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4 African Business August/September 2023 Business Intelligence Deals ITFC signs African deals for growth, development and SMEs Angola’s Cabinda Oil Refinery project gets finance French oil and gas major TotalEnergies has announced that it will take complete control of the Total Eren renewable energy joint venture as it looks to up its presence in the renewables market. Total will increase its stake from 30% to 100% by buying out the other shareholders, after what it called a “successful strategic alliance” of five years. Total Eren has 150 MW of installed peak capacity (MWp ) in Africa in the form of photovoltaic solar power plants currently in operation in Egypt (two plants of 63 MWp ), Burkina Faso (15 MWp ) and Uganda (10 MWp ). The International Islamic Trade Finance Corporation (ITFC) signed a range of deals to deepen cooperation with African nations at its annual meetings in Jeddah, Saudi Arabia. A threeyear $900m framework agreement was signed with Burkina Faso; a $1bn framework agreement was signed with Nigeria; and a five-year $250m framework agreement was signed with Côte d’Ivoire. ITFC says the agreements will target growth and development, with a particular focus on empowering small and medium enterprises. TotalEnergies t o t a k e c o m p l e t e control of renewables venture Gemcorp Holdings, Africa Finance Corporation and African Export-Import Bank (Afreximbank) have announced financial close for the Cabinda Oil Refiner y project in Angola. The $473m project is financed through $138m of equity already provided by the project sponsors and a $335m project financing facilit y led by AFC, Afreximbank and international and local financial institutions. The project is being developed by Gemcorp Holdings in partnership with Angola’s state oil company, Sonangol. The credit facilit y covers the first phase of the project, which will enable the processing of 30,000 barrels of crude oil a day. Atlantic Council calls for African Growth and Opportunity Act renewal The US African Growth and Opportunity Act (AGOA), which gives duty-free access to the US market for eligible countries in subSaharan Africa, is due to expire in 2025. It should be renewed by Congress for at least a ten-year period, as soon as possible, according to a report by the Atlantic Council released at the US-Africa Business Summit 2023 in Gaborone, Botswana. Doing so could allow African economies to capitalise on efforts to diversify supply chains away from China, supporting US strategic interests and a more resilient global economy, the thinktank says. AGOA’s extension should be combined with greater certainty about AGOA eligibilit y, it argues. In 2022 US imports of goods utilising AGOA (or the Generalized System of Preferences) benefits were valued at $10.2bn.
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4 African Business August/September 2023

Business Intelligence Deals

ITFC signs African deals for growth, development and SMEs

Angola’s Cabinda Oil Refinery project gets finance

French oil and gas major TotalEnergies has announced that it will take complete control of the Total Eren renewable energy joint venture as it looks to up its presence in the renewables market. Total will increase its stake from 30% to 100% by buying out the other shareholders, after what it called a “successful strategic alliance” of five years. Total Eren has 150 MW of installed peak capacity (MWp ) in Africa in the form of photovoltaic solar power plants currently in operation in Egypt (two plants of 63 MWp ), Burkina Faso (15 MWp ) and Uganda (10 MWp ).

The International Islamic Trade Finance Corporation (ITFC) signed a range of deals to deepen cooperation with African nations at its annual meetings in Jeddah, Saudi Arabia. A threeyear $900m framework agreement was signed with Burkina Faso; a $1bn framework agreement was signed with Nigeria; and a five-year $250m framework agreement was signed with Côte d’Ivoire. ITFC says the agreements will target growth and development, with a particular focus on empowering small and medium enterprises.

TotalEnergies t o t a k e c o m p l e t e control of renewables venture

Gemcorp Holdings, Africa Finance Corporation and African Export-Import Bank (Afreximbank) have announced financial close for the Cabinda Oil Refiner y project in Angola. The $473m project is financed through $138m of equity already provided by the project sponsors and a $335m project financing facilit y led by AFC, Afreximbank and international and local financial institutions. The project is being developed by Gemcorp Holdings in partnership with Angola’s state oil company, Sonangol. The credit facilit y covers the first phase of the project, which will enable the processing of 30,000 barrels of crude oil a day.

Atlantic Council calls for African Growth and Opportunity Act renewal

The US African Growth and Opportunity Act (AGOA), which gives duty-free access to the US market for eligible countries in subSaharan Africa, is due to expire in 2025. It should be renewed by Congress for at least a ten-year period, as soon as possible, according to a report by the Atlantic Council released at the US-Africa Business Summit 2023 in Gaborone, Botswana. Doing so could allow African economies to capitalise on efforts to diversify supply chains away from China, supporting US strategic interests and a more resilient global economy, the thinktank says. AGOA’s extension should be combined with greater certainty about AGOA eligibilit y, it argues. In 2022 US imports of goods utilising AGOA (or the Generalized System of Preferences) benefits were valued at $10.2bn.

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