Market News Page No. 26| Africa Business News

Kenya and South Korea Seal Partnership to Build Five Smart Cities

Korea Trade Centre, Nairobi (KOTRA), the Commercial Section of the Embassy of the Republic of Korea, and the Kenyan Government through the Ministry of ICT and the Digital Economy have signed a memorandum of understanding (MoU) to foster and promote partnerships and investments in the development of smart cities in the country. To get things started, the MoU calls for the two countries to construct 5,000 affordable houses. The houses will be.... Read more »

Posted on : Thursday , 29th June 2023

Kenya: Construction of 35-Megawatt Menengai Geothermal Power Project Starts

The government broke ground on the construction of a 35- MW Menengai Geothermal Power Plant in Nakuru County as it seeks to grow clean energy sources. The project was officially opened by Deputy President Rigathi Gachagua on 9th June. President William Ruto's administration is betting on geothermal power sources to transition the country to a 100% transition to green energy amid climate change. "This will contribute to lowering.... Read more »

Posted on : Thursday , 29th June 2023

Kenya, Tanzania to Establish $309 Million Electricity Transmission Line by Year-End

• Kenya and Tanzania to establish a $309 million electrical transmission line for importing and exporting electricity. • The transmission line will have a transfer capacity of 2,000 megawatts, enabling the two countries to share excess power. • The completion of the Kenya-Tanzania connection will also facilitate the exchange of power between electrical pools in East and Southern Africa, promoting regional energy.... Read more »

Posted on : Monday , 14th August 2023

Cnooc Plans Offshore Oil, Gas Exploration in Tanzania

China’s Cnooc Ltd. is planning offshore oil and gas exploration with state-owned Tanzania Petroleum Development Corp. as the East African nation seeks to boost the development of its natural resources. The joint work will be conducted in deep-sea blocks 4/1B and 4/1C held by TPDC, according to Tanzanian Energy Minister January Makamba. The acreage is located near large gas fields discovered by a consortium of international energy.... Read more »

Posted on : Wednesday , 28th June 2023

Tanzania LNG Project Cost Increases to $42B

Tanzania has revised the cost of its Liquefied Natural Gas (LNG) project upwards, estimating the total cost of the large-scale project to be USD 42 billion. Initially projected at USD 30 billion, Felchesmi Jossen Mramb, Permanent Secretary in Tanzania’s Ministry of Energy explained that, “The recent technical analysis shows that offshore drilling and piping will push the project to $42 billion,” making the development the largest.... Read more »

Posted on : Wednesday , 28th June 2023

Kesses Solar Power Plant, a 40 MW Project, Commences Operations in Kenya

The Kesses solar photovoltaic (PV) plant, with a capacity of 40 MW, has become operational in Kenya. Developed by the Emerging Africa Infrastructure Fund (EAIF) in partnership with Standard Bank Group, Stanbic Bank Kenya, and Alten Kenya Solarfarms, the project was completed at a cost of $87 million. Located near Eldoret in Kenya’s Rift Valley province, the plant is set to provide clean and renewable energy to the region, driving economic.... Read more »

Posted on : Friday , 23rd June 2023

Largest Solar Power Plant in Offing in Tanzania

The Tanzania Electric Supply Company Limited (TANESCO) is expected to sign an agreement with Total Energies for construction of the largest solar power plant in the country in Kishapu, Shinyanga Region. Records indicate that completion of the project will make the Kishapu plant among the largest solar power plants in East Africa. Speaking in the month of May in one of the local television stations in a live broadcast which involved.... Read more »

Posted on : Friday , 23rd June 2023

Kenya Anticipates Signing a Trade Cooperation Agreement With The US Within a Year

According to trade minister Moses Kuria, Kenya anticipates concluding negotiations for a trade and investment agreement with the United States by the end of this year and signing the document by April 2024.Kenya is a significant beneficiary of the Africa Growth and Opportunity Act (AGOA), a preferential trade scheme that will end in 2025, and is one of the United States' top trading partners in Africa.In an interview in London on Wednesday,.... Read more »

Posted on : Friday , 9th June 2023

Kenya Takes Measures To Revive The Domestic Textile Industry

As part of initiatives to promote the nation's cotton industry, farmers in Kenya will receive free chemicals and training to ensure optimal production, and the government is anticipated to provide sufficient raw materials for the textile industry.The department for industrialization, the agricultural ministry, and Rift Valley Textile East Africa Ltd. will collaborate on the initiative.According to a recent announcement from Kenya, farmers will.... Read more »

Posted on : Friday , 9th June 2023

Kenya Establishes a Trade Organisation to Promote Packaging Recycling

A business organisation that will promote the recycling of all non-hazardous packaging materials in Kenya was introduced on Friday.In order to hasten the recycling of packaging made of plastic, aluminium and glass, Soipan Tuya, cabinet secretary for the Ministry of Environment, Climate Change, and Forestry, told journalists in Nairobi, the capital of Kenya, that PAKPRO would give financial subsidies to waste collectors."This organization will.... Read more »

Posted on : Wednesday , 7th June 2023

Woodworking is a crucial sector for Kenya's economic development

Woodworking industry in Kenya is a vital sector that contributes to the country's economic development and social welfare. Woodworking involves the processing of wood and wood products into various forms of furniture, construction materials, handicrafts, and other items. The industry in Kenya has witnessed remarkable growth and development over the years. With a rich history of traditional craftsmanship and an abundance of natural.... Read more »

Posted on : Wednesday , 7th June 2023

Tanzania's Economic Growth to Rely Strongly On Construction Activities in 2023 & 2024

According to recent research by experts, Tanzania's real GDP growth would increase to 5.7% in 2023, up from a projected 5.4% in 2022. According to the Tanzania National Bureau of Statistics' most recent GDP figures, growth in Q322 was 5.2% year on year, up from 4.8% in Q222. The transport and storage industry (which contributed 14.2% to economic growth), agriculture, and mining were key growth drivers. Private-sector investment and a robust.... Read more »

Posted on : Wednesday , 7th June 2023