The Board of Directors of the African Development Fund, the concessional lending arm of the African Development Bank Group (www.AfDB.org), has approved a partial credit guarantee to support Rwanda’s mobilisation of financing to implement green and social initiatives.

The Partial credit guarantee for mobilisation of sustainable financing for Rwanda project will enable the country to raise up to €200 million competitively from international commercial banks, diversifying its funding sources.

It will allocate the proceeds to eligible renewable energy, climate adaptation and mitigation,  disaster risk reduction and management, biodiversity conservation, energy efficiency, forestry, food security, health and wellbeing, affordable housing, and access to social services projects among others.

This is in line with Rwanda’s National Strategy for Transformation (NST-1) for 2017-2024 and Vision 2050, while establishing the country as a credible sustainable borrower by building a track-record in the international financial markets. The financing is also aligned with Rwanda’s Sustainable Finance Framework which sets  out how funds can be deployed, processes for selecting and evaluating green and sustainable projects, and project  reporting, in line with global best practice.

“This operation demonstrates how countries can leverage their African Development Fund resources innovatively to secure long-term financing for development. This guarantee will unlock sustainable financing for Rwanda while crowding in new capital providers to the country thereby contributing to the diversification of its funding sources,” said Ahmed Attout, Bank Group Acting Director for Financial Sector Development.

“The operation will help mobilize financing for investment in target sectors aligned with the objectives of the Bank Group’s Ten-Year Strategy (2024-2033) on accelerating inclusive green growth and driving prosperous and resilient economies in Africa, as well as with Rwanda’s National Strategy for Transformation and Vision 2050,” added Mrs. Aissa Touré, the Bank Group’s Country Manager for Rwanda.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Olufemi Terry,
Communications and External Relations
media@afdb.org

Technical Contacts:
Peter ONYANGO
Chief Investment Officer
Financial Sector Development Department
Albin KAKOU
Principal Investment Officer
Financial Sector Development Department

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org  

Africa Investment Advisor for Lusophone Africa and Pan-African Transactions at the U.S. International Development Finance Corporation (DFC) Jacob Flewelling is set to engage financiers and government delegates in investment advisory and business development during this year’s Angola Oil&Gas (AOG) 2024 conference and exhibition.

In collaboration with the private sector, the DFC has invested more than $10 billion across sub-Saharan Africa. During the event – taking place October 2-3 in Luanda under the theme Driving Exploration and Development Towards Increased Production in Angola – Flewelling is expected to provide insight into the DFC’s project pipeline.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the ANPG; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

The DFC has several impactful projects currently underway that aim to support economic growth and commerce, enhancing energy security and infrastructure while improving access to affordable healthcare, food and capital.

In December 2023, the DFC approved over $3.3 billion in investments in the first quarter of the fiscal year 2024, with a focus on Africa. Projects also include a $40 million equity investment in Africa Renewable Energy Fund II; a $5 million loan portfolio guarantee to promote sustainable agriculture in the DRC; and many more. In Angola, the DFC spearheaded the construction of the Luanda Medical Center, improving access to affordable and quality healthcare in the country’s capital.

In his role as Africa Investment Advisor, Flewelling boasts 15 years of experience in infrastructure project preparation, political risk insurance and project finance in Africa and spearheads investment advisory and business development throughout the continent. This expertise will generate new perspectives on financing Angolan oil and gas projects at the event this October.

At AOG 2024, Flewelling is expected to discuss opportunities for private sector-led renewable energy projects, energy storage and transmission in Angola. His engagement in panels, networking forums and investor summits will advance dialogue while opening up new opportunities for collaboration between U.S. and Angolan players.

For more information about AOG 2024, visit www.AngolaOilandGas.com.

Distributed by APO Group on behalf of Energy Capital&Power.

Canadian oil and gas company Sintana Energy has signed a definitive agreement with Namibian firm Crown Energy for the acquisition of 67% of the issued and outstanding shares of Giraffe Energy Investments – owner of a 33% share in PEL 79 in Namibia’s Orange Basin. An 8% interest in Giraffe’s common equity is also set to be contributed towards a community trust, with the contribution facilitated by the Knowledge Katti Foundation.

Representing the voice of the African energy sector, the African Energy Chamber (AEC) is encouraged to see yet another transaction within Namibia’s Orange Basin, and believes this to be a critical step towards unlocking the full potential of the country’s deepwater acreage. The AEC commends Knowledge Katti – Founder of the foundation and Director of Sintana Energy – for his commitment to channeling resources through Sintana Energy into community development initiatives. This is a crucial step towards bolstering local participation in Namibia’s oil and gas industry and sets a strong example for other energy companies in Namibia.

