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Profile Investments has reached an agreement with Bank Windhoek to repay a N$5.7 million debt and make one of its properties in the capital executable should the company fail to honour its obligations.

TransNamib is set to resume its rail passenger service which was suspended nearly two years ago due to obsolete and insufficient locomotives, rolling stock and unreliable railway lines.

The Public Investment Corporation (PIC) has ploughed R1.6 billion into the Africa Finance Corporation (AFC), which funds infrastructure development projects on the continent.

The PIC has over R2.5 trillion in assets under management – investing the pensions of civil servants – and is the largest fund manager in Africa.

"The PIC has given formal notification to make a $100 million (~R1.6 billion) equity investment in the AFC," the AFC said in a statement.

The investment follows those from the Seychelles Pension Fund, the government of Sierra Leone, the Republic of Togo, the Central Bank of Guinea and the Ghana Infrastructure Investment Fund, the AFC said. There are 32 equity investors in the AFC. It recently acquired Africa's biggest renewable energy independent power producer, Lekela Power. It is the joint owner with Infinity Group. Lekela Power has 1GW of wind farms - located in South Africa, Egypt and Senegal. 

The AFC was established in 2007 and has delivered infrastructure projects in power, heavy industry, transport, natural resources and telecommunications. It has invested over $10 billion (~R165 billion) across 35 countries in Africa.

Commenting on the investment, the PIC's chief investment officer Kabelo Rikhotso said that the partnership would allow the fund manager to diversify its portfolio and deliver on the mandate to invest in the rest of the continent, driving development, industrialisation and growth. "We are confident that the future prospect of this investment and its potential positive societal benefits," said Rikhotso.

"African pension funds have a key role to play in financing the instrumental infrastructure urgently needed on the continent…" noted Samaila Zubairu, CEO of the AFC.-moneyweb

As funding for startups falls across the globe, Africa is standing out as a notable exception, with its under-served population outweighing the impact of inflation and slowing economies.

Job Amupanda has withdrawn from a 19-member Technical Committee appointed by Finance minister Iipumbu Shiimi to spearhead consultations on the protracted Financial Institutions and Markets Act (FIMA).

TransNamib says it’s incurring a N$10 million monthly loss due to delays in securing funding for its Integrated Strategic Business Plan (ISBP) which was coined in 2018, with the aim of turning around the financial fortunes of the rail operator into a profitable entity.

Australian uranium producer Paladin Energy will now spend N$1.96 billion (US$118 million) against the initial budget of N$1.44 billion (U$87 million) on Langer Heinrich mine due to cost escalations for labour, equipment and raw materials.

The United Nations Development Programme (UNDP) says Namibia needs to increase investment in agriculture to achieve food security amidst the raging Russia-Ukraine conflict that is threatening both global and African food security.

South African Finance Minister Enoch Godongwana said the central bank’s constitutional mandate to maintain price stability is sufficient to foster job creation, suggesting there’s no need for that directive to be expanded.

Some African nations, which rushed into capital markets as global interest rates fell to record lows, are on the verge of default because of the economic impact of the Covid-19 pandemic and Russia’s invasion of Ukraine. Zambia has already reneged on its debt. Investors, anticipating a wave of restructurings, are demanding a high risk premium from the most vulnerable countries, pricing them out of the market.

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