Business

21, October 2022

World Bank Delivers Record US$31.7 Billion in Climate Finance in Fiscal Year 2022 ⁰

In fiscal 2022, the World Bank Group delivered a record US$31.7 billion in fiscal year 2022 (FY22) to help countries address climate change, a 19% increase from the US$26.6 billion all-time high in financing reached in the previous fiscal year. The Bank Group continues to be the largest multilateral financier of climate action in developing countries.

“In our last fiscal year ending June 2022, we provided a record US$31.7 billion to countries to identify and enable high-priority climate-related projects as part of their development plans.” said David Malpass, President of the World Bank Group. “We will continue providing solutions to pool funding from the global community for impactful and scalable projects that reduce GHG emissions, improve resilience, and enable the private sector.”

Financing for climate action in FY22—which covers July 1, 2021, to June 30, 2022—reached 36% of total Bank Group financing. This exceeds the target set in the Group’s Climate Change Action Plan for 2021-2025 to deploy an average of 35% of the institution’s financing in support of climate action.

IBRD and IDA together delivered $26.2 billion in FY22 in climate finance. Nearly half of that—$12.9 billion—specifically supported investments in adaptation and resilience. IFC, the private sector arm of the World Bank Group, delivered an unprecedented $4.4 billion in climate finance and mobilized an additional $3.3 billion from other sources. MIGA, the World Bank Group’s political risk insurance and credit enhancement arm, delivered $1.1 billion in climate finance.

As part of its ongoing effort to help countries integrate climate and development objectives, the Bank Group recently launched a number of Country Climate and Development Reports (CCDRs). CCDRs are a new core diagnostic to help countries prioritize the most impactful actions that can reduce GHG emissions and boost adaptation. A summary of the preliminary findings of these reports will be published in coming months to foster action-oriented discussion in the global community.

By Atem Thomas Ashu

Environmental Affairs editor

21, October 2022

IMF Update: Estimating Financial and Fiscal Costs of the Global Food Crisis ⁰

As the global food prices continue to escalate, the International Monetary Fund (IMF) has been updating the world on the crisis playing out in every nook and cranny of the world. Here below is an update of the situation published by the global monetary fund.

Estimating Financial and Fiscal Costs of the Global Food Crisis Against the backdrop of rising global food insecurity, a recent International Monetary Fund (IMF) paper estimated that higher food and fertilizer import prices will add $9 billion in 2022 and 2023 to the balance of payments of the 48 most affected countries.

The war in Ukraine continues to affect food production and distribution amidst a worldwide food crisis already stressed by regional conflicts, climate shocks, and the pandemic. The IMF paper identifies 48 countries, primarily low-income countries in the Sahel and other parts of Sub-Saharan Africa, that are most affected because they face significant import price pressures or have portions of their populations experiencing acute food insecurity, as defined by the World Food Programme (WFP). From a fiscal perspective, the analysis suggests that $5 billion to $7 billion in further spending is needed to assist vulnerable households in these countries.

An additional $50 billion is required to end acute food insecurity over the next 12 months. Although estimating the cost of the food crisis is difficult in terms of data availability and the multiple factors driving price hikes, the report attempts to quantify costs using three approaches: the impact of the terms-of-trade shock on countries facing higher staple and fertilizer prices, the budgetary cost of supporting the poorest households, and the financial cost of eradicating acute food insecurity.

The first approach—approximating $9 billion in foreign exchange needs over 2022/23 for the 48 most affected countries—employs international price changes for five essential cereals and three fertilizers. The price differentials are applied to the latest (September) import volumes assumed to grow proportionately with real gross domestic product and compared to IMF end-of-2021 price forecasts as a baseline scenario. The analysis offers a few caveats, including that it is not assumed that import volumes respond to price changes in the short term but will react over time.

Furthermore, the $9 million in financing linked with higher food and fertilizer prices does not account for other balance-of-payments pressures such as commodity (particularly energy) price changes and rising interest rates on borrowing abroad. The second approach uses the most recent food inflation data to estimate the $5 billion to $7 billion needed to compensate households living on less than $1.90 per capita per day in the 48 countries identified. The methodology assumes 6-month compensation and unchanged household budget allocation for food. The range of total fiscal costs reflects cross-country variation in inflation and represents 0.15 percent to 0.30 percent of gross domestic product. Estimates do not include how other price hikes, such as for fuel for transport and cooking, would need to be factored into increases in social spending.

