Africa
Our Projects
Nigeria
During the oil boom of the 1970s, Nigeria accumulated a significant foreign debt to finance major infrastructural investments. With the fall of oil prices during the 1980s oil glut, Nigeria struggled to keep up with its loan payments and eventually defaulted on its principal debt repayments, limiting repayment to the interest portion of the loans.
Arrears and penalty interest accumulated on the unpaid principal, which increased the size of the debt. After negotiations by the Nigerian authorities, in October 2005 Nigeria and its Paris Club creditors reached an agreement under which Nigeria repurchased its debt at a discount of approximately 60%.
PUE
1.49
Land Size 25,000
Zone Logistics Park
Building Size 9MW+3MW
Total Site Capacity 18MW
Number of Sites: 1
Kenya
The economy has seen much expansion, seen by strong performance in tourism, higher education, and telecommunications, and decent post-drought results in agriculture, especially the vital tea sector. Kenya's economy grew by more than 7% in 2007, and its foreign debt was greatly reduced. This changed immediately after the disputed presidential election of December 2007, following the chaos which engulfed the country.
Telecommunications and financial activity over the last decade now comprise 62% of GDP. 22% of GDP still comes from the unreliable agricultural sector. Industry and manufacturing is the smallest sector, accounting for 16% of GDP. The service, industry and manufacturing sectors only employ 25% of the labour force but contribute 75% of GDP. Kenya also exports textiles worth over $400 million under AGOA.
PUE
1.51
Land Size 50,000
Zone Logistics Park
Building Size 9MW+3MW
Total Site Capacity 36MW
Number of Sites: 2