MIGA issues US$212m guarantees to support Kenya’s Roads Annuity Program

KENYA – The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees of US$212 million covering equity by Mota-Engil Africa as well as loans from Stanbic Bank to support Kenya’s Roads Annuity Program (Lots 15 and 18), which aims to improve the country’s national road network. MIGA is an international financial institution which offers political risk insurance and credit enhancement guarantees…

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Construction-tech startup ConDigital raises pre-seed funding round

EGYPT – ConDigital, an Ethiopian construction-tech startup, has raised an undisclosed amount in pre-seed funding round to help it cement its presence at home and expand into the wider East African region. The pre-seed funding round was piloted by an angel investor in the United States of America and included other angel investors from East Africa, Asia and Europe. “We…

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Construction company JBN to construct first state-owned cancer and cadio-vascular center

NIGERIA – Julius Berger Nigeria Plc (JBN), a construction company, has secured contract to build Nigeria’s first state-owned cancer and cadio-vascular diseases diagnostic and treatment centre in Port Harcourt, Rivers State. Rivers State Governor, Nyesom Wike, said the multi-billion naira project is for a 14-month completion period, emphasising that JBN, would complete and deliver the project for inauguration as scheduled.…

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Construction of Africa Quality Assurance Centre commences in Nigeria

NIGERIA – The African Export-Import Bank (Afreximbank) has announced the commencement of construction of the Africa Quality Assurance Centre (AQAC) in Ogun State, Nigeria. The Centre will be a state-of-the-art facility with the capacity to offer testing, certification, inspection, and training services covering agricultural products. It is the first in a series of Quality Assurance Centres that Afreximbank intends to…

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Construction group Stefanutti Stocks sells mining services units for US$5.5m to reduce debt

SOUTH AFRICA – Stefanutti Stocks Holdings, one of South Africa’s leading multidisciplinary construction groups, is selling its mining services division, comprising the materials handling and tailings management sub-divisions, but excluding the contract mining sub-division, for US$5.5 million, the company has disclosed. The buyer, whose name was not disclosed, would pay cash and the deal formed part of the restructuring that…

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Ethiopia launches construction works on the US$126.9m Ajima-Chacha dam

ETHIOPIA – The government of Ethiopia Ethiopian has launched the construction of the Ajima-Chacha irrigation dam in the Amhara region in the north of the country. The US$126.9 million project has been awarded to the Chinese Civil Engineering Corporation (CCEC) in partnership with Amhara Water Works Construction Enterprise. The Ethiopian Minister of Water, Irrigation and Energy, Seleshi Bekele, recently visited…

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African Development Fund approves US$71.5m loan for roads in Uganda

UGANDA – African Development Bank (AfDB) affiliate The African Development Fund has approved a US$71.5 million loan for upgrading of roads in one of Uganda’s high end tourist destinations in the southwestern districts of Kabale and Kisoro. The Board of the African Development Fund (ADF) approved the loan on December 3, to pave sections of two roads which will improve road transport…

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Equity’s venture capital arm set to construct Kigali Financial Towers

RWANDA – Equity Bank’s venture capital is set to fund the construction of the Kigali Financial Towers (KIFC) through Equity Holding (EH) Venture Capital. Equity Highland is the investment arm of the Equity Group and will construct one of the buildings of the Kigali International Financial Centre (KIFC). KIFC is a government project aimed at making Rwanda a regional financial…

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Egypt’s construction giant Wady El Nile opens Kenya office, eyeing EA region

KENYA – Cairo-based construction giant, Wady El Nile, is setting itself up for a bruising battle with Chinese multinationals for mega construction projects in Kenya and the entire East Africa region. The company, which is one of the largest engineering and construction companies in Egypt, has opened a regional office in Nairobi from where it will launch its battle for…

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Sub Saharan Africa construction sector to slide into recession due to COVID-19

SSA – The construction output growth forecast for sub-Saharan Africa (SSA) in 2020 has been cut down to -4.9% from previous forecast of 0.7%, according to GlobalData, a leading data and analytics company. The region is expected to enter a region-wide deep recession in 2020 because of the COVID-19 pandemic driven by several headwinds, most of which are related to…

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