The third approach applies the WFP’s total annual operational cost of $22.2 billion to support 151.6 million people to the 345 million people now suffering from acute malnutrition or worse to arrive at the $50 billion figure associated with lifting people out of acute food insecurity for 12 months. The IMF report and accompanying blogs highlight that many of the 48 countries affected by the food crisis face several overlapping vulnerabilities and must receive further humanitarian assistance and concessional financing from development partners. Other policy responses include implementing effective public expenditure for emergency relief, facilitating regional trade and reducing food export bans, improving input access for food production and distribution, and investing in climate-smart agriculture.

In South Sudan, the high levels of acute food insecurity are causing a high level of hunger-related deaths as food insecurity reaches emergency (IPC Phase 4) outcomes, with famine (IPC Phase 5) outcomes likely by January 2023, driven by prolonged conflict and recurrent flooding (FEWS NET). A fourth consecutive year of flooding is expected to result in another year of livestock and crop losses as flooding continues based on forecasts for above-average rainfall amid already high river levels and highly saturated soils. Humanitarian food assistance deliveries continue to reach areas of great concern across South Sudan to mitigate widespread acute food insecurity, although they are reaching only 20 percent of people in need.

The Famine Early Warning Systems Network continues to assess a credible famine (IPC Phase 5) scenario given the high proportion of the population likely to face significant food consumption gaps and their vulnerability to new shocks. Fangak and Canal/Pigi are among the areas of most significant concern for this risk of famine (IPC Phase 5). If flood severity exceeds that of 2021 or if conflict intensifies, restricting household movement and humanitarian access, famine could occur. Emergency (IPC Phase 4) reflects an already high level of hunger-related mortality in South Sudan (FEWS NET).

Higher fertilizer prices could decrease cereal production by 16 percent during the 2022 cropping season (WFP). Fertilizer prices more than doubled from their levels a year ago in East Africa within 2 months of the onset of the war in Ukraine. This coincided with the 2022 primary season crop planting, disrupting farming operations. There have also been fertilizer price hikes region-wide, with fuel prices 17 percent to 75 percent higher in April 2022 than a year earlier.

The steepest increases have been observed in Burundi, Ethiopia, Kenya, Somalia, and South Sudan and have limited farmers’ ability to use farm machinery and transport and will further reduce their ability to grow sufficient crops this year. The WFP estimates that cereal production during the 2022 cropping year could be 16 percent lower than in 2021 because of high fertilizer and fuel prices. Total 2022 cereal production will be about 37.8 million tonnes, down from 45.2 million in 2021. The most significant declines in cereal production will be in Ethiopia (21 percent), Kenya (12 percent), and Sudan (12 percent).

Compiled by Alain Agbor Ebot

17, October 2022

Can Renewable energy address Africa’s perennial energy crisis? ⁰

Africa is a continent rich in land, water, and energy resources, with a young and fast-growing population. Already the world’s youngest continent, it is expected to grow to nearly 2.5 billion people by 2050, 80% of them in Sub-Saharan Africa (UNPD, 2019).

Levels of human and economic development differ widely across the continent, and it is increasingly becoming clear that the opportunities on the continent are vast. Energy plays a key role in Africa’s development pathway and improving livelihoods and access to opportunities will depend crucially on the expansion of access to reliable and affordable and sustainable energy.

Africa is at a crossroads. For many of the people of this vast and diverse continent, access to affordable, clean and sustainable energy remains an aspiration. The need for better and more abundant energy is evident in many walks of life, from households relying on dirty fuels for cooking and farmers lacking energy to harvest their crops, and from health clinics struggling to power operating rooms to businesses contending with power outages.

Over the last three decades, climate change has been adding new challenges in the form of extreme weather events, rising temperatures and more variable rainfall. We know that renewable energy can help to resolve many of these social, economic, health and environmental challenges.

Renewables are key to overcoming energy poverty, providing energy services without damaging human health or ecosystems, and enabling sustainable socio-economic development. A transition to a renewables-based energy system in Africa promises substantial gains in GDP, employment, and human welfare in each of the continent’s constitutive regions.

Although Africa’s share of global renewable energy investments and capacity installations remained relatively small over the past decade, the continent can draw on a vast wind, solar, hydro, and geothermal resource potential.

