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The Pan-African Economy in Brief: Wednesday, December 11, 2019

Senegal:
Senegal borrows 200 billion grants:
Senegal has requested and obtained a loan of 200 billion from the West African Economic and Monetary Union (Uemoa) in the market. The UMOAT securities agency, in collaboration with the Central Bank of West African States (BCEAO), organised, at the request of the Directorate General of Public Accounting and the Treasury on Friday, a simultaneous issue of Bonds with respective maturities of 5 and 7 years, for an amount of 200 billion. According to the Accounting and Treasury Department, this issue, in addition to contributing 50 billion euros to the financing of budgetary operations in 2019, is mainly the result of a choice of active debt management of 150 billion euros (refinancing of future maturities and more favourable conditions)...

An additional $1.1 billion will be needed for universal access to energy in 2025:
In Senegal, it will require 656 billion CFA francs ($1.1 billion) to achieve universal access to energy by 2025. These data come from the consulting firm Services de l'énergie en milieu sahélien (SEMIS). "This amount includes the costs of investment, preparation of implementation studies and operating resources, including programme management," said Bocar Sada Sy, SEMIS' Executive Director. He spoke at the workshop where the Ministry of Energy presented the plan developed to achieve the objective. Currently, 13,819 local authorities still do not have access to electricity throughout the country, representing a population of about 3 million people...


Cameroon:
The Bolloré/APM Group claims 300 billion CFA francs of investments:
A few days before December 31, 2019, the date that corresponds to fifteen years of activity of the Group in the renovation, modernization, operation and maintenance of the container terminal (TAC) of the port of Douala by the APM/Bolloré Group through Douala International Terminal (DIT), an entity of the Bolloré Group, the managers of this consortium consider that the balance sheet has been largely positive. During the period under consideration, despite the natural and structural constraints, given that it is a shallow-draught inland port, limited storage capacity and insufficient quay length, etc., rigorous management based on "an effective managerial vision" has made it possible to develop this container terminal, which is now at the centre of all desires...


Burkina Faso:
AfDB approves a €48.82 million loan for the Yeleen project:
The Board of Directors of the African Development Bank approved on Wednesday, September 4, a €48.82 million financial support for the Yeleen project in Burkina Faso. The loan will increase electricity production. The Yeleen project is the second project of the Bank's "Desert to Power" initiative in Burkina Faso. With a total cost of €136.69 million, the project is scheduled to run for five years (2020-2024). The rest of the funding will be provided by the Agence française de développement (AFD), the European Union (EU) and the Société nationale d'électricité du Burkina Faso (SONABEL)...


Cote d’Ivoire:
NSIA Banque Cote d'Ivoire renews the financing of the SIR for a record amount of 100 billion CFA francs:
NSIA Banque CI and the Société Ivoirienne de Raffinage (SIR) signed an agreement on Wednesday, November 13, 2019, for the renewal of a letter of credit/spot financing line in favour of SIR for up to 100 billion CFA francs. This line renewal aims to support the SIR, a major refining player in West Africa, in optimizing its supply chain of raw natural resources for increasingly controlled production management. Since 2018, NSIA Banque CI has granted more than 200 billion CFA francs in the form of letters of credit/spot financing to the SIR for the development of its operations. "NSIA Banque CI is proud to contribute to the development projects of the Société Ivoirienne de Raffinage (SIR). This financing reflects for each of the entities a clear desire to contribute to the development of Côte d'Ivoire through the improvement of the living conditions of Ivorian and sub-regional populations," said Léonce YACE, General Manager of NSIA Banque CI...