest to invest in Rwanda because of the country's favorable investment climate and a promising economy.

"I want to tell you that we have already signed Memorandums of Understandings stating our commitment to return to Rwanda and establish investments, while some of us have already entered joint agreements with Rwandan companies, ready to sink in capital" said Choudhary.

He revealed that the group already expressed its interest to invest in several areas of the economy including the mining sector, pharmaceuticals, engineering and electronics among others.

Nsanzabaganwa noted that the investors from India, one of the world's emerging economies, commended Rwanda for its efforts to make it a better place to do business and pledged their commitment to invest huge amounts of capital in the country's ICT and Agricultural Sectors.

She revealed that the investors got interest to invest in Rwanda following President Kagame's visit to India to attend the India-Africa Business Partnership Summit held early this year.

Nsanzabaganwa said that the FICCI delegation signed a Memorandum of Understanding (MoU) with the Rwanda Private Sector Federation (PSF) and the East African Business Council (EABC) in a bid to strengthen the partnership to foster investments.

The Indian delegation which had earlier met the Business Community in Rwanda was impressed by the country's growth rate which stands at 11 percent as well as the government's commitment towards development through Foreign Direct Investment (FDI).

India is considered an emerging economy that will challenge the world order with its massive market supported by a budding industrial sector and ICT innovativeness.

The group was also accompanied to Urugwiro Village by the Chief Executive Officer of RDB, Joe Ritchie and Claire Akamanzi, the Deputy CEO/Business Operations and services who pledged support to the group in regard to investment.

"Our role is basically to advise and guide Investors especially by linking them with the Private Sector and making the whole investment process easy for them" said Akamanzi.

The New Times (http://www.newtimes.co.rw/index.php?issue=13848&article=14547)

[Kwame]

Angola: Economy Records 92 Percent Growth in Four Years
3/30/09 7:18 PM

Luanda – Angolan minister of Economy, Manuel Nunes Júnior, said Monday in Luanda that the country’s economy recorded an average growth rate of 9.6 percent between 1989 and 2007 and a 92.4 percent real growth from 2004 to 2007.

Manuel Júnior, who was speaking at the opening of the Angola-Netherlands Economic-Business Forum, stressed that the Angola economy is among the world’s most growing, following the consolidation of the political stability.

According to the minister, the results show that in four years alone, the Gross Domestic Product (GDP) has almost doubled which, he added, is remarkable, as it corresponds to an average annual real growth rate of approximately 17.8 percent.

He stated that Angola has been guaranteeing the national reconstruction and setting steady steps towards the macro-economic stability and development of the basis for a strong economic development.

The minister asserted that the political stability and investments in the rehabilitation and modernisation of the productive infrastructures have been leading to a major flow of goods and people, increase of local and foreign private investment and alteration to the basic structures of the economy.

Mentioning the result of the diversification of the Angolan economy, Manuel Júnior told the Dutch business people that since 2006, the non-oil GDP has been growing at a higher pace than the oil one which, according to him, is a positive sign.

He also mentioned that the national currency (Kwanza) has been stable, playing more effectively its role as a trade and reserve value.

The minister noted that from the period of hyper-inflation of 1996 that reached an accumulated rate of 3,000 percent, the country is recording over the last few years an inflation of about 10 percent (12.2 percent in 2006, 11.79 in 2007 and 12.8 in 2008).

Manuel Junior assured that although affected by the world financial and economic crisis, the Angolan economy will continue to grow in 2009, within an environment of stability and with a rate above three percent (population’s growth rate).

To him, it is fundamental that Angola continues with its poverty and famine fight programme, through the main projects of rehabilitation of infrastructures and foment to the productive activity, coupled with institutional reforms.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/Economy-records-percent-growth-four-years,f5bc519a-3e7c-4492-a71e-7130c0609d9d.html)

[Kwame]

Zimbabwe: ZMDC Starts Mining Diamonds at Chiadzwa
Takunda Maodza

28 March 2009

Harare — THE Zimbabwe Mining Development Corporation has begun extracting diamonds at Chiadzwa and is realising 50 000 to 60 000 carats a week.

Government said ZMDC could produce diamonds worth US$600 000 a day if state-of-the-art mining equipment was procured.

Mines and Mining Development Minister Obert Mpofu told Parliament this week that productivity could rise if ZMDC was provided with advanced extraction equipment.

"We are currently producing an average of 50 000-60 000 carats per week, which is small compared to the mineral resources there," Minister Mpofu said.

"We are exploring diamonds using equipment that is not producing the amounts that we would want to."

Minister Mpofu said his ministry had targeted extraction of diamonds worth US$600 000 a day once suitable equipment was acquired.

"We are processing applications from companies that are interested in cutting and polishing diamonds," he added.

Minister Mpofu said ZMDC had been legally granted mining rights at Chiadzwa.

He also clarified why it had taken Government a long time to confirm the existence of diamonds at Chiadzwa.

"It took my ministry a while to realise there were diamonds due to the fact that some people who had sought exploration rights did not declare that some diamonds had indeed been found in the area. They extended their exploration at the same time exploiting the resource."

Minister Mpofu denied police had killed illegal miners during the crackdown at Chiadzwa.

"The Ministry of Home Affairs says police did not kill anyone at Chiadzwa. Panners killed each other as they scrambled for diamonds," he said.

A high-powered Government delegation comprising Minister Mpofu, Defence Minister Emmerson Mnangagwa, Co-Ministers of Home Affairs Kembo Mohadi and Giles Mutsekwa and Minister of National Security in the President's Office Sydney Sekeramayi visited the Chiadzwa diamond fields last month to assess progress.

Speaking during the tour, Minister Mpofu said: "We need to turn around our economy. We want something to be done in the next few days. We want to exploit the mineral in a way that will benefit Chiadzwa people and the nation as a whole," he said.

According to ZMDC chief executive officer Mr Dominic Mubaiwa, the parastatal requires US$9 million to fully exploit the diamonds.

The Herald (http://allafrica.com/stories/200903300444.html)

[Kwame]

Angola: The Netherlands Have Many Opportunities for Cooperation
3/30/09 2:31 PM

Luanda – Angola and the Low Countries have many cooperation opportunities in such areas as the economy and energy, said Sunday in Luanda the Holland minister of Economic Affairs, Maria Van Der Hoeven.

The official was speaking to Angop at the Luanda “4 de Fevereiro” International Airport, soon after arriving, for a three days official visit to Angola, as part of the efforts to reinforce bilateral cooperation between the two countries.

According to Maria Van Der Hoeven, who has come to Angola for the first time, there are cooperation opportunities in economy and energy, particularly in this Angola is experiencing a huge growth.

The Holland minister mentioned that the main element in the cooperation between the two countries has to do with energy, particularly within the framework of the Liquefied Natural Gas (LNG) that will be a great area for cooperation between the Low Countries and Angola.

She said that should this come true, LNG ships will soon call Holland ports, stressing that Angola will soon become a great liquefied natural gas and might producer and play a relevant role in supplying the product to the north-western part of Europe.

To her, both Angola and Holland can take benefit from the strengthening of economic relations in the domains of energy, port infrastructures, trade and investment.

Maria Van Der Hoeven stated she had good expectations from the visit of Dutch companies to Angola and the seminar that will take place in Luanda.

On the other hand, the visiting minister said the sector of construction of port infrastructures and transfer of technologies might record a bilateral cooperation boost, as Angola has just come out of a long lasting war and needs assistance to rebuilt the country.

To this end, she added, the first steps might be started by the delegation representing more than 30 Dutch companies currently in Angola.

She also revealed that many Dutch companies continue expressing the wish to come to Angola to invest and export their technology, particularly now that the country is enjoying peace.

About 60 Dutch companies are currently operating in Angola, with one participating in one of the major investment programmes, the LNG project in Soyo, northern Zaire province.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/Angola-and-Holland-with-many-cooperation-opportunities-Maria-Van-Hoeven,df905d22-6d04-4089-bc5b-a8c3a49ba6e3.html)

[Matthias Offodile]

Angola: Economy Records 92 Percent Growth in Four Years

Excellent!

1.) Angola and its people desserves it after the decades of trauma.

2.) And we finally have a NON-ANGLOPHONE (!!) country:cheers: rising (albeit from a low position)

3.) The country will hopefully reclaim its positions that it would have occupied after independence in the next one and half decades ahead.

[Matthias Offodile]

Maurel & Prom Makes New Gabonese Oil Discovery



Maurel & Prom Monday, March 30, 2009


Drilled on the Omoueyi Exploration Permit (100%, operator) in Gabon, south of the ONAL Production Permit (85%, operator) and approximately 9 km from the production center, the OMOC-1 exploration well was stopped at a depth of 1,020 m in the base after reaching its objectives in the Kissenda sandstone (producers at OMKO) and the Base Sandstone (producers at ONAL) in terms of oil.

The impregnated heights are respectively 40 m in the Kissenda sandstone and 14 m in the Base Sandstone. Three zones are currently being tested.

The first test, conducted over an interval of 11 m in the Base Sandstone, produced when stabilized and flowing, 1,000 bopd of anhydrous oil on a 1/2" bean.

The second test is currently being conducted over a 6 m interval in the lower portion of the Kissenda formation.

The third test will be conducted in the upper zone of the Kissenda formation over an interval of 24 meters.

The Group will announce the results of these tests in one week. This discovery confirms the potential of the Omoueyi Permit and reinforces Maurel et Prom's intention to continue intensive exploration.


PS: it will be sad that all these new oil discoveries will take years until they will finally rise to the surface and be sold!:ohno:

[Matthias Offodile]

Maurel & Prom Makes New Gabonese Oil Discovery



Maurel & Prom Monday, March 30, 2009


Drilled on the Omoueyi Exploration Permit (100%, operator) in Gabon, south of the ONAL Production Permit (85%, operator) and approximately 9 km from the production center, the OMOC-1 exploration well was stopped at a depth of 1,020 m in the base after reaching its objectives in the Kissenda sandstone (producers at OMKO) and the Base Sandstone (producers at ONAL) in terms of oil.

The impregnated heights are respectively 40 m in the Kissenda sandstone and 14 m in the Base Sandstone. Three zones are currently being tested.

The first test, conducted over an interval of 11 m in the Base Sandstone, produced when stabilized and flowing, 1,000 bopd of anhydrous oil on a 1/2" bean.

The second test is currently being conducted over a 6 m interval in the lower portion of the Kissenda formation.

The third test will be conducted in the upper zone of the Kissenda formation over an interval of 24 meters.

The Group will announce the results of these tests in one week. This discovery confirms the potential of the Omoueyi Permit and reinforces Maurel et Prom's intention to continue intensive exploration.


PS: it will be sad that all these new oil discoveries will take years until they will finally rise to the surface and be sold!:ohno:

[Matthias Offodile]

Good new for agriculture industry in Gabon

Agriculture: vers la relance de l’élevage au Gabon




(31/03/2009)

Libreville, (GABONEWS) – Le Ministre de l’Agriculture, de l’Elevage et de la Sécurité alimentaire et du développement rural, Paul Biyoghé Mba, a rencontré ce lundi à Libreville les éleveurs ainsi que les fermiers de la province de l’Estuaire qui abrite la capitale gabonaise pour identifier les problèmes et définir, ensemble, la nouvelle politique de relance de ce secteur d’activité inscrit dans le plan d’urgence 2009 - 2013 de la sécurité alimentaire, a constaté sur place un journaliste de GABONEWS.

La réunion a non seulement permis au ministre de renouer le contact avec les éleveurs mais aussi de discuter des problèmes qui entravent le bon fonctionnement de l’élevage au Gabon.

Le manque d’encadrement des éleveurs, l’exploitation des unités et le problème de financements des projets seraient, selon Paul Biyoghé Mba, le goulet d’étranglement des éleveurs.

Ce dernier a partagé avec les éleveurs, la nécessité de créer une structure d’information pluridisciplinaire implantée au ministère pour l’harmonisation du secteur agricole.

« Il n’y a pas de développement économique sans l’agriculture », a-t-il rappelé.

Les éleveurs qui ont apprécié à sa juste valeur les initiatives entreprises par le nouveau Ministre de l’agriculture et de l’élevage ont interpellé la tutelle pour la réduction des importations et des coûts des aliments à la SMAG (Société meunière et avicole du Gabon) qui possède le monopole de la vente des produits phytosanitaires au Gabon.

Ils ont également sollicité auprès du Ministre, l’assistance des experts du ministère dans le suivi de leurs activités et des projets type devant les orienter vers des choix d’activités meilleurs.

En réponse, le Ministre Biyoghé Mba a promis intensifier le travail de la brigade alimentaire en ce qui concerne le contrôle auprès des éleveurs et de peser de tout son poids dans le processus de création, dans un établissement financier de la place, d’un fonds d’aide pour le préfinancement de leurs projets

Le 3 décembre dernier autour du chef de l’Etat, la Commission nationale pour la sécurité alimentaire et le développement agricole avait, lors de sa première réunion, invité le gouvernement à mettre en œuvre un plan d’urgence pour juguler, à court terme, la dépendance alimentaire du pays et les fortes dépenses alimentaires qui en découlent.

Le Ministre Biyoghe Mba avait dressé un bilan inquiétant de la sécurité alimentaire au Gabon et présenté un programme d’investissement 2009-2013 visant à réduire les importations alimentaires d’au moins 5% par an.

Le Gabon, consomme entre 85 à 90 % des produits importés, ce qui représente environ 250 milliards de francs en terme de d’argent dépensé par la population.

D’après les estimations de la Commission nationale pour la sécurité alimentaire et le développement agricole, les importations pourront atteindre la barre des 291 milliards de francs CFA et 447 milliards de francs CFA en 2015 si rien n’est fait.

Le Ministre de l’Agriculture, de l’Elevage, de la Sécurité Alimentaire et du Développement rural vient d’initier une série de rencontres avec les principaux responsables des différents groupements, syndicats et associations de la filière animale.

Après les éleveurs ce lundi, M. Biyoghé Mba reçoit mercredi les importateurs et distributeurs alimentaires ainsi que les importateurs d’animaux avant les associations et autres organisations de la filière, vétérinaires et zootechniciens notamment vendredi prochain.

GN/YKM/DCD/09



Article Publié le: 30/03/2009

[napoleon]

African rice deals sought

BangkokPost.com Published: 30/03/2009


Commerce Minister Potnthiva Nakasai is set to visit South Africa and Nigeria next month to negotiate Thai rice deals with the African nations.

The two countries are major buyers of Thai rice, particularly parboiled rice, she said. Last year Nigeria imported 900,000 tonnes and South Africa imported 500,000 to 600,000 tonnes.

African countries imported 4.5 million tonnes as of last November. Africa comprises around 41% of Thailand's annual rice exports. South Africa accounts for about half of the continent's demand.

The government's rice strategy this year will focus mainly on improving the quality of Thai rice, particularly Thai Hom Mali rice, organic rice, and rice with geographical identifications (GI), such as Sangyod rice from Phatthalung jasmine rice from Thung Kula Ronghai, Mrs Potnthiva said.

The ministry is now drafting imported rice regulations, as import tariff's will be waived under the Asean Free Trade Agreement next January. The draft is expected to be finalised within the next three months.

Thailand exported a total of 1.92 million tonnes of rice with a value of $1,065 million, as of March 26, with average export prices of $555 per tonne, the minister said.

Shipments could not be directly compared with last year's record exports, which totalled 3.01 million tonnes worth $1,292 million, with an average price of $429 per tonne, she said.

Rice export prices peaked $1,080 in April last year.

According to Mr Potnthiva, Thai exports during the period should compared with the same period in 2007, which totalled 1.74 million tonnes worth $675 million with an average export price of $367 per tonne.

Thailand revised down its 2009 target by 15% from last year, to 8.5 million tonnes, after high prices diverted demand to Vietnam.

[Kwame]

Nigeria: U.S./Nigeria Trade Hits $42.2 Billion
Constance Ikokwu

1 April 2009

Washington, D.C. — Nigeria is now the 14th largest goods trading partner of the United States with $42.2 billion in two-way goods trade last year, THISDAY can report.

This comes as the country's Trade Representative, Ambassador Ron Kirk , during a meeting with Minister of Commerce, Chief Achike Udenwa , stated that Nigeria had taken tremendous steps to improve its business and trade environment in the last year.

Information made available by Kirk showed that the current figure of the two-way trade represents an 18 per cent increase from the year 2007.

Exports from that country to Nigeria totaled $4.1 billion in 2008, up 47 per cent from the previous year. Goods exported include vehicles, machinery and wheat. US imports from Nigeria stood at $38.1 billion in 2007, a 16 per cent increase from 2007.

Goods imported from Nigeria include petroleum, cocoa, rubber and organic chemicals. It was also gathered that non-oil Africa Growth Opportunity Act (AGOA) imports from Nigeria rose to $307 million last year and those items include ginger, wood products, leather items, vegetables and cassava.

