Market News Page No. 53| Africa Business News

Proparco of France buys Sh3.7bn Naivas Supermarket stake

French sovereign wealth fund Proparco has acquired a $31.5 million (Sh3.7 billion) stake in supermarket chain Naivas as part of a consortium that will take a combined 40 percent ownership in the retailer. Naivas had earlier announced that Proparco, Mauritian conglomerate IBL Group, and German sovereign wealth fund DEG were taking a minority interest in the company without disclosing the details of the proposed transaction including the.... Read more »

Posted on : Tuesday , 28th June 2022

Tanzania Government Signs Natural Gas Deal with Shell and Equinor

The Government of Tanzania has signed a liquefied natural gas (LNG) framework agreement with energy giants Equinor and Shell, Reuters reported. The signing of the deal will expedite the start of the construction of a $30bn LNG export terminal. The deal is expected to pave the way for a final investment decision on the $30bn LNG export terminal by year 2025, the news agency quoted Tanzania’s Energy Minister January Makamba as.... Read more »

Posted on : Monday , 27th June 2022

Kenya’s Plan to Call The Shots in LPG Logistics

Kenya seeks to dominate in the supply of LPG by constructing the biggest import and storage gas facility in Mombasa and licensing more private companies to compete with Tanzania which has dominated the business for years in the region. The announcement to construct a 25,000 tonnes storage facility by the Kenya Pipeline Company (KPC) which will connect to the Sh42 billion new Kipevu Oil Terminal 2 (KOT) at the port of Mombasa comes few days.... Read more »

Posted on : Monday , 27th June 2022

Kiambu Businesses to Benefit from Street Lighting Project

Business in Kiambu County is set to receive a major boost following plans to erect over 20,000 street lights through an ambitious programme by a gubernatorial aspirant.Through his 24-hour economy blueprint, Thika MP Patrick Wainaina plans to put into action a programme that will make it easier for business people to transact and minimise security risks.Wainaina said he will work closely with Kenya Power and Lighting Company to achieve the scheme.... Read more »

Posted on : Monday , 27th June 2022

East African countries are involved in a USD 8 billion investment agreement.

From agreements signed during the 2021 African Investment Forum, East African governments would collectively benefit from investments totaling at least USD 8.77 billion in transportation, healthcare, energy, and agriculture, among other areas. The African Development Bank (AfDB) organised the three-day conference in collaboration with other financial institutions including the Africa Export-Import (Afrexim) Bank and the African Finance.... Read more »

Posted on : Thursday , 23rd June 2022

Resource Mining seeks to drill at its Tanzanian nickel-cobalt project, Kabulwanyele.

At its Kabulwanyele nickel-cobalt project in Tanzania's Mpanda District, Resource Mining Corporation Ltd. is getting set to start a first drilling operation. In the project area, the business gathered 254 soil samples and 19 rock chip samples last year from all tenements. This programme identified a 2 km long nickel-cobalt target that roughly coincides with a nickel laterite body that has previously been mapped. 18 holes totalling.... Read more »

Posted on : Thursday , 23rd June 2022

KENYA: Green Buildings Save $5 Million On Energy Consumption

Kenya is making progress in building green. According to a report published by the International Finance Corporation (IFC), the World Bank Group’s subsidiary, buildings certified as Edge (Excellence in Design for Greater Efficiencies) save at least US$5 million (Kshs 585 million) on their electricity bills each year. Specifically, these buildings are being built based on solutions that reduce electricity consumption by implementing energy.... Read more »

Posted on : Wednesday , 22nd June 2022

Crossboundary Gets $25M for Solar Mini-Grids in Africa

Kenya-based CrossBoundary Energy Access (CBEA), a mini-grid infrastructure investor, has raised US$25 million from ARCH Emerging Markets Partners Limited, Bank of America and Microsoft Climate Innovation Fund to back renewable energy projects across the continent. In this round, ARCH made a US$10 million equity investment as Microsoft and Bank of America injected US$15 million mezzanine financing — a debt that can be turned into.... Read more »

Posted on : Wednesday , 22nd June 2022

Turkey’s Investments In Kenya To Hit USD 1 Billion

Turkey exports to Kenya include household appliances, processed foods, construction materials, and iron, while Kenya exports mainly agricultural products to Turkey, including coffee, tea, and fresh fruits. Trade between Kenya and Turkey is flourishing and on track to reach both governments’ target of USD 1 billion, according to Ahmet Cemil Miroglu, Turkey’s ambassador to Kenya, on a visit to Turkish suppliers and businesses at Tatu.... Read more »

Posted on : Wednesday , 22nd June 2022

A second container terminal's phase two construction is finished in the port of Mombasa, Kenya

According to Kenya Ports Authority, the second phase of the Sh32 billion Port of Mombasa's second container terminal, which began in September 2018, has been finished (KPA). The port authorities revealed the information after confirming that the project had been completed by the Japanese contractor, Tokyo Construction Company Limited. Representatives from Tokyo Construction Company met with KPA officials and checked the project's.... Read more »

Posted on : Wednesday , 22nd June 2022

South Sudan and Ethiopian Signs MoU for Electricity Supply

• EEP signs 100MW sales agreement with South Sudan • The first step of the power purchase plan is a feasibility study • The study is to be completed within a year, and construction within two years Ethiopian Electric Power (EEP), the country’s state-owned power company, has signed an agreement to sell 100 MW to South Sudan for the next 3 years. The MoU is critical to satisfying electricity demand in South Sudan while.... Read more »

Posted on : Monday , 20th June 2022

KENYA: Menengai III Geothermal Power Plant to Be Commissioned In December 2022

Renewable energy producer Sosian plans to commission the Menengai III geothermal power plant in December 2022. Located in the Rift Valley in western Kenya, the plant will have a capacity of 35 MWe. The share of geothermal energy in Kenya’s electricity mix is expected to increase before the end of 2022. Sosian Energy, the developer of the Menengai III geothermal project, plans to commission a steam plant during December 2022. This promise.... Read more »

Posted on : Monday , 20th June 2022