Market News Page No. 98| Africa Business News

Kenyan Startup Xetova Shortlisted For MIT Fund

A Kenyan technology startup, Xetova, has been named as a 2020 Global Solve finalist by Massachusetts Institute of Technology (MIT) in the health Security and Pandemics track. MIT Solve is an initiative of the Massachusetts Institute of Technology (MIT) with a mission to solve the world’s most acute challenges. Xetova is the only African technology innovation finalist under the line of health.... Read more »

Posted on : Friday , 11th September 2020

Kenyans to Wait More for Oil Billions Until 2025

Kenyans will have to wait until after 2025 for petrodollars from Turkana oil fields to start trickling in after the government lengthened the exploration timeline for Tullow.The British oil explorer said it had allowed another 15 months for exploration phase of the Turkana oil project, essentially pushing ahead production timelines and extending the long-awaited final investment decision.Tullow in a statement following its half year results to.... Read more »

Posted on : Friday , 11th September 2020

World Bank approves Sh81bn loan for Isiolo-Mandera road corridor

The World Bank has approved a Sh81 billion loan to upgrade half of the 750-kilometre Isiolo-Mandera road and lay a fibre-optic cable in a major boost to the North Eastern region.The lender said on Wednesday that it projects the International Development Association (IDA) financing will improve the movement of people and goods, digital connectivity and access to social services for over 3.2 million people living in the region."Through the new.... Read more »

Posted on : Thursday , 10th September 2020

Tanzanian Assets Explore Options Continued by Solo Oil

Solo Oil PLC chief executive Tom Reynolds told shareholders in the company’s full-year results statement that they will be prioritized as oil and gas junior explores its options for its portfolio in Tanzania.His comment comes after the group's relaunch under the new name of Scirocco Energy PLC and its positioning towards the European energy market. The said name change will be voted on at an AGM on September 25."During an exceptional time for.... Read more »

Posted on : Wednesday , 9th September 2020

US$150mn Approved by World Bank for Kenya’s 1.7mn Urban Residents

The World Bank has approved US$150mn International Development Association (IDA) credit to improve tenure security and access to basic services for 1.7mn residents living in selected Kenya’s urban informal settlements. The second phase of the Kenya Informal Settlements Improvement Project (KISIP2) will enhance the living conditions of informal settlements and its residents through titling to enhance tenure security; infrastructure.... Read more »

Posted on : Wednesday , 9th September 2020

Tractor leasing firm launches agricultural arm in Tanzania

Regional Leasing Firm, Vehicle And Equipment Leasing Limited - VAELL all is set to take-off its agricultural arm in Tanzania as part of its regional expansion strategy.Dubbed Tinga, the arm will support SMEs and small scale farmers' right to use to farm implements and transport services"This move has been necessitated by various requests for farm machinery and transport services in East Africa's largest nation," said the firm in a.... Read more »

Posted on : Tuesday , 8th September 2020

Ammann Receives Order for Concrete Mixing Plant in Kenya

Nairobi-based Jilk lately purchased an Ammann CBT 60 SL Elba concrete mixing plant. The CBT 60 plant is known to be compact allowing the plant to easily relocate between large projects. With a production output of 60 m3 per hour, the concrete mixing plant features a steel frame for the foundation, a 60-tonne cement silo with a transportable design and additive storage tank with a scale and controls that enable effortless.... Read more »

Posted on : Tuesday , 8th September 2020

Kenya Receives Ksh 1B Grant For Medical Equipment And Scholarships

Kenya and Japan governments have signed a grant amounting to approximately Ksh 1.02 billion for the provision of medical equipment to be installed in various health facilities across the country. The grant is also expected to enhance healthcare delivery to all Kenyans and modernize health facilities countrywide. National treasury and planning CS. Ambassador Ukur Yatani, said that the UHC phase will contribute to the achievement of.... Read more »

Posted on : Monday , 7th September 2020

Nakuru in Kenya becoming a promising energy hub with geothermal in key role

The county of Nakuru in Kenya has been positioning itself as a promising energy hub with various projects initiated by the national government of the country.Drilling for the Olkaria I Unit 6 project is about 19% complete, according to local county commissioner. The commission of the project is expected after 2021, while KenGen is still targeting an additional 720 MW of geothermal power generation capacity in the medium term.State-owned.... Read more »

Posted on : Monday , 7th September 2020

Chinese firm completes first rigging up for Ethiopia's 70-MW geothermal energy project

Chinese equipment and oil services company Kerui Petroleum stated that it has successfully lifted the derrick and substructure for the first 1500HP drilling rig at Ethiopia's Aluto-Langano Geothermal Energy Project.The accomplishment of the first rigging up marks a landmark in the 70-MW geothermal energy project, which is part of Ethiopian government's plans to enlarge geothermal energy generation in the upcoming few years, the Chinese firm.... Read more »

Posted on : Monday , 7th September 2020

Proton Holdings, the Malaysian Car Maker Enters Kenyan Market

In a welcome boost to Kenya’s industrialization and job formation pillar under the “Big Four” agenda, the carmaker released shipments totaling 30 units of CKD (Completely Knocked Down) kits.The vehicles will be massed by Simba Corporation (SimbaCorp), a diversified Kenyan conglomerate with a long history in the car sales and assembly industry. The consignment was flagged off by Kenya’s High Commissioner to Malaysia, Francis Ndegwa.... Read more »

Posted on : Monday , 7th September 2020

Ethiopia is the Mining Speculation Goal

Ethiopia's practically untapped, rich and massive mineral resources offer tremendous potential for exploration and growth. These include, but are not limited to, tantalum, potash, gemstone, gold, iron ore and other mining, energy and construction minerals. This incredible ability combined with the reform of government policies and legislation means that Ethiopia is now very much on the radar screen of foreign mining.... Read more »

Posted on : Thursday , 3rd September 2020