The Nigerian government removed import bans on several products of interest to the US including wheat flour, corn, vegetable oil and other products.

In addition, tariffs on other products were reduced, streamlining the system by placing all import tariffs into five broad categories.

With all its agricultural potentials, Nigeria remains highly dependent on the importation of goods from across the world. Poor infrastructure had placed limitations on its trade with other countries.

Experts say an increase in trade volume is critical to the country's survival in an increasingly globalised world.

During the sixth meeting of the US/Nigeria Trade and Investment Framework Agreement (TIFA) Council in Washington, D.C., attended by Udenwa, Kirk stated that the new development afforded both countries an opportunity to collaborate on a range of issues.

"Nigeria has made significant strides in the past year in improving the environment for business and trade," observed the trade representative.

"The US/Nigeria Trade and Investment Framework Agreement is part of a comprehensive US effort to support the Nigerian government's efforts to advance trade and economic development," he added.

During the meeting held at the USTR office, officials of both countries agreed to collaborate in the implementation of AGOA, intellectual property rights, improving bilateral investment opportunities and co-operation within the World Trade Organisation (WTO).Kirk disclosed that the US government intends to use the US/Nigeria TIFA Council to develop specific initiatives that will expand economic opportunities for farmers, workers, businesses and consumers in the two countries. TIFA was signed in 2000 to enable a regular high-level dialogue that would enhance economic ties, multilateral and bilateral trade and investment issues.

This Day (http://www.thisdayonline.com/nview.php?id=139718)

[Kwame]

Angola: Netherlands Wants to Buy Angolan Gas
Luanda, Angola, 1 April – The Dutch Economy Minister, Maria van Der Hoeven, said Monday in Luanda her country was interested in buying gas from the LNG Angolan Liquid Natural Gas (LNG) project.

The Dutch minister stated the intention Monday at the end of a meeting with Angolan oil minister, Botelho de Vacsoncelos, as part of a visit to Angola that began Sunday.

Van Der Hoeven said that discussion between Dutch and Angolan energy sector businesspeople were at an advanced stage, and that 19 Dutch companies has shown interest in buying Angolan gas, production of which is due to begin in 2012.

The minister said that during the meeting with Angola’s oil minister Dutch investments as well as the Netherlands' wish to set up a gas hub starting in Angola, to then distribute the gas to Northwestern Europe.

Van Der Hoeven also met Monday with economy minister, Manuel Nunes Júnior, and Transport Minister Augusto Tomás, with whom she discussed boosting cooperation between the two countries.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7151)

[Kwame]

Botswana: Chinese Firms to Build Massive Industrial Park
Lekopanye Mooketsi

1 April 2009

Gaborone -- Cabinet ministers were among the dignitaries who witnessed the groundbreaking ceremony of Daheng Botswana Textile Industry in Phakalane on Monday morning.

The project is funded by two Chinese companies, Daheng Holdings Group and Touch International Holdings Group, for US$52 million. The Phakalane Industrial Park will be the first phase of the project, which will major in textiles and clothing products. The Daheng Group anticipates that 66 companies from all over the world will build factories in the park, creating 8,000 jobs.

Speaking at the groundbreaking ceremony, the Managing Director of Touch International, He Liehui, related how the China-Botswana Economic and Trade Cooperation Area (CBETCA) was founded. Liehui said the project was conceived in November 2006 during the China-Africa Summit in Beijing when former president, Festus Mogae, encouraged the two companies to come to Botswana to build an industrial park. The project is expected to generate US$280 million in foreign revenue. Liehui acknowledged the "great support" from government for the project.

"The Ministry of Trade and Industry, the Botswana Export Development and Investment Authority (BEDIA), the Ministry of Lands and Housing, the Chinese Embassy in Botswana and the Botswana Embassy in China have made great efforts to assist us to carry out this project," he said.

He said his company started to invest in the country in 1998. Liehui also expressed gratitude to their Batswana employees. In a bid to pay back to the Botswana society, his company has decided to set up the Daheng International Charity Foundation.Liehui said although the world is experiencing an economic downturn, the two companies will continue to invest in the country. "Although we face some difficulties, we are still working hard to attract powerful and good credit companies from China as well as other countries to establish their factories in CBETCA," he said, adding that advanced technology and administration will be introduced in Botswana.Speaking at the same ceremony, the Assistant Minister of Trade and Industry, Duke Lefhoko, said the project constitutes some tangible results of the government's efforts of attracting Foreign Direct Investment (FDI).

He said the government continues to create a conducive environment to attract FDI and that the government is working relentlessly to make starting a business in the country easier and simpler. Lefhoko said BEDIA is always ready to assist investors to register their companies in less than a week and get licences within five working days.

During the ceremony, the Daheng Group also launched its charity foundation. Lefhoko expressed gratitude to the Daheng Group, saying the foundation will assist the disadvantaged live a more dignified life.

"I am informed that this foundation plans to donate a total of P10 million (in cash and in kind) in the next 10 years," he said.

"This will go a long way in enhancing the efforts of other charity foundations which already exist in the country. "I therefore wish to take this opportunity to encourage other companies to emulate the Daheng Group and fulfil their corporate social responsibility. Assistance of this nature can never be enough." The Daheng Group has donated an initial P500,000 to the foundation.

The Minister of Minerals, Energy and Water Resources, Ponatshego Kedikilwe spoke of the need to transfer skills and opportunities to Batswana. He took the opportunity to talk about some of the major projects the government is undertaking. Among them are the expansion of the Morupule Colliery and the Mmamabale power project. Kedikilwe also spoke about developments in the health sector, saying government believes that there is need to install private specialists in public hospitals.A major agricultural project is the tapping of water from the Chobe and Zambezi Rivers for irrigation at Pandamatenga.

Kedikilwe also gave a brief account of Botswana's second university, which is being built in Palapye. Regarding his ministry, he said there is a possibility of striking uranium in Serule.

The last event was the signing ceremony for a twinning arrangement between Zhejiang Province and the Gaborone City Council. Lefhoko said such arrangements are encouraged as they assist the local authorities to benchmark best practices with their counterparts around the world.

Mmegi Online (http://www.mmegi.bw/index.php?sid=4&aid=10&dir=2009/April/Wednesday1)

[Kwame]

Angola: BDA Invests Over USD 300 Million in Farming Sector
2 April 2009

Luanda — Angola Development Bank (BDA) will invest this year USD 350 million in the farming sector, of which USD 150 million will go to credit campaigns and USD 200 million in investment, ANGOP learnt Tuesday from the institution's CEO, Paixão Franco.

The BDA chairman said so at the first conference on "Diversification of Economy to overcome the crisis", organised Tuesday by the study and research centre for the development of the Administration National School (ENAD).

According to Paixão Franco, these resources that are part of a government programme and that soon will be available are very significant and expressive for developing more and more the agriculture sector.

According to the banker, BDA has already financed up to USD 116 million that aims for the agriculture sector and stimulate rural commerce.

To Paixão Franco, there is an intention of BDA to intensify the support to investors in other sectors, such as civil engineering, with the opening of branches in the provinces, thus, the bank is currently trying to improve the divulgence of its products.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/BDA-invests-over-USD-300-million-farming-sector,b081d095-8ad3-481d-8cb3-4abb3f7e10a2.html)

[Matthias Offodile]

Gabonese Bank BGFI which has won best ratings for professional management and which is the biggest bank in all of Central Africa has expanded into Equatorial Guinea and Congo-Brazzaville...it has now set foot in France, too!...from where it will expand further..:cheers:



Gabon : BGFI s’ouvre une brèche sur le marché français

Le groupe de la Banque gabonaise et française d’investissements (BGFI) vient d’annoncer l’octroi par le Comité des établissements de crédits et des entreprises d’investissements (CECEI) de France de l’agrément qui mue leur représentation dans la capitale française en filiale à part entière. Cette pénétration du marché français doit permettre d’amorcer la politique de développement international du groupe et faciliter les opportunités d’investissements étrangers au Gabon et dans la sous-région d’Afrique centrale.

© D.R

La première banque gabonaise vient d’annoncer l’obtention de l’agrément français qui consacre sa pénétration du marché bancaire dans ce pays, un bon tremplin pour sa politique de développement international.

La Banque gabonaise et française d’investissement (BGFI) a obtenu le 18 mars dernier l’agrément du Comité des établissements de crédits et des entreprises d’investissements (CECEI) qui permet à sa représentation à Paris d’obtenir le statut de filiale à part entière.

«Depuis l’automne dernier, notre groupe a initié dans le cadre de son développement international, une démarche d’implantation à Paris, en France. L’agrément du Comité des établissements de crédits et des entreprises d’investissements (CECEI) de la Banque de France constitue pour ainsi dire la matérialisation de cet ambitieux projet», a expliqué l’administrateur directeur général de la BGFI, Henri Claude Oyima.

Le bureau implanté dans la capitale française devient ainsi une filiale à part entière constituée sur un capital de 80 millions d’euros, avec le directeur général adjoint de la BGFI, Bernard Pedeprat-Lamenichou, qui en prend la direction générale.

«C’est pour nous un motif de satisfaction et de fierté. D’abord parce que cet agrément est l’illustration de la confiance des autorités de supervisions de la France et de la zone CEMAC», a poursuivi Henri Claude Oyima.

«C’est un visa qui nous offre l’opportunité d’accroître, sous une autre perspective, notre politique de croissance à l’international. (…) BGFI International est devenue dès lors la tête de pont du groupe BGFIBank Europe», a expliqué l’administrateur directeur général du groupe bancaire.

«Il faut également souligner que l’aboutissement de cette opération constitue pour la BGFIBank une nouvelle étape dans la dynamique d’évolution et de succès qui caractérise le groupe, conformément à son projet d’entreprise Ambitions 2010», a-t-il ajouté.:banana:

Cette filiale française doit également permettre de promouvoir le rapprochement des opérateurs économiques africains et européens, défi pour lequel la BGFI compte notamment sur sa «connaissance attestée du tissu économique africain», a expliqué monsieur Oyima.

La percée du marché bancaire français doit enfin permettre de promouvoir et de faciliter les opportunités d’investissements européens en Afrique.

Le groupe BGFI est leader du marché gabonais avec 45% des parts. Elle est également la première banque du Congo et connaît une croissance importante en Guinée équatoriale ;:banana::cheers:

Le 27 mars dernier, la BGFI présentait en conseil d’administration des comptes 2008 qui affichent un résultat net de 2 853 milliards de francs CFA, qui est resté solide malgré la récession observée sur la plupart des marchés financiers mondiaux.

Publié le 03-04-2009

[BUTEMBO21]

^^ That's good.... good news Gabon. I want to see african Banks fying all over the continent the continent to counter western Banks. :cheers:

[Kwame]

Ghana: GNPC, Vanco, Lukoil Sign New Petroleum Agreement
3 April 2009

Accra -- The Ghana National Petroleum Corporation (GNPC), on Wednesday renewed government's agreement with Vanco Ghana Limited and LUKOIL Overseas Ghana Limited to continue to explore oil in the Cape Three Points deepwater block in the Central Region.

This new agreement signed in Accra, was to replace the country's already existing petroleum agreement with the two companies, which would expire at the end of April this year.

Mr Moses Oduro Boateng, Managing Director of GNPC said apart from providing the GNPC with significant commercial benefits such as royalty and increased participation, the new agreement also gave the ownership of Associated Gas to the country.

He said LUKOIL held 56.66 per cent participating interest in the exploration whilst Vanco Ghana Limited held 28.34 per cent participating interest and the remaining 15 per cent going to the GNPC with the option to acquire an additional five per cent in any commercial discovery.

The Cape Three Points deepwater block encompasses an area of 5,142 square kilometres in water depths ranging from 200 to 3,000 meters in the Tano Basin.

Dr Joe Oteng Adjei, Minister for Energy called on the companies to abide by the country's environmental laws to ensure that the environment was not damaged.

He called on them to be transparent in their operations to ensure that the residents did not feel they were being cheated.

He also stressed the need for the companies to engage more local hands in their operations to enable them benefit from the industry. Mr Gene Van Dyke, President of the Vanco Ghana Limited was hopeful of a significant discovery.

He thanked the GNPC for renewing the agreement to continue the aggressive exploration of the basin. GNA

Modern Ghana (http://www.modernghana.com/news/209260/1/gnpc-vanco-lukoil-sign-new-petroleum-agreement.html)

[Kwame]

Standard Bank Gets $400 Million for Trade on Continent
Stephen Gunnion

3 April 2009

Johannesburg — THE International Finance Corporation (IFC) is giving Standard Bank a $400m line of credit to help unblock trade in Africa, which has been constrained by the global financial crisis and credit crunch.

The announcement, made simultaneously at the G-20 summit in London and in Johannesburg, forms part of a $50bn trade financing programme announced by World Bank president Robert Zoellick on Tuesday.

IFC director for eastern and southern Africa, Jean-Philippe Prosper, said Standard Bank and Standard Chartered Bank were the first two banks to join the Global Trade Liquidity Programme.

Global trade was expected to contract this year for the first time in almost three decades, Prosper said. If economies were to recover from the downturn, capital had to be made available to revive trade.

"The potential decline in trade threatens to set back decades of progress in emerging markets and in tackling poverty," Prosper said.

Standard Bank has operations in 17 African countries and 19 countries outside of Africa with an emerging market focus.

Prosper said the IFC was in discussions with a "lot" of other regional banks to help mobilise the proposed funds.

Standard Bank CE Jacko Maree said the $400m credit line was "a very big number".

While the beneficiaries of the loan would be African, the funds could also be used to link trade flows between Africa and other emerging markets where Standard Bank operated, such as Brazil and China.

"In a world where liquidity and funding are in short supply, a loan facility of this scale will go a long way towards stimulating economic growth and development," Maree said.

Craig Polkinghorne, Standard Bank's global head of structured trade and commodity finance, said that due to the financial crisis some international banks had refocused their businesses and closed their trade businesses, or focused away from Africa.

"The pool of banks serving Africa has significantly reduced and therefore the pool of funds available for African trade has diminished over the past six months or so," he said.

Business Day (http://allafrica.com/stories/200904030098.html)

[Kwame]

Angola: Nosso Super Network Reaps at Least USD 120 Million in Profit
3 April 2009

Luanda — At least USD 120 million were earned by the supermarket of the commercial network Nosso Super, since the inauguration of its first shop on 8 March 2007, in Luanda, under the government's commercial restructuring programme known by the acronym PRESILD.

This was said to ANGOP by the coordinator of PRESILD's monitoring and control commission, Manuel da Cruz Neto.

According to the source, this amount derived from the direct sale of several goods to more than 10 million customers that buy their commodities in the 28 shops distributed in 18 provinces of Angola.

On the other hand, Manuel da Cruz Neto, spoke about the need for the internal production to be available in a considerable quantity in PRESILD's network shops, but he highlighted that some products, mainly agricultural ones, need more appropriate treatment.

PRESILD aims at organising and modernising the commercial activity throughout the country, so as to expand the supply of essential products to the population.

The basic goal of its creation is the regularity in the supply, with corresponding stability in the prices of the essential products, to lessen and eliminate monopolistic effects in the market.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/NossoSuper-network-reaps-least-USD-120-million-profit,26669e45-dbf0-4d90-bfd0-9ad960744c33.html)

[Kwame]

Mozambique: Coal India’s Concession to Go Into Production Within 2-3 Years
Calcutta, India, 3 April - The coal concession in Mozambique that was recently granted to Coal India Ltd (CIL) is expected to go into production within two to three years, the company’s chairman, Partha S. Bhattacharyya told Indian newspaper the Economic Times in Calcutta.

The coal to be mined in Mozambique will be exported in order to meet demand from customers in Western India and the company plans to acquire a lot in Indonesia in order to export to Eastern India.

“Coal India was granted a concession on an area of 205 square kilometres and preliminary surveys suggest that there are reserves of 1 billion tonnes. We plan to start mining the block within six months but before that happens Coal India will have to establish, but before that happens Coal India will have to establish a partnership with a company designated by the Mozambican Government, which will take a 15 percent stake in the project,” said Bhattacharyya.

A top manager at the company told the Economic Times that mining such a large area would take a long time and added that the company would carry out test drilling, after which commercial mining would begin.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7169)

[Matthias Offodile]

Angola: Nosso Super Network Reaps at Least USD 120 Million in Profit

Kwame, Excellent made in Angola brand no trash but first world standard!:)


maybe you can place this link about a new project on the Angolan forum as I refrain from posting there.

here is the link:

ktCQlOmJpAg



a new project with with a mall all first world made in Angola, no mediocre things!:cheers:

[Kwame]

Angola: Edifer invests 154 million euros in three new projects in Angola
Luanda, Angola, 3 April – Portuguese construction group Edifer plans to invest over 154 million euros in three new projects in Angola, the country that accounts for almost half of its business outside Portugal, said the group’s chairwoman, Vera Pires Coelho.

