Market News Page No. 488| Africa Business News

World Bank Grants USD 45 Million To Develop Tanzania Mining Sector

The World Bank (WB) recently approved to grant USD 45 million to improve the socioeconomic impacts of Tanzania large and small-scale mining. According to WB the financing would build on the success of the ongoing Sustainable Management of Mineral Resources Project (SMMRP), which is undertaken by the government to manage, improve the regulatory framework, expand the country coverage by geological surveys and enhance the social and.... Read more »

Posted on : Friday , 22nd May 2015

Tanzania To Invest USD 11 Million To Increase Fuel Storage

Tanzania International Petroleum Reserves Limited (TIPER) will invest USD11 million to increase its fuel storage capacity from 141,000 cubic metres to 213,200 cubic metres. a. The investment will also increase operational efficiency. According to TIPER Managing Director Daniel Belair the overall objective is to reach a capacity of 313,200 cubic metres in the near future, to meet the sustainable growth of fuel.... Read more »

Posted on : Friday , 22nd May 2015

Ireland-based global life sciences company invests in Africa-focused biopharma startup

Serenus Biotherapeutics, Inc., a specialty biopharmaceutical company bridging the divide between the world’s leading pharmaceutical markets and the growing demand for access to innovative therapies in the emerging nations of Africa announced it had secured investment of up to $43 million from Malin Corporation plc, an Ireland-based global life sciences company focused on healthcare. Under the terms of the agreement, Malin will purchase.... Read more »

Posted on : Friday , 15th May 2015

Nigeria: Plastic Subsector to Grow By Seven Percent By 2025

The plastic subsector is expected to grow by seven percent over the next ten years, just as a positive outlook is projected for the packaging industry due to increased market demand and sophistication of the Nigerian consumers. Also, imports of food processing and packaging machinery witnessed an increase of €331 million in 2013, compared to €198 million in 2010, Managing Director, Fairtrade, Mr. Martin Marz, said this at the just.... Read more »

Posted on : Wednesday , 13th May 2015

Investing to Change Lives - IFC and AfDB Seek to Boost Private Sector in Africa

Enhancing partnerships with a view to boosting private sector as the driving force for sustainable and inclusive growth in Africa is one of the main priorities for the African Development Bank's Private Sector Department (OPSD) and the International Finance Corporation (IFC). For this reason, the African Development Bank hosted a high-level delegation from the IFC for two days of meetings on May 6 and 7, 2015 in Abidjan, to deepen.... Read more »

Posted on : Wednesday , 13th May 2015

Kisarawe dry port coming soon

A private cargo handling and logistics company, DSM Corridor Group Ltd, has started construction of a dry port in Kisarawe district, 40km from Dar es Salaam port. The project will cost a total Tsh32.8 billion ($17 million). According to DSM chief executive officer Erik Kok, the move is aimed at reducing congestion at the Dar es Salaam port. “The multipurpose dry port is approximately 100,000 square metres; at the moment; we have.... Read more »

Posted on : Monday , 11th May 2015

Rwanda to export Irish potatoes to Zambia, South Sudan

A number of countries, including Zambia and South Sudan, have expressed interest in Rwanda’s Irish potatoes, a development that could turn around the fortunes of farmers and expand the country’s exports base and revenue. Francois Kanimba, the Minister for Trade and Industry, said farmers must now double their efforts to satisfy the growing local and regional demand for Irish potatoes, and ensure quality along the value.... Read more »

Posted on : Saturday , 9th May 2015

African floriculture heats up

On an average day at the Aalsmeer flower auction in the Netherlands – long considered the flower capital of the world – some 20m stems will change hands. During peak holiday period the trading in the country, which handles around 52% of global volume, is even more frantic. In the week running up to Valentine’s Day 2015, an estimated 200m red roses and tulips, 100m assorted other varieties and 20m pot plants were exported by.... Read more »

Posted on : Thursday , 7th May 2015

Rwanda to rehabilitate feeder roads at a cost of US$ 50m

Rwanda has signed an agreement that will see United States finance upgrading of feeder roads so as to improve the road infrastructure in various parts of the country. The Feeder Roads program will see 2500km of road network renovated – a project expected to end in 2018 and will cost an approximate amount of US$ 50m. Meanwhile, Rwanda is set to have established a total budget for rural feeder road network in 2016. The US envoy to.... Read more »

Posted on : Saturday , 2nd May 2015

Firm pledges US$ 27b for Mwambani Corridor in Tanzania

Brookwoods Capital, a privately held equity firm will be investing US$ 27b on the construction of Tanzania’s Mwambani Port and Railway Corridor (Mwaporc) project in Tanga, which is set to be one of the region’s largest development corridors. Construction of Mwambani Port and Railway Corridor (Mwaporc) is set to help in the direct shipping of goods from international ports. Mwaporc development corridor will see exporters and.... Read more »

Posted on : Thursday , 30th April 2015

Tanzania: U.S. $590 million Dar es Salaam Port upgrade works begin

Dar es Salaam — Civil works have started on the $593 million upgrade of Dar es Salaam port involving financing by both bilateral and multilateral donors and overseen by TradeMark East Africa, the non-profit consultancy. Philippe Dongier World Bank Country Director for Tanzania, Uganda and Burundi said last week the event is happening at the right time when the World Bank together with the Tanzania government, the British Department of.... Read more »

Posted on : Tuesday , 28th April 2015

EAC states urged to review their agricultural budgetary allocations

Even though agriculture remains the main economic activity in the East African Community (EAC) partner states, public spending on the sector remain very low as reflected in the 2014/2015 individual national budgets published by Kenya, Tanzania, Uganda and Rwanda. This is despite the sector contributing about 30 percent of the Gross Domestic Product (GDP) and employing about 80 percent of the total work force of these countries. The.... Read more »

Posted on : Tuesday , 28th April 2015