World Bank Board Approves $70 Million for Public Service Reforms in Uganda

The World Bank has approved an International Development Association credit of US$70 million to support public service reforms in Uganda. The Uganda Public Service Performance Enhancement Project (UPSPEP) aims at transforming the public service to make it affordable, efficient and accountable in the use of public resources and service delivery. The project is also expected to support improvement in the policy, institutional and regulatory environment, for sustainable growth and service delivery.  The UPS-PEP has two main components; the first component of $15 million supports the implementation of the Government’s Public Service Reform Program (PSRP) through a sector-wide approach program.  The second component will support performance enhancement initiatives on a demand-driven basis.  An effective public service will contribute to the Government’s effort to improve governance and fight corruption in the country.

South Africa Standard Bank enters Angola

The Standard South African Bank, one of the biggest financial institutions of the continent, announced that it will soon open a branch in Angola. "Based on market opportunity and customer demand, we are expanding our operations in Angola and will be opening a representative office," said Craig Bond, Managing Director of the bank's Africa operations, which trades by the name Stanbic. Source: ANIP

Ghana is the Best Place to Do Business

Ghana is the number one location for doing business in the ECOWAS sub-region, according to a new World Bank survey, and the 9th best in Africa.  Meanwhile, business confidence in Ghana is high, according to another continental business survey, which highlights Ghanaian business leaders as the most optimistic about the progress and future of their economy.  Ghana emerged as one of the most attractive investment destinations in the sub-region in the World Bank Doing Business in 2006 Report, ranked first for protecting her investors of the 11 ECOWAS countries surveyed and 28th in the world for the same category.  Source: Myghanareport.net

Coca-Cola reports 7% Increase in 2nd Quarter Earnings

The Coca-Cola Company has reported that second quarter earnings in Africa have grown by 7% from last year's second quarter. The Africa operating group's unit case volume increased 7 percent, reflecting growth across all divisions, said the company. Coca-Cola said that growth in sales and a slight favourable currency benefit helped offset operational difficulties experienced in some countries. It added that operating income growth of 16% reflected the increase in net revenues and effective management of expenses. However, the recent FIFA Soccer World Cup would have had a positive effect too.  Source: Databank  

IFC Puts Commitments into Action in Africa

The Board of Directors of the IFC has approved a $30 million grant with other donors and private companies for the Investment Climate Facility for Africa. Supporting the African private sector and improving the investment climate, the IFC is the largest multilateral source of loan and equity financing for private sector projects in Africa and offers key advisory and technical assistance.  IFC will also contribute expertise to the facility.  The Investment Climate Facility for Africais a new public-private partnership that focuses on improving the continent's investment climate. It provides a mechanism through which the private sector, the G8 countries, donors, and African governments and institutions can support Africa's vision for sustainable growth and development. Established as an independent trust with a seven-year lifespan, the ICA is based in South Africa and its co-chairmen are Benjamin Mkapa, former President of Tanzania, and Niall Fitzgerald, Chairman of Reuters. Shell, Unilever, and Anglo American, have also contributed financial resources.  

Mauritania: Public Sector Capacity Building Project

The World Bank has approved a loan of $13 million to assist Mauritania with mining sector capacity building. The main objective of this project is to build up and consolidate the Government’s long term institutional and technical capacity to manage the country’s mineral resources, including social and environmental management, promote private investment in the mineral sector and improve its contribution to national and regional socioeconomic development. The main objective of this project is to promote good governance, increase access to public services and improve tools to monitor the impact of public finance expenditures.  It will contribute to the improvement of performance, efficiency, and transparency of public resources management in the country. The project supports the overall objectives of the Africa Action Plan in terms of strengthening development capacities and orienting development programs towards better public services.

600 Firms Attend FILDA Trade Fair

600 companies across various sectors attended the 23rd Luanda International Trade Fair (FILDA) in July in the Angolan capital. With a ceremony chaired by the Industry minister, Joaquim David, a total of 22 countries attended the event, including Spain, Russia, USA, Ghana, The Netherlands, Mozambique, Brazil, Portugal, South Africa, Germany, Namibia and China.  Of the 600 firms attending the exhibition, 340 were local and 260 foreigners. Seminars, talks and guided visits to the premises of Angola’s various ministries were held alongside the trade fair. Source: ANIP

Egypt: Mortgage Finance Project

A World Bank loan of $37 million will help to lay a firm foundation in the banking sector for mortgage finance. The Government of Egypt is pursuing a major agenda for macroeconomic and structural reform and modernization of the financial sector, including restructuring public sector banks, increasing the share of the private sector in the banking sector, reforming the insurance sector, developing a new system of mortgage finance for a more sustainable housing finance market, and strengthening regulatory capacity and financial supervision apparatus.

Israeli Company to Supply Angola Telecom

Gilat Satellite Networks Ltd. has signed a deal to provide satellite modems and services to Angola Telecom. The satellite modems are "equipped with high-quality modulation systems and mechanisms for anticipating errors that reduce the costs of satellite transmission," according to the Israel High Tech and Investment Report. Israel-based Gilat will also supply the infrastructure needed to expand Angola Telecom's cellular network. The African company is one of the continent's largest telecom providers, but its competitor Unitel recently announced it would invest $53 million in expanding its cellular network. Gilat will also install "a radio access solution at several points (throughout) the country, (making) it possible to bring together GSM and 3G capacity".  The country's telecommunications regulator, INACOM, said the number of cellular customers in Angola rose 33 percent in the past year, according to the report. The country does not yet have 3G infrastructure. Source: ANIP 

Nestle Extends Its Investment in South Africa

Nestle SA plans to invest a further R300 million in South Africa over the next three years, according to its Managing Director Yves Manghardt.  The company is celebrating its 90th year in South Africa where its activities include social responsibility programmes involving entrepreneurship and agriculture.

