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7Jul

By Amat JENGNo Comments

African News

ACCESS BANK HOLDS AGM WITH TOTAL ASSETS, CONTINGENTS GROW AT D991 MILLION

by Amat JENG Access Bank (Gambia) Ltd on Wednesday held its fifth Annual General Meeting (AGM) at the bank’s head office along Kairaba Avenue. Started with a required quorum, the meeting witnessed the Chairman board of directors of the bank, Bai Mattar Drammeh, declared total assets and contingents to have grown by 7.7% from dalasi 920 million in 2010 to dalasi 991 million as at end December 2011. “The bank implemented turnaround strategies that resulted to operational profit (before credit loss) of GMD3 million compared to a loss of GMD16 million in [the] year 2010. However, the high level of non-performing loan was a challenge and resulted to further provision,” he said. Mr Drammeh pointed to the global economy slow recovery and said fears of recession “remained prevalent with a rash of ...

7Jul

By AfricaBusiness.comNo Comments

Energy, Green Energy, Mauritius News

Solamon Enters Mauritius Market; Set to Provide Large-Scale Solar Energy Projects

Solamon enters Mauritius market; set to provide large-scale solar energy projects. Toronto, Canada, July 07, 2012 --(PR.com)-- Earlier today Jay Yeo, President, Solamon Energy Corp., proudly announced the company has entered The Republic of Mauritius and over the next few months will aggressively pursue its goal to sell large-scale solar arrays across fields, parking lots and rooftops on this sun-rich island nation located in the Indian Ocean. "It is in fact our first foray into Africa," adds Yeo, from his office in Toronto, "and we are working closely with several partners to effectively communicate our intentions to business and government leaders." Mauritius has no known oil, natural gas or coal reserves, and therefore currently depends on imported petroleum products to meet...

4Jul

By AfricaBusiness.comNo Comments

Energy, Green Energy, South Africa News

Energy Trends in Africa: Will Africa be the Global Green Energy Leader?

CAPE TOWN, South Africa, July 4, 2012 /PRNewswire/ -- With the latest supply of power grids, power generation efficiency and movement toward energy-efficient buildings, Africa is at the brink of a green energy revolution – or is it really? The Frost & Sullivan Energy and Power Systems business unit will be hosting a complimentary web conference that will be contextualising the direction and scale of energy investment in Africa. The web conference will take place on 10 July 2012, at 15:00 CAT (14:00 BST). Various countries have introduced feed-in tariffs and, in addition, the need for supplementary power in remote locations is on the increase. At the same time, the costs of RE technologies have been decreasing, becoming ever more competitive. Many companies are bracing themselves for gr...

4Jul

By AfricaBusiness.comNo Comments

African News, Ghana News, Kenya News, South Africa News, Zimbabwe News

Africa provides vast potential for micro-insurance

Micro-insurance coverage has expanded dramatically globally from the 78 million low-income people identified in 2007 to the current estimates suggesting the sector is approaching 500 million lives covered today. This growth has been largely driven by both the active involvement of governments to better help citizens protect themselves against risks and the availability of payment systems, which has made it easier to collect premiums from low-income households and enabled a host of new players to get involved in micro-insurance. However, despite global growth in micro-insurance and its increasing prominence on the international agenda, micro-insurance on the African continent continues to lag behind, with only 25 million low-income people covered. Africa nevertheless provides vast potenti...

11Jun

By The African Press OrganizationNo Comments

Energy, Green Energy

IFC and Norway’s Scatec Solar to Develop Solar Power in West and Central Africa

WASHINGTON, June 11, 2012/African Press Organization (APO)/ — IFC, a member of the World Bank Group, and Scatec Solar, a Norwegian company specializing in photovoltaic solar systems, have signed an agreement to develop solar power projects that will supply renewable energy to address electricity needs in parts of West and Central Africa. IFC InfraVentures, the Global Infrastructure Project Development Fund, and Scatec Solar will develop, design, finance, construct and operate solar photovoltaic plants generating at least 10 megawatts of power. They plan to build a portfolio of projects in Benin, Burkina Faso, Cameroon, Niger, and Togo. This is the first time a multilateral financial institution is partnering with a private company to develop solar power energy in Sub-Saharan Africa. The ag...