The funds will be divided amongst projects to refurbish and expand the Benguela municipal market and construction of the Kojima condominium and the Skina Hotel, both in Luanda.

The Portuguese construction company, which is present in Angola via a partnership with the Gema group (which has the remaining stake of 30 percent), has a project portfolio in the country valued at 812.5 million euros (US$1.05 billion), which accounts for 48 percent of all investments in the various countries in which the group is present (US$1.703 billion).

The group’s turnover in Angola is accounted for by three companies that all deal with construction, said Pires Coelho, which “has been a competitive advantage to offer to investors.”

Edifer Angola accounts for 693 million euros, Construções Fortaleza for 77 million euros and Tecnasol Angola for 38.5 million euros.

Amongst the various projects it is involved in in Angola the group highlights the reconstruction of two roads in Kuanda-Kubango, the construction of two office buildings in the capital (Luanda Plaza and Hotel Maianga) and the sports pavilion in Cabinda.

Also in Luanda, the Nkruma residential building, a shopping centre on Avenida Comandante Gika, the Luanda Inn and Retail Park apartments and Hotel VIP Inn Executive in Viana are under construction.

Outside the construction sector the group has real estate investments totaling some 268 million euros and aims to establish public-private partnerships that will make it possible to enter other business sectors, such as health and infrastructures. Some investments are already being prepared in the environment sectors, more specifically in water supply and treatment.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7167)

[Matthias Offodile]

Also in Luanda, the Nkruma residential building, a shopping centre on Avenida Comandante Gika, the Luanda Inn and Retail Park apartments and Hotel VIP Inn Executive in Viana are under construction.

Outside the construction sector the group has real estate investments totaling some 268 million euros and aims to establish public-private partnerships that will make it possible to enter other business sectors, such as health and infrastructures. Some investments are already being prepared in the environment sectors, more specifically in water supply and treatment.

That´s still too little..almost nothing!, want to it see go into BILLIONS OF EUROS!! There is room for it.

[Kwame]

Mozambique: Profits of Second Largest Bank Rise By 19 Per Cent
3 April 2009

Maputo — Mozambique's second largest commercial bank, the BCI (Commercial and Investment Bank), made a net profit of 516 million meticais (19.4 million US dollars, at current exchange rates) in 2008.

The bank's profits in 2007 amounted to 433 million meticais, and so BCI's profits have risen by 19 per cent.

Announcing the 2008 results on Thursday, BCI managers said that 75 per cent of the 2008 profits would be ploughed back into new investments. They promised total investments this year of about 32 million dollars. Investment last year was 12 million dollars.

Ibraimo Ibraimo, chairperson of the BCI Executive Commission, said that this investment will guarantee continued expansion of the bank, particularly into rural and peri-urban areas. The bank's ambitious plans include opening a further 25 branches this year, which will increase the size of its branch network by 50 per cent. The BCI pledges that most of these will be outside of the main urban centres.

The BCI also has a contract with the Mozambican post office, under which post office premises across the country can be used for some basic banking services, such as ATMs (Automatic Teller Machines). Although this is the second largest bank in the country, the number of ATMs it has currently installed is only 108 (even this is a significant increase on the figure of a mere 85 at the end of 2007).

The BCI claims that it now has a 31 per cent share of the banking market, and that in 2008 it issued 17 per cent more debit cards than in 2007. This led to a 70 per cent increase in the use of BCI cards in shops and other institutions.

The majority shareholder in the BCI is the Portuguese state bank, the Caixa Geral de Depositos (CGD), with 51 per cent of the shares. The Portuguese Investment Bank (BPI) holds 30 per cent, and the Mozambican group INSITEC 18 per cent. The remaining one per cent is owned by several small shareholders.

All Africa (http://allafrica.com/stories/200904030833.html)

[Kwame]

Ghana: Shea Processing Plant to Be Established
3 April 2009

Accra -- The Produce Buying Company (PBC) says it has signed a memorandum of understanding (MOU) with Sysgate Limited of Brazilian towards the establishment of a sheanut processing plant in the country.

The establishment of the plant, which is a brainchild of Vice President John Mahama, would allow for the export of sheabutter and help Ghana tap into a fast expanding global shea trade projected to gross 500 million dollars per annum within the next five years.

The estimated market value of shea butter in Brazil alone is 40 million dollars per annum.

Vice President Mahama who witnessed the signing ceremony at the Castle, Osu, described the event as the "first conspicuous step" towards revamping the shea industry and make it a driving force in the accelerated development of the savannah area of Ghana.

He recounted government's decision to promote the shea trade as crucial in the socio-economic development of the northern parts of the country in order to optimize its value chain and promote improved rural livelihoods for women.

In this regard, he tasked the management of the two companies to speed-up the implementation of the proposals so as to make Ghana competitive in the global shea trade where it clearly has a comparative advantage.

The savannah belt of Ghana includes the three northern regions and some parts of the Volta and Brong Ahafo Regions.

Though the shea crop is widely available in these areas, the difficulty in harvesting the wild crop and the lack of processing facilities had negatively contributed towards the downturn of the industry, a situation government has been working to reverse.

Following his election as Vice President, Mr Mahama held a series of meetings with the management of COCOBOD, the parent company of PBC, towards revamping the industry as part of the proposed Savannah Accelerated Development Authority agenda.

The establishment of the plant would enable PBC process between 40 to 100,000 tonnes of nuts yearly.

Mr Anthony Osei Boakye, Managing Director of PBC, who initialled for his company, commended the Vice President for the leadership he provided towards reviving an industry, which he said, had been in the lull for the past nine years.

He gave the assurance that the PBC would work towards the stability and progress of the industry to ensure its long term sustainability.

Mr. William Mensah, Deputy Chief Executive Officer (CEO) of COCOBOD, corroborated Mr Boakye views, adding that the intervention of the Vice President enabled his outfit to resume the supply of protective clothing to the women who pick the fruits in the wild to boost production.

Mr. Luis Fernando Serra, Brazilian Ambassador who also witnessed the ceremony, tasked the two organisations to use the pact to demonstrate that it

is through fair and free trade, rather than aid that poverty could be significantly reduced.

Mr Serra promised to work towards integrating the economies of the two countries through the promotion of trade.

Mr Erickson Ferrer da Rosa, initialed for Sysgate.

According to the PBC, Sysgate was chosen, because of the company's expertise in providing a special technology to maximize yields from shea processing through the supply and installation of the equipment on turn-key basis.

The government, earlier this week, announced its intention to make the development of shea industry a priority in its national development agenda to help harness the resources in the savannah belt of Ghana for accelerated development. GNA

Modern Ghana (http://www.modernghana.com/news/208582/1/shea-processing-plant-to-be-established-in-ghana.html)

[Kwame]

Angola: 3 Million USD Set Aside for Production, Storage Center
4/3/09 8:58 AM

Lubango – Three million US Dollars will be invested this month by the Government in the construction of a farming products conservation and storage centre.

This was announced to the press Thursday in Lubango, southern Huila province, by the deputy minister of Finance, Manuel da Cruz Neto, at the end of a visit to the province, aimed at explaining the purposes of the project.

According to the deputy minister, the project aims at helping farmers to flow their goods out into the main markets in good conservation conditions.

Manuel da Cruz Neto said the Government has so far invested Usd 9.0 million in the construction of another three such centres in the localities of Chinguar, central Bie province, Huambo (centre) and Gabela, Kwanza Sul (centre).

Another purpose, he said, is the grant the peasants the opportunity to sell their goods and stimulate production.

He said that as a start, the Government will operate from five province (Huíla, Bié, Huambo, Kuanza Sul and Malanje), where coordinators will be deployed to monitor the whole process.

According to the source, the above mentioned provinces have been chosen as they have the potential for the experience, before it is expanded to the other regions of the country.

Manuel da Cruz Neto said the project will be controlled by provincial coordinators, under supervision of the programme of Restructuring of the Logistics System and Distribution of Basic Commodities (PRESILD).

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/Usd-million-set-aside-for-production-storage-centre,da113a2d-641a-46cc-a3b9-95ddfa4ff6cd.html)

[Kwame]

Angola: Government Grants USD 350 Million Loans to Lunda-Norte Peasants
4/4/09 4:31 PM

Dundo – An agricultural credit worth USD 350 million will be implemented by the Angolan Government to support mainly small peasants, associations and co-operatives in the eastern Lunda-Norte province, Angop has learned.

This was announced on Saturday, by the minister of Economic Affairs, while representing the head of State, José Eduardo dos Santos, in the central act of the commemorations of the Peace and National Reconciliation Day, April 04, in Dundo city, eastern Lunda-Norte province.

"The Government has been supporting and will continue to support: soon we will make that banks grant credit to peasants so that they can purchase, hoes, fertilizers, seeds to produce and pay their debts through their works", said the government minister.

According to him, the Angolans can produce the basic foodstuff they need, without depending on exports: "Our government has been creating conditions so that rapidly we reach food self-sufficiency", he added.

The official also announced that the Angolan government will approve the program of promotion and development of rural commerce, which will enable to transport the products to the zones of consumption.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/Government-grants-USD-350-million-loans-Lunda-Norte-peasants,3c81981e-f2c5-428e-b9dc-269949381213.html)

[Blue sun]

Nigeria :Bio-Fuel: NNPC Partners Potential Investors



From Francis Ugwoke in Enugu, 04.03.2009



An indication that the Federal Government’s directive on alternative source of energy, known as bio-fuels, may be yielding positive result emerged yesterday.
Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr Mohammed Barkindo, said the Corporation had identified seven potential investors for the programme. Barkindo, who did not name the investors, however, explained that the companies are qualified to partner with the Corporation on the project.
He said NNPC had also, in line with the policy which was gazetted recently, requiring provision of “off-take guarantees to domestic producers,” received “off take requests” from two local private bio-fuels producers.
Addressing participants at the on-going 20th Enugu International Trade Fair, Barkindo said discussions on the partnership had reached advanced stage, adding that seven NNPC-led bio-fuel projects were being developed.
He said feasibility studies had been completed on “five ethanol projects with favourable socio-economic outlook and commercial viability.”
He also announced that the feasibility studies on the bio-diesel project showed that the projects were very profitable, adding that an interface with the private sector was strategic for the desired success of the project.
He listed the Federal Government initiatives championed by the Corporation as the Nigerian Content Policy, the Gas Master Plan and Gas Monetisation Programme, explaining that the aim was to guarantee active participation of indigenous firms in the oil and gas sector of the economy without compromising standard.
Barkindo disclosed that the Corporation’s plan was to transform the oil and gas industry into the economic engine for job creation and national growth, adding that this includes developing “in-country capacity and indigenous capabilities”.He emphasised that through this, greater proportion of work would be done in such a way that will bring about active participation of all sectors of the economy.He said that on the Nigerian Content of 70 percent target set out by the Federal Government by year 2010, the Corporation had in the last three years, achieved only 35 percent.

http://www.thisdayonline.com/nview.php?id=139894

[Blue sun]

Nigeria London-based Firm Restates Confidence In NSE

The dearth of fresh inflow of funds into Nigeria's stock market may soon be over, going by the assurance by yet another asset management team- London-based Blakeney Management.
Officials of the company, during a visit on Friday assured of plans to increase its investment on the Nigerian Stock Exchange (NSE) soon.
Officials of the company, which currently manages about $2 billion portfolio globally with a large percentage on the NSE, according to a statement by Sola Oni, assistant general manager and spokesman of the exchange were on a fact finding visit.
The three-man team led by by Obiora Ogbunude, interacted with the officials of the Exchange and Central Securities Clearing Systems Limited, and thereafter expressed renewed confidence in the market saying most of the quoted companies were operating optimally and profitably.
He assured the Exchange that it has not and has no plan to move its investment from the exchange, since it invests for medium and long time.
"Nigeria is a very significant market to us. Interestingly many people may not know us, we invest through others and I want you to know that after Aliko Dangote, we are probably the next largest investor in sugar business here. We know Nigeria very well. We are not here for short-term investment, we have long-time investment horizon, and we usually invest for between three and 10 years in any company", said Ogbunude.
Despite the market meltdown, he noted "Instead of having an outflow from Nigeria, we are bringing in new money. We manage long-time institutional funds. We don't hedge."
He added that the firm used to invest in private equity before but with the low value of equities on most market, it has decided to concentrate more on listed equity.
The team commended the Exchange for enforcement of new disclosure pattern on quoted companies.
Also, the group described the Exchange as one of the most promising markets globally in terms of return on investment and the current share prices are a buy signal.
The team explained that it would invest more funds in the market to take advantage of the market positive outlook, just as the NSE team assured the visitors of continued improvement in its operations in line with the global best practices.
Other members of the team were James Hancocks and Onyechi Ezekwueche.
Only last month, a seven-man team of asset managers led by Merrill Lynch visited the Exchange to express optimism in the Exchange's management and the market potentials.


http://www.independentngonline.com/busi/lead/article03

[Kwame]

Cape Verde: An African success story in an economy dependent on the outside world
New York, USA, 6 April – Cape Verde is “an African success story,” above all for the stability and running of its institutions, though also an economy very dependent on the outside world which means it will suffer from the current crisis, according to Standard & Poor's.

“Cape Verde’s political institutions and its stability are among the strongest in Africa and form a good foundation upon which to face the challenges of the economy’s imbalances. The authorities have been strong and consistent in carrying out economic reform, which has contributed to robust economic expansion over the last few years,” said the international credit rating agency in its most recent report on the archipelago, published March.

The report points out that over the last three years, average annual economic growth has been six percent, double the rate forecast for the next few years, though state and tax accounts tend to be more “volatile” given the “the small and not very diversified nature” of the economy.

Levels of wealth, a measure of the capacity to absorb external shocks, are considered “relatively high,” with a “per capita” GDP in the region of US$3,485.

Stability and “high human development indicators,” as well as monetary “consistency,” related to the local currency's indexation to the Euro, as well as the improvement in tax management, all contributed to the rating given to Cape Verde's debt (B+ with the prospect of stability)

On a negative note, S&P highlights the “great external imbalances,” which in part “reflect the narrowness of the economy,” and also the high level of indebtedness.

The country, it points out, “depends on imports for its basic needs, such as food and petroleum, the prices of which have risen over recent years. Exports are limited and the rapid growth of tourism projects (...) has driven an increase in imports.”

The overall balance of payments position is “sustainable” thanks to large volumes of Foreign Direct Investment (FDI) and money from Cape Verdean emigrants.

“However, as the global economy slows down, the risk increases that these sources of revenue could waver, creating pressure on the balance of payment,” it adds.

Despite “significant progress in the reduction of the national debt,” in 2009, government debt should stand at about 61 percent of the GDP, compared to an average of 36 percent for similar countries.

Cape Verde is therefore “highly vulnerable to external shocks,” though in a context of improvement in economic prospects and good economic management.

At a corporate level, and even with government support, the country is poorly classified on the World Bank’s list of economies, namely due to the rigidity of its labour market.

As well as this, the authorities have come up against the challenges of “combating crime and unemployment” (18 percent in 2007) and, at an economic level, of reducing poverty and creating opportunities for the population.

In the future, it is expected that the government will continue to improve the management of public finances. (...) As the global economic slowdown deepens, the need to improve the country’s economic competitiveness will be fundamental. This will include reducing the rigidity of the labour market, characterized by big salaries and recruitment and redundancy difficulties," said S&P.

Opportunities for the archipelago come in the form of joining the World Trade Organization, and partnership with the European Union, important stimuli for the economy, and also the creation in Cape Verde of one of China’s free trade zones in Africa, which the rating agency considers to be a given.

"Cape Verde is one of six countries on the African continent to host a Chinese free trade zone, where Chinese companies will store their goods before distribution throughout the continent. It is known that negotiations continued in 2008. The concretization of these projects could have a positive impact on the future growth of the country,” it said.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7175)

[Kwame]

South Africa: Clothing Company Makes Material Gains
Nicola Mawson

6 April 2009

Johannesburg — CLOTHING retailer PEP aims to have 20 stores operating in Angola within the next three years as it rolls out on the continent country by country.

Angola, officially the Republic of Angola, was a Portuguese colony from the 16th century to 1975 and is the second-largest petroleum and diamond producer in sub-Saharan Africa.

PEP operates more than 1400 clothing stores in 10 southern African countries and employs more than 14000 people. It will send 400-million products to more than 1000 stores this year, with its trucks driving the equivalent of 225 times around the earth, and the group conducting 220-million customer transactions.

Africa GM Willie Jacobs says PEP Africa's strategy is to focus on opening stores in one country at a time. The group is already active in Zambia, Malawi, Mozambique and Angola. The first store on the continent opened in Lusaka in April 1995.

The other arm of the retailer, PEPSA, has stores in SA, Botswana, Lesotho, Namibia and Swaziland.

