Market News Page No. 233| Africa Business News | Afrotrade

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Ethiopia: GERD Project Continues to Receive Public Funding

The Amhara State collected over 15.4 million Birr for the Grand Ethiopian Renaissance Dam (GERD) construction over the last five months. Expert with GERD Public Support Mobilization and Coordination Secretariat Gizachew Gidey said the money was raised by civil servants, farmers, and the private sector through bond sales and grants. Planning to collect over 3 billion Birr, the state secured over one billion so.... Read more »

Posted on : Friday , 6th January 2017

Tanzania: New Building Code System Essential for Real Estate Safety

Dar Es Salam — The government has been urged to introduce the Building Code system as a solution for the haphazard and unlawful real estate development in Tanzania. The coding system was designed by the Architects Association of Tanzania (AAT) and handed over to the government in 2003. This follows complaints from residents of major urban centres against violation of laws guiding real estate development, risking health,.... Read more »

Posted on : Friday , 6th January 2017

Ethiopia: Tendaho Irrigation Dam Completed

The dam has a capacity to hold 1.8 billion cubic meters of water and irrigate 60,000 hectares. The Ministry of Water, Irrigation and Electricity announced that the overdue construction of Tendaho Irrigation Dam has been completed . According to the ministry , the irrigation project was expected to be finalized in three- year time with 870 million birr budget. As the construction of project is long overdue and has taken eight year more ,.... Read more »

Posted on : Friday , 6th January 2017

Ethiopia Seeks China's Help to be Africa's Top Car Manufacturer

ADDIS ABABA -- Ethiopia has grand ambitions for its tiny auto industry, seeking to transform a handful of assemblers that bolt together imported kits into a network of factories that can make the country Africa's biggest car manufacturer over the next two decades. Ethiopia produces about 8,000 commercial and other vehicles a year for the home market, about a quarter of which are cars. But executives say they have capacity to make more.... Read more »

Posted on : Thursday , 5th January 2017

Tanzania: Despite Decrease in Price Clove Exports Increase By $34 Million

Dar es Salaam — Tanzania exported cloves worth $54 million in the year ending October 2016, up from $19.7 million in a similar period the previous year. A Bank of Tanzania (BoT) economic review for November attributed the rise to an increase in exports to 6,817 tonnes from 1,907.2 tonnes during the period. However, the commodity prices at the world market fell from $10,324.8 to $7,921.8 per tonne in the year ending.... Read more »

Posted on : Thursday , 5th January 2017

Kenya: Cereal Farmers Ask Ministry for Timely, Subsidised Fertiliser

Cereal farmers in the North Rift region have called for prompt delivery of government subsidised fertiliser as preparations for the next planting season commence. This is a shift from their demands for better producer prices. The growers yesterday petitioned the Agriculture ministry to import the farming inputs early. They said it should avoid the last-minute rush that results in some of them planting their crops.... Read more »

Posted on : Thursday , 5th January 2017

East Africa: Retail Giant Nakumatt Raises Shs17 Billion Ahead of Share Sale

Nairobi — Retail chain Nakumatt Holdings has raised KSh500 million (Shs17b) through a short- term loan in a deal expected to pave the way for entry of a deep-pocketed strategic investor into the business. The transaction was disclosed by investment advisory firm Dry Associates, which arranged the private placement last quarter. The firm said Nakumatt went to the market seeking KSh500 million through an insured loan and.... Read more »

Posted on : Thursday , 5th January 2017

Kenya: Doctors Continue Strike Despite Improved Offer from President

Nairobi — Striking doctors are yet to go back to work even after being offered an enhanced pay package that would cost the Treasury an additional Sh4 billion every year. In the meeting chaired by President Uhuru Kenyatta at State House Mombasa, it was agreed that the entry point of doctors would be enhanced from Job Group L to M, and gross salaries raised to Sh196,000 from the current Sh140,244. A statement from State.... Read more »

Posted on : Thursday , 5th January 2017

Africa: ADB Looking to Raise $8.4 Billion from Capital markets for Development Projects

Kampala — The African Development Bank (ADB) board of directors has approved the institution's borrowing programme for 2017, for an amount of $8.4 billion (Shsh30.4 trillion). The money will be raised from capital markets in African countries by issuing bonds in local currency to finance development projects. Due to existing large infrastructure deficits, African governments are in need of funds to finance various.... Read more »

Posted on : Thursday , 5th January 2017

Africa: 'Mobile Money' Helping Women Rise Above Poverty

A recently published study on the long-run effects of mobile money on economic outcomes in Kenya provides some valuable insights that will benefit economic development and financial inclusion policies across Africa. The study found that increased access to mobile money has reduced poverty in Kenya, particularly among female-headed households. Rapid expansion of mobile money has lifted an estimated 2% of Kenyan households (some 194,000).... Read more »

Posted on : Thursday , 5th January 2017

Africa Hails China's Ban of Ivory Products

Nairobi — China's latest ban on processing and sale of ivory products marked a historic milestone in efforts to save African elephants from poaching, Kenyan wildlife officials said on Tuesday. Richard Leakey, chairman of the Kenya Wildlife Service (KWS), hailed the Chinese government's decision, saying it will revitalize global action on illegal trade in trophies. "I was pleased to learn about China's action that.... Read more »

Posted on : Thursday , 5th January 2017

Kenya: State-of-the-Art National Library Complex to be Completed in 2017

Nairobi — The Sh2.4 billion ultra-modern national library complex on Ngong road, Nairobi is set to be opened in 2017, with 65 percent of the works completed on the 5 storey building. Vision 2030 Delivery Secretariat, Director General, Dr. Julius Muia, says the library will offer a comprehensive national reference service to all sectors of the economy and contribute to literacy development and research. With a sitting.... Read more »

Posted on : Thursday , 5th January 2017

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