Market News Page No. 53| Africa Business News

12 EU, African associations sign MoU to help the African auto sector grow

A historic memorandum of understanding (MoU) has been signed by twelve automobile organisations to accelerate the growth of the African automotive sector. A Memorandum of Understanding (MoU) was signed digitally between 12 Automotive Associations as part of the EU – Africa Business Forum 2022 with the goal of boosting the growth of the African Automotive Industry. While the automotive sector is critical to Africa's industrialization,.... Read more »

Posted on : Monday , 28th March 2022

Kenya's Stanbic Bank signed an import financing deal with two vehicle importers

MHH International Limited and World Navi Company Limited, two motor vehicle importers in Kenya, have formed an import finance cooperation with Stanbic Bank Kenya. With the signing of the agreement, consumers will get up to 80% financing from Stanbic Bank, with a 20% deposit paid to the importers and a payment period of up to four years. "Stanbic Bank intends to make it easier for our clients to get high-quality automobiles from foreign.... Read more »

Posted on : Monday , 28th March 2022

Over 2000 Pupils Benefit From Solar Devices in Garissa

At least 2000 children from 1700 households in Garissa County have benefited from the Mwangaza Mashinani Programme which is targeted to improve the wellbeing of children and their families particularly with regard to health and educational performance. The programme, which is financed by UNICEF and implemented by Garissa County Government, has been providing vulnerable families with Sh4, 000 twice a month to purchase solar powered lighting.... Read more »

Posted on : Tuesday , 22nd March 2022

Kenya to Use Solar Panels to Boost Crops by 'Harvesting the Sun Twice'

Solar panels are not a new way of providing cheap power across much of the African continent, where there is rarely a shortage of sunshine. But growing crops underneath the panels is, and the process has had such promising trials in Kenya that it was deployed in open-field farms. Known as agrivoltaics, the technique harvests solar energy twice: where panels have traditionally been used to harness the sun’s rays to generate energy, they.... Read more »

Posted on : Wednesday , 30th March 2022

Uganda, Tanzania to Become Oil Economies

Tanzania and Uganda are gearing up to become the region's oil economies with the latter signing a mega oil pipeline deal to transport Uganda's oil to its port of Dar es Salaam. The East African Community (EAC) is one of the fastest-growing economic blocs in the World. The pre-Covid-19 period saw the Economic Commission for Africa note that East Africa was actually the fastest growing economy compared to other regions on the.... Read more »

Posted on : Monday , 21st March 2022

Tanzania to Receive EUR 425 million from the European Commission

On 18th February 2022, the President of the European Commission (EC) Hon. Ursula Von der Leyen met with Tanzania’s President Hon. Samia Suluhu Hassan on her visit to Belgium. After the meeting, Von der Leyen has announced the EC’s support to Tanzania with EUR 425 million to fund various development projects in the country over the next 3 years. The funding corresponds to TZS 1.15 trillion and some areas of investment have.... Read more »

Posted on : Monday , 21st March 2022

East African countries in $8b investment plan

East African states will jointly benefit from at least $8.77 billion worth of investments in transport, healthcare, energy, and agriculture among other sectors, from deals made at the 2021 African Investment Forum concluded on Thursday. The three-day event was organised by the African Development Bank (AfDB) in partnership with other finance organisations including Africa Export-Import (Afrexim) Bank and African Finance Corporation among.... Read more »

Posted on : Monday , 21st March 2022

Rich Lamu Oil Prospects Fuel Kenya's Economic Plans Dreams

Kenya is just weeks away from announcing the discovery of new oil resources in the Lamu basin, bigger than what was found a decade ago in Turkana, in what could be a turning point for the country’s dreams of reaping petrodollars. Italian oil exploration company Eni — in partnership with France-based oil and gas company TotalEnergies and Qatar’s state-owned oil and gas firm Qatar Energy is racing to conclude a 5 kilometre exploratory.... Read more »

Posted on : Thursday , 17th March 2022

Tanzania: Oil, Gas Sector Attracts UAE Investors

TANZANIA'S participation in the Dubai Expo 2020 has paid off as the country has attracted a number of international companies that have shown interest to invest in the oil and gas sector. Some of the areas that have attracted foreign companies include supply of natural gas, construction of the Compressed Natural Gas (CNG) stations, and construction of pipelines as well as participation in the oil and gas exploration. The Tanzania.... Read more »

Posted on : Thursday , 17th March 2022

Tanzania: Rukwa to Power 155 Villages This Year

Rural Energy Agency (REA) and Tanescoare set to connect 155 villages in Rukwa with electricity by the end of this year thanks to 41.8bn/- fund. Rukwa'sTanesco acting Regional Manager, Joseph Malongo, told the Regional Consultative Committee (RCC) that under the 2nd round of REA Phase III the remaining 155 village in Rukwa will be connected coming this December. The RCC meeting was chaired by the Regional Commissioner Mr Joseph.... Read more »

Posted on : Wednesday , 16th March 2022

KENYA: VR Holding to Convert Solid Waste into Electricity in Kakamega

A solid waste-to-energy project is starting in Kakamega, 7 years after its official presentation. The Swedish energy company VR Holding AB has been appointed by the Kenyan government to carry out the work, which will cost 6 billion Kenyan shillings, or about US$53 million. Kenya will soon have a new solid waste-to-energy plant. The facility will be located in Kakamega County. The project is being implemented by VR Holding AB. The Bastad,.... Read more »

Posted on : Wednesday , 16th March 2022

Top 5 Upcoming Projects in East Africa

East Africa has more than $435 billion of active projects, of which $221 billion are under construction. A fast-growing population that will increase by 25 per cent over the next ten years drives the demand for infrastructure development. East Africa consists of 20 countries and a combined population of 455 million. Over the next ten years, growing at more than 25 per cent, East Africa's population will cross 570 million. One hundred.... Read more »

Posted on : Monday , 14th March 2022