PEP Africa employs 800 people in 96 stores, including 40 in Zambia, 23 in Malawi, 30 in Mozambique and three so far in Angola. The biggest challenges, Jacobs says, have been "to find suitable properties, the complicated logistics pipeline as well as exchange rate fluctuations".

The company, which claims to be SA's biggest single brand store network, made its investment into Angola, the continent's fastest growing country, on October 31 last year. The first store was opened in Lobito and a 2000m' distribution centre was opened in Benguela, in western Angola, south of Luanda .

"We chose Benguela as the location for our DC as this is central to our store expansion programme and essential to our logistical needs," said Jacobs.

Customers queued outside the store in Lobito in anticipation of its opening. The governor of Lobito, Armando Da Cruz Neto, attended the opening ceremony with Angola GM Gerrie Scheepers. Scheepers is fluent in Portuguese and was GM of PEP's Mozambique operation for five years.

A freestanding shoe store, Lobuto, also opened on the day next to the clothing store. A third store, Namibe, opened on December 19, with reported "great results". PEP aims to open more stores in Namibe, Benguela, Sumbe and Lubango by the end of the year.

PEP's Angolan operation will initially provide new jobs for 70 people. With the launch of its first store in Angola, PEP now operates in 11 southern African countries . PEP also has more than 1400 stores in SA, Botswana, Lesotho, Namibia, Swaziland and in Zimbabwe through Power sales.

PEP's entry into Angola was the result of extensive research over the past two years. The company is confident of growth and success in this new market. Jacobs says he believes the product offers value for money and functionality, and is right for the market. "According to our research, affordable clothing and products are the most important factors for Angolan customers."

PEP is a subsidiary of Pepkor, a South African-based investment holding company with retail interests in Africa, Australia and Poland. The group manages a portfolio of retail chains, focused on the value market, that sell clothing, footwear and textiles.

Its main operating subsidiaries are PEP and Ackermans in SA and Best & Less in Australia.

PEP's history dates back to 1965 when it opened its first store in Upington . In 1972, it was listed on the JSE before delisting in 1999 as a different company with several retail holdings and restructuring again in 2000.

Business Day (http://allafrica.com/stories/200904060901.html)

[Kwame]

Nigeria: Vaswanis Begin N162 Billion Rice Project
Muideen Olaniyi

6 April 2009

Abuja -- Popular Farms & Mills Limited, a subsidiary of Stallion Group owned by the Vaswani Brothers Sunil, Haresh and Mahesh has commenced work on N162 billion rice project soon after it signed the Memoran-dum of Understanding (MoU) with the Federal Government.

The brothers are currently being investigated by the Economic and Financial Crimes Commission (EFCC) for allegedly evading tax worth N3billion naira on rice imported into the country in connivance with some top officials of Nigeria Customs Service.

The company had started work on the various aspects of the nation-wide agricultural projects in earnest in order to meet the challenging milestones.

The Minister of Agriculture and Water Resources, Dr. Sayyadi Abba Ruma signed the MOU with Popular Foods at a ceremony attended by government officials and a high level ministerial delegation from Thailand.

Speaking before signing the MoU, Ruma noted that the one million hectare Commercial Rice Development project would not only help to make Nigeria self-sufficient in rice production, but would also make the country a net exporter of rice.

Ruma said that the project had the capacity to produce, by 2013, 1.5 million tones of rice per annum.

Sunil Vaswani, Chairman of Stallion Group, said the project would help jumpstart the agricultural sector in Nigeria and expressed appreciation to government for giving his company the privilege.

The project is expected to provide modern milling facilities to achieve self sufficiency and encourage use of fertilizer and other improved inputs as well as the deployment of international best practices to optimise yields in rice farming under both corporate and contract farming models.

The project will benefit areas already identified and designated as Intensive Rice Growing Areas including Kano, Taraba, Benue, Katsina, Kebbi, Anambra, Kaduna, Bayelsa, Ogun and Adamawa.

Sources indicated that strategic partnership agreem-ents have already been signed with large Asian giants in rice farming and milling in order to secure the best available technology and package of practices for Nigeria.

It was learnt that the company had also already commissioned its rice mill in Lagos and is about to commission its Kano rice mill while substantial financial commitments had already been made into the next phase of farming and milling equipment destined for other project locations.

Daily Trust (http://allafrica.com/stories/200904060554.html)

[Matthias Offodile]

Excellent news...construction start for a new iron ore processing plant near the city of Franceville/Region of Haut-Oguée (Southern Eastern Gabon):cheers:


Bongo Ondimba lance les travaux de l’usine de ferromanganèse de Moanda


(Gabon Eco 07/04/2009)

Le président Bongo Ondimba lance aujourd’hui deux projets dans la province du Haut-Ogooué (sud-est), les travaux de construction de l’usine de ferromanganèse de Moanda et ceux de l’école des Douanes de Léconi.

C’est en principe dans la matinée que le chef de l’Etat gabonais, Omar Bongo Ondimba donnera le coup d’envoi des travaux de construction de l’usine de ferromanganèse de Moanda.

Cette cérémonie à laquelle prennent part le premier ministre Jean Eyeghé Ndong et plusieurs membres de son gouvernement sera suivie de celle du lancement des travaux de l’école des Douanes de Léconi.

L’usine de ferromanganèse est une œuvre de la Compagnie minière de l’Ogooué (COMILOG), spécialisée dans l’exploitation du minerai de Manganèse dans la ville de Moanda.

La mise en place de cette usine donnera une valeur ajoutée au minerai de manganèse avant :banana::cheers:son exportation vers l’extérieur du pays.

L’école des Douanes, la première qui sera construite au Gabon, sera localisée dans la ville de Léconi au nord-est de Franceville.

[Kwame]

Zambia: Country Gets First Mobile Phone Plant Worth U.S. $10 Million
Cape Town - Mmobile Telecommunication (MTech) launched the first mobile phone manufacturing plant in Lusaka at a cost of US$10 million.

The project comes at a time the Zambian government was assuring private investors of its intention to reduce the international gateway licensing fees to the regional average, to reduce the cost of doing business in the communications sector.

The plant, wholly owned by locals and supported by the government and the Japanese International Cooperation Agency, will create 200 jobs for among others engineers and technicians.

"This is what Zambians should be doing to attract foreign investors....leading the way by investing in the country." said President Rupiah Banda while commissioning the plant.

Demand for mobile phones in the last few years has grown tremendously, creating opportunities in the competitive phone market.

The government, to promote the growth of the manufacturing sector, suspended duty on imports used in manufacturing.

Tradeinvest Africa (http://allafrica.com/stories/200904070636.html)

[Kwame]

Uganda: $80m Hotel for Shimoni School Land
Fortunate Ahimbisibwe and Raymond Baguma

6 April 2009

Kampala — AZURE Holdings, partners in the Kingdom Hotel Kampala, yesterday said they had entered into a joint venture with Prince Alwaleed Bin Talal to build a five-star hotel on the land formerly occupied by Shimoni Demonstration School.

Sawan Ravani, the Azure Holdings director, said the partners had secured $80m for the project.

"The land has not been awarded to us. We have entered into a partnership to ensure that the project is completed," he said.

Ravani said the first phase of the project would be completed next year. "The project will comprise a five-star hotel, a commercial and office park, conference facilities and a shopping mall. The total project cost is estimated between $65m and $80m," Ravani said.

A crane was at the site by press time yesterday.

According to media reports, the Government was negotiating with Prince Alwaleed on how to get back the land and refund $2m to him. But the Government and Azure Holdings have denied the reports.

The investment state minister, Aston Kajara, yesterday said the Government had welcomed the new partnership. He added that they had sought the advice of the Attorney General over the matter.

New Vision (http://allafrica.com/stories/200904070175.html)

[Kwame]

Zimbabwe: Hotel Group Africansun on U.S.$100 Million Expansion Drive
Harare — Leading hotel group, AfricanSun plans to spend more than US$100 million on refurbishment and construction of new hotels in the country in the next three years, an official said yesterday.

Group chief executive Shingi Munyeza told New Ziana that the group would contribute US$15 million while property developer, Dawn Properties, would chip in with the remainder.

AfricanSun owns 10 percent shareholding in Dawn Properties.

Munyeza said the expansion programme was expected to add 730 rooms to the current 2000.

"We want to expand Troutbek, set up a hotel in Beitbridge, construct lodges in Kariba and build three other hotels in the country," he said.

Munyeza could not deny nor confirm ownership of an ongoing project near the National Sports Stadium.

"For professional reasons we cannot reveal the other three projects but our interests in the capital remain intact and we look forward to adding 420 more rooms," he said.

"It is, however, important to note that our contribution in actual construction of all these projects is only 10 to 15 percent," he said, adding that hotel operations remained their core business.

Room capacity at Troutbek would be increased from the current 70 to 120 in a project that is expected to chew US$10 million.

"The guys will be moving in any time to start re-positioning the golf course," he said.

The Nyangombe falls and world view sites near Troutbek increases the rating of the hotel.

The group, which has 56 percent hotel market share in the country, said the project in Beitbridge would cost US$22 million.

The 200-roomed hotel would be under the African Sun 'Amber' brand.

The Kariba lodges and the refurbishments at Lakeview were expected to gobble more than US$15 million.

Lakeview is currently closed for refurbishments. "We are increasing rooms to 120 and will build a conference room at Lakeview," said the African Sun chief, who added that the refurbishments would be completed in two years.

The remainder of the funds would be used to construct the other three projects.

The rapid hotel expansion programme would ensure the group cashes-in on the upcoming 2010 Soccer World Cup in South Africa.

But Munyeza said the group was looking beyond 2010.

"We have targeted to increase rooms in the country from the current 2000 to 3000 by 2012," he said. In Africa, rooms would be increased from the current 500 to 5500.

"We believe that 8500 in Africa will make us a US$1 billion company by market capitalisation thereby positioning us for a successful dual listing in three years time," said Munyeza.

The group has revealed that it is currently negotiating with three multi-lateral institutions for lines of credit, with indications of a positive outcome.

The Herald (http://allafrica.com/stories/200904070158.html)

[Kwame]

East African Community Trade Up By 20 Percent
David Mugabe

7 April 2009

Kampala — TRADE in East Africa has grown by 20% since the commencement of the customs union in January 2005, ambassador Julius Onen, the deputy director general of the East African Community (EAC), has said.

"The fear that the customs union would create problems like driving international trade away and other states benefiting more than others is false. Everything is showing positive growth," Onen said on Monday.

Onen said the success of the customs union had made the EAC so confident that it had led to progress in negotiations for the economic partnership agreements with the European Union and those of the Common Market Protocol.

The customs union was the first step in the integration of East Africa. There were fears that the more developed markets, especially Kenya, would have a comparative advantage over the less developed ones like Uganda.

The region's diplomats and permanent secretaries have been in Kampala since last week to finalise negotiations for the establishment of the EAC Common Market Protocol.

Negotiations have been going on for 12 months and if agreed by the five member states of Burundi, Rwanda, Tanzania, Kenya and Uganda, the protocol shall be effective starting 2010.

Onen said 98% of the negotiations on the common market were complete. "The 2% left is centred around the definition of who is a worker and who is a dependant and the harmonisation of national identity cards," he said.

"The intra-market is becoming more important than the outside market. This is why we should intensify the integration. With 120 million people, we have a ready and steady market," he said.

Onen said Kenya's dominance remains in petroleum re-exportation through Mombasa, which is about 75%.

"The 25% is manufactured goods and when Uganda starts to refine her petroleum, the 75% will be wiped off," he said.

The common market is the second step in the integration after the customs union. If passed, the protocol shall allow free movement of goods, persons, labour, services and capital.

Uganda's trade minister, Kahinda Otafiire, cautioned the technocrats handling the negotiations to be serious since the outcome would have far reaching consequences "to our people."

"A new window of social and economic opportunity will be opened and all shall prosper," he said.

After the common market protocol, members are supposed to agree on a monetary union (which means one currency for East Africa) by 2012 and a political federation as third and fourth stages of the integration respectively.

New Vision (http://allafrica.com/stories/200904080089.html)

[Kwame]

Africa: France Plans 250 Million Euro Investment Fund for Continent
Aisha Umar

8 April 2009

Plans are underway for a 250m euro Investment Fund for African countries by the French Government, the Ministry of State for Cooperation and Francophony said in Paris Monday.

The fund, to be accessible through banks, will come in the form of medium and long term loans that will be backed by a 50 percent guarantee of the French Government for private and government entities in Africa to be routed directly to investment that will create jobs and contribute to production.

Journalists from several African countries in Paris for a programme on France-African Relations in an interaction with officials of the French Ministry of State for Cooperation and Francophony learnt that, investors Africans and non-Africans alike, interested in direct investment into Africa will be able to access the facilities which is aimed at creating jobs in the countries of the continent and as well contribute to the productive process.

The fund, to be accessible through banks, will come in the form of medium and long term loans that will be backed by a 50 percent guarantee of the French Government for private and government entities in Africa to be routed directly to investment that will create jobs and contribute to production.

Journalists from several African countries in Paris for a programme on France-African Relations in an interaction with officials of the French Ministry of State for Cooperation and Francophony learnt that, investors Africans and non-Africans alike, interested in direct investment into Africa will be able to access the facilities which is aimed at creating jobs in the countries of the continent and as well contribute to the productive process.

All Africa (http://allafrica.com/stories/200904080036.html)

[Kwame]

Nigeria: Kano to Get Africa's Biggest Trade Centre
Abubakar Buba

8 April 2009

Abuja -- Public Private Partnership is being taken to new height in the Northern part of the country with a planned joint execution of a multibillion naira trade centre by the Oceanic Bank International Plc and the Kano state government.

A statement from the bank said the project is reputed to be the largest in Africa on completion."The project called Kanawa Trade Center (KTC) is part of a larger plan to build an ultra modern Kano Economic City, which the state government referred to as a novel economic agenda designed to lift the economy of the Northern part of the country and the nation as a whole," it said.

When fully completed, Kano State Governor, Ibrahim Shekarau said the Kano Economic city and particularly the trade center would form the hub of economic activities in the entire West African sub region.

Resolutions at the final meeting on the projects by the parties indicated that the trade centre of world standard would have 15,000 lock up shops built on two levels to maximize common facilities as well as a five star hotels for use of international businessmen on visits.

As in notable trade centers world over, it was further indicated that the lock up shops would be backed up by large and sufficient ware houses to accommodate goods and other materials.

Designed to be executed in phases with each phase equipped with the basic amenities which can also function independently, the with implementation plan projected to be undertaken by different contractors so as to give the desire aesthetics.

"The market should have an imposing monument entrance that would be a tourist attraction. The circulation ways within the market will be enclosed with well detailed roof system that gives expression to the culture of Kano," the statement said.

Explaining the idea behind the project, Group Managing Director of Oceanic Bank, Dr. Cecilia Ibru said the bank decided to be involved in the project having seen the prospect in creating a hub in Kano for economic development of the Northern region in particular and the nation in general.

Besides, the bank boss stated that it is even envisaged that the centre would a melting point in the West African sub region because the target is to have a modern Kano economic city and that Kano remains an industrial state that has attracted foreign investors adding that the construction of the trade centre would add impetus to the industrialization effort of the government.

Ibru assured the State's Governor of the readiness of the bank to partner the state in order to effectively ameliorate the poverty level which has eaten deep into the fabrics of Nigerian irrespective of their state of origin.

She said the bank would identify other areas of public importance like the healthcare sector to partner the Government for the purpose of enhancing the standard of living of the people.

Dr. Ibru disclosed that the bank would significantly increase its presence in the state to 30 branches before the end of its current financial year.

Reacting to the act of social responsibility of the bank, Shekarau lauded the Management of the bank for its foresight and for considering Kano State important enough to partner with.

He also praised the efforts of the bank in building a stronger Nigeria through effectively financing of the real sector, pointing out that the high rating the bank enjoys which has earned it several awards especially in the area of SME, was not a fluke going by its profiles in corporate social responsibility and PPP.

Governor Shekarau then emphasized the need for both the bank and the state government to work effectively together saying: "The concern of Oceanic Bank in the development of our state is very encouraging. Kano State is very unique and as a result of this, we want more and more of our rural areas to develop. So, we look forward to seeing your bank joining hands with us in growing the state. We need each other and the partnership will surely work."

Responding to the governor's charge, the Oceanic Bank Mananging Director assured the governor of the determination of the bank to partner the state in developing its infrastructure and undertaking major projects, under the public-private sector partnership.

Besides the funding of the new Trade Centre, which the bank is solely responsible for; Ibru said the bank would be willing to further partner the state in the area of mortgage financing, agricultural issues, micro-financing, small scale industries and the educational sector.

The bank, she assured could also partner the State in its bid to effectively enhance the internally generated revenue and also in the area of energy generation and distribution.

The bank boss said there are so many areas of partnership, which would have a direct positive effect on the people and further develop the state.

The bank has also taken up the development of several infrastructure in the area of roads in Lagos and other states like Rivers, Cross River, the Federal Capital etc.

