December 2021 / Focus Africa

$12 million

Value of deals closed via opportunities on our Digital Engagement platform. AfricInvest Private Credit and TDB both signed debt deals originated via their DealRooms, validating the efficacy of digital deal-making. Momentum continues to grow on the platform as we head into 2022.  

8,000

Companies profiled for Asoko clients though our Bespoke Research service. Africa-focused businesses, investors and multilateral used our corporate data and insights to support their market entry plans, map participants along their supply chains, long-list investment targets and facilitate bilateral trade and investment opportunities.  

45%

Proportion of submissions to the Digital Engagement platform acted on by partners. The average comprises deal opportunities fed into investor pipelines as well as companies accessing visibility opportunities, KYC and business development support. Within the investment arena, our digitally enabled origination has a higher success rate than that achieved offline.  

$210 million

Loan offered to Nigeria by AfDB to co-finance the first phase of the country’s Special Agro-Industrial Processing Zone Programme. This initiative will unlock unrealised potential in Nigeria’s Agricultural sector and promote industrialisation. (This Day)  

68%

Confidence in the governance of East African firms by PE investors and DFIs working in the region, according to a survey carried out by I&M Burbridge. Sentiment among investors increased in Q3 on all four indicators assessed, with each rising by between 9% and 11% from Q2. Governance achieved the highest level of confidence, with asset quality and quantity lowest at 51.5%. (Business Daily)  

2.5 million tonnes

Capacity Morocco’s citrus production is expected to reach between 2021 and 2022,  a 12% increase from the previous period. Favourable weather conditions and expansion in harvest area have contributed to the rise in production. (Food Business Africa)  

$570 million

Funding from the World Bank to boost the resilience of food systems in West Africa. The countries benefiting from this programme will be expected to increase agricultural productivity through climate-smart agriculture, promote interregional value chains and trade and build regional capacity to manage agricultural risk. (Food Business Africa)  

83 MW

Generation capacity of KenGen’s nearly completed power plant in Olkaria, expected to come on-line in early 2022. The geothermal plant supports Kenya's target to supply all electricity from renewable sources by 2030 and is expected to drive down energy costs by displacing thermal power. (CEO Business Africa)  

600

Target of daily clients added to the books at South Africa's Discovery Bank to reach its break-even point of 700,000 customers by 2024. The digital bank, launched in 2019, currently has over 400,000 account holders with deposits of $565 million. (IOL)

$42.1 billion

Was generated in trade and trade-related investment deals during the second Intra- African trade (IAFT 2021).This record was the outcome of more than 500 business deals concluded during the 7-day programme of business. (The Herald)  

843 Megawatts

Is the capacity that Transnational Corporation of Nigeria Plc is seeking to increase the combined available capacity at Transcorp Power Limited and Trans Afam Power Limited with the ongoing upgrade and repairs in both power plants. (Vanguard)  

30%

Dividends pay has been offered to investors by Centum Investment Company as the firm moves to make itself attractive to investors. The company plans to maintain zero-long term debt balance to reduce finance costs while reinvesting shareholder capital into portfolio companies to increase value. (Business Daily)   Review by Kili Partners . Powered by Asoko Insight

The comprehensive Moroccan Framework Law No. 69-19 has been gazetted. It provides detailed tax reform objectives and mechanisms for its implementation in accordance with the Moroccan Constitution. The main priorities and objectives of the tax reform are summarized as follows:

• encouraging productive investment, effective redistribution and reduction of inequalities, territorial development, strengthening the effectiveness and efficiency of the tax administration and strengthening confidence with taxpayers;
• strengthening contribution of the state and territorial collectivities in the financing of economic and social development policies;
• reducing the tax burden on taxpayers where the tax base is broadened;
• progressive implementation of the principle of taxation of global income for individuals;
• integrating the informal sector into the structured economy; and
• strengthening measures to combat tax fraud and tax evasion.

The Framework Law provides priority measures which aim to be implemented within 5 years from the date of the publication of the Law (July 2021), as follows:

• consolidating tax neutrality in VAT by broadening the scope of application, reducing the number of rates and generalizing the VAT refund. The VAT exemption of basic products will be maintained;
• converging gradually towards a unified corporate tax rate;
• improving the corporate tax contribution of public institutions and enterprises and companies engaged in regulated, monopoly or oligopoly activities;
• lowering the minimum tax contribution rates gradually;
• encouraging the development of innovative companies (e.g. start-ups, support structures (incubators and accelerators) and auto-entrepreneurs' aggregators);
• reviewing the progressive scale of individual income tax rates and broadening the tax base;
• adapting and improving the single professional contribution regime (contribution professionnelle unique) to accelerate the integration of the informal sector;
• simplifying the taxation of territorial collectivities; and
• aligning the Moroccan tax system with the rules of good governance provided in international tax matters.

The official translation into French of the Framework Law No. 69-19 on tax reform (Loi-cadre n° 69-19 portant réforme fiscale) has been published in the Official Gazette No. 7010.