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The African Development Bank (AfDB) has approved the provision of USD 348 million loans for the financing of the Ethio-Kenya power line project, the second phase of the 1.26 billion project dollar project to boost cross-border power supply in the region. The World Bank has previously approved USD 684 million the first phase of the funding.

Ethiopia is developing its hydropower resources to sell electricity to neighbouring countries. Kenya is also highly investing to develop its power supply infrastructure to meet demands of its boosting economy.
Ethiopia will supply power to Kenya  from current and forthcoming power stations. AfDB will allocate USD 232 million the fund to Ethiopia and the remaining to Kenya.

The 1,068 km high-voltage Ethio-Kenya power line project is jointly financed by the World Bank, the French Development Agency and the Ethiopian and Kenyan government.

Source: Reuters

Agriterra’s legacy oil interests in Ethiopia are estimated at 2.7 billion barrels according to a new report. he projected figure is a best case gross un-risked estimate derived from an independent review carried out on the South Omo concession according to African Oil which is a partner in the venture.

Agriterra has 20% state in the concession and Africa Oil owns 30% while Tullow Oil owns the remaining 50%.

It is to be remembered that Tullow has already made oil discoveries at the concession it is prospecting in Kenya and which is located in the same system as South Omo.

Allana Potash has entered into a definitive agreement to acquire all of the issued and outstanding common shares of Nova-Ethio Potash Corporation. Nova holds a 100% interest in a strategically placed potash license adjacent to the Allana project in the Ethiopian Dankil Depression.

The acquisition will come into effect through the merger of subsidiary owned by Allana and Nova in line with the laws of the British Virgin Islands according to the company statement.

The Nova license in Ethiopia is found on the Western and Southern boundaries of the Allana concession and incorporates extensions of the alluvial fans and potential aquifers present on the western portion of the Allana license.

Stratex International is showing progress in the development of its gold discoveries according to Christopher Hall Chairman of the company.

The company’s assets in Ethiopia, Turkey and Djibouti are particularly promising said Hall as part of the interim results for the company.

Stratex has had good progress in Africa as it continued work on several exciting and high potential exploration sites he added.

The Blackrock project Ethiopia has been confirmed as showing ‘extensive’ gold mineralization across four of the five key sites identified by Stratex in the area while 1000 meters of drilling work on the Shehagne project has been completed.