The loan from the African Development Fund, the Bank Group’s concessional financing window, includes funding from the Transition Support Facility

ABIDJAN, Ivory Coast, September 23, 2024/APO Group/ — 

The Board of Directors of the African Development Bank Group (www.AfDB.org) approved a loan of $67.3 million to Madagascar on 20 September 2024 to implement the first phase of its economic growth-inducing Financial Management and Resilience Support Programme for 2024-2025.

The loan from the African Development Fund, the Bank Group’s concessional financing window, includes funding from the Transition Support Facility.

It is supporting the Malagasy authorities in implementing the priority reforms of Madagascar’s General State Policy (PGE) 2024-2028 and New Energy Policy for 2015-2030

“The programme aims to contribute to the creation of favourable conditions for strong and inclusive economic growth by strengthening economic and financial governance, and improving economic resilience,” said Adam Amoumoun, manager of the African Development Bank’s Country Office in Madagascar.

“It is supporting the Malagasy authorities in implementing the priority reforms of Madagascar’s General State Policy (PGE) 2024-2028 and New Energy Policy for 2015-2030. It will help remedy the investment deficit by increasing the budget, through releasing additional resources for economic recovery, while improving governance in the energy sector,” he explained.

The programme plans to support the roll-out of the Integrated Tax Administration System (SAFI) to modernize tax management, computerize tax operations, facilitate local revenue collection and taxpayer management, and combat tax fraud. It will also support the creation of a national register of beneficial owners of legal entities and legal structures, to identify people controlling businesses and facilitate investigations in case of corruption.

In terms of improving governance in the energy sector, the programme plans to support the action plan established by the JIRAMA (Madagascar’s public corporation for electricity and water services) and improve its short-term technical and financial performance to reduce the need for state support.

As a priority, the programme will support the people of Madagascar, by creating a better regulatory framework for promoting investments and the development of public-private partnership (PPP) projects and better sectoral governance, specifically in energy. This will help improve the business environment and attract investments to sectors that create jobs.

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

SPMS has ambitions to expand further and will utilise Vantage Capital’s investment to finance its development strategy and triple its cultivated area to 300+ hectares

AGADIR, Morocco, September 23, 2024/APO Group/ — 

Vantage Capital (www.VantageCapital.co.za), Africa’s largest mezzanine fund manager, announced today that it closed a €14 million mezzanine investment in Société de Production Maraîchère Samir S.A. (“SPMS”) to part-fund the company’s investment programme.

SPMS was founded by Mr. Samir Jbali and Mr. Samir Belhouari, two Moroccan agronomists with a shared entrepreneurial vision, and the company has since grown into a leading agricultural player. Headquartered in Agadir, Morocco, it has specialised in cherry tomato production since 1992 and then expanded into red fruits (raspberries, blueberries and blackberries) in 2014 through a partnership with the US-based group Driscoll’s, a leading global seller of fresh berries. The company currently manages a planted area of 101 hectares and employs over 2,000 people, mostly farm workers that it trains in modern agricultural practices.

SPMS is a high-performing grower, achieving some of the highest yields in the region. It is constantly seeking new berry varieties and optimising processes to enhance product quality and yield, while minimising its environmental impact. This includes the use of dual-irrigation systems and desalinated water for farming to address water scarcity issues, digital solutions to monitor temperature, humidity and other parameters in its greenhouses, and following best-in-class prevention measures against biological threats. SPMS’s commitment to supporting local communities is seen through its vibrant Corporate Social Responsibility programme. In addition to providing employment and training opportunities, the company actively undertakes various initiatives to uplift the surrounding villages, such as supplying drinking water or rehabilitating local schools.

SPMS has ambitions to expand further and will utilise Vantage Capital’s investment to finance its development strategy and triple its cultivated area to 300+ hectares.

Investing in SPMS reflects our confidence in management’s strategic vision and operational excellence within the agricultural industry

Mr. Samir Jbali, CEO of SPMS, commented, “We are very pleased to have the support of Vantage Capital. This transaction marks a significant milestone for our company and will enable us to execute our long-term strategic vision of expanding our market presence.”

Mr. Luc Albinski, Executive Chairman at Vantage Capital, added, “We are proud to support SPMS in its next phase of growth. The agricultural sector is very dynamic in Morocco and SPMS has consistently demonstrated strong leadership. This transaction represents our fourth deal in the country, and we are thrilled to provide a tailored mezzanine solution to this fast-growing management-owned business.”