Falling costs are increasingly bringing renewables within reach, whether through grid extension, mini-grids or stand-alone applications. A profound energy transition centred on renewables and energy efficiency is increasingly understood as not only feasible but essential for a climate-safe future in which sustainable development prerogatives are met.

Indeed, a sophisticated understanding of the intimate connections between the energy system and the economy at large is essential in designing policies, along with an appreciation of the ways in which both are linked to the world’s ecosystems and human wellbeing.

Experience around the world gives us a strong sense of what it takes to succeed. According to an IRENA report, African policymakers can draw on a wealth of experience in planning, financing, and deploying renewable energy projects, and integrating them into energy systems. But as is true in other parts of the world, it is critical that each African country play to its own strengths and understand its weaknesses, whether in terms of its industrial capacities, commodity and trade dependencies, or skills base.

Countries can and must learn from each other. Intra-regional and broader international cooperation can overcome drawbacks any individual country may face on its own. A wide-ranging challenge demands a comprehensive policymaking approach. The IRENA report illuminates the array of policy areas that may contribute to a successful energy transition. But rather than picking policies selectively, they all need to be part of an overarching, holistic framework that is more than just the sum of its parts. The growing discourse on a Green Deal in places like Europe and North America has spotlighted the importance of a bold, systemic approach.

A Green Deal will of necessity look different in Africa, tailored to its own circumstances. But the key point is its transformative nature: pursuing synergies in resolving pressing social, economic, health, and environmental issues, recognising that because market-driven approaches alone will not suffice strong public interventions are needed and placing people at the centre of the transition.

The objectives of Africa’s energy transition are far-reaching economic diversification; the creation of decent jobs; environmental stewardship and climate resilience; and universal access to affordable, reliable, sustainable, and modern energy.

This is also in view of the expectedly vast impact of climate change on the African continent, the effects of which are already beginning to be felt right now, and in view of the enormous potential for industrial development, job creation and environmental management that more widespread access to sustainable energy sources brings.

Given the importance of renewable energy, the African Union’s Agenda 2063 clearly establishes the links between energy and industrialisation (AUC, 2015). However, access to reliable electricity and clean, modern cooking in Africa remains far behind most other parts of the world. With an electrification rate of 46%, 570 million people in 2019 were still without access to electricity in Sub-Saharan Africa, while only 16% had access to clean cooking (IEA, IRENA et al., 2021).

This situation reinforces socio-economic inequalities and impedes progress in widening access to basic health services, education, and modern machinery and technology – thus, ultimately, to socioeconomic opportunities. Africa holds significant energy resources. Fossil fuels represent around 40% of African exports, with countries such as Algeria, Angola, Chad, Nigeria and the Sudan being highly dependent on them as a source of revenue.

Along with other raw materials which continue to constitute a substantial proportion of African countries’ exports, fossil fuels provide revenue but also reinforce commodity-dependence. In the context of a low-carbon future, these and other fossil fuel dependent countries will be increasingly vulnerable to the risks of stranded assets, in addition to the already serious effects of price volatility for internationally traded commodities.

Renewable energy, by contrast, offers African economies prospects for economic growth, cost-effective technologies to expand energy access and quality of access, and industrial development along new value chains, with substantial, local job creation potential.

Energy development will also have a critical influence on Africa’s recovery from the COVID-19 crisis and its lingering impacts. Recovery from the pandemic heightens the importance of placing sustainable development at the core of broader economic development and industrialisation strategies.

This must include increased efforts and investment to broaden access to energy in vital sectors such as health and education, and the use of recovery-related policy measures and investments to hasten the wider structural shift toward sustainable energy as a pillar of resilient economies and societies (IRENA, 2020a).

By Dylan Tambe Ashu

Culled from RENEWABLE ENERGY MARKET ANALYSIS by the International Renewable Energy Agency (IRENA)

15, October 2022

Silicon Mountain announces 4th edition Conference ⁰

The Silicon Mountain and its entire community is set to organize the 4th Edition of Cameroon’s biggest

Tech event; The Silicon Mountain Conference 2022, with the theme: “Local Solutions for a Sustainable Digital Economy”.

The Silicon Mountain Conference 2022 is a three-day mega-conference scheduled for November 10th- 12th 2022 in Buea, the South-west Region of Cameroon. The focus of this year’s conference is to push forward the entrepreneurship and innovation agenda, by showcasing the solutions young entrepreneurs build in our ecosystem and most importantly to understand why these solutions are not consumed locally.

