Kenya and Cameroon economic development
Tag: Kenya economic development, Cameroon economic development
Summary: due to the different of state aid, its economy is also significant development, in order to it and see what Africa Kenya and Cameroon economic development.
African economic although is relatively backward, but in recent years, due to the different of state aid, its economy is also significant development, in order to it and see what Africa Kenya and Cameroon economic development.
KENYA AIRWAYS IN $250m CASH CALL FOR EXPANSION
Kenya Airways has priced its $250-million cash call at 14 shillings a share, a 32% discount to the shares' average price over the past three months, it says.
The airline, which is 26% held by AirFrance KLM, wants to buy new planes with funds raised from the rights issue, in line with its plans to double its fleet in the next five years and a longer-term ten year expansion drive.
Chief executive Titus Naikuini says the airline, one of Africa's leading carriers, wants to add 73 wide and narrow-bodied planes to its current fleet of 34, as well as introduce 60 new routes over ten years.
"The plan is to expand in Africa and the Far East," he says, referring to the airline's strategy of connecting African travellers with the outside world through its Nairobi hub.
The main risks include the expansion of Jomo Kenyatta International Airport to allow for the handling of millions of new passengers, the timely delivery of new planes by manufacturers, a lack of experienced pilots and the huge capital outlay required, the airline says.
The issue was announced last year and will lead to the creation of 1.48-billion shares to be offered at a rate of 16 for every five held. It has already been 50% subscribed after both AirFrance KLM and the Kenyan government, which has a 23% stake, committed to take up their rights.
The minimum subscription required for the issue to go ahead is 70% and some analysts say the airline will struggle to persuade retail shareholders to take up their rights, owing to high interest rates in Kenya.
CAMEROON INKS MOU IN $1bn 240 MW HYDRO PROJECT
Cameroon and US emerging markets energy developer Joule Africa signs a memorandum of understanding (MoU) to develop a $1-billion 450 MW Kpep Hydroelectric Project in the Central African nation, the parties say.
The project will boost the country's current installed power generation capacity by at least 40%, a statement from Cameroon's Water Resources and Energy Minister says.
Cameroon's government has embarked on plans to increase the country's power generation capacity, which in the past, along with other infrastructure shortages, have slowed the growth potential of Central Africa region's biggest economy.
The government says it plans to increase power capacity from 1 037 MW to 3 000 MW by 2020, which is seen as key for the country to attain an emerging economy status by 2035.
Independent power projects such as this one with Joule Africa, are at the core of the government of Cameroon's strategy for increasing access to water and energy, Water Resources and Energy Minister Basile Atangana Kouna says.
The involvement of the private sector is key to building necessary infrastructure and to realising the development goals the country has set, Kouna adds. Joule Africa's MD Mark Green says the firm is happy to partner with the government to develop the project, its second in sub-Saharan Africa.
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