Progress!

It has been a while since my last post, largely due to the fact that I have been working on practical developments with the AGS Group in Africa. I have not even kept up to date with the news but I did get this piece from our HQ.

United States Secretary of Commerce Penny Pritzker over the weekend rounded off her visit to Africa in Ethiopia, where she said US companies were looking for business opportunities across the continent.

'My trip was to discuss US commitment to Africa and what we can do to spur trade and investment in Ethiopia. President Barack Obama sees tremendous opportunities for trade and investment in Ethiopia,” Pritzker told reporters in Addis Ababa. US companies are seeking opportunities to invest in Africa’s aviation, construction, health, agriculture and energy sectors, according to the Commerce Secretary who earlier visited Ghana and Nigeria. Pritzker described her visit as an “incredibly successful energy and trade-focused mission”. “It is a clear confirmation that American companies are increasingly aware of the tremendous opportunities to do business in West Africa. I can tell you that American companies and investors are becoming increasingly aware that these opportunities exist throughout Africa,” she said. Pritzker said the US was keen to encourage more American firms to follow the footsteps of firms like Microsoft and General Electric in doing business in Africa.

“One of the ways we can help the US companies take advantage from the mutually-beneficial opportunities in Africa is through our foreign commercial services. We need dynamic individuals who can work every day to help American companies find new customers,” she said. The US, largely viewed as lagging behind China in doing business in Africa, says it plans to boost trade by expanding the reach of African products into the US market, under the African Growth and Opportunities Act (AGOA). Pritzker said AGOA remained the foundation of the US economic engagement with Africa, allowing 6400 products from eligible sub-Saharan Africa countries to enter the US duty-free. In 2013, US imports under AGOA totaled US$26.8 billion. By comparison, Chinese trade with Africa totaled US$200 billion in 2013. (Pana 26/05/2014)

So it looks like the US is taking on the challenge and other US corporations are now taking advantage. Of course, mining and oil/gas companies have been busy in Africa for years but now Hilton, Marriott, Boeing and others are developing footprints on the continent.

HILTON STARTS BUILDING HOTEL IN CABO VERDE

The setting of the first stone for construction of the Hilton Hotel in Cabo Verde (Cape Verde), a luxury project costing an estimated 46 million euros, will take place Friday on Sal Island, according to financial news agency Reuters.

Funding for construction of the new hotel, in Santa Maria, in the south of the Cape Verdean island of Sal, is 40 percent secured by a local banking syndicate and the remainder is provided by Batuque SA, set up by the Hilton group.

The banking syndicate includes Banco Comercial do Atlântico (BCA) and Banco Interatlântico (BI), both part of Portuguese state financial group Caixa Geral de Depósitos (CGD), Banco Espírito Santo – Cabo Verde (BES-CV), Caixa Económica and Ecobank, and will provide a total of 7.6 million euros.

The first hotel of the luxury chain in Cabo Verde will have 240 rooms including 21 suites, one of which will be a presidential suite with a total area of 250 square metres, three restaurants, a 1,200 square metre gym and a business centre as well as a casino.

The license for the casino was granted by the Cabo Verde government in April 2013 and gives the company a gaming and gambling concession for a period of 25 years.

Construction was initially scheduled to start in 2009 but the financial crisis stopped it from going ahead. Originally the project was due to start operating in the summer of 2015 but is now only expected to be ready for launch in March 2016

UNITED STATES PROVIDES ANGOLA WITH US$1 BILLION LOAN

The US Import-Export Bank plans to provide Angola with a loan of US$1 billion to fund projects in the electricity sector and supply the country with locomotives, the bank’s president said Tuesday in Luanda.

After an audience with the Angolan president, Fred Hochberg said that of the total amount US$350 million would be used to buy locomotives and the remaining US$650 would be used for projects in the electricity sector.

“From this meeting,” Hochberg said, “we have the authorization that the bank and the General Electric group needed to move ahead with its loan operation to deliver the locomotives.”

According to Angolan news agency Angop, Hochberg said that he talked to the Angolan president about “investments, infrastructure and electricity,” and confirmed an order for three Boeing 777 aircraft due to be delivered over the next two years.

During his stay in Angola, the president of the US Import-Export Bank will meet with business people and representatives of the Angolan banking system and the United States.

The order for the aircraft is the second of its kind, after in 2010 six Boeing aircraft were delivered to Angolan airline TAAG following funding from the same US bank

Of course, China continues to expand its business with a non-infrastructure venture, also in Cape Verde.

CHINESE COMPANY ANNOUNCES CONSTRUCTION OF AQUARIUM IN CABO VERDE

Chinese company Qingdao Jinyitong plans to build an “oceanarium” (aquarium) on the island of Boa Vista, one of the tourist hot spots of the Cabo Verde (Cape Verde) archipelago.

The company plans to attract the thousands of tourists, mainly from Europe who choose the island to spend their holidays and who will see the oceanarium as another place to visit.

Last week a delegation from the Chinese company visited Boa Vista to meet with local officials and present the investment projects it plans to carry out on the so-called “Ilha das Dunas” (Dune Island).

A source from the Municipal Council told Cape Verdean Radio that the, as well as the oceanarium, the company already had specific plans to build a hotel and residential areas.

The trip by company representatives to Boa Vista is the result of a visit by the Chinese ambassador to Cabo Verde, Su Jian, in April when he pledged to take businesspeople from his company to seek out business opportunities on the island. (04-06-2014) 

So it seems like we now have the prospect of some considerable new development in many countries in Africa and, best of all, the United States will play a large part. 

I doubt very much if any of my posts were read by the people who make these decisions but it seems that the Blog title may be quite accurate:-)

TW

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