Chad Signs Memorandum of Understanding with World Bank

Representatives from the Bank and the government of Chad signed a memorandum of understanding under which the government has committed 70 percent of its budget spending to priority poverty-reduction programs, and provided for long-term growth and opportunity by creating a stabilization fund.  The government will also enhance transparency and accountability with a new pledge of support for the role of the oil revenue oversight authority. Priority programs are in the areas of health, education, agriculture, infrastructure, environment, rural development, de-mining and good governance. Source: World Bank

2010 World Cup will earn FIFA Record Amounts

FIFA is set to earn record revenues from the 2010 World Cup to be held in South Africa in 2010.  According to the organization, FIFA has already secured over $3 billion in broadcasting rights and sponsorship, with more expected from African, Asian and South American broadcasting rights. FIFA earned less than $2 billion in the period between 2003 and 2007 for the World Cup in Germany and, according to South Africa’s Local Organising Committee, the record sponsorship achieved to date reflects the confidence of business in South Africa’s ability to handle the football tournament.  FIFA’s top level sponsors include Adidas, Coca-Cola and Sony, while mobile phone company MTN has announced a $6.5 million global sponsorship deal, the first ever deal of its kind by an African company.

Portugal to Give Angola USD 630 Million Credit Line

Portugal has agreed to provide Angola with a USD 630 million line of credit by the end of this year under a memorandum of understanding signed by the two countries. According to a joint communiqué, the credit would be channeled primarily to road, railroad, port, airport, health and education, construction and rehabilitation projects in Angola's reconstruction program. The credit would also be used to finance the production, transport and distribution of power and water, as well as for scientific and technological research and innovation and professional training programs.

Ghanaian Miners Sign up to Responsible Mining Alliance

Newmont Ghana Gold and Gold Fields Ghana have signed up to the Ghana Responsible Mining Alliance, which commits the two companies to being more responsive to local economic and human rights needs.

Nigeria Signs Agreement for Clean Energy

The city of Aba in the Delta region of southern Nigeria is the site of Nigeria's first Clean Development Mechanism project to reduce greenhouse gases. The 120-megawatt Aba Clean Energy Carbon Project will construct an efficient, gas-fired power plant that will displace the electricity and steam currently being generated by industrial and large commercial enterprises in the city. Residents and business enterprises say the current grid is over-stretched and unreliable. Many have turned to on-site diesel generators that are often inefficient, use expensive fuel and release carbon dioxide and other gases into the atmosphere. The new system will rely on dual-fuel turbines that primarily use natural gas, backed-up by diesel facilities in case of gas pipeline interruptions.  Source: World Bank

$600 Million for Renewal and Modernization of Angola’s TAAG Fleet

Angola will spend around $600 million in a program of renewal and modernization of the country’s national airline (TAAG) fleet. The program includes the purchase of four new Boeing 737-700 aircrafts for short and medium distance flights and three Boeing 777-200ER aircrafts for long distance trips. The planes will be acquired by Angola over time, with two of each version expected in September 2006. The final Boeing 777 is expected to arrive in November 2006. The operation will also cover training of maintenance personnel, flight operations and other TAAG related areas. Staff training is currently in progress in Seattle, USA. The investment will lead to the involvement of TAAG in the process of technical assistance and rehabilitation of Angolan airports.  Source: ANIP

South African Government Approves Space Agency

The South African Government has approved the establishment of the South African Space Agency to co-ordinate and implement the country's space science and technology programmes.  The Agency will work closely with the South African Council for Space Affairs and report to the Minister of Science and Technology.

World Bank Provides Liberia US$30 Million for Emergency Infrastructure Grant

The World Bank Group today approved an Emergency Infrastructure Grant for US$30 million to Liberia which will help the government rapidly reconstruct parts of the country’s devastated infrastructure. The project aims to help Liberia revive its economy and reintegrate the country by restoring vital transport links throughout Liberia. It will support the improvement of living conditions in the capital, Monrovia by restoring and expanding potable water supply services and improve the provision of emergency power to parts of Monrovia. It will also contribute to poverty reduction among rural and urban populations by creating short-term employment opportunities associated with the works contracts and by improving rural access through reduced travel time and reduced transport costs of food from producers to the market.  The Emergency Infrastructure Grant will support the repair of some primary roads and major bridges, as well as improvement of potable water supply to Monrovia through the emergency rehabilitation of a surface water treatment plant and the testing and potential development of additional groundwater resources.  The project will also focus on strengthening the government’s capacity to carry out Liberia’s road management and maintenance functions while also providing support for the institutional strengthening of the Liberia Water and Sewer Corporation.

China Visit Results in Agreement to Support NEPAD

A Memorandum of Understanding between the NEPAD Secretariat and the Secretariat of the China-Africa Forum was signed by NEPAD’s Chief Executive, Prof. Firmino Mucavele, at the end of a visit to China at the invitation of the Chinese Government.  The MoU aims to strengthen co-operation and exchange of information between the Secretariats and to explore means of supporting NEPAD, especially in human resource development.  As a follow-up to the visit, the Chinese Ambassador to South Africa, Liu Guijin, handed over a cheque for $500,000 from the Chinese Government to the NEPAD Secretariat. The donation is for a nursing and midwifery training programme in Tanzania and Kenya to improve the levels of clinical competence in nursing and health care, to equip specialist nurses to do clinical and health systems research and to prepare nurses for HIV/Aids care. The training will take place at universities and other educational institutions.  Source: Nepad Dialogue