Egypt's Middle East Oil Refinery Company (Midor) has entered into a first loan deal with three banks for $1.2 billion, Reuters reports. According to Midor’s Chairman, Mohamed Abdel Aziz, the loan signifies approximately 80 % of the cost of the company’s $1.4 billion Alexandria refinery lab extension while the remaining will be self-financed. The loan deal was signed by Abdel...

On February, Steinhoff, the South African furniture retailer rivaled Sainsbury’s bid to buy British firm Home Retail. Steinhoff, which owns, among others, the Confarama chain in France, made an offer worth 175p a share in cash to buy Home Retail, the owner of Argos in U.K. Home Retail said it is evaluating the offer and told its shareholders to refrain from taking any decision. On February...

In Burkina Faso, Airtel’s mobile users now have access to the digital version of the Ivorian daily “Fraternité Matin”. Named “Fratmat Actu”, this service is the product of a partnership between Airtel and Fraternité Matin. According to the Director General of Fraternité Matin, Venance Konan, the new service was launched for two reasons. First, it was in order to sell the newspapers...

Algerian President Abdelaziz Bouteflika reaffirmed that the national programme for the development of renewable energies is a “national priority”. He has in fact instructed his ministers to speed up its implementation. “While boosting our economy, developing renewable energies would make us more independent, in terms of energy,” he said. Adopted in May 2015, this programme plans for the...

Wet weather could allow Kenyan tea production to be maintained at last’s year level. Alfred Busolo, Director General of the Agricultural, Fisheries and Food Authority (AFFA) said “If it goes on like this, production will be maintained but there may be a dip, a slight dip in revenues”. Truly, given the actual good weather conditions that producers are experiencing, the region could record...

The International Monetary Fund (IMF) has suggested that Mozambique should perform a reform of its fuel import and subsidies system, Macauhub reports. IMF in a report, noted that the bill for fuel paid by the country had reduced due to the fall in oil prices in the global markets, adding that the current system was expensive, ineffective and misapplied. The report stated that the government of...

In a statement cited by financialafrik.com, the telecom group Comium, owner of the Koz brand, announced an investment of FCFA500 million in Cote d’Ivoire. The firm, which is among the minor operators forced of merger by the Ministry of Posts and Digital Finance, said this sum will be used to expand its network across the country. Koz highlighted that the investment is part of the strategy of...

Tradehold, an investment firm own by the South African billionaire Christo Wiese offered on February 17, to buy a majority stake in Zambia’s leading real estate developer, Real Estate Investments Zambia (Reiz). Tradehold Africa, Tradehold’s subsidiary focused on the sub Saharan African region, in this framework, partnered with the Zambian investment firm African Property Investments Ltd...

The Financial Action Task Force (FATF), an intergovernmental organization founded in 1989 by the G7 to fight money-laundering and terrorism financing, removed Angola from its blacklist of countries that lack an anti-money-laundering regulation meeting international standards. The information disclosed on February 20 by Angola’s Central Bank states that FATF’s decision comes after Angola has...

Puma Energy is making plans to fill what it calls a growing market gap for cleaner fuels in South Africa, where demand is growing ahead of the capacity to supply. The company, officially commenced operations in South Africa this week. Meanwhile it has before now, invested about $150 million to develop storage, logistics and retail capacity both locally as well as in Mozambique. The...