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U.S. Government Provides $100 Million Loan to Africell

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Africell Holding Limited is a holding company with cellular communications companies in the Democratic Republic of the Congo, The Gambia, Uganda and Sierra Leone. Africell inked a 8-year, US$ 100 million loan to build out communication infrastructure within its current markets. The loan was originated by the U.S.-based Overseas Private Investment Corporation (OPIC). The loan has a two year grace period. Part of the loan will be used to buy a 4G license in the Democratic Republic of the Congo and up to US$ 40 million can be used to refinance existing debt.

Ziad Mohsen Dalloul, who is based in Lebanon, founded Africell in 2000.

By analyzing OPIC notes, “This Project is expected to have a highly developmental impact in Uganda, the DRC, Sierra Leone, and The Gambia by expanding the availability and quality of affordable mobile telephone and internet services in those countries.”

On November 17, 2014, Africell revealed it acquired Orange Uganda. The 2014 deal added 700,000 subscribers, as well as a 2G – 3G – 4G network.

White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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