Market News Page No. 87| Africa Business News

Tanzania: Wonders of $32m Songwe Project

Songwe Region has started Knocking into its abundant economic potentials with the on-going implementation of the Songwe Geothermal Power and Direct Use Project. The USD 32-million geothermal power project at Majimoto Village in Mbozi District is expected to generate between 5MW and 38MW when completed in the year 2023. Before the power generation starts in the year 2023, the Tanzania Geothermal Development Corporation has introduced.... Read more »

Posted on : Wednesday , 10th March 2021

PET recycling being promoted by Silafrica in collaboration with the PETCO board and the Tanzanian government

A PET preform is a test tube-shaped piece of plastic that is produced by a process called injection moulding, using a plastic called PET (Polyethylene Terephthalate) that produces liquids and food containers. The Group, with its presence in Tanzania, Kenya, Uganda and Ethiopia, is known for setting benchmarks in the manufacturing sector with high quality standards in terms of customer satisfaction and the adoption of top-of-the-range.... Read more »

Posted on : Friday , 5th March 2021

KEB publishes new rules for environmentally-friendly paper packaging

New standards for Kraft paper processing have been accepted by Kenya's Bureau of Standards (KEBs). The guidelines define the sampling and testing criteria for Kraft paper used in the packaging of greasy and oily foods, as well as dry foods like sugar and flour, bread bags, shopping bags, wrappings, and laminates. The new guidelines specify grease or oil resistance, pH, cobb, dimensions, heavy metal and organic pollutants limits, and.... Read more »

Posted on : Friday , 5th March 2021

Finland grants Sh14 billion to a company to boost business in East Africa

Finland provides a grant of Sh14 billion to a company to help it expand its business in East Africa. The Finnish government has given TradeMark East Africa (TMEA) an additional grant of Sh14 billion to support the region's trade and economic development. The grant is expected to help TMEA's role in enhancing trade across the East African Community (EAC) and enhancing mutual stability in the region, according to Finnish Ambassador to.... Read more »

Posted on : Friday , 5th March 2021

EU & Tanzania sign Sh308 billion deal for six projects

The European Union and Tanzania's government signed an agreement yesterday to fund the implementation of six projects aimed at fostering economic growth and improving people's lives. According to information released after the signing of the deal, the government will collect grants totaling 111.5 million euros (Sh307.9 billion) for programs to be undertaken in both Tanzania Mainland and Zanzibar. The EU issued 23 million (Sh63.5.... Read more »

Posted on : Friday , 5th March 2021

Kenyan chamber of commerce enhance bilateral relations in Sharjah

The Sharjah Chamber of Commerce and Industry (SCCI) and the Kenya National Chamber of Commerce and Industry (KNCCI) have explored ways to work together to open a representative office for the KNCCI in the emirate in order to strengthen bilateral relations and support the two countries' business communities. This happened during a meeting between the SCCI and its President Richard Nagatia of the renowned KNCCI delegation. The delegation also.... Read more »

Posted on : Thursday , 4th March 2021

New plan designed to boost insurance coverage for agriculture in Tanzania

The government has devised a five-year strategy to entice insurance firms to join the agriculture industry. The Tanzania Insurance Regulatory Authority's (Tira) proposal comes amid insurance companies' reluctance to venture into agriculture, despite the sector's enormous potential, which accounts for about 28% of the country's Gross Domestic Product (GDP). According to Tira data, only five of Tanzania's 26 insurance companies provide.... Read more »

Posted on : Thursday , 4th March 2021

An introduction from the Kenya Ministry of Mines

The Ministry of Mining was founded in 2013 by President Uhuru Kenyatta to set up a new ministry mandated solely to develop the mining sector after having been given prominence by the 2030 Pillar 7 vision, which described the mining or extractive sector as a key contributor to a diversified economy with potential for jobs and wealth creation in Kenya. Traditionally, mining was not the key focus of environmental and natural resource.... Read more »

Posted on : Wednesday , 3rd March 2021

Kenya Extends the Time Limit for Imports of Used Cars

The Government of Kenya has extended the time limit for imports of used cars from two years to five years as it is geared towards the promotion of locally assembled vehicles. Treasury CS Ukur Yatani, on Monday, January 25, said the government would phase out second-hand cars by 2026. Car dealers had until 2023 to import second-hand vehicles under an earlier plan unveiled in 2019.The new proposal will offer them the right to be out of business.... Read more »

Posted on : Monday , 1st March 2021

Tanzania Auto Market Up as Tata Unveils New Brand

Tata Motors, an Indian car manufacturer, has introduced a new brand car on the local market, a sign of a fast-growing vehicle market and an opportunity for users to contribute to the preservation of the environment.The available statistics show that the car market in Tanzania increased by 5.3 per cent last year in the midst of the coronavirus pandemic compared to the previous year.In this initiative, Tata Motors and its sole authorized.... Read more »

Posted on : Thursday , 25th February 2021

Tanzania and Oman Sign Pact on Ports Master Plan Development

On Thursday, Tanzania's Zanzibar and the Oman Investment Authority signed a Memorandum of Understanding aimed at implementing a master port development plan along the Indian Ocean coast.In a statement issued by the Zanzibar State House, President Hussein Mwinyi of Tanzania and a high-ranking delegation from the government of Oman announced the signing of the agreement.The contract was signed by Tanzania's Permanent Secretary to the Ministry of.... Read more »

Posted on : Wednesday , 24th February 2021

Afreximbank, AAAM Sign the African Auto Industry Financing MOU

The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) have entered into a Memorandum of Understanding (MoU) to finance and promote the automotive industry in Africa."The strategic partnership with AAAM will facilitate the implementation of the Bank's automotive programme aimed at catalysing the development of the automotive industry in Africa as the continent begins trade within the African.... Read more »

Posted on : Monday , 22nd February 2021