Market News Page No. 505| Africa Business News | Afrotrade

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African Development Bank To Grant USD 70.5 Million To Tanzania Energy Sector

The Board of Directors of the African Development Bank (AFDB) approved to grant USD 70.5 Million to finance the Tanzania Power Sector Reform and Governance Support Programme (PSRGSP). The objective of the operation is to promote inclusive growth and enhanced economic competitiveness through power sector, economic and financial governance reforms. PSRGSP will boost efforts to implement energy sector and related PFM.... Read more »

Posted on : Tuesday , 9th June 2015

TANZANIA�S INCREASES RECOVERABLE NATURAL GAS RESOURCES TO 55TCF

Tanzania has increased its estimated recoverable gas resources to 55.08 trillion cubic feet from the 53.2tcf estimate in October according to the country’s energy and minerals minister George Simbachawene. The 18 percent increase follows discoveries by Statoil, BG Group, Ophir Energy and Exxon Mobil since June 2014 when resources were estimated to be 46.5 Tcf. Since June Statoil has announced discoveries at the Piri.... Read more »

Posted on : Monday , 8th June 2015

US$ 7.6bn standard gauge railway for Tanzania

Tanzania in conjunction with a Chinese company is set to construct a 2,561 km standard gauge railway at a cost of US$ 7.6bn. The railway line will connect the Dar es Salaam port to land-locked countries and hence enhance the economy of the country. A Chinese consortium led by China Railway Materials (CRM) has been selected to undertake the construction of the project; this was confirmed by the Tanzanian Minister for Transport,.... Read more »

Posted on : Thursday , 4th June 2015

GE chases $10bn African target

GENERAL Electric (GE) is seeking to more than double revenue from Africa to as much as $10bn over the next five years as it targets power, health and locomotive opportunities in countries including Nigeria and Ethiopia. "We’re bullish on Nigeria," GE’s president for transportation for Africa and CEO of its South African business, Thomas Konditi, said on Wednesday. "We met with a couple of the incoming.... Read more »

Posted on : Thursday , 4th June 2015

EAC MEMBER STATES SHOULD INVEST IN AGRICULTURE FOR STRONGER ECONOMY

Agriculture accounts for 30% of the gross domestic product (GDP) of EA and it employs over 60% of the population of East Africa. In East Africa, it is reported to have annual value of $50b and this represents a 75% of the Agricultural products being traded from the commodities like maize, rice, potatoes, cassava, beans, wheat among others. Agricultural performance is critically important to pro-poor growth since it employs over.... Read more »

Posted on : Wednesday , 3rd June 2015

Bowleven commences drilling operations on Zingana exploration well

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that drilling operations have commenced on the Zingana exploration well on the Bomono Permit, onshore Cameroon. The Zingana well is the first of two wells in the 2015 exploration programme. Zingana is located 20 kilometres north-west of Douala and will target a Paleocene (Tertiary) aged threeway dip closed fault block that was partially.... Read more »

Posted on : Wednesday , 3rd June 2015

Stamico To Sign Tin Trade Agreement With Dar Gold DMCC Ltd Dubai

Kyerwa Tin Company Ltd., a subsidiary of Tanzania State Mining Corporation (Stamico) and Dar Gold DMCC Ltd of Dubai signed a tin mining trade agreement to uplift small scale tin mining industry of Kyerwa district. The agreement was signed recently in Dar Es Salaam by the Acting Managing Director of Stamico Mr. Edwin Ngonyani. Stamico’s goal is to improve the livelihoods of small-scale miners. Mr..... Read more »

Posted on : Wednesday , 3rd June 2015

INDIA: Honda begins Jazz exports to South Africa

Honda Cars India has started exporting its small Jazz [Fit in some markets] to South Africa from its plant in Rajasthan where it increasing production of the model from 120,000 to 180,000 units a year. Senior vice-president for sales and marketing, Jananeswar Sen, said exports to South Africa from the Tapukara factory had already started. The third generation Jazz goes into production there in July. Tapukara also produces the mid size City.... Read more »

Posted on : Wednesday , 3rd June 2015

Enel Green Power announces start of construction on an 82.5 MW PV plant in South Africa

Enel Green Power (EGP, Rome, Italy) has begun construction of the Pulida solar photovoltaic (PV) plant, which is located in the Free State Province in South Africa. The PV project will have a total installed capacity of 82.5 MW and once fully operational will be able to generate more than 150 GWh of solar power annually, equivalent to the annual consumption needs of around 48,000 South African households. Solar power generated by Pulida.... Read more »

Posted on : Wednesday , 3rd June 2015

SOUTH AFRICA: Mercedes East London plant builds car #1,000,000

Daimler's South African Mercedes-Benz plant in East London, Eastern Cape province, has built its one millionth passenger car - a white, right hand drive, C-Class sedan. The latest generation has been produced since May 2014 in East London - one of four factories world wide making the model line - and this is the fourth generation to be built in South Africa. Bremen, Germany, is the lead plant and the others are Tuscaloosa, Alabama and Beijing.... Read more »

Posted on : Tuesday , 2nd June 2015

Ethiopia to build biggest air cargo hub in Africa

Ethiopian Airlines’ drive to become a global carrier is to be supported by the construction of a world-class cargo terminal at Addis Ababa Bole International Airport. The $98m terminal, which will be the size of five football grounds, is to be designed by German engineer Unitechnik Group. According to Unitechnik, the new terminal will be able to handle 600,000 tonnes of freight a year: more than four times the capacity of the.... Read more »

Posted on : Tuesday , 2nd June 2015

WB cooperates with Chinese firm to develop low-cost houses in Africa

NAIROBI - The World Bank's private sector arm, the International Finance Corporation (IFC), on Friday inked a new partnership with Chinese construction and engineering company to develop low-cost houses in three African countries. IFC and CITIC Construction Co., Ltd will set up a joint venture and inject 300 million U.S. dollars to develop 30,000 homes in Kenya, Rwanda and Nigeria in the next five years. "As Sub-Saharan Africa becomes.... Read more »

Posted on : Tuesday , 2nd June 2015

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