U.S.-AFRICA RELATIONS
United States Provides Nearly $154 Million for Humanitarian Assistance in Ethiopia
US Department of State
The United States, through the State Department’s Bureau of Population, Refugees, and Migration (PRM) and USAID, is providing nearly $154 million in additional assistance for the humanitarian response in Ethiopia to address urgent needs resulting from conflict, insecurity, and climate shocks. This includes more than $19 million from PRM for the United Nations High Commissioner for Refugees (UNHCR) and other humanitarian partners to support refugees and other displaced and vulnerable populations throughout Ethiopia. The additional funding brings the United States’ total humanitarian assistance in Ethiopia to nearly $243 million since the beginning of Fiscal Year 2024…..
Read More>>Global Events Influence US AGOA Standing
Fruitnet
Moves in US Congress to review South Africa’s participation in AGOA, the US Growth and Opportunities Act, have reportedly been dropped. South African citrus growers who ship their fruit to the US are breathing a sigh of relief after reports that senators have introduced a bill to extend AGOA, which is meant to boost trade between Africa and the US until 2041. Reports from the US have indicated that 30 African countries will keep duty-free exports to the US market for this period, including the Western Cape citrus growers, the only area in South Africa allowed to ship citrus to the US…
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ENERGY
Energas West Africa to Promote Local Service Opportunities at Invest in African Energy (IAE) 2024
Africa.com
Energas West Africa CEO David Pappoe Jr. will speak at the Invest in African Energy (IAE) forum in Paris next month, spotlighting opportunities for local service companies within Africa’s growth markets.The engineering and energy services firm provides turnkey engineering and consulting solutions for project developers across the entire oil and gas value chain. In addition to his role at Energas West Africa, Pappoe Jr. serves as the African Energy Chamber’s President for Ghana and Country Representative in Ghana for Egyptian Oil Services Company’s Petrographics….Read More>>
Quarterly Energy Market Update
CDH Incorporated
The Electricity Regulation Amendment Bill [B23-2023] (ERA Bill), which seeks to overhaul the South African electricity market, was passed by the National Assembly on 14 March 2024 following public hearings and parliamentary deliberations that commenced in early December 2023. The ERA Bill has been transmitted to the National Council of Provinces (NCOP) for concurrence. The NCOP Select Committee on Land Reform, Environment, Mineral Resources and Energy has since released the ERA Bill for a further round of public consultation, with comments due by 29 April 2024….Read More>>
HEALTH
Moderna Halts Plans To Build Kenya Vaccine Plant as Covid Shot Demand Plunges
CNBC News
Moderna on Thursday said it has paused plans to build a vaccine-manufacturing site in Kenya after a steep drop in demand for its Covid vaccines. The biotech company said it has not received any vaccine orders for Africa since 2022 and has taken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent. Moderna’s decision aligns with its broader effort to cut costs by resizing its Covid vaccine-manufacturing footprint. The company’s business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus…. Read More>>
INFRASTRUCTURE
White & Case advises IFC-led lender group on US$1.25 billion financing for Indorama Eleme Fertilizer and Chemicals Limited
White & Case
Global law firm White & Case LLP has advised a group of lenders led by the International Finance Corporation (IFC) on a US$1.25 billion financing package to Indorama Eleme Fertilizer and Chemicals Limited (Indorama) in Nigeria. “This is a transformational deal for the sponsor and reflects the longstanding commitment and relationship between Indorama and the DFIs which have supported it from the first financing in 2013,” said White & Case partner Deji Adegoke, who co-led the Firm’s deal team… Read More>>
Impact Manager Acre Raises $100 mln for African Climate Infrastructure
Reuters
Two former BNP Paribas bankers have raised almost $100 million for a new fund which aims to unlock billions of dollars of funding for climate-aligned infrastructure projects in Africa. Acre Impact Capital, a private-debt impact investment manager, is looking to address the estimated $100 billion annual infrastructure financing gap on the continent by providing a portion of the unsecured funding for export finance projects….Read More>>
AGRIBUSINESS
Kenya: Tea Worth Ksh2b Unsold As KTDA Reinstates Minimum Price On Older Stocks
allAfrica
Kenyan tea worth Ksh2.3 billion was withdrawn from the market in the latest sale as the Kenya Tea Development Agency (KTDA) instructed brokers to sell the beverage at the reserved price, resulting in traders rejecting millions of kilos of the commodity offered for sale. Buyers turned down at least 9.8 million kilogrammes of tea offered for trading at the auction by KTDA in sale 15, citing a mismatch between price and quality. The amount of tea withdrawn represented 52 percent of the total commodity offered at the Mombasa Tea Auction floor for sale…Read More>>
African Development Bank Conducts Agribusiness Meeting In Nairobi
New Business Ethiopia
The African Development Bank concluded a three-day workshop in Nairobi, Kenya, aimed at enhancing its Empowering Novel Agri-Business-Led Employment (ENABLE) Youth Program in preparation for its next phase. The ENABLE Youth program helps young African men and women access financing to grow their enterprises. Currently active in 15 countries with investments exceeding $490 million, and benefiting around 40,000 youths, the program has emerged as a transformative force in fostering entrepreneurship and tackling youth unemployment…Read More>>
ICT
It’s all systems go for Connected Africa Summit, 2024
The Star
ICT and Digital Economy CS Eliud Owalo has confirmed that all necessary arrangements have been finalised ahead of the Connected Africa Summit 2024. The continental ICT event will take place from April 22-25, at Uhuru Gardens in Nairobi. Speaking Monday at the National Monument and Museum where he inspected the grounds, CS Owalo said they are committed to ensuring the summit delivers its goal in advancing Africa as the next digital frontier… Read More>>
FINANCE
Africa: Development Finance – How It Works, Where It Goes, Why It’s Needed
allAfrica
Development finance is the invisible glue that connects public and private financing for projects that have social, economic and environmental outcomes. These include improved infrastructure, better waste management and sanitation, financial inclusion, clean energy and sustainable agriculture.The goal of development finance is to create positive social, economic or environmental outcomes through investments made by financial institutions such as banks, insurance companies and pension funds in addition to contributions made by development finance institutions, multilateral partners and NGOs… Read More>>
