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Week commencing 10 June 2017
The Nigerian National Petroleum Corporation and First Exploration & Production have signed an agreement with Schlumberger for the development of the Anyala and Madu fields, offshore Bayelsa State, Nigeria. The project, estimated at $700m, is based on a guaranteed project return. Under the agreement, Schlumberger will contribute the required services and capital for the project development. The joint project will leverage the technical expertise of Schlumberger and the extensive local knowledge its partners.
The Guardian Nigeria 5 July
BMCE Bank and Spanish tech company Abengoa have signed a deal with the Moroccan government to build a renewable energy desalination plant, estimated at $269m. The plant – tipped to be the largest of its kind – will be used for the supply of drinking water and irrigation. Abengoa will be responsible for building the plant, with the aim to ultimately secure the drinking water supply of the Grand Agadir region to provide water for agricultural irrigation.
Morocco World News 1 July
The capacity of the Port of Dar es Salaam will increase to 25-million tonnes over the next seven years following the World Bank’s granting of a $345m credit and a $12m grant to the new Dar es Salaam Maritime Gateway Project. The investment will also reduce the waiting time to berth from 80 to 30 hours, as well as overall productivity of the port which plays a vital role in the economies of Tanzania and neighbouring countries.
The New Times 4 July
The Abraaj Group is acquiring Java House from private equity investor, Emerging Capital Partners (ECP), and the coffee chain’s founder, Kevin Ashley, in an undisclosed transaction. While financial terms of the deal were not disclosed, the Financial Times reports that ECP was looking for bids in the $100m range. Since acquiring a majority stake in the coffee chain in 2012, ECP has invested capital to help fund the firm’s East African expansion. During its three-year ownership, Java House expanded from 13 outlets in Nairobi to 60 outlets in Kenya, Rwanda and Uganda.
Africa Capital Digest 3 July
Mastercard and digital service provider Kifiya have teamed up to introduce a digital solution allowing Ethiopians, both inside and outside of the country, to pay utility bills, facilitated by Mastercard’s gateway services. During the second phase of the rollout, the firms will introduce micro insurance payments, educational expenses and international airtime to the platform.
2Merkato.com 2 July