The opening of the conference will feature a sports walk followed by a press conference with location at the Buea city council. Day 2 activities of the conference will be held simultaneously in the 3 different hubs that Silicon Mountain harbors. And finally, the D-Day is set to hold at the Chariot Hotel, with keynotes from internationally recognized techies and entrepreneurs and a whole lot of mind-blowing activities and exhibitions.

Attendees will get a close-up look at the latest technologies and innovations, all of which will be exhibited by entrepreneurs, software engineers, graphic designers, and techies in general. Exhibitors, attendees, and even sponsors of this mega tech conference will benefit from the opportunity to share and listen to different experienced entrepreneurs, discover new technologies and talents, network and most importantly build new connections and relationships that will push Cameroon’s tech ecosystem forward.

All interested persons who wish to participate and know more About Silicon Mountain Conference

2022 are welcome to Visit the conference website at https://smcon.io/

Sincerely,

Ayuk Etta (Project Lead)

26, September 2022

British pound hits record low against US dollar, prompting recession fears ⁰

The pound hit a record low against the dollar Monday on surging fears about the UK economy after the government unveiled a huge tax-cutting budget.

The selloff came as equity markets across Asia and Europe fell again owing to a growing expectation that central bank interest rate hikes to fight runaway inflation would lead to deep and painful recessions. Oil also suffered heftier selling.

Officials in several countries including the United States, Britain, Switzerland and Sweden announced more increases in the cost of borrowing.

The moves sent equity markets deep into the red again after officials reiterated their focus on fighting inflation, even if that means causing a recession.

But the biggest casualty of the week was the pound, which fell below $1.10 for the first time since 1985 as new finance minister Kwasi Kwarteng announced his controversial mini-budget.

It then extended the losses Monday to briefly touch an all-time low of $1.0350 in Asian trade after he said he intended to unveil further reductions, despite his budget causing ructions on London’s markets.

It also fell to a two-year low against the euro, though the single currency remains under pressure against the dollar, sitting at 2002 levels.

Now, observers are warning that the pound could fall even further.

“The pound’s crash is showing markets have a lack of confidence in the UK and that its financial strength is under siege,” said Jessica Amir, of Saxo Capital Markets.

“The pound is a whisker away from parity and the situation is going to only worsen from here.”

Kwarteng, who was appointed by Liz Truss after she became prime minister earlier this month, said he planned to slash taxes to kickstart the British economy and provide cash to cushion families from rocketing energy costs.

But investors were spooked by the huge amount of borrowing likely needed for the multi-billion-pound package, which critics said would benefit the rich far more than the poorest during a cost-of-living crisis.

Sterling’s drop has led to speculation the Bank of England will have to step in with an emergency interest rate hike to give the currency a much-needed shot in the arm.

‘Macau casinos soar’

“Whether or not the UK government announcement of the biggest tax reduction since 1972… will in time yield a significant growth dividend is not something markets are yet willing to contemplate,” said National Australia Bank’s Ray Attrill.

“Instead, they were consumed by worries over the scale of near-term UK government financing needs, at a time when the current account deficit is running at more than eight percent of GDP.”

He added: “Chatter about a possible UK sovereign rating downgrade has already begun.”

And former US treasury secretary Lawrence Summers was scathing of Britain’s recent monetary policy decisions.

“It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market,” he told Bloomberg Television’s Wall Street Week last week.

“Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having (pursued) the worst macroeconomic policies of any major country in a long time.”

The collapse in sterling came as markets across the world are sent into a spin by recession worries caused by a sharp tightening of monetary policy by central banks fighting decades-high inflation.

New York’s three main indexes ended well down, with the Dow at a two-year low, and Asia followed suit.

Tokyo shed more than two percent as traders there returned from a long weekend break, while Seoul was off more than three percent, with Sydney, Shanghai, Mumbai, Singapore, Taipei and Jakarta also tanking.

Hong Kong was also down having reversed early gains that came after the city said it would relax strict hotel quarantine measures for international travelers.

Still, Macau casino stocks rallied as the city said it would accept Chinese tour groups again from November, having been blocked during the pandemic.

London edged up tentatively after Friday’s hammering, while Paris and Frankfurt were also higher.