Daily Trust (http://www.dailytrust.com/index.php?option=com_content&task=view&id=7545&Itemid=7:testset)

[Kwame]

Angola: US Bank Grants USD 120 Million to Angola
4/8/09 1:51 PM

Luanda – At least Usd 120 million will be granted by the US Export and Import Bank (Ex-Im Bank) to four Angolan banks.

The banks are African Investments Bank (BAI), Angola’s Foment Bank (BFA), Angolan Savings and Credit Bank (BPC) Angola’s Espírito Santo Bank (BESA), to cover the import of goods from the United States of America.

According to a press note from the US embassy in Luanda released to Angop, the Ex-Im Bank’s board of directors approved this credit facility in order to allow the four Angolan banks to provide their customers with a better service.

According to the US ambassador to Angola, Dan Mozena, Ex-Im Bank’s decision reflects the continuous trust of the Unite States of America in the future of Angola.

To him, the credit will provide the Angolan private sector with an expedite access to high quality goods and services and permit the country to continue with its massive programme of reconstruction.

Dan Mozena appealed to the Angolan business people to explore the benefits of this facility, adding that the bank officials said they are ready to increase the amounts.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/bank-grants-USD-120-million-Angola,b197aac5-e745-4a96-baaf-f99c159868d8.html)

[Kwame]

Nigeria: Integrated Steel Project Takes Off in Zamfara State
Imam Imam

7 April 2009

Gusau — Construction work began at the site of the N17billion integrated steel project being executed by the Zamfara State Government and its Chinese partners.

The first phase of the project, which entails the construction of mineral processing centre, has already commenced at a site near Gusau, the state capital.

Conducting journalists round the site, the Project Manager, Mr. Deng Bowen, disclosed that the steel plant was capable of processing 300,000 tonnes of iron and steel for local consumption and export.

He said the project would provide at least 2,000 direct employment opportunities when completed.

According to him, the processing centre will cost N4 billion while the main smelting factory will cost N13 billion.

Bowen stated that the Chinese partner was optimistic of the project fortunes because of the large deposit of copper, tin, gold, iron ore, columbite, tantatile and wolfromite in the state.

He said that China and some countries in Europe had already shown interest in the product.

The manager gave the assurance that the first phase of the project would be completed this year while the second phase would commence in January 2010.

It will be recalled that the Zamfara State Government last year signed a memorandum of understanding with a Chinese firm, Sinostar International Nig. Ltd., to co-finance the project under its public-private partnership programme.

Meanwhile, the state government has said that President Umaru Musa Yar'Adua will perform the foundation stone-laying of the project this month. The Commissioner for Information, Alhaji Ibrahim Danmaliki said that the state government would commit everything within its reach to actualise the project. "This is because of its strategic importance to the revenue derive of the state," Danmaliki said. He said that the project was in line with the administrationís attempt to shift its reliance from federal statutory allocations to solid minerals and agriculture.

This Day (http://allafrica.com/stories/200904060166.html)

[Kwame]

Angola: Coca-Cola Invests USD 70 Million in N'gola/Norte Brewery
4/8/09 1:50 PM

Luanda – The multi-national Coca-Cola Bottling/Luanda has invested USD 70 million in the construction of a brewery dubbed "N'gola-Norte", in Funda, Luanda.

This was said to Angop in Luanda by the chief executive officer of the institution, Samuel Jerónimo.

The source said that of the amount that is part of the company’s investments for 2009, Usd 60 million went for the construction of the infrastructure, five million for bottles (initial phase), one million for freezers to activate the market in the northern zone and three million for other equipment.

According to him, the freezers which are silent vendors, have a specific value as they contribute to the trademark development, therefore as from June/July Coca-Cola Bottling will start producing N'gola beer from Luanda.

With the emergence of this new factory, the source said, Coca-Cola will have created 700 new jobs this year, 430 of which for N'gola/Norte plant and the others will work in the sectors of transport, logistics and finance.

AngolaPress (http://www.portalangop.co.ao/motix/en_us/noticias/economia/Coca-Cola-invests-USD-million-gola-Norte-brewery,ae39c52b-dbd2-4140-a272-1b903963f9bb.html)

[Kwame]

Kenya: Tourism Proves Resilient in Times of Trouble
Nelly Nyagah

9 March 2009

Cape Town -- Marketers of Kenya's tourism have their work cut out for them in 2009; last year the sector witnessed its worst performance in four years following the post-election violence that scared off visitors, causing the once-thriving industry to fall on hard times.

The industry is bouncing back, with the country slowly managing to rehabilitate its image as a travel destination. But now it's a double whammy with the bearish run expected to continue on the effects of the global financial crisis.

The Kenya Tourist Board (KTB) estimates for tourist arrivals between January and October 2008 dropped by 34.7%, from 873,000 to 565,000 due to the unrest that jolted the country in the first quarter, and a weakened global economy. Current data from the Kenya Bureau of Statistics shows the tourism sector declined 34.7% over most of last year.

But to dismiss this sector's importance, and indeed its potential, would be ill-advised.

Kenya is now stable and international tourism is turning around, thanks to the fact that the country has always been one of the most popular destinations in Africa, drawing 2 million international arrivals in 2007.

Continue reading here (http://www.tradeinvestafrica.com/feature_articles/959989.htm)

[Kwame]

Mozambique: Investments in Ethanol Production
9 April 2009

Maputo — The Mozambican government's Agriculture Promotion Centre (CEPAGRI) says that 710 million US dollars are being invested in the production of ethanol from sugar cane.

These investments come from just two companies. Procana, owned by the London-based Bioenergy Africa, has been granted 30,000 hectares in Gaza province to grow sugar for ethanol, while last year the government approved an 18,000 hectare concession in Manica province to Principle Energy (which also has its headquarters in London), for the same purpose.

The forecast production from these two undertakings is 440 million litres of ethanol a year. CEPAGRI estimates that they could create between 7,000 and 10,000 jobs.

In addition to these approved projects, the government has received a series of other proposals to produce ethanol, not only from sugar cane, but also from millet, in no less than six provinces.

CEPAGRI said that between them the projects would, if approved, put between 80,000 and 130,000 hectares of land under sugar cane cultivation by 2020, with a production of between 835 million and 1.6 billion litres of ethanol.

Most of this ethanol would be exported to the European Union. In 2007 the European commission put forward a target for the EU to boost its use of biofuels in transport to 10 per cent by 2020, and for an overall expansion of renewable energies (including biofuels) to 20 per cent by the same date.

The four existing Mozambican sugar plantation are set to produce over 419,000 tonnes of sugar this year, an increase of 68 per cent when compared with last year, when the sector produced 250,191 tonnes. This results from a 37 per cent increase in the area under cultivation, and what the sugar companies claim is a 21 per cent increase in productivity.

AllAfrica (http://allafrica.com/stories/200904090862.html)

[Kwame]

Botswana: Over 73 000 Participate in Arable Farming
Monkagedi Gaotlhobogwe

9 April 2009

Gaborone -- The newly introduced arable farming programme, the Integrated Support Programme for Arable Agriculture Development (ISPAAD), has used P136 million or 86 percent of its initial P158.7 million budget, it was announced yesterday.

Over 73 000 farmers have taken part in arable farming in the last cropping season, resulting in 237,588 hectares of ploughed land. Of this, the communal sub-sector represents 218,203 hectares while the commercial Pandamatenga Farms represent 19,385 hectares.

The Assistant Minister of Agriculture, Shaw Kgathi, said the number of hectares ploughed has doubled from last year, and accounts for 93 percent of the forecast number of 78,261 farmers. He was addressing the media at the headquarters of the Ministry of Agriculture yesterday. An extra 5,249 farmers are still awaiting field measuring, which will take the hectorage ploughed and yield expected higher.

Kgathi said this year the expected yield is 93 metric tones of cereals (sorghum and maize) and 6500 tones of pulses (beans), adding that the projected yield could fall due to debilitating factors such as elephants, kudus, floods, and excessive climate change.

While beans are affected by aphids, Kgathi said he remained hopeful that the cereal yield would be far much better than last year because the notorious setotojwane (cricket) is not as problematic as before.

Kgathi said the expected improved yield in the country is all thanks to President Ian Khama's bold decision to re-invigorate and re-energize the farming community. "It was a bold decision to revive the farming sector," he said. "Its impact is visible. Where-ever you go, people are very happy, the uptake of the programme is very high."

Kgathi said during the 2008/09 ISPAAD programme, a total of 5,707.4 tones of fertiliser were issued to districts and that 8, 226 farmers used the fertiliser. However, Kgathi said only 1,539.4 tones of fertiliser have been recorded as utilised while seven tones of the unused fertiliser have been recovered; data collection and fertiliser recovery are on going.

Kgathi said the programme also delivered all the 60 tractors that were ordered, and that 53 of these have been dispatched to all districts with agricultural service centres.

Seed distribution cost P2,795, 311 of which P712, 024.90 was for a 50-percent subsidy and P2, 083, 286.84 was for free seed. Kgathi said a total of 78,261 farmers were issued with 2,020.25 tones of seed.

On fertiliser, total expenditure is P47,679,760.55 against a budget provision of P55 million. Expenditure on ploughing and planting is at P53,899,016.94 against a provision for P56,8 00 000. A total of 39, 987 farmers have been paid, leaving a balance of 33, 245 farmers still to be paid.Expenditure on tractors and implements is P27,272,627.75 against the budget provision of P32,200,000.

All in all, 60 tractors were bought to supplement 2 000 others hired from private owners. A total of 75 ploughs, 45 harrows, 60 planters and 45 cultivators were delivered to agricultural service centres.

Mmegi Online (http://allafrica.com/stories/200904100625.html)

[IvanVasil]

Awesome, that's sweet! organisme de credit (organismedecredit.net)

[Matthias Offodile]

New petrochemical complex for Gabon


HELM construira un complexe pétrochimique



24/02/2009 11:30:58 - XINHUA -


http://www.jeuneafrique.com/photos/0HELM-Dungemitel_240209.jpg
HELM construira un complexe pétrochimiqueHELM construira un complexe pétrochimique© XINHUA

Le groupe allemand HELM Dungemitel Gmbh, spécialisé dans la production et la commercialisation d'engrais, va mener une étude de faisabilité sur la construction d'un complexe pétrochimique à Port-Gentil, la capitale économique du Gabon, conformément à un accord signé à Libreville.

Selon l'accord signé par le ministre gabonais du Pétrole, Casimir Oyé Mba, et le directeur de HELM, Olivier Mehl, l'étude dervrait être achevée dans un délai d'un an et demi.

Si l'étude donne une réponse affirmative, HELM sera chargée de construire le complexe qui produira deux principaux types d'engrais à savoir l'Urée et le Méthanol.

Ces produits seront fabriqués à base de gaz naturel produit localement.

Le gouvernement gabonais s'engage à mettre à la disposition du groupe une quantité suffisante de gaz à un prix garantissant la rentabilité du projet.

Le groupe allemand s'engage à préfinancer le complexe pétrochimique à hauteur de près de trois milliards de dollars.

L'entreprise présentera à l'issue des travaux un dossier technique économique et financier pour la négociation et la signature du contrat de réalisation du projet.

[Xusein]

^^ can't read french, but the news still looks great!

[Matthias Offodile]

French and Gabonese experts make a draft plan due to a shortage of qualified and specialized labour in certain sector of society...interesting to find out the final results that will be released shortly


Gabon : L’économie en panne de main-d’œuvre qualifiée

http://gaboneco.com/Pics/Actualite/1239665470-main_oeuvre.jpg

Un groupe d’experts français et gabonais sillonnent actuellement les principales entreprises du pays pour dresser un diagnostic du manque de main-d’œuvre qualifiée et spécialisée dans les branches à pourvoir dénoncé par les employeurs. Ce rapport qui doit être rendu avant la fin du mois de juin prochain doit permettre d’identifier les secteurs et les spécialisations où l’offre d’emploi est excédentaire et d’adapter les programmes de formations en conséquence.

© D.R

Face à l’impératif de la compétitivité dans le processus de mondialisation duquel l’économie gabonaise est inexorablement ligotée, le manque de main-d’œuvre locale qualifiée et spécialisée pour répondre aux besoins de l’industrie devient un frein à la croissance.

Un groupe d’experts français et gabonais a été mandaté par les autorités pour identifier les secteurs et les spécialités où l’offre dépasse la demande afin d’adapter les cursus de formation professionnelle.

L’étude d’opportunités tripartites entre les industries, les administrations et les bailleurs de fonds amène les experts à sillonner les principales entreprises du pays pour recueillir les attentes des employeurs.

La Confédération patronale gabonaise avait récemment transmis au ministère de la Formation professionnelle les requêtes formulées par les grandes entreprises gabonaises, notamment la COMILOG, la SUCAF, SOGAFRIC, SOBRAGA, SOBOLECO ou encore SOVINGAB.

Les employeurs déplorent un manque de main-d’œuvre dans les secteurs de la maintenance industrielle et la conduite de projet, la structure métallique (soudure, chaudronnerie, construction métallique, etc.) ainsi que dans la conduite et la maintenance des véhicules industriels et engins lourds.

Emmenés par Philippe Marquand, de l’Union des métiers de la métallurgie de Lyon, les experts procèdent à la description de l’industrie dans les secteurs concernés, l’analyse des facteurs d’évolution des entreprises et leurs conséquences sur l’emploi, les qualifications et les besoins des industries aux niveaux qualitatif et quantitatif.

Les résultats à mi-parcours des travaux des experts indiquent déjà que les industriels gabonais ont besoin de personnels avec un niveau CAP/Brevet d’études professionnelles, alors que la majorité des employés rencontrés ont été formés directement par l’entreprise. Ces premiers résultats indiquent déjà un manque de technicité chez les travailleurs de moins de 40 ans alors qu’un agent compétent doit se situer entre 40 et 45 ans.

Ces inadéquations entraînent des coûts supplémentaires pour les entreprises locales qui doivent recourir à la main-d’œuvre étrangère. Ces charges représentent un réel frein à la compétitivité de ces entreprises et industries sur la scène sous-régionale, continentale et mondiale.

A la remise du rapport avant la fin du mois de juin prochain, les autorités devraient pouvoir aviser pour l’adaptation des offres de formations professionnelles aux besoins du marché du travail.
Publié le 14-04-2009

[Matthias Offodile]

New Arabian Telephone provider entered Gabonese market

Gabon : Bintel débarque sur le marché de la téléphonie mobile






http://gaboneco.com/Pics/Actualite/1239402956-BINTEL.jpg

Une quatrième licence de téléphonie mobile aurait été octroyée à l’opérateur saoudien Bintel qui devrait lancer ses activités sur le marché local au troisième trimestre de cette année. Pour son entrée sur le marché gabonais de la téléphonie mobile, Bintel aurait engagé 22 milliards de francs CFA d’investissements et table sur 6 à 8% de parts de marché pour sa première année d’activité.

© D.R

La quatrième licence d’opérateur de téléphonie mobile au Gabon aurait été récemment accordée à Bintel, un opérateur saoudien basé à Bahreïn qui exploite déjà des réseaux de téléphonie mobile en République centrafricaine et au Somaliland.

Le nouvel opérateur prévoit le lancement de ses activités sur le marché gabonais au troisième trimestre de cette année, ce qui devrait permettre de relancer la concurrence et ainsi d’améliorer la qualité et les prix de la communication mobile dans le pays.

Bintel aurait d’ores et déjà engagé un investissement initial de 22 milliards de francs CFA pour lancer ses services sur le territoire national, dont les activités devraient être placées sous la direction générale de Gilles Villenaut, un vétéran de l’industrie qui a été nommé directeur général de la filiale gabonaise.

L’opérateur saoudien, détenu à 60% par la Saudi Binladen Group (SBG), fournisseur d’accès Internet dans plusieurs pays, devrait fournir des services voix et données, données à haut débit et vidéoconférence.

«Avec son entrée sur le marché gabonais des télécommunications, Bintel a l’intention d’intensifier la concurrence, ce qui sera finalement à l’avantage des utilisateurs finaux qui auront une large gamme de services de choix, et pourront également bénéficier des prix plus compétitifs», a déclaré le chef de la direction de Bintel, Alawi Baroum.

L’Agence de régulation des télécommunications (ARTEL) du Gabon annonce un taux de pénétration du marché de la téléphonie mobile de 90%, avec 1,3 millions d’abonnés mobiles. Ces chiffres qui laissent peu de marges de progressions vierges, devraient contraindre l’opérateur à rivaliser de qualité et de prix des services pour récupérer des parts de marché.
Zain est leader du marché local avec 58% des parts, suivi de Gabon Télécom à 34%, et Moov avec 8%. Moov est la marque de l’Atlantique Telecom en Afrique, qui est détenue par les Emirats arabes unis Etisalat’s, tandis que Libertis est sous le contrôle de Gabon Télécom détenu à 51% par Maroc Télécom.