Mr. Driss Benabdeslam, Partner at Vantage Capital, concluded, “Investing in SPMS reflects our confidence in management’s strategic vision and operational excellence within the agricultural industry. We welcome the opportunity to partner with a company that continues to innovate and lead in the cultivation of high-quality produce. We are confident that this transaction will unlock significant value for all stakeholders.”

This transaction represents Vantage Capital’s 38^th investment across four generations of funds with its portfolio of investments spread across eleven African countries. 

Vantage Capital was advised by Clifford Chance (in Morocco) who acted as its legal counsel. Deloitte (in Morocco) and Backer McKenzie (in Luxembourg) provided tax advice, Deloitte (in Morocco) was the financial advisor, Emerton (in France) provided commercial advice, and Ibis Consulting (in Morocco) reviewed the environmental impact.

SPMS was advised by Mouttaki & Partners (in Morocco) who acted as their legal counsel and Majorelle Capital (in Morocco) who acted as financial advisor.

Distributed by APO Group on behalf of Vantage Capital Group.

As part of the Energy Finance Summit, a dedicated “Financing Angolan Energies” session will unlock new strategies and incentives during the African Energy Week: Invest in African Energy conference

CAPE TOWN, South Africa, September 23, 2024/APO Group/ — 

With a new bid round in preparation, Angola is gearing up to attract investment to its greenfield projects, while simultaneously maximizing production from mature fields. At the African Energy Week (AEW): Invest in African Energy 2024 conference, the Energy Finance Summit will feature a dedicated session on “Financing Angolan Energies,” exploring how Angola can secure the investment it needs to expand its energy sector and leverage its vast oil and gas resources for local industry and global export. 

The Angola-focused session will explore the impact of competitive fiscal terms on unlocking new finance, strategies for attracting upstream investors amid climate change concerns and the role of oil and gas projects in supporting broader investments across the energy value chain. With Justin Cochrane, Africa Technical Research Head of S&P Global Commodity Insights serving as the moderator and speakers from investment firm Gemcorp and Angolan oil company Etu Energias, the session will shed insight into how Angola can secure the necessary financial backing to accelerate energy sector growth and transition.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.

Angola’s energy sector is characterized by substantial proven reserves – approximately 9 billion barrels of oil and 11 trillion cubic feet of gas. As part of its strategy to boost production, Angola has introduced new incentives for marginal field development and deployed a six-year licensing round strategy through 2025. Currently, there are 29 blocks on offer. These include five marginal fields, including those in Block 4, Block 14, Block 15 and Block 18; four onshore block opportunities (as part of the 2023 round); 11 block opportunities for permanent offer; and nine offshore opportunities (as part of the 2025 round). These efforts align with the country’s goal of maximizing mature field production, while unlocking the potential untapped reserves and positioning itself as a favorable destination for upstream investment.

Securing investment for large-scale projects like TotalEnergies’ $6-billion Cameia and Golfinho field development in Block 20/11 has been pivotal to driving Angola’s offshore expansion. TotalEnergies and its partners, Malaysian multinational Petronas and Angolan national oil company Sonangol, reached FID for the project earlier this year through a combination of equity investments, strategic partnerships and long-term offtake agreements, which helped de-risk the project and ensure its viability. TotalEnergies is also rolling out its Begonia oil field development in Block 17/06, which reached FID in 2022 and is set to produce 30,000 barrels per day (bpd) by late-2024.

Meanwhile, Angola’s downstream sector is advancing rapidly, underpinned by diverse investment strategies that are fueling the development of several refining projects. The construction of the 200,000-bpd Lobito Refinery, 30,000-bpd Cabinda Refinery and 100,000-bpd Soyo Refinery – all scheduled for completion by 2025 – relies on a mix of international capital, public-private partnerships and innovative finance mechanisms. Financing for the Cabinda Refinery has been underpinned by the Fund for Export Development in Africa, an impact investment subsidiary of the African Export-Import Bank, and included a $335-million project facility secured in 2023. The modular refinery will increase Angola’s refining capacity by a total 60,000 bpd and contribute to Angola’s self-sufficiency in petroleum products. Furthermore, Angola’s bio-refinery initiative at the Luanda Refinery Complex reflects growing demand for cleaner petroleum by-products and could stimulate green finance packages from sustainability-focused banks and lending institutions. By utilizing diverse financing tools and integrating sustainable energy practices into traditional refining projects, Angola can accelerate its downstream sector expansion.

AEW: Invest in African Energy 2024 provides a critical platform for industry players, financiers and policymakers to discuss how to further capitalize on Angola’s energy resources and sophisticated production infrastructure. Moreover, the success of Angola in attracting new investment will serve as a model for financing energy projects across the continent.

Distributed by APO Group on behalf of African Energy Chamber.