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Imaloto independent power producer coal-fired power plant project, Madagascar

By: Sheila Barradas     26th October 2018 Bushveld Minerals has announced that the Imaloto project is on track to deliver electricity to south-western Madagascar by 2021. 

First electricity from Imaloto slated for 2021 

By: Simone Liedtke     17th October 2018 Aim-listed Bushveld Minerals, parent company of coal and energy company Lemur Holdings, on Wednesday announced that the Imaloto project is on track to deliver electricity to south-western Madagascar by 2021. The Imaloto project is a developing integrated thermal coal mining and independent power... 

Stanbic Botswana secures $125m loan guaranty to support diamond sector

By: Tasneem Bulbulia     27th September 2018 Stanbic Bank Botswana, which is a member of Standard Bank Group, has, along with the Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, and Botswana Finance, a subsidiary of Lazare Kaplan International, signed a $125-million loan guaranty, which... 

Agricultural organisations commit to developing national strategy

By: Simone Liedtke     27th August 2018 The presidents of the African Farmers Association of South Africa (Afasa), the National African Farmers Union of South Africa (Nafu SA), Agri SA and the Transvaal Agricultural Union of South Africa (Tau-SA), as members of the Agri Sector Unity Forum (Asuf), on Monday declared their intent to work... 

AFC welcomes completion of, first shipment from Guinea bauxite mine

By: Nadine James     8th August 2018 Infrastructure development finance institution Africa Finance Corporation (AFC) on Wednesday announced the on time completion of the Bel Air mine, in Guinea, and its first shipment of high-grade bauxite to China.  The construction of the mine was completed on time and within budget.  

IDC results give glimpse of the state of SA’s economy 

2nd August 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about what the Industrial Development Corporation’s (IDC’s) results for the 2018 financial year say about the state of the real economy, how the IDC is responding to its high level of impairments and how the... 

IDC open to ‘all options’ for turning around Foskor as impairments surge  

By: Terence Creamer     31st July 2018 The State-owned Industrial Development Corporation (IDC) reported a sharp rise in impairments during its 2018 financial year, which surged 178% to R2.7-billion, from R954-million in 2017. Impairments as a percentage of total financing also increased to R4.9-billion (R2.1-billion), or 17.4%, only... 

AFC appoints new president and CEO

By: Marleny Arnoldi     5th July 2018 Infrastructure development finance institution Africa Finance Corporation (AFC) has appointed Samalia Zubairu as the corporation’s third president and CEO, succeeding Andrew Alli.  

Kenya's ARM Cement counts on shareholder loans for revival

By: Reuters     27th June 2018 Kenya's ARM Cement will rely on short-term loans from shareholders to lift production back to capacity and seek a deep-pocketed strategic investor, its chief executive said on Wednesday, as the firm struggles to stem its financial woes. The company, which was once Kenya's second-largest cement... 

IDC denies politically connected elite has ‘hijacked’ black industrialist scheme

By: Terence Creamer     22nd June 2018 South Africa’s Industrial Development Corporation (IDC) has defended the integrity of the credit approval processes for its flagship Black Industrialist Programme and has given the assurance that the scheme has not been captured by individuals with connections to the governing African National... 

DBSA appoints new CFO

By: Anine Kilian     16th April 2018 Boitumelo Mosako has been appointed CFO of development finance institution the Development Bank of Southern Africa (DBSA), effective April 1. Prior to joining the DBSA, she served as the CFO at the South African Bureau of Standards. 

EAIF raises $385m in new debt financing to drive five-year business plan

By: Simone Liedtke     10th April 2018   The Emerging Africa Infrastructure Fund (EAIF), managed by Investec Asset Management (IAM), has completed its latest fundraising round, raising $385-million in new long-term debt capital to invest in Africa. 

Focused on next five years

6th April 2018 As it heads into the next five years with 2017/18 financial year having come to a close, State-owned development finance provider Small Enterprise Finance Agency (sefa) will focus on delivering financial assistance that responds to current market needs. In the 2018/19 financial year, the agency... 

