Market News Page No. 61| Africa Business News

Tanzania to Sign Sh70 Trillion LNG Project

Mtwara. The government is expected to sign initial agreements with exploration companies for the construction of a giant liquefied natural gas (LNG) plant before the end of May, the negotiation team has revealed. The team of experts is currently in negotiations with 5 oil and gas firms – Shell, Equinor, ExxonMobil, Pavilion and Ophir on the $30 billion (Sh70 trillion) project to be implemented in Lindi Region. The negotiations, which.... Read more »

Posted on : Wednesday , 25th May 2022

KEFI approves a capital raise of 1.8 billion ETB

Addis Abeba, Ethiopia - According to sources, the shareholders of KEFI Minerals, a gold exploration and development business, approved a capital raise of 28 GBP (1.8 billion ETB). According to a press statement issued last week, the money would be invested in the Tulu Kapi site and two additional Saudi Arabian projects. The aforementioned sum is part of a wider package of 1.8 billion ETB for the Tulu Kapi location, according to the press.... Read more »

Posted on : Wednesday , 25th May 2022

Uganda and Ethiopia will work together on building.

Partnerships and exchange of information and skills, according to Ethiopian Ambassador to Uganda Alemtsehay Meseret, would assist enhance the building sector. Engineers in Uganda and Ethiopia have launched a collaboration to promote the building sector in both countries in order to improve profitability and efficiency. The two nations will share information, experience, and expertise in the field under the terms of the agreement. The.... Read more »

Posted on : Wednesday , 25th May 2022

Opportunities for a New Horizon of Cooperation between Ethiopia and Somalia

The Somali parliament reelected Hassan Sheikh Mohammed to replace Mohammed Abdullahi Farmaaajo a few days ago in a hotly contested three-round election. The election, which has been postponed for over a year, is expected to usher in a new era in Somalia's diplomatic and comprehensive ties with its neighbours, particularly Ethiopia. Prime Minister Abiy Ahmed emphasised his interest in working with the new president of Somalia on current and.... Read more »

Posted on : Wednesday , 25th May 2022

Local Vehicle Assemblers in Kenya eye 70pc sales jump on used trucks ban

Kenyan annual sales of domestically produced automobiles are predicted to climb by 70%. This is in response to the government's edict prohibiting the entry of secondhand trucks and buses. The importation of secondhand buses longer than seven metres has been prohibited, according to a statement issued by the Kenya Bureau of Standards (KEBS). The prohibition goes into effect on July 1, 2022. Trucks having a capacity of 3.5 tonnes or more will.... Read more »

Posted on : Tuesday , 24th May 2022

Nairobi Railway City project timeline

Work on the new Nairobi Railway City Project will begin in two months. It will include eight lines and four extra lines for freight services when finished in two years. Speaking at the Serena Hotel at the introduction of the final design by the UK and Kenyan government members, Transport Principal Secretary Joseph Njoroge stated that the government is committed to ensuring the project's smooth execution. The Nairobi Railway project, which.... Read more »

Posted on : Tuesday , 24th May 2022

GHANA/KENYA: EDFI Lends USD3 Million to Redavia to Solarize Businesses

The Electrification Finance Initiative (EDFI ElectriFI) is signing a new US$ 3.1 million loan for Redavia. The German company will use the loan to provide solar power to businesses and industries in 2 African countries. The partnership between the Electrification Finance Initiative (EDFI ElectriFI) and Redavia is growing stronger. The European Union (EU)-funded facility is providing a new loan to the German company, which offers solar power.... Read more »

Posted on : Friday , 20th May 2022

TANZANIA: CMR Installs 1 Mwp of Solar Power in Mango’s Hotels in Zanzibar

The Mango Tree Beach Hotel Group is now powering 3 of its properties with solar energy in Zanzibar. The 3 solar systems, with a combined capacity of 1 MWp, were installed by the French group CMR. Mango Tree Beach is banking on solar power to reduce the environmental impact of its properties in the Zanzibar archipelago in Tanzania. The hotel group has just installed solar PV systems in this autonomous territorial unit, located off the Indian.... Read more »

Posted on : Friday , 20th May 2022

RWANDA: AfDB Finances Electrification of 77,400 Homes with a $180 Million Loan

The African Development Bank (AfDB) Group has announced the release of $180 million to Rwanda. This is a loan to finance a project to electrify rural areas, mainly in the south of the country. Of the $180 million in financing granted to Rwanda, $140 million represents a loan from the African Development Bank’s (AfDB) sovereign window. The other $40 million is from the Growing Together in Africa Fund, a $2 billion facility funded by the.... Read more »

Posted on : Thursday , 19th May 2022

Ethiopia: Geothermal Facility at Aluto Langano Begins Testing

• EEP commences geothermal well testing. • KenGen is carrying out the geothermal site expansion project. • The company will drill a total of 12 geothermal wells at the site. The Ethiopian Electric Power (EEP) has announced the commencement of production testing of the newly drilled geothermal wells at the Aluto Langano site in central Ethiopia. The ongoing drilling is being conducted by Kenya Electricity Generation Company.... Read more »

Posted on : Monday , 30th May 2022

Roads, railways and bridges: The changing face of East Africa's cities

In East Africa's major cities, the skyline is changing. From the ageing buildings, potholed roads and chaotic transport systems, a new order is emerging. New skyscrapers have sprouted and big-ticket transport infrastructure networks are in the works. In Nairobi, East Africa's business and financial hub, a tolled 27km expressway has been launched, giving hope to commuters who have had to endure three-hour drives on the stretch, instead of.... Read more »

Posted on : Tuesday , 17th May 2022

Latest Updates on Rwanda and Tanzania's Isaka-Kigali Standard Gauge Railway (SGR) Project

The government of Tanzania has announced plans to invite international tenders for the construction of the Isaka-Kigali standard gauge railway that starts from Isaka dry port to neighbouring countries of Rwanda and the Democratic Republic of Congo (DRC). Hassan Abbasi, chief government spokesperson and permanent secretary for the Ministry of Information, Culture, Arts and Sports revealed the plans and said that the government is in its.... Read more »

Posted on : Monday , 16th May 2022