Angola Telecom Launches Wireless Telephone System

Angola Telecom has launched a wireless telephone system called "Touch More". According to Angola Telecom’s managing Board Chairman, Manuel Avelino, the new product of the fix operator will provide voice, data, message and internet services. Mr. Avelino revealed that the firm has invested $10 million in the implementation of the services which are currently operational in the provinces of Luanda, Cabinda, Huíla and Bengo, adding that a total of 13,000 lines have been put in place.  Source: ANIP

E-Ghana Project Receives $40million funding from World Bank

The World Bank Group has approved US$40 million to the Government of Ghana, to support the implementation of selected components of the Government’s Information and Communication Technologies (ICT) for Accelerated Development Policy. This policy was completed a few years ago and adopted into Ghana’s poverty reduction strategy as a key framework for growth. Ghana was one of the first countries in Sub-Saharan Africa to undertake a program of liberalization in the telecommunications sector in the mid 1990s.  Since then, significant improvements have occurred which have led to the growth of the ICT sector and an unprecedented explosion in overall telephone penetration, from 4.7% in 2003 to 20% in June 2006. Most of this growth is attributed to the mobile sector which has grown from zero to about 4 million within the past 10 years. The telecom sector contributed 5.3% of GDP in 2004 (up from 1.8% in 2000). The funding will assist the government of Ghana to generate growth and employment by leveraging Information and Communications Technologies and public-private partnerships to develop the IT Enabled Services industry. It will also contribute to improved efficiency and transparency of selected government functions through e-government applications.  Source: World Bank

World Bank Launches Voluntary Disclosure Program

The World Bank announced that its Board of Executive Directors has formally approved a Voluntary Disclosure Program that will strengthen the institution's capacity to prevent corruption in its operations. The Program is a proactive anti-corruption investigative tool designed to uncover corrupt and fraudulent schemes and patterns in Bank-financed projects through the voluntary cooperation of participating firms and individuals. The Program allows entities which have engaged in past fraud and corruption to avoid administrative sanctions if they disclose all prior wrongdoing and satisfy standardized, non-negotiable terms and conditions. Source: World Bank.

Japanese Grant to Help on Environmental and Social Challenges in Africa

The Multilateral Investment Guarantee Agency announced that a US$1 million grant from the Japanese government will permit the Agency to launch a pilot facility to help foreign investors address environmental and social challenges in Africa. The program will later be expanded if the model proves successful. MIGA’s priority in Africa is to reduce poverty and improve people’s lives by spurring economic growth through socially and environmentally friendly, and developmentally sound, foreign direct investment.   Foreign investment has played a critical role in the development of many countries, by introducing modern technology and management methods, and by linking the countries to the world.  In the 2006 fiscal year, MIGA supported 13 new projects in Africa by providing $180 million in political risk insurance to firms investing in a variety of sectors.

South AfricaConference launches Marketing of 2010 FIFA World Cup

As South Africa prepares for the FIFA 2010 World Cup, the custodians of Brand South Africa, the International Marketing Council of South Africa hosted a one-day conference in collaboration with the 2010 National Communication Partnership Task Team in Johannesburg in August 2006. The conference gave invited marketers, communicators and other stakeholders from both the public and private sectors a unique opportunity to coordinate communication messages as we move towards 2010, and to explore the potential for collaboration and partnerships.

International Finance Corporation Financing

The International Finance Corporation offers a wide variety of financial products for private sector projects in developing countries. A company or entrepreneur seeking to establish a new venture or expand an existing enterprise can approach IFC directly by submitting an investment proposal. After this initial contact and a preliminary review, IFC may proceed by requesting a detailed feasibility study or business plan to determine whether or not to appraise the project.
http://www.ifc.org/ifcext/about.nsf/Content/How_Apply_Financing

Angola Industry Department Holds Trade Seminar

The Provincial Department of Industry, Trade, Hotels and Tourism in the south eastern Kuando-Kubango province held a seminar entitled "Trade in Angola, Towards Modernization and Development". The seminar debated topics including the regulation on trading and services activities, the strategy of organizing the retail market, the new commercial network of approach and the wholesale-market
organizing strategy. Source: ANIP

Government Invites bids for Kenya-Re Float

The privatisation of the State-owned Kenya-Reinsurance Corporation (Kenya-Re) is back on the agenda with the Government announcing intention to float a 40 percent stake. After toying around with the idea of a strategic investor or even selling the business as a going concern, the Government has now invited bids for key professional services for the process to be carried out through an initial public offering (IPO). Kenya-Re was initially slated for privatisation almost eight years ago with the Government seeking a strategic partner. Source: Databank

South Korean Multinational Invests USD 20 Million

South Korea’s multinational Hyundai Heavy Industries is to invest over $20 million in social development projects in Angola. The money invested will go to the construction of schools, hospitals and orphanages in the regions of Benguela and Lobito. Hyundai Heavy Industries has operated in Angola since 2001 and is responsible for the supply of materials and equipments for the oil companies that work in Angola, namely the state-owned Sonangol. Source: ANIP 