Pour sa part, Bintel vise une part de marché de 6 à 8% au Gabon dans sa première année d’activité et table sur 30% des parts du marché dans un délai de 10 ans.

Bintel a déjà lancé des services mobiles en République centrafricaine dans le courant de l’année 2007 et un réseau mobile dans le Somaliland courant 2008. L’opérateur saoudien a également acheté une participation majoritaire dans la société suisse Telesonique. Bintel exploite enfin un réseau GSM dans la Guinée équatoriale voisine ainsi qu’un réseau Wimax en Angola.

Publié le 11-04-2009

[MBA-Congo]

African telco operators sign infrastructure agreement
April 14, 2009 in Mobile and Telecoms

A multinational consortium of leading telecommunications operators has signed a Construction and Maintenance Agreement (C&MA) and Supply Contract for the implementation of the West Africa Cable System (WACS).

WACS is a 3.84 terabit per second submarine fibre optic cable that will link countries in Southern Africa, Western Africa and Europe, with high capacity international bandwidth. Planned landing points include South Africa, Namibia, Angola, the Democratic Republic of the Congo, The Republic of Congo, Canary Islands, Cameroon, Nigeria, Togo, Ghana, Cote d’Ivoire, Cape Verde, Portugal and the United Kingdom. The landings in Namibia, the Democratic Republic of the Congo, the Republic of Congo and Togo will provide the first connections for these countries to a global submarine cable network.

Alcatel-Lucent Submarine Networks has been contracted to supply the 14,000 km long cable system with all associated landing points, which is expected to be ready for service by early 2011.

Costing about US$600-million, the project has brought together a multitude of nations and some of the world’s most influential telecommunications players in a joint effort to use state-of-the-art technology in linking more people more efficiently than ever before.

Pieter Uys, Chief Executive Officer of Vodacom Group and Chairman of the WACS steering committee said: “the West Africa Cable System represents a significant telecommunications infrastructure investment through a joint effort of a number of African and Global operators and will have ample capacity to serve the region’s international connectivity needs for many years to come.”

The telecommunications companies that have signed the WACS Construction and Maintenance Agreement include Angola Telecom, Broadband Infraco, Cable & Wireless, MTN, Telecom Namibia, Tata Communications (Neotel), Portugal Telecom, Sotelco, Togo Telecom, Econet, Telkom SA and Vodacom Group.

[napoleon]

Africa beckons for rice firms Besides imports, some countries seek farmers

Bangkokpost Published: 16/04/2009 at 12:00 AM


African countries have become a major destination for Thai rice as purchasing volume surged substantially to more than 4.6 million tonnes last year out of 10 million tonnes in total exports.

The region continues to have great market potential as a number of Thai rice companies have offices there and some have been approached by local governments to invest there in milling, processing and even growing rice.

"They seek know-how and need skilled people to take part in post-harvest activities such as processing and milling rice," said Wanlop Pichpongsa, deputy managing director of Capital Rice Co.

Capital Rice, Thailand's largest rice exporter, had been approached by Stallion Group, West Africa's largest business conglomerate, to form a venture to operate a rice mill and processing plant in Nigeria.

African countries buy various types of Thai rice but parboiled rice remains the favourite grain for consumers on the West coast of the continent. The rice requires a specific production process that is known by just a few Thai companies.

Capital Rice has not yet decided to invest, but Mr Wanlop feels it is an interesting project.

"For the time being, I would like to strengthen our brands in African markets," said Mr Wanlop, whose company exports 100,000 tonnes of rice to Nigeria per year, mainly to Stallion, which controls several leading consumer brands including 'Caprice' of Capital Rice Co.

African countries are also interested in growing rice, particularly Nigeria, and companies have been approached by a few governments, said Vichai Sriprasert, president of Riceland International Co.

This is an opportunity to exploit the expertise of Thai rice farmers and help them escape from long-term poverty, he said.

"Don't get me wrong, I do not want to promote rice investment in foreign countries to compete with Thai rice. My intention is to encourage Thai investors to explore opportunities abroad, notably in potential markets such as Africa," said Mr Vichai, also former president of the Thai Rice Exporters Association.

"Thai farmers were trapped in a cycle of poverty for a long time and one reason is most of them have limited farmlands," he said.

"With approximately 15 million rice farmers and 60 million rai of available land, each has only 4 rai for farming."

In properly irrigated areas, yields might be as high as 1,000 kilogrammes of paddy per rai and could earn about 10,000 baht for each tonne of paddy sales, or just 40,000 baht per year, which is pretty low for a best-case scenario, according to Mr Vichai.

Crop damage would lower those earnings considerably.

"The prolonged poverty is mainly because of land limitation and wouldn't it be good if one country offered plenty of land for farmers to grow rice?"

According to Mr Vichai, Nigeria permits foreigners to grow rice and operate other rice-related businesses such as milling and processing in order to lessen dependence on rice imports and build up self-sufficiency in food.

Nigeria allows foreigners to lease farmlands for up to 99 years and to fully control rice investment projects.

Demand for rice in Nigeria is huge at about 4 million tonnes per year for the 150 million population. Domestic supply of only 2 million tonnes means the country imports the rest, and 300,000 to 400,000 tonnes are normally bought from Thailand. Last year's global fuel crisis drove the volume from Thailand to more than 840,000 tonnes, an 158% rise year-on-year.

"Nigeria has quite a similar climate to Thailand and grows some of the same crops such as sugarcane, maize, and a variety of rice," he said.

Mr Vichai entered Nigeria 30 years ago and brought technical processes from the United States to make parboiled rice. His company sold more than 100,000 tonnes last year, or one-fourth of total export shipments.

He suggests the Thai government and local companies spearhead the movement for farmers to plant rice in Nigeria.

It's an opportunity for Thailand to use the knowledge that made it the finest rice producer and the world's biggest rice supplier, he said.

"If we don't go, there are other countries ready to make investments such as India, a leading rice exporter," Mr Vichai added.


http://img8.imageshack.us/img8/8595/thaiafrican.jpg (http://img8.imageshack.us/my.php?image=thaiafrican.jpg)

Vichai Sriprasert and his daughter Jennifer visit vendors at a rice shop in Nigeria, the largest Thai rice importer in Africa.


http://img126.imageshack.us/img126/1408/24819.jpg (http://img126.imageshack.us/my.php?image=24819.jpg)

[Matthias Offodile]

the last is terible news, it should be the other way round and not Africa absorbing Thailand-produced rice!

it shows once again how far Africa has fallen back!

[Matthias Offodile]

Massive strengthening of already close/strong Gabon-France military ties (five new key accrods signed)


Gabon : Paris et Libreville renforcent leur coopération militaire

La coopération militaire entre la France et le Gabon s’est enrichie de cinq nouvelles conventions signées le 14 avril dernier à Libreville entre le ministre gabonais de la Défense nationale, Ali Bongo Ondimba, et l’ambassadeur de France au Gabon, Jean Didier Roisin. Ces nouveaux accords renforcent la coopération militaire entre les deux pays dans les domaines de l’aviation légère, de la marine, de la formation ou encore de la santé.

L’axe militaire Paris-Libreville se trouve renforcée de cinq nouvelles conventions de coopération depuis le 14 avril dernier, où le ministre gabonais de la Défense, Ali Bongo Ondimba, et l’ambassadeur de France au Gabon, Jean Didier Roisin, se sont retrouvés à Libreville pour parapher ces nouveaux accords.

Ces nouvelles conventions qui devraient permettre de renforcer les capacités des forces armées gabonaises:cheers:, de faciliter la présence militaire française au Gabon ou encore de renforcer la coopération entre les deux pays dans les prestations de l’Hôpital d’instruction des armées Omar Bongo Ondimba (HIAOBO).

La première convention concerne la coopération militaire avec l’aviation légère des armées gabonaises. Le second délimite les projets de coopération de l’armée française avec la marine gabonaise. Une troisième convention balise les conditions de formation de presque tous les cadres militaires gabonais en France:cheers: et la quatrième conditionne la mise à disposition des logements aux coopérants militaires français par la partie gabonaise. La dernière convention militaire conclue entre les deux pays porte enfin sur l’optimisation de la prise en charge des urgences à l’HIAOBO.

La coopération militaire française au Gabon intervient également dans le secteur de la formation technique, avec l’établissement centralisé de réparation et de construction automobile (ECCRA), qui assure la formation des forces de défense en maçonnerie, électricité bâtiment et plomberie, dans le cadre des actions sociales et solidaires d’aide au développement:cheers: initiées par les militaires gabonais.

Ali Bongo Ondimba et l’ancien ambassadeur de France au Gabon, Jean Marc Simon, avaient signé le 8 octobre dernier à Libreville une convention relative à la création d'une école en santé militaire à vocation sous-régionale à Libreville.

Cette école devra participer à la recherche, à la formation et au perfectionnement des experts en santé militaire. A terme, ce projet devrait permettre aux armées de la sous-région de disposer d’une structure de formation en santé militaire, adaptée aux évolutions technologiques et techniques dans ce domaine de compétence pour un service efficace et opérationnel.

Publié le 16-04-2009

[KQV208]

the last is terible news, it should be the other way round and not Africa absorbing Thailand-produced rice!

it shows once again how far Africa has fallen back!

Not all of Africa. Kenya produces her own rice, maybe the other African countries should borrow a leaf seeing that they are more closely related. It suddens me to see this.

[KQV208]

The African Development Bank (ADB) says the economy will come safely through the global financial crisis, to record at least five per cent growth this year.

The bank’s chief economist, Louis Kasekende, said Kenya, Uganda, Tanzania, Rwanda and Burundi might end 2009 with higher growth rates than last year.

“Uganda will record six per cent, Kenya, given its diversity in export markets, will grow by between five to 5.5 per cent,” he told reporters during the regional multilateral development bank’s workshop to assess the countries’ financial needs during the crisis.

Government agencies put Kenya’s economic growth in 2008 at 2.1 per cent.

Dr Kasekende noted, however, that there will be a reduction in earnings from tourism and money received from Kenyans working abroad.

“Another thing that will help the east African countries, especially Kenya, is their dependence on regional markets,” he added. “They export agricultural produce to the outside world while their manufactured products are exported to within the region.”

Comesa and the East African Community trade blocs remain major markets for locally manufactured goods.

In 2007, the share of exports to Comesa accounted for 31.3 per cent of Kenya’s total exports, or Sh86.2 billion, according to the Government’s Economic Survey of 2008.

External trade

Exports to the East African Community accounted for 23 per cent (Sh64.1 billion) of Kenya’s total external trade.

Finance minister Uhuru Kenyatta, who was at the workshop, said the global financial crisis threatens to reverse the social and economic gains that African countries have made in the last 15 years.

Dr Kasekende said the bank has set aside $1 billion (Sh80 billion) as a trade facilitation fund, from which governments could borrow.


http://www.nation.co.ke/business/news/-/1006/561248/-/j00kt0z/-/index.html

[abesha]

Ethiopia to start Ethio-Kenya road

By Groum Abate

The Ethiopian Roads Authority (ERA) is preparing to launch the 2.4 billion birr road project that connects Ethiopia to Kenya. The Kenyan government has already launched the construction of the road from Port of Mombassa to Moyale.

ERA has also launched the result of the environmental impact assessment and rehabilitation study it had conducted on the Hageremariam - Moyale road construction project which is expected to be one of Africa's major trans-boundary highways.

The Hageremariam - Moyale Road Project constitutes a major highway linking Ethiopia to Kenya stretching as far as the Port of Mombassa. The road would be vital in terms of commerce as it traverses major coffee-growing areas in the Southern Nations Nationalities and People's Regional State.

Recently, a delegation of the project's financier, the African Development Bank, toured project areas.

The Kenyan Government at the beginning of March launched the multi-billion shilling (Kibwezi- Mwingi- Maua) road that will, when completed, connect Mombasa at the coast to the town of Moyale on the border of Ethiopia.

The Authority said design work is being carried out currently and is expected to be completed by the end of this year.

Public Relations Head Samson Wondimu said a proposal on securing the fund for the construction of the road has already been submitted to the African Development Bank.

The road runs 310 kilometers as part of the Addis Ababa - Moyale route. The route is part of the 10,000 kilometers Cairo - Gaborone - Cape Town trans-boundary highway, which is the longest of the four main highway links in Africa.

http://capitalethiopia.com/archive/2009/April/week3/local_news.htm#6

They need to hurry up and do the railway too.

[redpen]

hello everybody:banana:
simulation assurance vie (http://organismedecredit.net)

[Mwafrika]

hello everybody:banana:
simulation assurance vie (http://organismedecredit.net)

Hello redpen, welcome :)

[Kenguy]

Ethiopia to start Ethio-Kenya road

They need to hurry up and do the railway too.

^^
Couldn't agree more.:cheers:

[Kwame]

Angola: Governments of Angola and Brazil Sign Tourism Cooperation Agreement
Luanda, Angola, 20 April – The Tourism Ministers of Angola, Pedro Mutinde and Brazil, Luiz Barreto Filho, Friday in Luanda signed a cooperation agreement for the tourism sector, which includes professional training, planning and increasing the hotel network.

In the speech he gave at the ceremony to sign the agreement, the Brazilian tourism minister said that Angola had numerous opportunities to become a tourism benchmark in the world, due to its enormous natural potential and favourable conditions for private investment.

He also said that “Brazil already has many businesspeople, focusing on various business sectors, with tourism in Angola likely to be the next focus, as Angola has everything for investors to apply their funds.”

“Angola cannot just live off oil and diamonds. He therefore said that the Angolan government was correct in its idea of creating alternatives for development,

In his turn, Angola’s Hotel and Tourism Minister said that the agreement was “a step forward in the Government’s objectives for the tourism sector, based on promoting a tourism model that will ensure sustainable development, environmental quality and social cohesion.

A group of technicians from the Angolan Hotel and Tourism Industry plans to travel to Brazil in May in order to gather information about training and development of urban master plans together with Brazilian professionals.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7251)

[Kwame]

Angola: Brazilian Builders to Construct Hotels to Support Africa Cup of Nations (CAN) in 2010
Luanda, Angola, 23 April – Brazilian construction companies Sequência Lda and OAS Lda would build four hotels in as many cities in Angola to help redress the lack of accommodation for the Africa Cup of Nations (CAN) in 2010, said the manager of Sequência Lda Wednesday in Luanda.

Renato Navarro, part of the Brazilian tourism ministry’s retinue, said that the hotels would be built in four of the cities hosting the Africa Cup of Nations starting January 2010, and the first hotel was planned for Lobito in Benguela province.

He said that the Lobito hotel would have 180 rooms and be built over an area of 12,000 square metres and would be ready by the start of the Championship.

Navarro also said that the building project for the four hotels was estimated at US$100 million.

Navarro, whose company intends to set up in Angola over the next three to four months, added that he only had specific information about the hotel to be built in Lobito, and added that the projects and building locations for the remaining hotels in Cabinda, Luanda and Huila were still to be determined.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7281)

[Matthias Offodile]

Angola: Governments of Angola and Brazil Sign Tourism Cooperation Agreement

Brilliant news!:cheers:

[napoleon]

Thai Ex-Prime Minister Eyes Huge Investment in Mining Sector

Hails NIC Chairman, By Stephen Binda

Published: 23 April, 2009

Prime Minister Thaksin Shinawatra and Chairman Richard Tolbert

MONROVIA,A Thailand delegation headed by former Prime Minster of that country, Mr. Thaksin Shinawatra, has ended a private visit to Liberia.
The delegation held talks with the Chairman of the National Investment Commission (NIC), Dr. Richard Tolbert, in Monrovia on Wednesday.

Gain access to this and all other stories. Subscribe now to www.liberianobserver.com! Click the banner at the top of the page to subscribe!


http://img21.imageshack.us/img21/9892/72069766.png (http://img21.imageshack.us/my.php?image=72069766.png)

http://www.liberianobserver.com/news/fullstory.php/aid/16224/Thai_Ex-Prime_Minister_Eyes_Huge_Investment_in_Mining_Sector_.html

[ufookoro]

Nigeria: ONGC Mittal to Build Refinery

Chika Amanze-Nwachuku With Agency Report



Lagos — The Nigerian National Petroleum Corporation (NNPC) has given approval to Indian Energy giant, ONGC Mittal Energy Ltd (OMEL) to build a refinery in Nigeria .

OMEL is the joint venture between Mittal Investments Sarl, the private investment company of the Mittal family, and ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC.

The Federal Government, through the Department of Petroleum Resources (DPR) had awarded exploration rights to the joint venture on Oil Prospecting Licences (OPL 279 and OPL-285) during the 2005 licensing round after the company showed commitment to invest $6 billion in the downstream sector.

A source told THISDAY that one of the blocks won by the joint venture was the relinquished portion of the OPL 246, which was a subject of legal battle between the former Defense Minister, General Theophilus Danjuma and the Federal Government.

