Market News Page No. 29| Africa Business News

KAM CEO Antony Mwangi's Assessment of the 20by30 Agenda

The William Ruto organization has set an objective for the assembling area's commitment to the GDP — a proportion of public financial result — to significantly increase from 7.2 percent in 2021 to 20 percent in 2030. The drive named Kenya Assembling 20by30 targets expanding "on valuable open doors accessible to spike neighborhood industry's development". Kenya Relationship of Producers (KAM) CEO Antony Mwangi addressed the Business.... Read more »

Posted on : Wednesday , 26th April 2023

Manufacturing Industry Is Expected To Contribute To The Growth Of The GDP. By 2030

By 2030, the manufacturing sector is anticipated to drive GDP growth. The growth domestic product (GDP) of Kenya is expected to increase by 15% by 2027 and 20% by 2030 as a result of the manufacturing sector. According to the finance ministry, the nation's economy will rise by 5.3% in 2022 and 6.3% in 2023.The Ministry of Investments, Trade, and Industry is taking the necessary steps to improve the goal's achievement in order to accomplish.... Read more »

Posted on : Wednesday , 26th April 2023

Making the Agriculture Sector Greener in Tanzania

Tanzania's horticultural sector presents significant opportunities for youth to earn lucrative incomes. However, the use of gasoline or diesel-powered irrigation pumps has negative environmental effects and is an expensive solution. To mitigate climate change and increase agricultural productivity, the Tanzania Renewable Energy Association (TAREA) partnered with the Dutch Embassy and the Climate Response Facility (CERF) to implement the.... Read more »

Posted on : Wednesday , 26th April 2023

Kenya to Combat Rural Energy Access Gap with Over 130 Solar Minigrids

The Kenyan Government, in partnership with the Kenya Off-Grid Solar Access Project (KOSAP), is developing 137 solar minigrids svtodd 12 of the country’s 14 counties. The project is financed by the World Bank, which approved an International Development Association (IDA) credit of US$150 million to fund the project back in 2017. The solar minigrids will electrify 567 public facilities, including secondary schools, health facilities,.... Read more »

Posted on : Wednesday , 26th April 2023

The EU provides $378 million to Kenya to power its electric BRTs

The European Union has provided Kenya with Ksh 50 billion ($378 million) to help with the electrification of the country's public transport infrastructure. The funding will allow Kenya to construct the infrastructure needed to improve the efficiency and cost-effectiveness of its bus rapid transit system. This development is the consequence of a recent meeting that took place at the European Union headquarters in Brussels, Belgium, between.... Read more »

Posted on : Tuesday , 25th April 2023

Tanzania pioneers the transition to electric vehicles in East Africa

According to a recent analysis, Tanzania is gaining progress on e-mobility quicker than any other East African country. According to the Africa E-Mobility Alliance report, which was issued last month, Tanzania has at least 5,000 electric cars (EVs). However, due to a variety of problems, e-mobility remains a "very young" business. High import fees, uncertain government policy, insufficient financing, too few specialists, restricted.... Read more »

Posted on : Tuesday , 25th April 2023

Borouge Enters Into Agreement to Expand Footprint in East Africa

Borouge Plc, a petrochemical company that provides innovative and differentiated polyolefin solutions, has entered into a Distribution Agreement with one of the biggest polyolefin distributors in East Africa, Somochem. The agreement builds on a long-standing partnership between Borouge and Somochem and aims to increase Borouge’s footprint and presence in East Africa. The development comes on the back of Borouge’s significant growth in.... Read more »

Posted on : Tuesday , 25th April 2023

Tanzania Inks $667M Minerals Deal

The Tanzanian Government has signed agreements with three Australian mineral companies for the development of rare earth and graphite mines in the country. Agreements totalling $667 million were signed with mineral exploration companies Evolution Energy Minerals, EcoGraf, and Peak Rare Earths. Peak Rare Earths will mine minerals in Ngualla, the southwest region of the country; Evolution Energy Minerals will mine graphite in the.... Read more »

Posted on : Tuesday , 25th April 2023

TANZANIA: $276 million from the AfDB and AFD for the Kakono hydropower plant (88 MW)

In Tanzania, the Kakono hydropower project is on track. The French Development Agency (AFD) and the African Development Bank (AfDB) have confirmed their financing of US$ 120.7 million and US$ 116 million respectively. The loans, which will be repaid by the Tanzanian government over 17 years, will be used to build a run-of-river power plant with a capacity of 87.8 MW. The Kakono hydropower scheme also benefits from a US$ 39.5 million grant.... Read more »

Posted on : Friday , 21st April 2023

Ethiopia Gains USD 39.73 Million in a Month from Power Export to Kenya

Ethiopia provided 58.01 percent of Kenya’s January import of electricity. The drought in Kenya forced the country to import a record 68.48 kilowatt-hours of power due to reduced local hydro-power generation. Ethiopia was able to gain USD 39.73 million from the export. Kenya started importing power from Ethiopia in November last year after the 2 countries entered a 3 year power purchase agreement for 25 years. The price of 1KW is agreed to.... Read more »

Posted on : Friday , 21st April 2023

Kenya Aims to Reduce Its Reliance on Food Imports by $200 Million Annually.

With the marking of an arrangement with the English based venture association Joined Green Gathering, Kenya is projected to cut its dependence on food imports by USD 200 million (Sh26 billion) consistently. For the following five years, the Assembled Green Gathering will give Agri-blade tech administrations to provincial networks, high-efficiency environment brilliant cultivating, and front line agro-modern offices. This comes as.... Read more »

Posted on : Tuesday , 18th April 2023

Kenya's $21 million sugar refinery will begin testing in August.

West Valley Sugar Organization's 2.8-billion-Kenyan-pushing ($21.27 million) sugar manufacturing plant in Kericho Region will begin preliminary attempts in August. The preliminary will go on for a very long time before the authority dispatching in October, Business Day to day revealed, referring to West Valley Sugar Organization overseeing chief Bernard Soi. The venture is 75% finished, the report said. In December 2022, the.... Read more »

Posted on : Tuesday , 18th April 2023