Construction set to begin on ‘flagship’ 40 MW Moz solar project

By: Terence Creamer     28th March 2018 Oslo-listed renewable-energy developer Scatec Solar, which has its African regional hub in Cape Town, South Africa, expects to begin constructing a 40 MW solar photovoltaic (PV) project in Mozambique in the coming weeks after the project reached financial close in early March. GM and VP for... 

AfDB expresses strong support for new Eskom leadership

By: Terence Creamer     20th February 2018 The African Development Bank (AfDB), which has extended loan facilities worth a collective R20-billion to South Africa’s power utility Eskom, expressed confidence on Tuesday that the new leadership at the cash-strapped State-owned company would restore the group’s governance and creditworthiness.... 

Initiative changing development narrative in townships, rural economies

16th February 2018 A three-year partnership between tyre manufacturing company Sumitomo Rubber South Africa’s (SA’s) iconic tyre brand, Dunlop, and development finance agency Ithala Development Finance Corporation’s Small Business Growth Enterprise division will see a minimum of 25 containerised tyre fitment... 

IDC assessing 21 applications under R1.5bn downstream steel incentive

By: Terence Creamer     19th January 2018 The Industrial Development Corporation (IDC) is currently assessing 21 potential transactions, worth a combined R437-million, arising from applications for support under a R1.5-billion industrial financing scheme set up in 2017 to support manufacturers of value-added steel products. The... 

IDC sues Gupta-linked firms to recover debt

By: Bloomberg     13th December 2017 South Africa’s Industrial Development Corporation (IDC) is suing four companies linked to the politically connected Gupta family after they failed to repay a loan that the state-owned development financier canceled because it suspected illegal activity. The Guptas’ Oakbay Resources and Energy,... 

Microgrids add new arrow to Africa’s electricity access quiver

By: Mia Breytenbach     24th November 2017 The launch of a R25-million solar energy, lithium-ion battery storage microgrid on Robben Island – the World Heritage Site in Table Bay, Cape Town, which, until recently, relied on diesel to generate electricity – not only showcases the versatile advantages of microgrid technology, but also... 

Microgrids add new arrow to Africa’s electricity access quiver

By: Mia Breytenbach     24th November 2017 The launch of a R25-million solar energy, lithium-ion battery storage microgrid on Robben Island – the World Heritage Site in Table Bay, Cape Town, which, until recently, relied on diesel to generate electricity – not only showcases the versatile advantages of microgrid technology, but also... 

IDC will invest in infrastructure that unlocks industrialisation

By: Keith Campbell     20th October 2017 The Industrial Development Corporation (IDC), South Africa’s development finance institution which exists to fund entrepreneurs and projects in the industrial sector, also seeks to use investments in infrastructure to free up industrial development opportunities. This was highlighted by IDC... 

Big fall in DBSA disbursements partly attributed to renewables stand-off 

By: Terence Creamer     19th September 2017 The Development Bank of Southern Africa (DBSA) recorded a sharp fall in disbursements to R12.4-billion in 2017, from a record R17.1-billion in 2016, but has promised to "step up" its role as a catalyst of development in 2018, setting a R20-billion disbursement target for the year. The development... 

Capitalworks launches $300m sub-Saharan Africa investment company

14th September 2017 Independent alternative asset manager Capitalworks Group has launched Africa Capitalworks, an investment company that will deploy permanent equity capital in midmarket companies in strategically selected sectors across sub-Saharan Africa, but excluding South Africa. Africa Capitalworks aims to... 

Study urges South Africa to find energy storage niche

By: Mia Breytenbach     1st September 2017 With energy storage considered to be the “new wave” in the energy sector and increasingly becoming a reality, South Africa needs to prepare itself if it wishes to take advantage of the energy storage growth opportunities within the energy storage stationary value chain and the mobility value... 

RMB wins African Banker Investment Bank of the Year award

18th August 2017 Rand Merchant Bank (RMB) won the Investment Bank of the Year award for the fifth year running in the African Banker Awards 2017. The award is made by the African Banker magazine to the most innovative investment bank operating in Africa. RMB received the accolade at an award ceremony on 23rd May... 

Study urges South Africa to find energy-storage niche 

By: Mia Breytenbach     17th August 2017 With energy storage considered to be the “new wave” in the energy sector and increasingly becoming a reality, South Africa needs to prepare itself if it wishes to take advantage of the energy storage growth opportunities within the energy storage stationary value chain and the mobility value... 