Oil prices ticked lower, extending the big losses suffered Friday as expectations that a recession is looming the surging greenback added to the sell-off in crude, which is priced in dollars and therefore more expensive for buyers using other currencies.

Both main contracts are sitting at their lowest levels since January, having wiped out all the gains seen in the wake of Russia’s invasion of Ukraine.

Black Gold Investors’ Gary Ross described the strong dollar as “a wrecking ball for commodities”.

Source: AFP

16, September 2022

India’s Adani briefly listed as world’s second-richest person ⁰

Indian industrialist Gautam Adani briefly became the world’s second-richest person on the Forbes real-time billionaire tracker on Friday, weeks after becoming the first Asian to break into the top three.

The self-made billionaire’s net worth surged $4 billion overnight to $154 billion, according to Forbes, ranking him ahead of LVMH’s Bernard Arnault and Amazon’s Jeff Bezos.

Tesla founder Elon Musk remained well out in front with a fortune of more than $270 billion.

Arnault — who at times held the top spot in May 2021 — and Adani traded the number two position during the day as the share prices of their companies fluctuated.

Adani, 60, made his fortune in ports and commodities trading and now operates India’s second-largest conglomerate with interests ranging from coal mining and edible oils to airports and news media.

His ballooning net worth reflects a stratospheric rise in the market capitalisation of his publicly listed companies, as investors back the Adani Group’s aggressive expansion of old and new businesses.

Shares in the flagship Adani Enterprises — of which the billionaire owns 75 percent — have soared more than 2,700 percent since March 2020, and doubled in value in the past six months.

Stock price surges in other group companies including Adani Transmission, Adani Power, Adani Ports and Adani Green Energy catapulted Adani past fellow Indian billionaire Mukesh Ambani this year.

Analyst estimates indicated the market capitalisation of Adani’s seven listed companies also briefly overtook those of the Tata group on Friday morning, making the Adani Group India’s largest conglomerate.

Born in the city of Ahmedabad in the western state of Gujarat to a middle-class family, Adani dropped out of college to work in the diamond industry before starting his export business in 1988.

In 1995, he won a contract to build and operate a commercial shipping port at Mundra in Gujarat, which has since grown to become India’s largest port.

At the same time, Adani expanded into thermal power generation and coal mining in India and overseas.

In recent years, the conglomerate has forayed into petrochemicals, cement, data centres and copper refining, in addition to establishing a renewable energy business with ambitious targets.

Recent investments in Indian news media and a bid for 5G airwaves this year have raised speculation that the billionaire’s empire could soon impinge on sectors dominated by Ambani’s Reliance Industries.

But Adani’s rapid expansion into capital-intensive businesses has also raised financial alarms, with Fitch Group’s CreditSights last week reiterating that they “remain concerned over the Adani Group’s leverage”.

Source: AFP

13, September 2022

CPDM Crime Syndicate: Customs revenues reach CFA564bln at the end of August 2022 ⁰

Cameroon’s customs collected CFA564 billion in revenues as of August 31, 2022. Over the same period last year, the revenue was CFA543 billion, down 3.9% or CFA21 billion.

The higher amount in 2022 is the result of the technological innovations recently implemented by the customs administration to optimize the mobilization of resources. An example is the “Cosmos” app that now enables better tracking of non-cleared vehicles. Another app called “portrans.cm” allows authenticating the clearance slip of the vehicle applying for registration. This reduces the chances of fraudsters and saves the customs revenue that was lost due to fraud.

Moreover, the special “Halcomi III” (Stop Illegal Trade) teams cover the whole territory to make up for any shortcomings in physical customs controls. For 2022, the Directorate General of Customs targets CFA863.9 billion, 1.4% (+CFA11.6 billion) more than 2021. Achieving this goal will require the mobilization of CFA299.9 billion for the rest of the year. “Strategies will be outlined […], to achieve, or even exceed, the annual revenue target,” says the customs administration.

Source: Business in Cameroon

5, September 2022

Biya regime lowers price of cement ⁰

The government of Cameroon has announced a decrease in the price of bagged cement. The drop comes in view of the country’s increasing cement production capacity, according to the Ministry of Commerce.

As a result, the price of a bag of 42.5 R-grade cement will fall to XAF4800 (US$7.26) from XAF5100 in Douala and from XAF5400 to XAF5100 in Yaoundé.

In terms of 32.5 R-grade cement, in Douala, the price will decrease to XAF4100 from XAF4600 while in Yaoundé the drop will be from XAF4900 to XAF4400.

