Market News Page No. 95| Africa Business News

GDC begins exploraton at Korosi, Kenya

The Geothermal Development Company (GDC) has recently launched exploratory drilling at the Korosi geothermal site in the Rift Valley of Western Kenya. These drillings are part of the Baringo-Silali geothermal project which is said to produce 3,000 MWe.After having carried out exploratory drilling at the Paka geothermal site, the Geothermal Development Company (GDC) is starting operations at the Korosi site. The parapublic company will drill 3.... Read more »

Posted on : Friday , 2nd October 2020

Rwanda's affordable energy ambitions get $150m boost

Rwanda's quest to avail affordable energy to the population got a boost this week following, the approval by the World Bank Group of $150m (approximately Rwf142bn) to finance energy access for households, enterprises and public institutions in Rwanda.Half of the apportioned funds will be disbursed in form of grant while the other half will be given on credit, according to a statement.The funding permitted by the World Bank Board of Directors is.... Read more »

Posted on : Friday , 2nd October 2020

Danske Bank grants USD 131.4 million for 100 MW Assela Wind Project

Ethiopian Finance Minister Ahmed Shide recently signed a loan agreement worth €117.3 million with Danske Bank, Denmark’s largest bank. This took place during a virtual conference in which Jelsper B. took part. Petterson and Olaf S. Mark Schet, respectively Director and Associate Director of Danske Bank. This is the second installment of funding from Denmark; it has already provided USD 201 million in 2018. Sources cite that the.... Read more »

Posted on : Thursday , 1st October 2020

Tanzania-Uganda Pipeline Attains Major Breakthrough of $3.5bn

Tanga-Hoima Pipeline All set now for the kickoff, with Tanzania looking to March 2021 for the initiate the construction of the $3.5 billion project.Confirmed after the agreement between French oil company Total and the Ugandan government over differences which forced the project to stall since 2018.An initial plan for Tanzania and Uganda to have first oil flow in 2020 through the Uganda-Tanzania Crude Oil Pipe Line (UTCOP) was postponed after.... Read more »

Posted on : Thursday , 1st October 2020

World Bank Approves $80 Million Grant To Boost Ethiopia’s Agricultural Productivity

The World Bank Group’s Board of Executive Directors has approved a US$80 million grant from the International Development Association to support the government Ethiopia to boost agricultural productivity and enhance market access for smallholder farmers. The Financing Agreement was signed by H.E. Ahmed Shide, Minister, Ministry of Finance and Mr. Ousmane Dione, The World Bank Country Director for Ethiopia, Eritrea, Sudan, and South Sudan,.... Read more »

Posted on : Thursday , 1st October 2020

Kenyan New Car Sales Recover After Ease in Covid-19 Curbs

Sales of new motor vehicles have incorporated recovering from the economic fallout of the Covid-19 pandemic following the reopening of the economy starting July.Travel restrictions and the panic induced by the disease saw orders plummet to a low of 568 units in May.Sales have, however, increased steadily to reach 1,044 units in August and nearly matched the peak of 1,049 units in February.Data from the Kenya Motor Industry Association (KMI).... Read more »

Posted on : Thursday , 1st October 2020

TBS sets guidelines for small-scale mining

More than 100 standards have been developed by the Tanzania Bureau of Standards (TBS) to be used in the security of the mining industry for products and services engaged in drilling, production and processing. TBS spokesperson Roida Andusamile said, As the expansion of the mining sector has contributed to higher economic growth and increased exports and capital inflows in Tanzania. TBS has created standards that will ensure safeness.... Read more »

Posted on : Wednesday , 30th September 2020

Timber Trade sees a revival in East Africa

Timber trade accounts for hundreds of thousands of cubic metres of hardwood natural plantations annually; Mozambique, the DRC and, to a lesser degree, Tanzania, are the primary source countries for natural forest timber, while Kenya and Uganda are the largest importers. Overall, regional trade in natural forest timber in the area is growing, hitting a value of hundreds of millions of US dollars in the last 10 years. In the forests of the.... Read more »

Posted on : Wednesday , 30th September 2020

Selander Bridge project in Tanzania nearing early completion

Selander Bridge construction in Tanzania is on track to the finish line. The ongoing construction of the USD 112.8 Million Selander Bridge project in Dar es Salaam, Tanzania is already complete by over 40%. This has been revealed by Chief Executive Eng. of Tanzania National Roads Agency (TANROADS). By Eng. Patrick Mfugale. The country's Minister of Works, Transport, and Communication Isack Kamwelwe visited the site for inspection of the.... Read more »

Posted on : Tuesday , 29th September 2020

East Africa slowly reopens for business after Covid-19 havoc

Businesses across East Africa are racing to pick up the pieces after six months of Covid-19 restrictions, setting the stage for economic recovery and a rise in employment numbers.Emboldened by the declining Covid-19 infections, EAC partner states are in the process or have already re-opened their borders, hotels and schools.Kenyan President Uhuru Kenyatta has announced a national Covid-19 conference on September 28, in which he is expected to.... Read more »

Posted on : Tuesday , 29th September 2020

Africa Is No Doubt Final Frontier For Oil

The pandemic has been very devastating for the oil industry globally. Explorers suspended drilling, producers, idled wells, Big Oil majors put up assets for sale. But the world continues to need oil, albeit lower amounts of it than a year ago, and it will continue to need it. Exploration is not over. It is especially not dead in Africa—a hot spot in oil and gas before the pandemic.Earlier this month, French Total and the Uganda.... Read more »

Posted on : Monday , 28th September 2020

Ethiopia's Fresh produce export marks a new milestone

An inauguration ceremony at Modjo Dry Port Ethiopia has successfully executed its first avocado refrigerated containers loading and export by train for the European market, under the partnership of the National Cool Logistics Network pilot project. In the Koga area south of Bahir Dar, a dozen of farmers has sown produce weighing 24 tones. The The 24-tonne consignment was packed by by KogaVeg Agricultural Development, which is owned by.... Read more »

Posted on : Monday , 21st September 2020