Chad's stalled talks with Glencore on restructuring more than $1 billion in debt due to the trading firm has delayed the release of IMF funds for the struggling central African country until at least early next year, sources familiar with the matter said. The International Monetary Fund has said Chad's external commercial debt, most of which is to Glencore, was unsustainable as it eats up most of the country's oil revenues.
Technology group Wärtsilä has been awarded the engineering, procurement and construction contract for its first utility-scale solar photovoltaic (PV) power plant, in Nigeria. The 75MW plant is being developed by Pan Africa Solar and, when operational, will be the largest in Nigeria; and one of the largest on the African continent, with output to the grid expected to serve 1.1-million households with electricity.
The Manufacturing Circle released a plan on Friday outlining how South Africa could create a million jobs over a ten-year period through pursuing a series of reforms designed at stimulating demand for South African manufactured products and improving the investment climate. The 48-page document, which also recommends the creation of a “super-ministry”, similar to Japan’s Ministry of International Trade and Industry (MITI), was handed to Trade and Industry Minister Dr Rob Davies at a launch function hosted at the Gordon Institute of Business Science, in Johannesburg. Davies said he “warmly welcomed” the plan, despite disagreeing with some of its recommendations.
The $294-million Kariba dam rehabilitation project (KDRP) is progressing steadily, with the plunge pool currently in the implementation phase and the spillway refurbishment works under procurement, the Zambezi River Authority (ZRA) said on Friday. The authority, which operates, maintains and manages the Kariba dam on behalf of the governments of Zambia and Zimbabwe, hosted its sixth technical joint mission of multiple stakeholders directly involved in the implementation of the KDRP, at Siavonga, Zambia, in early November.
South Africa's failure to stabilise the country's fiscal situation could see its credit rating downgraded deep into junk territory, the central bank said on Friday, just hours before two rating agencies were due to announce their decisions. Africa's most industrialised economy is on the brink of losing its investment-grade ranking on local currency debt from Moody's and S&P Global Ratings. Both rate it on their lowest investment grade rung of Baa3/BBB-minus.
Ratings firm Fitch kept both South Africa's local and foreign currency credit ratings unchanged at BB+, one notch below investment grade, with a stable outlook, the agency said on Thursday. In April, Fitch downgraded South Africa's credit rating to sub-investment grade after Prsident Jacob Zuma abruptly fired Pravin Gordhan as finance minister, saying it would likely result in a change in economic policy direction.