Bisie boxcut nears completion, first tin concentrates in 2019

By: Ilan Solomons     15th August 2017 Tin exploration and development company Alphamin Resources is nearing completion of the boxcut at its 9 900 t/y Bisie tin project, in North Kivu, in the Democratic Republic of Congo (DRC). Alphamin CEO Boris Kamstra tells Mining Weekly Online that local earthworks contractor Kongo River, which is... 

Progressive moves

By: Terence Creamer     11th August 2017 The decision of the Industrial Development Corporation (IDC) to publish the identities of its new clients, including those officially identified as politically exposed people (PEPs), should be applauded. Such disclosure affects all of the State-owned development finance institution’s funding... 

Names of all IDC clients, including politically exposed people, now being made public 

By: Terence Creamer     31st July 2017 The Industrial Development Corporation (IDC) has officially started to publish, on its website, the identities of all of its clients, including those officially identified as politically exposed people (PEPs). This disclosure affects all of the State-owned development finance institution’s... 

Nepad advocates centralised bankable project information hub

By: Natasha Odendaal     25th July 2017 The New Partnership for Africa's Development (Nepad) Infrastructure Project Preparation Facility (IPPF) is suggesting that a one-stop shop initiative – comprising a project hub and a help desk – be established to promote bankable projects in Africa, with the aim of increasing the accessibility of... 

Scaw expands chain-making capacity with R110m investment in automated plant

By: Terence Creamer     6th April 2017 Specialist steel products manufacturer Scaw Metals has invested R110-million to expand and modernise the production of large-diameter chain and masterlink components at its McKinnon Chain factory in Vereeniging, in southern Gauteng. Large-diameter chains are used in various industries for lifting... 

AFC aims to have $5bn in assets by 2019

By: Megan van Wyngaardt     29th March 2017 Multilateral development finance institution Africa Finance Corporation (AFC) on Wednesday reported that it had invested $688-million during the 2016 financial year, returning a robust financial performance of $115.3-million in total comprehensive income – a 64% year-on-year improvement. The... 

100 MW power purchase agreement signed in Nairobi

28th October 2016 In June energy company Kipeto Energy’s (KEL’s) Kipeto wind power project came one step closer to delivering additional clean energy to the people of Kenya following an announcement that it has formally signed a 20-year purchase power agreement with Kenyan power utility Kenya Power. This... 

Austrian FM highlights need for predictable regulation during South Africa mission

By: Terence Creamer     25th October 2016 Austrian Foreign Affairs and Integration Minister Sebastian Kurz used a business forum in Johannesburg this week to highlight regulatory stability and predictability as a “necessary condition” for future investment into South Africa and the rest of the continent. Kurz, 30, is Austria’s... 

IDC aims to grow approvals beyond R14.5bn in 2017, despite impairment worry

By: Terence Creamer     31st August 2016 The Industrial Development Corporation (IDC) has committed to continue increasing its level of finance approvals and disbursements, despite a surge in impairments to over R3-billion. Funding approvals increased to a record R14.5-billion during 2016 from R11.5-billion a year earlier, while... 

AfroCan outlines reasons for Lily mine transaction failure

By: Ilan Solomons     18th July 2016 Canadian gold producer and investor AfroCan Resources Gold has outlined its reasons for withdrawing from an equity transaction with Vantage Goldfields for the Lily gold mine, in Barberton. Through its attorneys in Sydney, Australia, AfroCan issued a letter to Vantage providing the reasons why... 

Energy company signs 20-year power purchase agreement

15th July 2016 Wind energy developments project management company Kipeto Energy, is one step closer to delivering additional clean energy to the people of Kenya following an announcement that it formally signed a 20-year power purchase agreement with Kenya Power last month. 

Helios Towers DRC secures $105m funding facility

By: Natasha Odendaal     13th July 2016 Independent tower company Helios Towers Africa (HTA) on Wednesday said its Democratic Republic of Congo (DRC) subsidiary Helios Towers DRC (HTD) had successfully completed a $105-million upsizing of its syndicated term-loan facility to partly finance acquisitions and fund portfolio expansion and... 

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