He explained that notwithstanding the delay in the release of the oil block due to the court case, the company still showed its commitment on the various downstream projects and had gone ahead to look at the possibility of building a railway line and getting government's commitment on the Greenfield refinery where it will be cited.

However, Managing Director, Mittal Investments, Mr. Sudhir Maheshwari, told Business Line that OMEL has got the NNPC's nod for the planned refinery project in Nigeria .

"The steering committee and the working committee of NNPC has approved the refinery as OMEL's preferred downstream commitment," Maheshwari said.

He confirmed that the joint venture had in 2005 won rights to explore in OPL-279 and OPL-285 after committing to invest $6 billion in the core sector of Nigeria . The company, he said paid a signature bonus of $50 million for OPL-285 and $75 million for OPL-279.

"OMEL is in constant discussion with NNPC regarding its downstream commitment. It has carried out a pre-feasibility study for a grass root refinery by engaging a reputed international consultant," he said.

He also revealed that the corporation has conducted due diligence and visited two refineries organised by OMEL, adding, "OMEL is keen to carry out the downstream obligation in earnest. Unilaterally, OMEL cannot move forward for implementaton of the project without the support of NNPC through its Steering Committee."

OPL-279 is a deepwater offshore exploration block in Nigeria . OMEL, through its wholly owned subsidiary company, OMEL Exploration & Production Nigeria Ltd, holds 45.5 per cent participating interest and operatorship of the block.

The other partners in the block are EMO, a local Nigerian company, with 40 per cent stake and TOTAL with 14.5 per cent participating interest.

The other block OPL-285 is also a deepwater block, where OMEL, through OMEL Energy Nigeria , holds 64.33 per cent participating interest and operatorship. The other partners in the block are EMO (10 per cent) TOTAL (25.67 per cent interest).
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* Industry and Infrastructure
* Nigeria
* Petroleum
* Sustainable Development
* Urban Issues and Habitation

To ensure prompt realisation of the various projects, the DPR, THISDAY learnt had set up various steering committees that would be responsible for supervision of the projects. The committees, said to be chaired by NNPC, the operating arm of the government had the mandate to ensure that all the downstream projects committed by new players In the Industry were being implemented under a suited time table.

"And in the event, if the committees were not satisfied in the manner the projects were being implemented, they also have the power to recover those blocks back to the government and so the government is not losing anything", said a DPR source.:banana::banana:

[Kwame]

East Africa: Leaders Sign Protocol for Common Market
29 April 2009

Arusha — The five presidents of the East African Community, comprising Uganda, Kenya, Tanzania, Rwanda and Burundi, yesterday agreed to have the protocol on the common market signed before the end of this year.

"The summit considered the report on the progress of the EAC Common Market negotiations and took note of the advanced stage the negotiations have reached," read a statement, released yesterday at the end of the East African Community summit in Arusha.

"The summit directed that the process towards finalisation of annexes as well as the sections on scope and common tariff policies be finalised soonest to enable the protocol to be signed in November 2009."

Acknowledging the sovereignty of each member state, the presidents resolved that the protocol should not contain provisions that can override national policies and laws, particularly in relation to land ownership.

"The granting of related rights to access to land and establishment should not be automatic but should lay a basis for eligibility," the statement said.

This broke the impasse on the widely contested issue whether permanent residents have a right to land in the countries of the EAC.

Tanzanian president Jakaya Kikwete, in particular, had insisted that national governments should decide on land ownership. All land in Tanzania is public land.

They also disagreed on the use of regional identity cards but left it to individual member states to make bilateral deals.

"The use of identity cards shall not constitute an acceptable form of travel document on EAC-wide basis," the communiqué said.

"However, partner states that are ready to use identity cards as a travel document on a bilateral basis can proceed."

However, the heads of state maintained that the protocol should ensure full protection of cross-border investments of East Africans.

The common market issues were tackled simultaneously with the modification of the Customs Union.

The summit approved an amendment of the EAC rules of origin. It also approved amending the protocol allowing for Rwanda and Burundi to nominate three members each on the committee on trade remedies.

On the establishment of a political federation, the summit assessed the findings of the national consultative process in Rwanda and Burundi.

"They have noted with appreciation that the people of the two new partner states have indicated support for the process (fast-tracking the political federation)," the release said.

The East African heads of state also extended a vote of thanks to South Africa's ruling ANC on its election victory and reaffirmed solidarity and continued co-operation with the Pretoria establishment.

Meanwhile, in a rare show of unity, the five Presidents put aside their privileges and drove in one car to Lengijave, a remote village near the Kenya-Tanzania border, to unveil a new link between the two countries on Monday evening.

Rwandan President Paul Kagame cut the tape that marked the official opening of the Arusha-Namanga-Athi River Road Construction Project in a colourful ceremony that will be remembered for decades by those present.

Kagame reminded the members that the occasion signified an important milestone in regional integration.

"There is urgent need to modernise the sections of roads and railways and revamp the facilities of telecommunication and the aviation system to improve the productivity within the region" noted Kenyan President Mwai Kibaki.

He also observed that there was need to develop a clear framework for private sector participation, which should spell out the roles of the private and public sector in the construction of roads, railways and airways.

The New Vision (http://allafrica.com/stories/200904300003.html)

[Kwame]

Rwanda: Producing More Tea While Maintaining Its Quality
Stephen Tumusiime

30 April 2009

Kigali -- Last year, the tea board OCIR Tea sold 19 million kilogram of black tea, which brought in US$ 42 million. Although this was a 23% increase compared to the US$ 34m earned in 2007, the agency's director general, Anthony Butera, recognizes that there is still a long way to go. Considering that the Rwandan tea production represents only 1.2% of the global market, he says that OCIR's first aim is now to increase production.

"Last year's increase in production and revenue was basically due to increase in acreage," Butera points out. "7,000 hectares were planted and we had hoped to get 23 million kilogram, but climatic factors hindered us."

Some tea factories have been upgraded so as to be more productive.

In the first quarter of this year, an additional 1,400 hectares of plantations were supposed to be prepared. So far 1,200 hectares are ready for production, with 200 more under development.

Increased production does not mean that quality is secondary. It is exactly for this reason, Butera says, that OCIR Tea was shifted from Minicom to Minagri early last year, and why there is a mass campaign to maintain quality while production is increased.

And quality matters: whereas Ugandan and Kenyan teas go for US$ 1.6 a kilogram at the Mombasa auction, the Rwandan one fetches US$ 2.2. Butera says that at the end of last year, Rwandan tea even commanded US$ 2.4, but prices have since declined. He attributes the escalation of prices last year to the political turmoil in Kenya.

"Kenya, the major tea producer in the region, was not at its peak and this forced prices to shoot up for what little was available on the market."

Now that the country has stabilized, supply thus prices have followed suit. This does not worry Butera since, he says, Rwandan tea will always fetch good prices due to its quality. "Clients are often ready to pay any amount of money for Rwanda's tea," the director general remarks.

There is another reason why Rwanda needs quality, and the high price that entails: getting to the Mombasa auction is costly. Whereas it takes only US$ 1,000 to transport goods with a truck from Kampala to Mombassa, that cost quadruples when the truck comes from Rwanda. And for Kenyan tea transport is obviously the cheapest.

"This gives us a comparative disadvantage," Butera points out. "That's why we have to emphasize on quality so as to always claim high prices on the market and compete favorably."

Rwanda aims to invest heavily in the tea industry and wants to privatize the tea sector so as to achieve maximum production.

Different investors have already shown great interest in setting up tea factories in the country: the American firm Oriena Holdings wants to build a factory in Karongi, Rwanda Mountain Tea is eyeing Rukiro, and Dubai World also intends to venture in the tea sector.

Currently there are 11 tea factories in Rwanda, which are all monitored for quality by OCIR Tea. Some have undergone rehabilitation to increase their capacity. Butera says that there are plans to build five more factories by 2012. That should, according to the projections, bring the production to 35 million kilogram generating revenue of US$ 90 million.

Focus Media (http://allafrica.com/stories/200904300951.html)

[Kwame]

Nigeria: Goshen to Invest $2.6 Billion in Country
Henry Umoru

30 April 2009

Abuja — Determined to invigorate the nation's economy, Goshen Group, a conglomerate with about 16 companies cut across Africa, Europe and Asia has completed arrangement to invest $2.6 billion dollars in the country.

Chairman of the group, Sir Isaac Chuks, who disclosed this in Abuja while making presentation to the Minister of Federal Capital Territory (FCT), Senator Adamu Aliero, said the project would create more than 25,000 direct jobs for the local population and 100,000 indirect.

He said, the proposed Goshen Centurion Industrial Haven at Gosa in Abuja is only waiting for the certificate of occupancy for the project to take off.

Goshen Centurion Industries would among others produced steel and iron metallic, electronics, plastic, wood, papers and would also go into telecommunication, power generation, water treatment, waste management, sewage management, quarry plant and a host of other industries.

Sir Chuks said, preliminary master planning, hydrological surveys, road networks, sewage plan, and environmental impact assessments are all in process.

He said the project, which requires the injection of $2.6 billion, does not requires government assistance, noting that some of the investors are people with companies whose annual incomes are six (6) to seven (7) billion dollars.

Sir Chuks stated further that the group has been working on this project for almost three years, adding that at this level we have almost conclude the arrangement.

The group he said wanted to build an airport in Abuja at the cost of $200 million, and that local airport would be extended to cargo airport.

Speaking at the occasion, a member of the group, and the the CEO of Stylecrest Investment LLP of UK, Sam Clover, said the project would provide quality housing and social infrastructure for workers. And would also provide resources and infrastructure for local, national and international businesses.

The project he explained would develop Nigeria economy in line with presidential national and international initiative, adding that it would create more than 25,000 direct jobs for the local population and 100,000 indirect.

He noted that the project would meet many core objectives of Nigeria vision 2020, President 7 Point Agenda and United Nation Millennium Development Goals (MDGs).

Responding, the Minister of FCT, Senator Adamu Aliero said he was not aware of their initial visit or aware of the plan, but now that he is aware he would do all within his power to see the reality of the project, adding that the project is in consonance with the 7 Point Agenda of President Yar'Adua. He added that, if only he was aware of the plan before now he would have presented it to the Federal Executive Council.

Vanguard (http://allafrica.com/stories/200904300929.html)

[Kwame]

Uganda: Bank PHB Moves Into Uganda
30 April 2009

Kampala -- Nigeria-based Bank PHB has acquired a majority stake in Orient Bank of Uganda, Daily Trust reports.

Francis Atuche, group managing director of Bank PHB said the deal is a strategic decision by Orient Bank to increase its market share and its ability to meet the needs of its customers.

According to Atuche, Uganda is the first East African country into which Bank PHB has invested. Outside Nigeria, the bank already has a footprint in the West African countries of Gambia, Sierra Leone and Liberia.

Michael Cook, chairman of Orient Bank said that Bank PHB's decision to start with Uganda for its expansion into East Africa is a vote of confidence in the Ugandan economy and its potential.

TradeInvest Africa (http://allafrica.com/stories/200904300819.html)

[Kwame]

Angola: State Budget Records USD 6.4 Billion Surplus
30 April 2009

Luanda — The 2008 State Budget recorded a global expenditure performance of 96 percent and an increment in revenues, which has permitted a budget surplus of Usd 6.4 billion.

This was said Wednesday in Luanda by the Finance minister, Severim de Morais.

Speaking at the end of a session of the Cabine Council, the minister further said that from the financial point of view the year 2008 was very positive.

The information is part of a report on the performance of the 2008 budget approved Wednesday by the Cabinet Council.

The report contains an assessment of the financial exercise in 2008, with data on budgetary and financial performance, on the variations and the State property and on performance of the public administration finances.

AngolaPress (http://allafrica.com/stories/200904300756.html)

[Kwame]

Mozambique: Portuguese government sets up fund for business initiatives in Mozambique
Lisbon, Portugal, 30 April – The Portuguese government plans to create a fund to allow access to subsidised loans by business initiatives in Mozambique linked to Portuguese cooperation, the Portuguese secretary of state for Foreign Affairs and Cooperation.

“It is an IPAD (Portuguese Institute for Support of Development) fund – which has a basis of US$9 million and will make it possible to leverage US$80 to US$90 million in investment,” in the country, particularly in the area of Mozambique Island, João Gomes Cravinho told Portuguese news agency Lusa.

Cravinho, who was speaking on the sidelines of the seminar on “Sustainable Economic Development of Natural Resources: Public-Private Partnerships,” an event that was part of the “Development Days” initiative, said that the IPAD fund would be launched in the second half of June.

During the seminar, the secretary of state called for the future of Portuguese cooperation to “focus on the problem of the internationalisation of businesses,” in areas such as renewable energies, whilst respecting standards of public aid to development.

MacauHub (http://www.macauhub.com.mo/en/news.php?ID=7321)

[Kwame]

Angola: Nation Welcomes Chiquita Brands International to Banana Industry
By Henrique Almeida

LUANDA, April 30 - Angola's farming sector could finally resolve what its oil and diamond exports have for years failed to do: lift millions of Angolans out of poverty.

Thousands of kilometres of roads have been rebuilt after a civil war that ended in 2002, enabling farmers from banana plantations in the south to coffee producers in the north to bring their products to market on time and at affordable prices.

More significant are government plans to invest $1 billion in 2009 in the sector and welcome in U.S. Chiquita Brands International Inc to its banana industry.

Read the rest here (http://www.guardian.co.uk/business/feedarticle/8482478)

[Matthias Offodile]

Angola: Nation Welcomes Chiquita Brands International to Banana Industry



Chiquita brand??? this brand has been synonomous with exploitation in its crudest form by US multinationals in Central America! How can the Angola government allow this?:bash::bash:

[Kwame]

^^ I know, I was thinking the same things when I read the article. I guess when you're trying to reach self sufficiency by 2013, some things just have to happen...

[Matthias Offodile]

"We face neither East nor West; We face forward" - Kwame Nkrumah

There is no place like Afrika.

Come see my Urban Showcase on Sacramento!

Angola ¤ Nigeria ¤ South Africa

I like what you have wriiten here, Kwame:)

[You are to blame]

Ghana GDP growth was 7.3 per cent in 2008

Accra, April 30, GNA – The economy grew by 7.3 per cent in 2008 buoyed by strong growth in agriculture, industry and services, the Ghana Statistical Service announced on Thursday.

The GDP growth is based on about 70 per cent of data gathered so far from the different sectors.

“Not until we get all data, and are certain the remaining could not bring about any significant change, the figures remain subject to revision,” Mr Ebo Duncan, Head, Economic Statistical Division, told journalist at a briefing to announce the revised figures.

The Ghana Statistical Service in January quoted a growth rate of 6.2 per cent, which was based on available data through September 2008, generating a lot of argument among the public.

Mr Duncan said the estimation of the GDP was done in stages, with estimates generated at each stage being dependent on source data available. The different stages generate estimates which are sequentially designated as projected, provisional, revised or final.

He attributed the delay in the release of the GDP figure to the inability of the institutions involved in data gathering on which the Statistical Service relied in making the information available on time.

The previous government had in its 2008 budget targeted a GDP growth rate of 7.0 per cent, after a period of sustained growth. GDP had jumped from 3.7 per cent in 2000 to the new figure.

The agriculture sector continues to dominate the economy with a 33.59 per cent share of total GDP. Growth in the sector was 5.1 per cent driven by crops and livestock sub-sectors which went up by 5.82 per cent.

Industry grew by 8.1 per cent with a share of total GDP of 25.89 per cent.

The mining and quarrying sub-sector grew by 2.11 per cent, while the Manufacturing sub-sector recovered from a negative growth in 2007 and rose by 4.53 per cent.

The services sector had the highest growth rate 9.3 per cent. All sub-sectors grew more than 8 per cent except community, social and personal services. Wholesale and retail trade, hotels and restaurants sub-sector recorded the highest growth of 10.16 per cent.

Dr Grace Bediako, Government Statistician, said different estimates for a given year should not raise unnecessary alarms as these were an integral part of the process of arriving at the final estimates.

GNA
http://www.modernghana.com/news/214012/1/gdp-growth-was-73-per-cent-in-2008.html

[Matthias Offodile]

Gabon - United Arab Emirates relations reinforced...this is excellent news!:banana::cheers:


Coopération: Vers le renforcement de la coopération bilatérale entre le Gabon et les Emirats Arabes Unis



http://www.africatime.com/data/nouvelles/159001.JPG

(Gabonews 30/04/2009)

Libreville,(GABONEWS) – Le Ministre des Affaires Etrangères du Royaume des Emirats Arabes Unis, Sheikh Abdallah Ben Zayed Aal Nahayan et le Ministre gabonais délégué au même département, Noël Nelson M’Essone, ont examiné ce mardi soir à Libreville, les relations bilatérales qui existent entre les deux pays en vue de renforcer et de relancer la commission mixte des deux Etats, a constaté GABONEWS.

