Market News Page No. 78| Africa Business News

Japanese firm launches $15m African startup fund, reveals 5 investments

Uncovered Fund, a venture capital company focused on early-stage entrepreneurs in Africa, announced today the opening of its $15 million fund, which is set to close at the end of June this year. Takuma Terakubo's Tokyo-based firm, established in 2019, will invest $50,000 to $500,000 in African startups in the seed and Series A phases. Uncovered Fund invests in retail, fintech, health tech, logistics, MaaS, agritech, and smart city startups.... Read more »

Posted on : Tuesday , 30th March 2021

Kenyan Entrepreneur moulds unwanted Plastic into Bricks

Plastic waste from factories and businesses is turned into extremely powerful paving bricks by a Nairobi-based social enterprise. Nzambi Matee founded Gjenge Makers after becoming frustrated with how little was being done to address the pressing issue of plastic pollution in her country. Her and her team were named Young Champions of the Earth for 2020 by the United Nations Environmental Programme for their resilient building.... Read more »

Posted on : Tuesday , 30th March 2021

Kalro receives Sh300,000 in EU funding to improve food security

The European Union has given the Kenya Agricultural and Livestock Research Organization Sh300 million to help with food security. The funds will also be used to expand research and the use of climate-smart technology in the fight against climate change. The AgriFI Kenya Climate Smart Agricultural Productivity Project will introduce the five-year programme. The sub-grants would help at least 19 groups of farmers along the coastal.... Read more »

Posted on : Tuesday , 30th March 2021

Africa May Play a Central Role in India's Oil Diversification - Dharmendra Pradhan

African countries could play a key role in India's efforts to diversify its oil and gas sources, according to the country's oil minister on Wednesday, as the country seeks to reduce its dependence on the Middle East.After OPEC+ agreed earlier this month to largely maintain production cuts in April, India, the world's third largest oil importer, has asked state refiners to accelerate the diversification of oil imports in order to progressively.... Read more »

Posted on : Tuesday , 30th March 2021

Ethiopia plans to use iodine to transform clouds into rain.

Ethiopia's government intends to use iodine-based cloud collection technology to increase agricultural production and achieve food self-sufficiency. According to Prime Minister Abiy Ahmed, a group of experts will use the technology in the coming two months to collect clouds and turn rainfall. He commented on the future of Ethiopia's tourist attraction in the southern part of the country during a meeting with its ministers in Koisha. In.... Read more »

Posted on : Monday , 29th March 2021

Solar Technology Helps Women Farmers in Tanzania Cut Post-Harvest Losses

Women farmers in Tanzania have harnessed solar technology to reduce post-harvest losses, improving food security, panellists learned at an Afdb event held in February to launch its Gender and Energy brief on the status of gender mainstreaming in Tanzania’s energy sector. The brief targets to provide recommendations that will inform policy making by government and other shareholders. Increasing gender equality in access to energy is also.... Read more »

Posted on : Monday , 29th March 2021

Kengen Announces 9% Profit Increase nn Year Ended 31 December 2020

Kenya Electricity Generating Company PLC (KenGen) has announced a 9 per cent profit increase in its half-yearly unaudited financial results for the period ended 31 December 2020. The company's profit before tax grew from Ksh 6.2 billion ($55 million) to Ksh 6.8 billion ($64 million), states a company statement. KenGen co. states that revenue from geothermal operations continued to show a growth trajectory, recording a growth of 14 per.... Read more »

Posted on : Thursday , 13th May 2021

Spudding-In Marks Progress for Tanzania’s Geothermal Aspirations

The principal research and innovation engineer at Tanzania Geothermal Development Company, Eng. Chagaka Kalimbia announced on LinkedIn the successful spudding-in of the 1st geothermal well in Tanzania. The well Kiejo-Mbaka KMB-01 was spud-in on 22 March 2021 at around 11:09 am EAT stated Eng. Kalimbia, the project lead. The planned works on the project currently consist of drilling 3 shallow wells each to a maximum measured depth of.... Read more »

Posted on : Friday , 26th March 2021

TGDC plans to produce 200MWe of geothermal energy by 2025

The Tanzania Geothermal Development Company (TGDC), a subsidiary of the state-owned Tanzania Electric Supply Company (Tanesco), plans to produce 200MWe of geothermal energy by 2025. According to TGDC’s managing director Kato Kabaka, the company is planning to enter into an agreement with a local company to carry out shallow well drilling tests for research purposes on our Kiejo-Mbaka project in Busokelo council, Rungwe district, Mbeya.... Read more »

Posted on : Thursday , 25th March 2021

M3 Inc. of Japan to invest in Africa Health Holdings Ltd.

M3, Inc., a medical Web portal headquartered in Tokyo, has announced that its multi-stage corporate venture fund 1P1Y will invest in Africa Health Holdings Ltd, which runs medical facilities in Ghana, Nigeria, and Kenya. M3 will use this investment to improve the effectiveness and complexity of Africa Health's infrastructure, as well as to support its expansion plans. M3 will support Africa Health by leveraging its physician platform and.... Read more »

Posted on : Wednesday , 24th March 2021

Ghana's health startup mPharma launches in Ethiopia

Belayab Pharmaceuticals has signed a franchise agreement to open Haltons Pharmacies in Ethiopia with Ghanaian health tech startup mPharma. Under the terms of the agreement, mPharma will use its technology platforms, expertise, and extensive experience working with hospitals and retail pharmacies across Africa to help Ethiopia achieve universal medical coverage for all of its patients. mPharma and Belayab Pharmaceuticals are preparing.... Read more »

Posted on : Wednesday , 24th March 2021

Africa's Mining firms are switching to Green Mining using earth-friendly product alternatives

The mining industry should be leading the way in exploiting the earth's wealth in more environmentally friendly ways, given its major duty to both man and nature. It is, after all, one product, one step at a time. In terms of global industrial growth, the mining industry is significant. Mining is important to human development because it provides mineral and other services to the world's diverse construction and manufacturing.... Read more »

Posted on : Wednesday , 24th March 2021