The Briefing

Weekly business & investment updates curated for you.

Erbil Rotana

Africa — A total of 125 African tech startups attracted $185-million in funding in 2015. South Africa attracted the largest amount of funding ($54.5-million) and was the most favoured destination (36%). It was followed by Nigeria, the continent’s populace country with 170-million people, with $49.4-million, or 24% in investments, and Kenya with $47.3-million (14.4%).

Africa — African countries have successfully attracted $128 billion worth of foreign investment throughout 2015, an increase of 36% compared to 2014.

Algeria — Energy Minister, Salah Khebri, has recently announced the country’s intention to procure the development of 4,500 MW of renewable energy projects by 2020. The present drive to increase Algeria’s energy capacity is part of a medium-term strategy to generate 25% of its energy from renewable energy sources by 2030 and will require the deployment of an additional 22,000 MW of additional capacity from renewable energy projects.

Ghana — Latest report by the Ghana Investment Promotion Centre indicates a 31% drop in Foreign Direct Investment between 2014 and 2015. In addition, the report said the number of registered projects in 2015 was 170, a figure lower by 14 projects compared to the number recorded in 2014.

India — Global ratings agency Moody’s Investors Service estimates India’s economic growth at 7.5 per cent in both 2016 and 2017. Unlike China, it says, this country is less exposed to external headwinds and would benefit from lower commodity prices.

Iran — Iran’s economy minister said his country is seeking $45 billion in foreign investment following the implementation of a landmark nuclear deal with world powers last month.

Japan — Japanese electronics giant Sharp bought by Taiwan company for reported $6.2 billion. Deal with Foxconn parent Hon Hai Precision marks the first foreign acquisition of a major player in Japan’s electronics industry.

Latin America — Spanish utility Iberdrola will invest $26.4 billion during 2016-20, with activity in Latin America focused on Mexico and Brazil. Investment during the period will go toward transport and distribution networks (46%), renewables (33%), generation and retail (12%), and regulated generation (9%).

Malaysia — Fitch Ratings has affirmed Malaysia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at “A-” and “A” respectively with a stable outlook.

Mexico — Foreign direct investment (FDI) in Mexico rose by a fourth in 2015 to reach $28.3 billion. Mexico's FDI in 2014 totaled about $22.57 billion. The country’s current account deficit widened to $32.38 billion from $24.85 billion in 2014, its biggest since at least 1995.

Nigeria — Nigeria wants to double long-term foreign investment to at least $10 billion annually as the economy of Africa’s biggest oil producer suffers under a plunge in crude prices and a shortage of foreign exchange.

Philippines — Alsons Renewable Energy Corporation (AREC) has reportedly allocated $650 million for the development of renewable energy projects in the Philippines. The proposed investment will be used in the construction of hydro and solar power projects totalling 205MW over the next five years.

Tanzania — The African Development Bank has approved a loan package worth $1.1 billion to Tanzania to be paid out over five years to fund infrastructure projects and improve public sector governance.

Uganda — Foreign Direct Investment inflow into Uganda declined by $200 million in 2015.

Zambia — The Zambia Chamber of Mines announced that the new price-based copper royalty approved by the government would boost investment in new projects in Africa's second-biggest copper producer. SkyPower’s proposal to invest $1.2 billion in solar energy is significant and it says a lot about Zambia’s ability in attracting quality investments.

The Briefing

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