La séance de travail entre le ministre du Royaume des Emirats Arabes Unis, Sheikh Abdallah Ben Zayed Aal Nahayan et son homologue, Noël Nelson M’Essone, s’est déroulée au ministère des Affaires Etrangères en présence de deux autres ministres gabonais dont Ali Bongo Ondimba de la Défense nationale et Franck Emmanuel Issozé-Ngondet en charge de l’Energie, des Ressources hydrauliques et des Nouvelles énergies.

« Nous avons examiné nos relations bilatérales de la manière la plus positive. Nous nous sommes particulièrement intéressés aux possibilités que les Gabonais offrent dans les domaines de l’agriculture et de l’énergie », a déclaré Sheikh Abdallah Ben Zayed Aal Nahayan au terme de l’audience assurant toutefois que « Nous verrons aussi les possibilités qu’il y a de renforcer les domaines de l’éducation et de la santé ».

Le Ministre du Royaume des Emirats Arabes Unis a également déclaré qu’ « après cette première visite, je m’attends à d’autres pour continuer à explorer de nouveaux terrains, de nouvelles idées et de nouvelles possibilités dans notre relation bilatérale ».

Il a dit toute sa satisfaction et celle de sa délégation d’avoir été reçu de la meilleure manière au Gabon.

« Je voudrais simplement redire combien j’ai été heureux et tout le plaisir que j’ai eu à être reçu ici au Gabon pour renforcer une relation qui existe depuis maintenant plusieurs décennies », a-t-il conclu.

A la fin de cette audience, l’émissaire du Royaume des Emirats Arabes Unis à Libreville a quitté la capitale gabonaise à destination d’un autre pays africain.

[Matthias Offodile]

Angola: First Angola Business Park launched in Lunda Norte



[ 2009-03-26 ]

Luanda, Angola, 26 March – The Drago group has announced the launch on 4 April of the first logistics station integrated in Angola Business Park, a project which includes construction of production centres in all provinces, at an overall investment of some US$700 million.

This Project of the Drago group, which has its headquarters in Luanda, aims to encourage economic and industrial development of the country’s 18 provinces, via the creation of production facilities that attract investors and which support economic activity.

The logistics hubs will be provided with all necessary facilities for development of an industrial city, ranging from factories to hotels, supermarkets, warehouses, offices, container parks, truck stations, heliport, fuel stations and apartments, amongst other support services.

“We are going to offer everything that an investor needs to do business in the provinces,” said Gentil Viana, who is responsible for the Drago group’s Project, which has secured funding from Angolan banks, such as Banco de Desenvolvimento de Angola.

The first park will be called Lunda Norte Business Park and built in the city of Dundo over the next two years. The budget outlined is of US$37 million, the same cost as estimated for the remaining centres, which may vary based on the characteristics of each of the provinces.

Luanda and Huambo are the next provinces to receive a centre.

In the capital, Menha Business Park will be built in an area of 131 hectares, in Kifangondo commune, Cacuaco municipality, and will have a strategic role as it could serve as a platform to distribute production from other centres.



Angola: Brazil’s Odebrecht invests up to US$1 billion



[ 2009-03-27 ]

Luanda, Angola, 27 March – Brazilian group Odebrecht plans to invest between US$800 million and US$1 billion in various economic sectors in Angola, the Angola press reported Thursday.

According to Angolan news agency Angop, the investment was confirmed by the company’s chairman, Emílio Odebrecht after a meeting with Angolan President, José Eduardo dos Santos, Wednesday.

In relation to his meeting with dos Santos, Odebrecht told journalists that it served to “provide the President with an account of the things he entrusted to us, not only in the services area, but also in the area of Brazilian investments in Angola.”

At this meeting future cooperation areas were analysed and, consequently, the priorities of the Angolan government, namely creating new jobs.

In 2008, according to the chairman of the Brazilian group, Odebrecht invested heavily in construction, agriculture, real estate, and industry amongst other sectors and based on the “priorities of the government and new investments that we are looking into, all this could be carried out this year.”

Odebnrecht is a Brazilian business group that operates across the world in the constructin and petrochemical sectors. Odebrecht is made up of Odebrecht SA, which manages construction company Construtora Norberto Odebrecht SA, petrochemical company Braskem SA, ETH Bioenergia, Odebrecht Empreendimentos Imobiliários SA, Odebrecht Engenharia Ambiental SA (which operates in the Basic Sanitation and industrial waste treatment segments) and Odebrecht Investimentos em Infra-estruturas Lda.

Construtors Norberto Odebrecht was founded in 1944, in the northeastern Brazilian city of Salvador, by engineer Norberto Odebrecht.

Brazil: Standard Bank wants to expand operations in Brazil and Angola



[ 2009-03-20 ]

Accra, Ghana, 20 March- The Standard Bank is looking for acquisition opportunities to expand its operations in Angola and Brazil, amongst other markets, the chiefexecutive of the South African bank said in Accra Thursday.

After recently acquiring 33 percent of Russian bank Troika Dialog, CEO Jacko Maree said he believed that the current recession climate made it possible to make acquisitions at “discount prices.”

The Standard Bank, which has a presence in 17 countries, is now thinking of boosting its presence in markets such as Brazil, Nigeria, Angola, Ghana and Kenya.

"Weare in continuous discussion and in search of targets,” said theCEO in na interview during the launch of afund to support agricultural smallholdings in four African countries.

This is a joint initiative of the bank and the Alliance for the Green Revolution in Africa (AGRA), headed up by the former secretary-general of the United Nations, Kofu Annan.

The fund, which has a total of US$100 million, is aimed at supporting agricultural smallholdings in Ghana, Tanzania, Mozambique and Uganda.


Angola: BCI provides US$400 million to fund private business


Soyo, Angola, 18 March – Angola’s Banco de Comércio e Indústria (BCI) plans to provide funding of uS$400 million for investments by small, medium and large Angolan companies, the bank’s chairman, Adriano Pascoal said Tuesday.

Pascoal, who announced the decision during a visit to the municipality of Soyo, said that the BCI planned to support the government’s plan to diversify the Angolan economy via private programmes for the development of fishing, industry and water, amongst other sectors.

“We have to re-launch domestic production, investing in the fishing, industry and agri-livestock sectors in order to reduce dependence on foreign markets,” he noted.

Pascoal said that, as art of the development of the national economy, the Angolan government had recently invested US$350 million, in the agricultural sector alone, for which BCI was available to take part in driving and implementing the programme.

Since July 2008 the BCI has been carrying out another micro-credit distribution campaign across the country, funding the programmes of cooperative and individual organisations, in order to implement the Government’s programme to combat hunger.

As part of its expansion into Zaire province, BCI is focusing on setting up branches in all of its municipalities, giving priority to Soyo, where another branch is expected to be built this year, due to the growth of the market.

[Matthias Offodile]

partial view of the a public housing project in Luanda (Nova Vida)...don´t mix it up with the one posted earlier

http://img.olhares.com/data/big/230/2302636.jpg

Decent social housing!:cheers:

[Tetwani]

partial view of the a public housing project in Luanda (Nova Vida)...don´t mix it up with the one posted earlier

http://img.olhares.com/data/big/230/2302636.jpg

Decent social housing!:cheers:

That scaryy

:eek:

[Matthias Offodile]

scary, well, this is a huuuuuuuge improvement if you lived in a slum before!

Angola is building 1 million housing units across the country.

[Matthias Offodile]

Angola: Government announces US$1 billion for agri-industrial sector

2009-04-29 ]


Luanda, Angola, 29 April – The Angolan prime minister Tuesday in Luanda announced that the government would provide over US$1 billion for the creation of agri-industrial hubs in Angola, at the start of the National Agriculture Conference.

António Paulo Kassoma gave a target of involvement of over 2 million people in this national effort to develop the agricultural and agri-livestock sectors.

Agriculture has been seen by the Luanda government as one of the priority sectors in the national effort to diversify the Angolan economy, which is still heavily dependent on oil and diamonds.

According to Kassoma, agricultural development “requires a robust technological basis in order that qualitative and quantitative changes can take place,” which “will only be possible via growth of research and extending agriculture."

The prime minister noted that these changes “depend heavily on the technical and scientific capacity of research institutions and technology transfer, especially with regard to specialised human resources.”

For this year, he said, total food crop production was estimated at 18.1 million tonnes, to which is added 67,000 tonnes of livestock production, “which is still not enough to cover the country’s food needs.”

The grain production estimate for 2009 is 1.8 million tones, “but an extra 700,000 tonnes are needed to cover the grain deficit in Angola,” he said.

The government plans to increase the amount of arable land in use by 4 million hectares and add 15 million tonnes of grains to current production levels, which would make it possible to also export the goods.

“This is a challenge for the government and all Angola's forces. The aim is also to support over 1 million rural families and boost growth of the 500 cooperatives and associations across the country,” he noted.

[Matthias Offodile]

Portugal: AICEP office in Luanda makes it possible to set up companies in Portugal




[ 2009-04-28 ]

Lisbon, Portugal, 28 April – The AICEP business centre in Luanda, Angola, will be the agency’s first representative office to allow Portuguese companies to be set up from abroad, the agency’s chairman said Monday.

"The office in Luanda of the Agency for Investment and Foreign Trade is the first of the 48 representations in the AICEP network, in 42 countries, that will house posts to set up companies, allowing for commercial and building registration to support Portuguese companies,” the agency’s chairman Basílio Horta told Portuguese news agency Lusa.

Horta and the chairmen of the Institute of Registration and Notaries, António Figueiredo, and of the National Institute of Intellectual Property, António Campinos, signed two protocols with the aim of the foreign network of AICEP housing posts to set up companies and notary and registration services.

Angola: Over 400 kilometres of road rebuilt in Cabinda

[ 2009-04-21 ]

Luanda, Angola, 21 April – The repair of 450 kilometres of primary road network in the Angolan province of Cabinda, started in 2008, is due to be concluded by the end of this year, Angolan news agency Angop reported.

According to the local director of Angola’s Roads Institute (INEA), Adelino Jacinto, most of the roads are currently receiving their final layer of asphalt.

Construction companies Encica, the Mota/Engil consortium and Aerovia are carrying out the repair work on the roads.

For two days, the deputy ministers for Public Works and Youth and Sport, José Joanes André and Jaba Alberto, respectively, visited the region in order to observe the progress of construction of the football stadium where some games of the Africa Cup of Nations (CAN 2010) are due to take place as well as progress on some roads.



Luanda-São Paulo route increasingly important for both countries :banana::cheers:


[ 2009-04-20 ]

Luanda, Angola, 20 Apr – Indifferent to the negative global economic situation, business between Angola and Brazil had its best ever year in 2008 and continues to intensify, with new opportunities opening up in bio-fuels and agri-business.:banana::banana:

Of the most recent trade figures between the two countries, the growth in the value of Angolan exports to Brazil is particularly noteworthy – 8.35 percent, to over US$76 million in the first half of the year.

As regards petroleum products, the increase is down to greater quantities, given that prices for these commodities have been falling.

According to Brazil’s Ministry for Industrial Development and Overseas Trade, in 2008 Angola managed to export more to Brazil (US$2.24 billion, more than double the 2007 figure) than it imported (US$1.97 billion).

Portugal continues to be the biggest exporter to Angola.

Today the weight of this transatlantic trade balance is bettered only by the Sino-Angolan trade balance (US$23.5 billion, US$22.3 billion of which is Angolan exports.)

In the first two months of the year, Brazilian exports to Angola rose 36.7 percent, to US$280.5 million, while the total received by the Ministry of Overseas Trade fell by nearly 15 percent.

Brazilian businesspeople already have an association in Angola, Aebran, the president of which, Alberto Ésper recently told local press that direct funding from Brazil for Angolan projects stood in the region of US$2 billion last year.

The growth in business has benefitted from a credit line of US$1.75 billion, via Brazil’s Banco Nacional de Desenvolvimento Económico e Social (BNDES) and also from funding from the Program for Export Funding (Proex), managed by the Banco do Brasil.

“Construction is the sector in which there is the most notable and most visible participation by Brazilian companies in Angola. However, we should note that today Brazilians are in a wide range of areas within the Angolan economy, such as agriculture, trade, health, education, training and technology,” said Ésper, quoted by newspaper, O País.

Aebran estimates that there are currently 30,000 Brazilians in Angola, and at least 200 companies controlled by Brazilian capital.

As big groups such as oil company, Petrobras and Odebrecht have set up in Angola, it is possible to eat a Mister Sheik “kibe” in Luanda or learn ICT at the Brazilian BIT Company.

For Ricardo Camargo, executive director of the Brazilian Franchising Association (ABF), “Angola seems to have found favour with Brazilian investors, franchise owners from different sectors of the economy.”

Petrobras recently allocated five percent of its investment forecast for 2009-2013 to Angola, close to US$800 million, practically the same amount Odebrecht intends to invest in the country over the next few years.

Emílio Odebrecht, the group’s president, recently met with Angolan president, José Eduardo dos Santos, to analyse future projects, taking into consideration the government's priorities.

In partnership with private Angolan group, Damer and state-owned oil company, Sonangol, Odebrecht has a stake in Angolan bio-energy company, Biocom, which is to invest in sugar-cane planting and the building of a factory to produce the sugar, ethanol and bio-electricity in Malanje province.

Investment is expected to be around US$258 million and the project will cover a 30,000 hectare area by 2012.

The entire structure of Angola’s agriculture and livestock research, a sector for which the country is known to have great potential, is currently being reviewed with the support of Brazilian Agri-livestock Research Company (Embrapa).

The project, which will last until 2013, has investment from the Angolan Government of US$7.3 million (5.5 million Euros), to be used to set up 14 research centres.:

Taking into account the increasing flow of companies, workers and as well as tourists, Angolan airline Taag is increasing the frequency of its flights to major Brazilian cities.

As of 2 May there will be seven flights, five to Rio de Janeiro and two to Sao Paulo, a significant boost while it is banned from flying to Europe.

Hopefully, this is just the start and it will continue to grow in leaps and bounds!:banana:

[Matthias Offodile]

Angola: Edifer invests 154 million euros in three new projects in Angola :cheers:


Luanda, Angola, 3 April – Portuguese construction group Edifer plans to invest over 154 million euros in three new projects in Angola, the country that accounts for almost half of its business outside Portugal, said the group’s chairwoman, Vera Pires Coelho.

The funds will be divided amongst projects to refurbish and expand the Benguela municipal market and construction of the Kojima condominium and the Skina Hotel, both in Luanda.

The Portuguese construction company, which is present in Angola via a partnership with the Gema group (which has the remaining stake of 30 percent), has a project portfolio in the country valued at 812.5 million euros (US$1.05 billion), which accounts for 48 percent of all investments in the various countries in which the group is present (US$1.703 billion).

The group’s turnover in Angola is accounted for by three companies that all deal with construction, said Pires Coelho, which “has been a competitive advantage to offer to investors.”

Edifer Angola accounts for 693 million euros, Construções Fortaleza for 77 million euros and Tecnasol Angola for 38.5 million euros.

Amongst the various projects it is involved in in Angola the group highlights the reconstruction of two roads in Kuanda-Kubango, the construction of two office buildings in the capital (Luanda Plaza and Hotel Maianga) and the sports pavilion in Cabinda.

Also in Luanda, the Nkruma residential building, a shopping centre on Avenida Comandante Gika, the Luanda Inn and Retail Park apartments and Hotel VIP Inn Executive in Viana are under construction.

Outside the construction sector the group has real estate investments totaling some 268 million euros and aims to establish public-private partnerships that will make it possible to enter other business sectors, such as health and infrastructures. Some investments are already being prepared in the environment sectors, more specifically in water supply and treatment.

Portugal's Mota Engil mulls new Angola investments

LUANDA, Feb 18 (Reuters) - Portugal's largest builder Mota Engil (News) plans to invest part of a five-year 1 billion euro spending plan in Angola's :banana::cheers:renewable energy sector, state-owned news agency Angop reported on Wednesday.

Angop quoted the company's chairman Antonio Mota as saying he had received positive feedback from the governor of Angola's second largest city, Huambo, on plans to invest in the energy sector there. He did not provide details.

Mota also said he was interested in investing in water distribution and sewage treatment systems in Angola as the country rebuilds infrastructure after a 27-year civil war that ended in 2002.

Portuguese construction companies, struggling with a recession at home, have made millions of dollars in recent years rebuilding Angola's roads, bridges and ailing communications destroyed by the war.

The former Portuguese colony vies with Nigeria as Africa's biggest oil producer. It is also one of the world's fastest growing economies with an average 15 percent GDP growth since 2002.

(Reporting by Henrique Almeida; Editing by David Cowell) Keywords: ANGOLA MOTA/

(Reuters messaging: henrique.almeida.reuters.com@reuters.net; email: henrique.almeida@reuters.com; tel 244 912 304 020)