50 million euros from EIB for the development of Marseille Fos

The European Investment Bank (EIB) and the port of Marseille Fos signed at the end of May a financial partnership of 50 million euros. The monetary institution has undertaken to pay this amount in order to support the development projects of the port. Five of them include a global investment of 136 million euros and concern among other things the redevelopment of several terminals and the « expansion of the North channel for the large cruise ships reception », as the port announced. This partnership follows the previous one signed in 2008 to build the Fos 2XL terminal.

 

Photo : Christine Cabau Woehrel, Chairwoman of Marseille Fos and Ambroise Fayolle, BEI’s Vice-President

Oil&Gas exports are doing well in Algeria

A report of the Algerian Central Bank indicates that revenues from oil and gas exports increased by 18.42% in 2017 compared to 2016 reaching $ 33.06 billion.

A report of the Algerian Central Bank indicates that revenues from oil and gas exports increased by 18.42% in 2017 compared to 2016 reaching $ 33.06 billion.

This growth has been favored by the increase in oil prices since the 2014 crisis.

However, the volume of oil and gas exports fell by 2.88% or 108.48 million tonnes of oil equivalent (toe).

This increase in energy revenues has reduced the Algerian trade deficit by 28.9% or $ 14.33 billion.

The South African Sanlam acquires the insurance business of the Moroccan group Saham … which will evolve into a pan-African investment fund

After a negotiation that lasted for several months, the South African service group and financial insurer Sanlam has just increased its stake in the capital of insurance subsidiaries of the Moroccan group Saham from 46.6% to 100%.

This acquisition, subject to the agreement of the various regulators concerned, was concluded for an amount of $ 1.05 billion on the basis of a valuation of $ 158 per share.

It will enable Sanlam, with a market capitalization of $ 16 billion, to strengthen its presence on the African continent thanks to the 35 insurance companies in 26 countries that make up Saham’s insurance division.

Ian Kirk, Managing Director of the Sanlam Group, said: “We look forward to strengthening our investment in the Kingdom of Morocco, which is a formidable continental platform at the gateway to Europe and which enjoys institutional and macroeconomic stability . Our investments alongside the SAHAM group represent a real winning model of inter-African partnership. We hope to achieve other major projects together in the future. “

At the same time, Saham bought back the shares held by the French group Wendel in its shareholding and began its transformation into a pan-African investment fund. A strategy confirmed by Moulay Mhamed Elalamy, Administrator and spokesperson of the Saham Group.

“The DNA of the Saham Group lies in its ability to bring together leading international investors, such as the World Bank, Kingdom Zephyr, Abraaj, Allianz, Bertelsmann, Wendel and more recently the Sanlam Group. As part of its transformation into an African fund, Saham will now attract new partners, to break new ground, and invest in future-oriented businesses, accelerators of development for our country and our continent “

At the end of all these operations, SAHAM will have drained a total of $ 1.7 billion in foreign investment since 2012.