Market News Page No. 107| Africa Business News

East African wood processing market prospects remain dominant

As per the study, Eastern African economies purchase annually USD 1.2 billion in furniture, 22 percent of which is imported. As development is driven by increasing urban populations and purchasing power, growth prospects are favourable, and Kenya, Ethiopia, Tanzania, and Uganda are likely to remain the dominant markets for furniture. Kenya is the main furniture market in eastern Africa. It is also twice as much the biggest manufacturer of.... Read more »

Posted on : Friday , 24th July 2020

Tanzanian Gold Company doubles its mineral wealth from gold

For its Buckreef gold project in Tanzania, Tanzanian Gold Corporation, or Tangold, has provided a revised mineral resource estimate suggesting a doubling of production in the measured and indicated categories. The estimation of the mineral resources also showed the upside potential of its goals for exploration. After the last mineral resource update in June 2018, the Buckreef Shear Zone calculated mineral resources more than doubled in terms of.... Read more »

Posted on : Friday , 24th July 2020

Tanzania Dodoma Stadium Project, largest in Africa soon to break the ground

Dodoma stadium is set to become Africa's largest stadium. Harrison Mwakyembe Minister of Tanzania for Culture, Arts, Sports and Information has disclosed that the country’s proposed Dodoma Stadium project will start the construction procedure soon. The project has been on the track since 2017 after Morocco's King Mohammed VI promised to build the largest stadium in the East African country during his 2016 visit. Mr. Harrison Mwakyembe's.... Read more »

Posted on : Friday , 24th July 2020

Agreements signed by Tanzania for construction of Dodoma City Outer Dual Carriageway Ring Road

The agreements were signed in the East African country capital city by Patrick Mfugale, the Chief Executive Officer of Tanzania National Roads Agency (TANROADS), on behalf of the government of Tanzania, and Representatives Zhang Junle and Li Huan from China Civil Engineering Construction Corporation (CCECC) and AVIC INTL Project Engineering Company respectively. The government of the United Republic of Tanzania has signed two agreements.... Read more »

Posted on : Thursday , 23rd July 2020

Drivelectric Kenya Geares Up For Driving of Electric Vehicle in Kenya

A subsidiary of Knights Energy Kenya, Drivelectric Kenya, is offering Kenyans a platform to switch to electromobility.Driveelectric Kenya’s set of services is tailored to take away the risks (both financial and technological) for its customers, who like in most parts of the world are new to the world of electric vehicles.Driveelectric caters EV Consultancy, fleet analysis services, charging station installation services, and also provides.... Read more »

Posted on : Monday , 20th July 2020

Kenya's trade in EAC up despite tensions

Kenya's trade with the six-nation East African Community improved by 57.7 percent in the first quarter compared to a similar period last year despite the long-standing trade tension with some of the member states. The Kenya National Bureau of Statistics (KNBS) data shows that balance of payments - net exports less net imports - with Burundi, Rwanda, Tanzania, Uganda and South Sudan rose to Sh30.86 billion in the three months to March from.... Read more »

Posted on : Thursday , 16th July 2020

Nissan to Launch 7 New Models in Africa to Enhance Growth

Nissan Motor Co aims to launch seven new models in Africa over the next two years, company executives said last month, as the Japanese automaker seeks to focus on high-growth markets to try to weather the impact of the COVID-19 situation. The company released a plan last month to cut the number of models it makes globally and improve efficiency after the pandemic brought about its first annual loss in 11 years.Shinkichi Izumi, managing.... Read more »

Posted on : Wednesday , 15th July 2020

Africa's Long-term Growth Promise Remain Unharmed as Economies Display Their Resilience

The pandemic is undoubtedly a major and unexpected blow to Africa's near-term growth and development prospects. However, it is proving just how resilient many of the continent's economies have become in recent years thanks in part to diversification and better regional integration. The World Bank expects the global economy to contract by 5.2% in 2020 - the worst recession in decades despite the extraordinary interventions by authorities to.... Read more »

Posted on : Friday , 10th July 2020

New airport in Tanzania is to be funded by the African Development Bank

The African Development Bank's Board of Directors has approved a $272.12 million loan to Tanzania which will be used in the construction of a new international airport in the capital city of Dodoma; Msalato International Airport. The new site will be built within the district of Msalato, 12km from the capital. Msalato Airport, a new international airport, is to be built in the region of Dodoma, 12km from the capital city of Tanzania..... Read more »

Posted on : Wednesday , 8th July 2020

New airport in Tanzania is to be funded by the African Development Bank

The African Development Bank‘s Board of Directors has approved a $272.12 million loan to Tanzania which will be used in the construction of a new international airport in the capital city of Dodoma; Msalato International Airport. The new site will be built within the district of Msalato, 12km from the capital. Msalato Airport, a new international airport, is to be built in the region of Dodoma, 12km from the capital city of.... Read more »

Posted on : Wednesday , 8th July 2020

Kenyan Government presents a positive FY20-21 budget against Covid-19 backdrop sets a trajectory for recovery and growth

As the world prepares itself for a new normal post corona virus, countries in the East African region are also pulling all stops to ensure economic revival. The Kenyan Government has presented a USD 26 Billion budget for the fiscal year 2020 - 21. The period for this budget starts from the 1st of July, 2020 to 30th June, 2021. Seeking to tackle the adverse impact from a list of factors like the Covid-19 pandemic, locust invasions, and floods,.... Read more »

Posted on : Monday , 29th June 2020

Flyover Project Pace Thrilling : Tanzania

Tracking his plan to decongest Dar es Salaam City, President John Magufuli yesterday inspected the ongoing construction of Ubungo flyover in Dar es Salaam, expressing his satisfaction with the pace.The 247bn/- project is one of the many other big infrastructure projects that the fifth phase government is executing to ease traffic congestion in the leading commercial urban centre.Other projects in progress include the second phase of Dar es.... Read more »

Posted on : Monday , 22nd June 2020