In Nigeria, the Foreign Affairs Minister, Geoffrey Onyeama, has revealed that the Vice President, Yemi Osinbajo, will lead a delegation from the country to the 27th Ordinary Session of the African Union (AU) Summit which will take place from July 10 to July 18, in Kigali, Rwanda. According to the Minister, the summit would open the way for a serious appraisal of the $20 billion...

Sea Trucks has announced the conclusion of a pipe laying and construction campaign for Chevron’s Sonam field development project in Nigeria. In line with the contract signed in mid-2015, the company completed the transportation and installation of the Okan PRP Jacket, piles, deck and bridge at the project. It also carried out survey of pipeline route and the installation of the 32 km pipeline...

In Egypt, the Petroleum Minister Tarek El-Molla (photo) has said that the petroleum sector is presently carrying out new refining projects with investments estimated at $7.7 billion. According to El-Molla, the ministry is devoted to the schedules and time of delivering and operating the projects. He added that the petroleum sector is implementing a broad strategy that will address the...

The ICT and transport infrastructure division of the African Development Bank (AfDB) published the review of its activities in 2015. It reveals that the institution financed last year 16 projects associated to the division across Africa, two of which are ICT-focused. These projects received a total of $114 million (about FCFA67.7 billion) and should generate in the long term 200,000 jobs....

AfDB granted the Democratic Republic of Congo $11 million to support its Nile Equatorial Lakes Subsidiary Action Programme (NELSAP) which aims to boost electrification in not only DRC but in Nile basin neighboring nations as well. Electrification rate in the region ranges between 2 and 17%, for a demand of 115 MW. To overcome this shortcoming, DRC will build as part of the NELSAP, two 220...

Indian Prime Minister Narendra Modi announced on July 10, that his country would consider lending Tanzania $500 million to finance water projects. During an official visit of Modi to Dar es Salaam, India and Tanzania signed various bilateral agreements, including a $92 million convention to finance water projects in the Tanzania’s semi-autonomous Zanzibar islands. The Prime Minister...

The Ugandan alternative stock exchange ALTX East Africa has started operations on July 8 with treasury bills and bonds. According to executive director, Joseph Kitamirike, ALTX East Africa relies on a multi-currency electronic trading platform; investors thus do not need to convert to shillings to trade. This platform is extremely rapid in its activity. Truly, transaction can be completed in...

Mining companies Petra Diamonds and Ekapa Mining signed a joint-venture agreement to combine their operations in the Kimberley region, into an unincorporated joint-venture named the Kimberley Ekapa Mining Joint Venture (KEM JV). Operations involved comprise Petra Diamonds’ underground mines, Ekapa Mining’s tailings operations, and Kimberley Mines tailings operations, acquired from De Beers...

Mining firm Perseus Mining plans to produce its first gold at its Sissingué project, in Cote d’Ivoire, in December 2017. This was revealed in the firm’s quarterly update, in which Perseus also announced its plans to develop the project on a large scale. The $100 million project should produce 385,000 oz of gold, at $632/oz for 5.25 years, after first production. Also, the project...

The African Import-Export Bank (Afreximbank) and the China Export-Import Bank (China Eximbank) will finance the development of 2,000ha of industrial zones in Cote d’Ivoire, according to a statement published on July 8 by the Ivorian government after a council of ministers’ meeting. “This project will accelerate the industrialization of our country via the promotion of the manufacturing...