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The Pan-African Economy in Brief: Monday, September 28, 2020

Togo :

Germany provides €10 million to rehabilitate rural tracks :

The Federal Republic of Germany provides support to Togo in the rehabilitation of its rural tracks. The West African country has indeed just received a €10 million (6.5 billion FCFA) fund to finance the 3rd phase of the Rural Roads Support Project (PAPR), Togo First informs. This facility was the subject of a grant agreement signing ceremony on Thursday, September 24, in Lomé. The signatories included the Togolese Minister of Economy and Finance, Sani Yaya, and the German ambassador, Albert Joseph Weiss, in the presence of many officials (including the ministers in charge of transport and agriculture).

Angola :

 The Sovereign Fund increases its stake in Pensana to 23% with a new investment of $8.6 million :

On Monday, Pensana Rare Earths, a mining company active in the Longonjo rare earths project, announced that the Angolan Sovereign Fund will subscribe to 13.5 million stocks of the company for a total amount of $8.6 million. This new investment, which comes on top of those made in March and June this year, brings the public body's stake in Pensana to 23 percent and will enable it to accelerate the development of the project.

Cameroon :

The German company Andritz Hydro intends to supply equipment for the hydroelectric works of Nachtigal and Lom Pangar :

As a result, the German company Andritz Hydro is in discussions with the Cameroonian authorities to provide equipment for the hydroelectric power stations of Nachtigal (420 MW) and Lom Pangar. In Cameroon, the planned hydroelectric power stations of Nachtigal (420 MW) and Lom Pangar are of interest to the German firm Andritz Hydro, says Invest in Cameroon. At the Ministry in charge of Economy, we learn that "the company Andritz Hydro, specialized in the manufacture of turbines, generators and other equipment and materials for power plants, intends to provide various equipment", for these two hydroelectric plants.

Chile :

A $2 billion plan to save jobs:

The Chilean head of state, Sebastian Pinera, announced on Sunday a $2 billion programme to save jobs in Latin America. The plan will consist of a package of subsidies, with the aim of creating new jobs or recovering those lost during the three-month containment imposed on this country, the world's leading copper producer, to stop the coronavirus pandemic. The government would have to pay private companies up to 50% of the wages of any newly hired employee for the next six months (up to $317 per employee in some cases). A similar mechanism will cover up to approximately $200 of the salaries of employees returning to work after a period of leave caused by the coronavirus crisis. Ultimately, the goal is to create 1 million new jobs.