May 1, 2021
The French energy firm Total recently announced that it has halted all operations on its $20 billion investment in a liquified natural gas project in northern Mozambique as a result of the extremist rebel insurgency there. Total's declaration of force majeure casts doubt on the future of the gas project, which had been expected to bring large and sustained economic growth to Mozambique's struggling economy.
The dispute on the Grand Ethiopian Renaissance Dam escalated on Friday after Sudan announced that it was considering whether to resort to the International Court of Justice (ICJ) in case Addis Ababa completes the second filling of GERD. If the second filling is completed without a binding legal agreement, Sudanese legal teams backed by international legal firms would file lawsuits against the Italian company that is executing the project and the Ethiopian government, to compensate for the damages that Sudan would suffer from.
With financial support by the European Union, the Economic Commission for Africa (ECA), Carleton University (Canada) and the Pan African Strategic & Policy Research Group (PANAFSTRAG) organize a roundtable from 27th to 29th April to discuss the likely impact of bilateral economic and trade deals on the implementation of the African Continental Free Trade Area (AfCFTA).
China is Gabon's biggest trading partner, according to data published by the International Trade Center, a body that compiles trade statistics around the world. Based on mirror data (provided by partners) on foreign trade, Gabon has achieved a cumulative trade surplus of $16.3 billion between 2009 and 2020. This represents almost 30% of the country's trade surplus over the last decade.
East African Community leaders appointed Peter Mathuki as the next Secretary-General of the regional bloc on February 27, after Burundi's Libérat Mfumukeko completed his five-year term. The Kenyan national and former executive director of the East African Business Council (EABC) officially assumed office on Friday, April 23. Mathuki faces the enormous task of rebuilding confidence among EAC stakeholders, including partner states and donors. Apart from breaking trade barriers, Mathuki pledged to mend fences, seek investments, and unleash the potential of the region as the preferred destination for the free movement of goods and services.
Stakeholders in Nigeria, including the Lagos Chamber of Commerce and Industry (LCCI) and commercial banks, have urged small businesses to embrace a strong governance structure and proper credit management to address funding gaps in the sector. According to the stakeholders, many micro, small and medium enterprises (MSMEs) have continued to struggle with the risk assessment criteria of lenders, poor accounting records, failure to provide required documentation, inadequate collateral, weak governance structure, and a cash flow crisis among others.
Senegal Ramps up Electrification Efforts $60 million in funding has been made available by Mauritius Commercial Bank, to support electrification and liquified natural gas (LNG) development in Senegal. The project finance loan provided by Mauritius Commercial Bank (MCB) is the largest contribution to a total $140 million being made available to Karpowership, owner, operator and developer of powerships, on which the power plants are built. The total loan, including MCB’s commitment, will be used by Karpowership to run a 235-megawatt (MW) powership in Dakar, Senegal, which will be responsible for approximately 15% of Senegal’s total supply of electricity.
EVENTS – 4.30.2021
“Energy Financing: What Next for Donor Funding in Africa’s Energy Sector?” Invest Africa. Webinar. 25 May 2021, 1-2pm.
“Macroeconomic Framework for an Inclusive Green Economy in Africa.” ECA. Online. 8 June - 12 July 2021.