The equity contribution has enabled a direct mechanism that unlocks benefits for local communities in Namibia. The contribution represents a first-of-its-kind vehicle and is expected to bolster local participation in the oil and gas industry. Across Africa, other energy entrepreneurs are embracing shared participation and trust-building with local communities to ensure that they are not only involved in but benefit from energy projects. The Knowledge Katti Foundation’s initiative in Namibia adds to this trend by providing direct opportunities for communities. The initiative will initially be available in Erongo, expanding to other regions such as Karras. Through the initiative, the foundation – and Sintana Energy – are ensuring Namibian people participate in the benefits of the industry.

“Namibia demonstrates time and time again that it is the market of choice for frontier E&P players. This represents a crucial opportunity for the domestic market to seize partnerships and help drive the industry forward. Through the equity contribution, we hope to empower local communities while ensuring they reap the highest rewards of the oil and gas industry. This initiative sets a benchmark for other energy companies active in Namibia and we look forward to a future where Namibia’s oil and gas projects are led by Namibians,” stated Katti.  

With the transaction, Sintana Energy is deepening its technical, operational and in-country capabilities while cementing its entry into a high-impact offshore prospect in Namibia. Sintana Energy has partnered with Quantum Xploration for the acquisition, with both companies set to work closely with Namibia’s national oil company NAMCOR to explore and develop PEL 79. Sintana Energy will acquire a 49% initial purchase of the issued and outstanding shares of Giraffe for a cash consideration of $2 million. The company will have the option to increase the share to 67% over the next five years for an additional cash payment of $1 million. The equity contribution places community empowerment at the center of million-dollar transactions such as this.

“The move by the Knowledge Katti Foundation represents a significant shift in the industry’s landscape and signals a new approach to community involvement and empowerment. By actively engaging with local communities and prioritizing their contribution and role in oil and gas projects, individuals such as Knowledge Katti are shaping a new narrative for the oil and gas sector. Katti is both an entrepreneur and investor who demonstrates a holistic approach to industry development in Namibia,” stated NJ Ayuk, Executive Chairman of the AEC.

Distributed by APO Group on behalf of African Energy Chamber.

A dedicated roundtable at the upcoming Invest in Africa Energy (IAE) 2024 forum in Paris will shine a spotlight on Southern Africa, with a focus on South Africa, Mozambique, and Namibia. The region boasts new discoveries in the oil and gas sector, abundant renewable resources, and promising potential for hydrogen prospects. This makes it an attractive destination for investors keen on leveraging these resources for capital growth.

During the two-day forum, delegates will gain insights into Southern Africa’s status as a frontier market with first-mover advantages. From South Africa’s mineral-rich terrain to Zambia’s hydroelectric potential, Mozambique’s liquefied natural gas (LNG) prospects and Namibia’s untapped offshore reserves, the region offers diverse opportunities poised to fuel development.

Organized by Energy Capital&Power, IAE 2024 (https://apo-opa.co/3UMOOtQ) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Panelists include Godfrey Moagi, Chief Executive Officer, SANPC; Antoine Berel, Vice President Sub-Saharan Africa (South), Halliburton; Calib Cassim CFO Eskom, Paul Eardley-Taylor, Oil and Gas Coverage Southern Africa, Standard Bank and Dr. Sama Bilbao y León, Director General, World Nuclear Association. The session will be moderated by Olivier Barbeau, Managing Partner, Moore South Africa.

Namibia’s recent deepwater discoveries, including Graff-1X, Venus-1X, La Rona-1X, Jonker-1X, Lesedi-1X, Mopane-1X&2X, Mangetti-1X, and its most recent Enigma-1X, have intensified exploration activities within the Orange Basin. Although significant potential exists, substantial investment is need to fully develop these resources for commercialization. Recently, Namibia’s Minister of Finance announced that by the end of 2024, Namibia anticipates a final investment decision from multinational energy companies, TotalEnergies for its Venus-1X discovery and Shell for its Graff-1X discovery. This is a step towards accelerating oil production, set for 2029.

With two major LNG projects underway — TotalEnergies’ Mozambique LNG and ExxonMobil’s Rovuma LNG — Mozambique has solidified its position as a key player in both the Southern African and global gas markets. Moreover, Mozambique made significant strides by exporting its inaugural LNG cargo to Europe in 2022, facilitated by Eni’s Coral Sul floating LNG facility. With robust trade agreements in place and a growing capacity, Mozambique presents a dependable and burgeoning gas market. With over 100 trillion cubic feet of proven reserves, the nation offers ample opportunities for gas exploration, production, transportation, storage, and utilization projects.

Meanwhile, South Africa’s Renewable Independent Power Producer Programme (REIPPP) is expanding renewable energy capacity. Bid Window 7, launched in January 2024, aims to acquire 3.2 GW of onshore wind and 1.8 GW of solar photovoltaic projects. Integration into the grid will address power deficits and boost energy security. Private sector developers can seize this opportunity, secure contracts, and establish themselves in South Africa’s growing renewable energy market.

Distributed by APO Group on behalf of Energy Capital&Power.