HFC Bank leads the Mortgage Sector in Ghana

HFC Bank, a pioneer in Ghana’s mortgage industry, in collaboration with the Social Security and National Insurance Trust (SSNIT) will make available to GREDA a 100 billion cedis ($11m) for residential housing development during the second half of 2006. This is to put the bank at the forefront of the mortgage industry in the country after several mortgage companies have entered the industry. The bank recorded a profit after tax of ¢6.396 billion by the end of June this year and projects to hit a profit of ¢14.841 billion by the end of the year compared to last year’s 7.169 billion. Source: Databank

UAE Launches Satellite Service in Angola

Thuraya Satellite Telecommunications of the United Arab Emirates officially launched the regional satellite telecommunications system in Angola. In a ceremony held at Trópico Hotel, Thuraya Satellite Telecommunications promised to offer services and products for communication via satellite, such as telephones, cell phones, laptops, public phone boots, rural telephones, management of fleets, among others. Thuraya will work with SISTEC to correspond to the needs of telecommunications of strategic sectors such as the exploring of oil and minerals. Thur aya Satellite Telecommunications offers a total coverage to 110 countries in the Middle East, North and Central Africa, Southern Africa, Europe and Asia, covering a population estimated at about 2.3 billion. Source: ANIP

Nigerian Bank embarks on Capital Growth Strategy

Access Bank of Nigeria has announced that it is embarking on a capital growth strategy which will see the Bank attain a capital base (Tier I & II) of $1 billion by 2010. This will be achieved in three phases through convertible loan stock, bond issue and public offering. In the first phase, Access Bank will commence with the issuance of a $150 million (20 billion) convertible debt (loan stock). This will be followed by the phase second phase that has to do with a $50 million (6.5 billion) long term bond. Thereafter the Bank will raise additional capital by a way of public offering. The ultimate objective of this initiative according to the Access Bank, is to create a large and well capitalised bank.  Source: Databank

Angola Telecom Earns Golden Lion

The firm’s commitment to continued technical innovation has earned Angola Telecom the Golden Lion award during the 23rd edition of the Luanda International Trade Fair (FILDA/2006), in the category of telecommunications. Services such as broadband internet and fix-mobile telephone were factors that helped the firm secure the award. The company has doubled its commitment to innovative service and to providing customers with access to new technologies. A total of 657 exhibitors attended the event, of which 340 were local companies across sectors including telecommunications, banks, industry, beverage, food, oil, civil construction, machinery, automobile, information technology, insurance, housing, clothing and shoes.  Source: ANIP

Uganda among 10 Best Destinations

Uganda has been elected as one of the world's 10 best holiday destinations in 2006 by the British Broadcasting Corporation (BBC). The country earns this distinction because of it magnificent attractions. These attractions include the wildlife which comprises the mountain gorillas and the ancient impenetrable Bwindi rain forest. Other leisure is the Queen Elizabeth National Park. Source:  Tourism Africa news.

Sonangol’s Aviation Unit Signs Accord

SonAir, the aviation arm of Angolan state energy company, Sonangol, has signed an accord to provide services to Sino-Angolan energy consortium, China Sonangol International.  Under the deal, SonAir will operate and provide maintenance on two Airbus A319CJ jetliners. The company will also offer services to China International Fund, which supports Luanda’s national reconstruction projects.   Sonangol has a 30 percent shareholding in China Sonangol International, registered in Hong Kong.  Source: ANIP

Tata Steel Commences Construction of Plant in South Africa

The South African Deputy President, Ms Phumzile Mlambo-Ngruka has unveiled a plaque to commemorate the commencement of construction of the R 670 million Ferrochrome Plant of Tata Steel KZN (Pty) Ltd.  Tata Steel is rated as the most efficient global steel producer and the company is committed to commissioning the plant on schedule in October 2007, says the Chairman of the Tata Group, Ratan Tata.  According to the company, the high carbon ferrochrome plant would be “the cleanest in the world” with state-of-the-art production processes. Ferrochrome is used in the manufacture of stainless steel and the plant’s output will be exported to Tata Steel existing customers, principally in Asia, Europe and the United States. Tata Steel is considering doubling the size of the plant, from two furnaces to four, and a decision will be made after the first year of operation. If the phase 2 expansion is approved, it will result in additional investment of possibly R400 million. South Africa was selected because of factors including power costs skilled technological base and manpower, developed infrastructure/ logistics arrangements, and its strong financial institutions.

Angolan Development Fund provides $300 Million for Private Investment

The National Development Fund (FND) will provide approximately $300 million to national business people for the financing of various projects.  Close to 5% of FND resources will come from the annual oil fiscal revenues and two percent from diamond industry, as well as from other sectors. The National Development Fund will be an account registered in Angola’s Development Bank (BDA), the institution that will be in charge of financial management of the Fund, according to terms defined by the Government. The FND will focus on the funding of the national private sector’s projects, thus contributing to the promotion of the private investment, through the granting of government-subsidized loans, with widen reimbursement terms.  Source: ANIP