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Author: Makungu Coco

Local Infrastructure News

Zambia Secures $50 Million from BADEA for Kalabo-Sikongo-Angola Border Road Project

Zambia has signed a cooperation agreement with the Arab Bank for Economic Development in Africa (BADEA), securing a $50 million investment for the construction of the Kalabo-Sikongo-Angola Border Road in Western Province. The agreement was formalized in Riyadh, Saudi Arabia, by Zambia’s Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, and BADEA President, Dr. Sidi Ould Tah. Alongside the road project, a $500,000 capacity-building initiative was also agreed upon to support the training of

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Oil Gas International News

African Energy Bank Nears Completion with 45% of $5 Billion Initial Capital Raised

African hydrocarbon-producing nations have successfully raised 45% of the $5 billion required to establish the African Energy Bank (AEB). This pan-African institution is designed to address the financing gap for oil and gas projects, a challenge heightened by the withdrawal of several international donors from fossil fuel investments. According to credible sources, the funds for the project have been secured by African nations, with Angola, Ghana, and Nigeria emerging as the largest contributors. “The funds

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Diamonds International News

Rio Tinto Unveils 2024 ‘Beyond Rare’ Tender Featuring Historic Argyle Diamonds

Rio Tinto has launched its 2024 ‘Beyond Rare’ tender, the second in its Art Series collection, showcasing 48 exceptional lots of rare diamonds. This year’s collection, titled ‘Colour Awakened,’ features seven historic diamonds from Australia’s now-closed Argyle diamond mine, which operated from 1983 to 2020. The “old masters” consist of seven round brilliant-cut pink and red diamonds, ranging from 0.60 to 2.63 carats. Each was unearthed from the Argyle mine over a decade ago, with

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International News Petroleum

Ethiopia Allocates $175 Million for Fuel Imports Amid Dollar Shortages

The National Bank of Ethiopia has allocated $175 million in foreign exchange to the state-owned Ethiopian Petroleum Supply Enterprise to cover upcoming fuel import payments, as the country continues to grapple with severe dollar shortages. Ethiopia, which spends approximately $4 billion annually on fuel imports, has faced growing financial strain due to the COVID-19 pandemic and a two-year civil war that ended in late 2022. To alleviate these pressures, Ethiopia is set to receive $345

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Local Economy News Oil

AECIPA President Highlights Oil Industry’s Role in Angola’s Economic Diversification

The growth of Angola’s oil industry is driving economic improvements and contributing to diversification across sectors, particularly in industries and agriculture, according to Braulio de Brito, president of the Association of Companies Providing Services in the Angolan Oil Industry (AECIPA). In an interview with Lusa during the Angola Oil & Gas Conference, de Brito stated, “The expansion of the oil industry translates into growth for the Angolan economy, promoting diversification and encouraging the development of

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Local Economy News Oil

Angola’s Oil Sector to Remain Dominant Despite Gradual Decline

Angola’s oil sector will continue to dominate the economy over the next decade, despite a gradual decline in its significance, according to Tiago Dionisio, chief economist at consultancy firm Eaglestone. Dionisio pointed out that oil’s contribution to Angola’s GDP has decreased from 43% in 2010 to 25.5% by the end of last year, and this downward trend is expected to continue. However, oil will remain the most important sector in terms of GDP. “Oil still

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Local News Oil

Angola’s Economic Diversification Hinges on Oil Revenues, Says BFA Chief Economist

The chief economist of Banco Fomento Angola (BFA), José Miguel Cerdeira, stated that there is no viable alternative to using oil revenues to finance Angola’s economic diversification. He emphasized the need for capital investment to sustain the country’s energy transition. “There’s no great alternative for the Angolan economy at present. Oil revenues must finance diversification and drive the development of an economy that includes other exports beyond oil,” Cerdeira said in an interview with Lusa,

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Local News

Angola’s President Highlights Renewable Energy and Infrastructure Investments at UN General Assembly

Angola’s President, João Lourenço, addressed the United Nations General Assembly in New York on Tuesday, emphasizing the country’s strides toward sustainable development. In his speech during the 79th session, he highlighted significant government investments in renewable energy, particularly in the construction of hydroelectric dams and photovoltaic parks, which now account for 67% of Angola’s energy matrix. President Lourenço revealed that Angola currently produces over 6,500 megawatts of electricity and is constructing the Caculo Cabaça hydroelectric

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Local News Transport and Logistics

Challenges and Opportunities in Electrifying Angola’s Lobito Corridor to DRC and Zambia

The USAID representative in Angola, William Butterfield, highlighted several challenges to the electrical interconnection of the Lobito Corridor with the Democratic Republic of Congo (DRC) and Zambia, emphasizing that government subsidies on electricity prices create significant barriers to private investment. “It presents a high barrier for private investment, but the Angolan government is implementing reforms to reduce these ineffective subsidies,” Butterfield stated in a press conference on Wednesday. The U.S. government, through Power Africa and

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Local News Renewable Energy

Sun Africa Secures $1.6 Billion Financing for Solar Energy Projects in Southern Angola

American multinational Sun Africa has secured $1.6 billion in financing from the Export-Import Bank of the United States (EXIM Bank) for solar energy projects in southern Angola. The announcement was made by Sun Africa representative Eguinilson da Silva during the Conference on the Coordination of Support for the Lobito Corridor, held in Lobito, Benguela province. “During the conference, we confirmed the approval of over $1 billion for projects in the south, which Sun Africa is

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