The Pan-African Economy in Brief: Thursday, November 25, 2021
Kenya Airways and South African Airways consolidate their partnership for the creation of a pan-African airline:
Kenya Airways (KQ) and South African Airways (SAA) on Wednesday, November 24, signed a new strategic partnership framework that enshrines some progress in their plans to create a pan-African airline in 2023. The signing of this agreement, published on the Twitter accounts of the two carriers, was done within the framework of the 3-day state visit of Kenyan President Uhuru Kenyatta, since Monday, to his South African counterpart. It comes to seal the willingness shown by the two parties last September through the signing of a first memorandum of cooperation.
Lucara to produce up to 340,000 carats at Karowe diamond mine in 2022:
In a statement released on November 24, mining company Lucara Diamond announced its goals for the year 2022 at its Botswana Karowe diamond mine. While it is on track to reach the target of 370,000 carats recovered this year, the Canadian company has revised its 2022 forecast downward and wants to produce 300,000 to 340,000 carats.
FGIS - Eranove consortium wants to raise €300 million for Ngoulmendjim hydroelectric plant:
The pan-African industrial group Eranove and Gabon Power Company (GPC), a wholly-owned subsidiary of the Gabonese Strategic Investment Fund (FGIS) in charge of its Energy projects, signed on November 22, 2021 the mandates for the raising of funds to finance the future Ngoulmendjim (Gabon) hydroelectric plant. This signature provides for an arrangement mandate carried by the African Development Bank (AfDB) and a structuring mandate carried by Standard Chartered Bank (SCB).
ITFC grants Sonacos $45 million for its peanut purchases in 2021/2022:
In Senegal, the National Oilseed Marketing Company (Sonacos) signed a $45 million (26 billion CFA francs) financing agreement with the International Islamic Trade Finance Corporation (ITFC) on November 24. This envelope will cover 45% of its working capital needs for the acquisition of a stock of 150,000 tons of peanuts from producers during the 2021/2022 season. This volume, which would represent more than double the stock purchased by the government agency a year earlier (65,000 tons), will be used for processing into oil and livestock feed, among other things.
Government signs Global Commitment to Media Freedom:
Julius Maada Bio, President of the Republic of Sierra Leone, signed the Global Commitment to Media Freedom on Monday, November 22. The country becomes the fifth in Africa to join the Media Freedom Coalition (MFC), after Botswana, Ghana, Seychelles and Sudan. With this signing, the Sierra Leonean government commits itself to improving media freedom at the national level and to collaborating with the Coalition at the international level.