Islamic Corporation for the development of the Private Sector (ICD) will disburse $30 million as part of its contribution in the funding scheme to support SMEs and SMIs in WAEMU. This commitment is a product of memorandum of understanding signed last January 18 in Jeddah by Islamic Development Bank (IDB) and the Central Bank of West African States (BCEAO). ICD also committed to raising its...

As part of efforts to boost the country’s oil income, Sudan on Wednesday offered three oil and gas blocks for exploration and development to India's ONGC Videsh. Oil minister, Mohamed Zayed Awad, declared this after a meeting with the Indian counterpart Dharmendra Pradhan ahead of a two-day India-Africa Hydrocarbon summit. He noted that the three areas offered to the Indian company, includes...

Towards diversifying its sources of supplies, Indian Oil Corp (IOC) on Thursday revealed that it is doubling the crude oil it purchases from Nigeria on a term contract. “Nigeria has now agreed to increase the term contract from 1.7 million tons per annum to 3 million tons in 2016,” Oil Minister Dharmendra Pradhan (photo) told Financial Express. The term contract grants not just guaranteed...

Last Tuesday, a report titled “this is what we die for” from Amnesty International and Afrewatch revealed that the cobalt mined in DR Congo in actual facts is sourced by children who risk their lives daylily. The report also denounces actors of the supply chain associated to the mines and their role in sustaining this cruel practice. The defenders of human rights say in their report that...

Soon, Morocco will be providing world’s cheapest wind energy. This was announced by Abderrahim El Hafidi, general secretary to Morocco’s ministry of energy, during the Abu Dhabi international conference on renewable energy. This affordable energy will come from the 850 MW wind farm which will be implemented by Nareva. It will be sold $25-$30 per Mw/h thus $30 cents less than...

In a release dated January 19, 2016, published on dakaractu.com, telecom operator Sonatel, Orange’s subsidiary, explains the reasons for not submitting offer for 4G licence to regulator ARTP. According to the company, ARTP’s requirements for the acquisition do not allow him and all other involved parties to create value in view of implemented benchmark. “For example, in Morocco, 2 out the...

In Zimbabwe, tobacco exports generated $855 million up 11% compared to the previous year. This is due to the higher cost for the commodity and higher demand from China. The country exported 152 million kg in 2015 against 136 million kg the year before. However, Zimbabwe will hardly be able to keep on this trend despite the stable demand from China. This as a consequence of the El Niño...

Heerema Fabrication Group, on Wednesday announced that the Alba B3 topside and jacket have been successfully installed at the Alba field, offshore Equatorial Guinea.  The 5,800-tonne topside is 40 meters long and 40 meters wide with the height reaching 35 meters while 33-meter-long, 4-legged jacket is 33 meters wide and 81 meters high. The topside, was paired with the 91-meter...

Mauritian company Ignite Power Ltd signed with Rwanda an agreement to provide electricity to 250,000 households with solar systems. The project will be implemented over five years and cost $50 million which will be fully financed by Ignite. “Distributing these solar kits will allow Rwanda to overcome the limitations of its power grid and rapidly provide populations cheaper electricity....

In Sudan, Finance minister, Badr al-Din Mahmoud (photo), on Wednesday said they will not reduce the fees being paid to them by Juba for the conveyance of South Sudanese oil through the northern pipelines. "The transit fee for South Sudan oil is governed by an agreement signed in September 2013, so it will not be amended or renegotiated," Badr al-Din said. The South Sudanese Government had on...