The Pan-African Economy in Brief: Saturday, February 09, 2019
COTON/MALI: A financing agreement for 160 billion CFA francs:
244 million euros, or 160 billion CFA francs, financing agreement was signed between the Malian company for the development of textiles (CMDT) and a syndicate of banks. It is by a press release that this news was made public on January 29th. With BDM SA (Banque de Développement du Mali) as lead manager of the transaction, several internationally renowned banks are participating in this financing. The majority of Malian banks, BNDA, BIM, Ecobank Mali, Coris Bank International, BICIM, BMS, BOA Mali, Banque Atlantique Mali, BCS, Orabank and BDU Guinea Bissau are involved in this financing...
Thiès produced 87,000 tonnes of groundnuts in 2018:
In Senegal, the Thiès region harvested 87,000 tonnes of groundnuts in 2018, a volume down by 16% compared to the previous season's result. This is what the Senegalese News Agency (APS) reports. According to explanations from the Regional Directorate for Rural Development (DRDR), this year-on-year drop in production is linked to adverse weather conditions. Indeed, the organization points out, last season's wintering was marked, like the other areas of the country, by a prolonged rainfall deficit...
The government promises a 50% reduction in electricity rates:
In Guinea Bissau, the government promises to reduce the cost of electricity by 50%. This commitment was made through António Serifo Embaló, the Minister of Energy and Industry at a press conference. However, the person in charge did not give a deadline for its implementation. "Decided by the government, this movement will be made possible by replacing the diesel currently used as fuel in the country's power plants with fuel oil," said the official, who expressed confidence in the country's ability to implement such a measure. This fuel replacement will reduce fuel acquisition costs for power plants by more than 400 million CFA francs ($692,000), which currently stands at 700 million francs ($1.2 million)...
Further reforms to attract more investment in mining:
Ethiopia will finalize reforms in its extractive sectors (mining and oil) within the next two months to further encourage foreign investment. According to the details reported by Reuters, these reforms would include infrastructure improvements, tax regimes and royalties. "We are in the process of reforming all laws, the national mining policy and the accompanying strategy. These reforms also include all tax regimes to compete for global mining investment," said Mining and Petroleum Minister Samuel Urkato on the sidelines of the Mining Indaba, a mining investment conference currently taking place in South Africa...