Source: Cement News

2, September 2022

CPDM Crime Syndicate: Cocoa exporters get the lion’s share while farmers continue to struggle ⁰

Cocoa exports during the 2021-22 campaign in Cameroon generated a total of CFA288.7 billion in revenue, according to data from the national cocoa coffee office (ONCC). This sum, collected by the 38 active exporters identified over the period, is largely higher than the profit made by producers. This means that producers, who are the real workforce of the sector, benefit less than others.

This problem is also observed on the global market. The International Cocoa Organization (ICCO) reported that the annual turnover of the global cocoa industry reaches $100 billion, but only $2 billion (2%) goes to producers. Chocolate manufacturers reap the largest share with 35% of the turnover, while the remaining is shared between the grinding industry and transporters.

During the 2012-13 campaign, for example, at a time when the farm gate price was close to CFA1,500 per kg in Cameroon, local cocoa farmers sold about CFA250 billion of beans, according to ICCO data. However, during the same period, the global sector generated a total of CFA4,500 billion, said Jean-Marc Anga, then ICCO executive secretary, during the 2013 edition of the Cameroonian cocoa festival (Festicacao 2013).

To boost revenue for producers, the major producing countries on the continent such as Ghana, Côte d’Ivoire, and Cameroon launched with the European Union (EU), the world’s largest importer of cocoa beans, an initiative called Cocoa Talks. It is presented as a dialogue on sustainable cocoa production.

“Sustainability means protecting the environment. But, sustainability also means the survival of producers […] Sustainability rhymes with the protection of the environment, the prohibition of child labor, and ultimately, the prosperity of producers. That is what we want from this discussion,” said Minister Mbarga Atangana, at the opening of the Cocoa Talks on November 18, 2021, in Yaoundé.

Source: Business in Cameroon

22, August 2022

Wärtsilä to provide automation upgrade for an iconic power plant in Kribi ⁰

The technology group Wärtsilä will carry out an upgrading project of the electrical and automation systems to ensure optimal reliability of the Kribi power plant in the Republic of Cameroon. The 216 MW plant has been in operation for nearly ten years, operating with 13 Wärtsilä 50DF dual-fuel engines running primarily on natural gas. At the time of commissioning, it was the largest gas engine power plant in Sub-Saharan Africa. Wärtsilä will also support the customer’s operational and maintenance performance with a 10-year long-term service agreement.

The order with Wärtsilä was placed by Kribi power development company (KPDC), a subsidiary of Globeleq, an independent power producer (IPP) and the owner and operator of power generating facilities across Africa. The order will be booked in Wärtsilä’s order intake in Q3/2022.

“The Kribi power plant has a vital role within the African energy sector. It is still today supplying two-thirds of the thermal energy in Cameroon. Cameroon’s energy system relies heavily on hydropower, but has uncertain resources of water. The Kribi plant, therefore, plays a key role in ensuring a supply of safe, cheap, and reliable energy. For this reason we are keen to upgrade the power plant’s automation systems to the latest design to ensure optimal reliability, and to strengthen our cooperation with Wärtsilä, leveraging their competences on a continuous basis within the framework of the long-term service agreement,” commented Gionata Visconti, Chief Operating Officer, Globeleq.

Wärtsilä has a strong regional presence, which enables us to provide valuable technical support that optimises engine performance and maximises the production capabilities of this power plant which has such a significant role in Cameroon’s power supply. We are also in a position to ensure the availability of critical spare parts, and this is an essential element within the long-term service agreement between our companies. All in all, this is a very important project, both for the customer and for Wärtsilä,” said Markus Ljungkvist, Vice President, Services, Wärtsilä Energy.

The project is scheduled to commence in 2023. To ensure the continuity of the plant’s output, the work will be carried out on one engine at a time. The long-term service agreement includes remote operational support, maintenance planning, technical advisory and remote troubleshooting services, as well as spare parts.

Long-term service agreements are an integral part of Wärtsilä’s lifecycle services offering. They are based on utilisation of the latest digital technologies, and supported by the company’s extensive know-how and understanding of power generation installations.

Wärtsilä has altogether supplied 550 MW of generating capacity to the Republic of Cameroon, and 7.5 GW to the whole of Africa, of which more than 25 per cent are covered by Wärtsilä service agreements.