In Kenya, household debt reached Sh907 billion ($88 billion) at the end of 2015, a survey conducted by local firm HTM Capital shows. From 2010, this debt soared by 254%.  “According to our estimates, this increase in debt has been largely driven by the increase in the accessibility of funds via mobile banking services,” the firm said based on data it collected. The figure indicates that...

Commercial International Bank of Egypt is in talks, to sell a 70% interest in its investment unit, CI Capital, Reuters reported citing anonymous sources. The stake could be acquired by local investors who would take a minority stake in CI Capital. The stake offered is valued at a billion Egyptian Pounds, about $54 million at the actual exchange rate. Last February, negotiations with...

Cote d’Ivoire will implement from 2016 to 2020 a program to improve access to drinking water. The project, which falls under the country’s National Development Programme, will cost, according to Prime Minister Danial Kablan Duncan, “CFA260 billion ($420 million) of which CFA68 billion ($109 million) for rural hydraulics”.   During the 7th edition of the International Forum on Access...

Dangote Group intends to embark on a $3 billion project to construct a 540 km pipeline that will link the Niger Delta and the Lekki Free Trade Zone in Lagos. This was declared by the Chief Strategy Officer, Dangote Group, Abdul Muktar, during an annual roundtable session of the Lagos Chamber of Commerce and Industry’s (LCCI) Power Sector Group. According to him, the project is expected to...

Britain is willing to invest $30 million in East Africa to help exploit its crude oil and natural gas finds by developing industry legislation and regulation with much importance on local content. “We have committed $30 million towards development of local content, technical advice on legislation and regulation, research, and engagement with the industry and civil society. With new...

Hyperdynamics has announced the signing of a definitive drilling services contract with Pacific Drilling to employ the Pacific Bora drillship. The offshore oil exploration company intends to use the drillship for a drilling campaign offshore the Republic of Guinea, starting in Q2 of 2017. This definitive drilling services deal comes after a letter of award signed by Hyperdynamics in October...

In a new development, the members of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, for the first time in eight years, agreed on a concerted production freeze at 32.5 million barrels per day in order to fast track the markets rebalancing and increase producers’ reserves. The agreement represents about 1.2 million b/d cut from the group's current output levels, and is...

In order to improve tenure of lands used for cotton-farming in 17 villages located in the Mankono department, in the North Western part of Ivory Coast, deeds will be freely awarded, by 2018. The operation will take place in the framework of a public-private partnership agreement between the European Union (EU) and the Ivorian Inter-professional Association for Cotton (Intercoton)....

The Bellara 1,398 MW gas-powered power plant will be operational in 2018, revealed the head of Sonelgaz, Algeria’s power and gas provider, Mustapha Guitouni. Guitouni gave “strict instructions to the people in charge of the project so that they put twice more efforts into it, in order to insure that the plant is delivered in due time and avoid unforeseen issues”.   The plant is part...

In Cote d’Ivoire the law exempting tax and royalty on cocoa exports for local actors of the cocoa sector was approved by the deputies of the commission for economic and financial affairs (CAEF). The new rule which was adopted last Monday in Abidjan states that exoneration rate for parafiscal levies  will be fixed by a joint decision of the Ministers of Agriculture, Budget, Economy and...