Market News Page No. 78| Africa Business News

Sh2.5 billion loan has been approved for the construction of a gas hub in Mombasa, Kenya.

Mombasa Gas Terminal Limited (MGT) has received a Sh2.5 billion loan from the World Bank's private lending arm to build a liquefied petroleum gas terminal in Mombasa's port.The International Finance Corporation announced the money on June 2 after the company received regulatory approval from the national and county governments to start building."The second phase will complete the storage capacity to 22,000 metric tonnes or more with annual.... Read more »

Posted on : Tuesday , 15th June 2021

Kenya, Burundi sign deals to boost economic ties

Kenya and Burundi have inked bilateral trade and investment agreements in order to boost economic links between the two East African Community member countries. Presidents Evariste Ndayishimiye and Uhuru Kenyatta signed agreements on agriculture, livestock and fisheries, public service, foreign affairs, commerce, sports, and culture during a bilateral meeting in Kisumu's State Lodge. The two presidents also instructed their respective.... Read more »

Posted on : Tuesday , 15th June 2021

G7 DFIs & partners to invest over $80b in Africa’s private sector

The G7 nations, in collaboration with multilateral partners, have pledged to invest $80 billion in Africa's private sector. The G7 Development Finance Institutions (DFIs), including the UK's CDC Group, will assist sustained economic recovery and growth in Africa with this investment, which will be phased in over the next five years. The International Finance Corporation of the World Bank, the African Development Bank, the European.... Read more »

Posted on : Tuesday , 15th June 2021

Bugesera International Airport phase 1 to be delivered by Dec 2022

The first phase of Bugesera International Airport in Rwanda will be delivered by December this year according to Hon. Claver Gatete, the Rwandan Minister of Infrastructure. The minister made the announcement during the recent 5-day Executive Workshop of the Union of Central and West African Airport Managers (UGAACO) that aims to improve skills for the efficient management of airports and ensuring an appropriate degree of global.... Read more »

Posted on : Friday , 11th June 2021

Tanzania gears towards Covid-19 vaccination

Once considered as the staunch anti-Covid country, Tanzania is gearing towards vaccination after a team of health experts handed in their report on how to roll out mass inoculation to President Samia Suluhu. The report comes a month after a special committee of experts handed in another report evaluating the Covid-19 situation in the country. The Tanzania daily The Citizen revealed that among other things, the team, chaired by Prof.... Read more »

Posted on : Friday , 11th June 2021

Tanzania gears towards Covid-19 vaccination

Once considered as the staunch anti-Covid country, Tanzania is gearing towards vaccination after a team of health experts handed in their report on how to roll out mass inoculation to President Samia Suluhu. The report comes a month after a special committee of experts handed in another report evaluating the Covid-19 situation in the country. The Tanzania daily The Citizen revealed that among other things, the team, chaired by Prof.... Read more »

Posted on : Friday , 11th June 2021

Construction of Msalato International Airport in Tanzania to start soon

The construction works of the proposed Msalato International Airport (MSIA) in Tanzania are expected to start after this financial year according to the Tanzania Airports Authority. This will probably come following the approval of the 2021/22 budget that was recently presented to the East African country’s parliament by the Ministry of Works and Transport. In the over US$ 1.6bn budget, the Ministry has allocated close to US$ 14M to.... Read more »

Posted on : Friday , 11th June 2021

Tanzania May Start Building $30 Billion LNG Project in 2023

Tanzania plans to begin the construction of a delayed $30 billion liquefied natural gas project in 2023, following the resumption of talks with companies including Equinor ASA.Construction is expected to take about five years, Energy Minister Medard Kalemani told lawmakers last week.The project gained momentum after President Samia Suluhu Hassan took office in March, and directed her administration to fast-track delayed investments. Plans.... Read more »

Posted on : Thursday , 10th June 2021

Power Integrations Supports Electric Vehicle Designs

The automotive-qualified InnoSwitchTM3-AQ flyback switcher from Power Integrations, the pioneer in high-voltage integrated circuits for energy-efficient power conversion, was launched. The IC family now includes a member rated at 900 V, allowing for more headroom in inverter, battery management, and climate control applications for 400 and 800 V electric vehicles.The InnoSwitch3-AQ family is a single IC that integrates primary and secondary.... Read more »

Posted on : Friday , 4th June 2021

Inchcape Launches BMW Motorcycle Dealership in the Kenyan Market

The arrival of Inchcape into the motorcycle sector is expected to assist Kenya's automotive industry.Inchcape is an automotive distributor, retailer, and services firm established in the United Kingdom. Kenya (Inchcape Kenya) and Ethiopia (MOENCO) are the company's African dealerships, with Kenya serving as a centre for seven other African countries. Inchcape started as a Jaguar Land Rover dealer in Kenya in 2018 and later acquired the BMW.... Read more »

Posted on : Friday , 4th June 2021

Labacorp Energy to Establish New Solar Academy in Kenya

Labacorp Energy, a Cameroonian indigenous company, has announced that it will open a new solar academy in Kenya to support the government objectives towards a sustainable source of power in the country's energy sector by grooming more solar skilled workers. Labacorp will work with its joint venture partner, Mission Excellence Kenya, to establish the solar academy in the in Nairobi country's capital city. The project will be completed within.... Read more »

Posted on : Monday , 23rd August 2021

Chinese Firm Begins Construction of New Industrial Park in Ethiopia

China Civil Engineering Construction Corporation has started the construction of a new industrial park in Eastern Ethiopia. The 1st phase of the industrial park will be built on 370 hectares of land near the Dire Dawa. It will feature various clusters and is expected to attract investors into textile, clothing and leather processing sectors. The industrial park will be built close to the Ethiopia-Djibouti standard gauge railway for easy.... Read more »

Posted on : Tuesday , 1st June 2021