Spotlight | Africa
World Bank agonises over choice of new CEO for International Finance Corporation

The New Guard
South Africa, Egypt, Togo

Every Wednesday, Africa Intelligence spotlights a new generation of movers and shakers in business and politics.

South AfricaZanele Mbuyisa, the #MeToo lawyer who might shake up the entire continent

EgyptSeif Thabet, the businessman who stands up to the military

TogoEstelle Komlan, first woman to head a trading room in WAEMU zone

Niger
World Bank boss David Malpass to make farewell visit to Niamey

The president of the World Bank David Malpass is expected to travel to Niamey at the end of March where he should meet with the Nigerien head of state Mohamed Bazoum.

Kenya
Late tycoon Kirubi's family takes Centum investment fund in hand

The son-in-law of the late businessman Chris Kirubi is taking on a growing role in the management of the fund, which manages a portfolio of about $1bn and is partly owned by the Kenyan state.

Mali
French firm Eranove still hopeful for Kenié power plant project

The future of the Kenié hydroelectric power station project is still in doubt, nearly seven years after the Malian state signed a concession contract with Eranove.

Sierra Leone
World Bank's IFC backs Freetown's quest for mining transparency

The International Finance Corporation is set to help Sierra Leone improve transparency and communications in the extractive sector, in line with the government's ambition to attract more investment.

South Africa
With UES liquidated, Absa should recover part of the millions sunk in the Ogies project

Absa Bank has scored a victory in the South African courts. Uwoyela Environmental Services (UES), to which the bank had lent about $3m for an unsuccessful oil project, is to be liquidated

Zimbabwe
Harare calls on Armenian IU Networks to update tax management system

Zimbabwe has called upon Armenian IU Networks, specialised in IT solutions for former Soviet block countries, to design and implement a new system for its revenue authority.

Guinea
CBG's bauxite blasting in mediator's spotlight

The World Bank's mediation entity is seeking an independent expert to help resolve a dispute between bauxite producer CBG and people living near its mines who are unhappy with the level of compensation paid for damage to their health and livelihoods.

Africa
OECD works with World Bank and AfDB to champion fiscal data exchange

The World Bank and the African Development Bank are supporting the recommendations of the OECD on corporate tax evasion.

Cameroon
Sonatrel plans to use its own technicians for Chad electricity interconnection project

Against the initial advice of the World Bank advice, public sector energy distributor Sonatrel has insisted on involving its own technicians in the project to set up an electricity interconnection between Cameroon and Chad. It is going to have to use outside consultants, however, to handle the financial side of the project.

Djibouti, Ethiopia
Addis Ababa and Djibouti about to call for bids for a second interconnection line

State-run electric companies Electricité de Djibouti (EdD) and Ethiopian Electric Power (EEP) recently began looking for a consultant to work on a project to build the second power interconnection line between Ethiopia and Djibouti.

Africa
IFC to vote on loans for Axian's Togocom

The Togolese telecom operator is in talks with the International Finance Corporation. Since its 2017 privatisation, shareholders Axian and ECP have been trying to turn it into a regional leader.

Benin, Burkina Faso, Niger, Nigeria, Togo
World Bank tries to get Dorsale Nord project into gear

The World Bank plans to fund further studies for the $500m Dorsale Nord interconnector project.

In Focus | Tunisia
Tunis tries to defuse its debt bomb to avoid going into default

Tunisia, which has been given an official warning by the IMF and had its credit status downgraded by the ratings agencies, is struggling to cope with an external debt which currently stands at close to 100% of its GDP and is weighing heavily on its finances.

Uganda
Mota-Engil sinks deeper in Tororo-Kamdini ordeal

Many obstacles remain before the Portuguese company can resume construction on the Tororo-Kamdini highway, which has been at a standstill for the past year and a half as problems with the Oruja quarry persist.

DRC
World Bank takes lead in financing Mwinda fund to electrify rural areas

The Congolese authorities hope to raise $500m to bring electricity to rural areas but none of its financial backers have yet committed to a fixed amount.

Ivory Coast
MCA strives to speed up Abidjan transport project

The Millenium Challenge Account Côte d'Ivoire is planning to rehabilitate 32 km of roads and build truck parks at Abijdan's port, so as to make it more competitive with those in Lomé, Tema and Dakar.

Mozambique
EDM juggles Temane power plant and power line projects in tandem

The public Electricidade de Moçambique (EDM) is already gearing up for the construction of the Temane 450 MW gas-fired power plant, though works have not yet begun.

Ivory Coast
AfDB issues harsh report on Abidjan bridge and road build

The African Development Bank laments the delays in the construction of Abidjan's fourth bridge that is to ease traffic in the country's economic capital.

Gabon
IFC and AfDB to stump up for Kinguélé aval dam

Having teamed up in the Asonha Energie consortium, France's Meridiam and the Fonds Gabonais d'Investissements Stratégiques are putting the finishing touches to the financial package for their 34 MW dam project.

Uganda
IFC still in hot seat over Bujagali dam complaints

The World Bank's Compliance Advisor Ombudsman highlights IFC's delays in responding to labour rights violations during the build of the Dujagali hydropower plant.

Mauritius
IFC turns to Axis Fiduciary and IQ EQ to run its offshore companies

The private-sector finance arm of the World Bank Group has set up numerous companies in Mauritius over recent years. Managed by Axis Fiduciary and IQ EQ Fund Services, these firms manage projects not only in Africa but also in Asia and Latin America.

DRC
IFC fails to block scheme to restructure Tiger Resources' debt

The international finance institution's request to have a scheme to turn around Tiger's finances stayed has been rejected.

Richemont and LVMH battle it out for the name 'Vendôme'

Cartier and Van Cleef, two Richemont group brands, have challenged and partially annulled the agreement concluded in 2021 between Louis Vuitton and the town of Vendôme. The agreement allows the LVMH-owned trunk-maker to use the name of the town, which is the namesake of the Parisian luxury goods epicentre.

James Blake launches new risk management firm

A former security adviser to the International Monetary Fund (IMF) [...]