For the first time, Chad’s President, Idriss Deby, is taking part to the G20 – group of world’s 20 most influent countries – summit of world leaders which is taking place in Hangzou, China, on September 4 and 5, 2016. Recently re-elected, President Deby came to the meeting as acting president of the African Union which was invited by China. On the sidelines of the meeting, Deby met with...

As oil drowned Nigeria into recession, the country now looks back to Agriculture to get back to the surface. “If we get it well in agriculture, we will get it well in the economy,” said Vice-President Yemi Osinbajo, last month while launching an agricultural programme. Though booming in the past, the agricultural sector was abandoned after large deposits of oil were found offshore the Gulf...

On September 1, 2016, the global furniture leader Ikea presented its new catalogue for next year. On this occasion, the Swedish brand revealed that prices of its product in Morocco could be reduced by up to 30% compared to 2016. The price reduction concerns only products which are sold the most. “This is one of Ikea’s global policies,” Marcos Agudo, Managing Director Ikea Morocco, told...

British firm Actis bought from Africinvest and Boujbel a significant share in pharmaceutical group Medis Group, which is present in Tunisia and Algeria. While Boujbel founded the group, Africinvest is for its part an investment firm with multiple assets in Africa. Actis should inject additional capital in the group to acquire and develop other production units as it aims to make Medis one of...

Algerian Minister of Justice and Keeper of the Seals, Tayeb Louh, during an inspection visit to the El Harrach court commended the Public Prosecutions to rapidly process all complaint related to the misappropriation of 65 hectares of land portion at the Dounia Park site. While demanding public ministry’s magistrates to “immediately” initiate procedures once they have received such a...

Ncondezi Energy secured a $3 million from the African Finance Corporation (AFC) to develop its Ncondezi coal-powered power station in the Tete province, in Mozambique. The loan will be used to pay charges which are not included in the joint development agreement signed between Ncondezi Energy and Shanghai Electric Power (SEP). Under the agreement, SEP may acquire up to 60% of interests in...

Kinross Gold, mining firm active at the Tasiast gold mine in Mauritania, announced it has cleared a $250 million debt whose deadline was on September 1, 2016. The firm also said that its next two reimbursement deadlines were on August 10, 2010 and August 10, 2021, resulting from an extension agreement it signed with its lenders. Kinross is to pay $500 million and $1.5 billion...

Japan will add 1,200 MW of power to the capacity of Sub-Saharan Africa by the end of 2018. Japan’s commitment aligns with the Power Africa initiative which aims to add 30,000 MW of power to the capacity of the region. The government of japan for its new commitment signed with the United States a memorandum of cooperation (MOC) which includes sharing of strengths, expertise and resources to...

In a statement published on September 1, South African restaurant chain Famous Brands revealed it has bought the British fast-food chain Gourmet Burger Kitchen for R2.1 billion ($143.3 million). Famous Brands which also owns the Debonnairs Pizza and Steers Burger brands, started negotiations with Gourmet Burger Kitchen earlier this year and was able to save R700 million on the deal due to...

South African e-commerce giant Naspers will invest in the Romanian platform eMAG €500,000, before the end of the year, to test new e-commerce technologies. The solutions will be developed by eMAG Labs, eMAG’s research department. To insure the implementation of the solutions, the company will, within the next two years, add to the 600 IT engineers it currently employs 200 more...