Market News Page No. 96| Africa Business News

AfCFTA, UNDP sign strategic partnership to boost trade in Africa

The Secretariat of the African Continental Free Trade Area (AfCFTA) and the United Nations Development Programme (UNDP) have signed a strategic agreement to foster trade as a catalyst for Africa's socioeconomic recovery from the Covid-19 crisis, and as an engine of sustainable development in Africa, especially for women and youth, in accordance with the SDGs and Agenda 2063. The agreement was signed by AfCFTA Secretary General Wamkele Mene,.... Read more »

Posted on : Friday , 23rd April 2021

Kenya's Forestry Contribution to the National Economy and Trade

In Kenya, the forest sector provides more economic benefits than is recorded in the country's national statistics.The Kenya National Bureau of Statistics (KNBS) indicated forestry’s contribution to GDP to be one percent, which, according to the study of the Forestry Society of Kenya did not take into account other important values, including direct values of both timber and non-timber products in the subsistence economy; the value addition of.... Read more »

Posted on : Thursday , 8th July 2021

Long-stalled US $30bn LNG project in Lindi Tanzania to be revived

The newly sworn-in Tanzania President Samia Suluhu Hassan is set to revive the long-stalled US $30bn liquefied natural gas LNG project in Lindi Tanzania. The project was sidelined under the administration of the former President, the late John Pombe Magufuli with his administration instead prioritising the East Africa Crude Oil Pipeline to take oil from Uganda to the Tanzanian port of Tanga. According to the President, she tried to work on.... Read more »

Posted on : Friday , 23rd April 2021

Onshore Tanzania's Ruvuma PSA gets an operational update from Aminex

ARA Petroleum Tanzania Limited (APT), which has assumed operatorship of the Ruvuma PSA, has completed the farm-out agreement with Aminex.Aminex is borne for its share of related field production costs up to US$35 million, equating to a total development expenditure of US$140 million, under the farm-out deal.The joint venture partners agree that obtaining a high-resolution 3D seismic survey is critical to the development of the field development.... Read more »

Posted on : Thursday , 22nd April 2021

Lake Albert Resources Development Project Reached Final Agreement, Confirms Total

Total, China National Offshore Oil Corporation (CNOOC), Uganda National Oil Company (UNOC), and Tanzania Petroleum Development Corporation (TPDC), partners in the Lake Alberta development project, have completed the final agreements needed to launch the project in East Africa.In the presence of Yoweri Museveni, President of the Republic of Uganda, Samia Suluhu Hassan, President of the United Republic of Tanzania, Patrick Pouyanné, Chairman and.... Read more »

Posted on : Thursday , 22nd April 2021

IFC partners with Philips and the Co-op Bank of Kenya in $281m Healthcare deal

The World Bank Group's International Finance Corporation (IFC) has announced collaborations with health technology company Philips and the Co-operative Bank of Kenya to assist small businesses in the health sector in purchasing critical medical equipment and strengthening their response to Covid-19 and other pressing healthcare challenges. The agreement is intended to provide risk-sharing services and assist small companies in obtaining up.... Read more »

Posted on : Thursday , 22nd April 2021

Kenya signs deal with Chinese company to construct Lapsset road

Kenya National Highway Authority (KeNHA) have signed a major deal of 17.9 billion shillings (about 166 million U.S. dollars) with a Chinese Construction firm. The partnership is to construct a 453-km road that is part of the Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) corridor project.The road construction encompasses of 257-km Lamu-Ijara-Garissa section which is part of the LAPSSET project in addition to the Hindi-Bodhei-Basuba-Kiunga.... Read more »

Posted on : Wednesday , 21st April 2021

Kenya: The Next Decade Will See Many New Solar Photovoltaic

According to the Kenyan Government's power development plans, the next decade will see many new solar photovoltaic and wind power plants added in the national grid. This new capacity would support in supplying the whole country's growing electricity demand, resulting from continued economic growth and broadening electrification targeted under Vision 2030. The growth of these renewable technologies is expected to deliver considerable.... Read more »

Posted on : Monday , 23rd August 2021

KENYA: Ecoligo Connects Floating Solar Power Plant to Rift Valley Roses Farm

German energy company Ecoligo has commissioned a floating solar power plant at the Rift Valley Roses flower farm. The 69 kWp plant reduces the environmental impact of the farm located near Nairobi, Kenya. Announced a few months ago, the Ecoligo floating solar power plant is now operational. The plant supplies 69 kWp to the Rift Valley Roses flower farm, located near Lake Naivasha north of Kenya’s Nairobi. The solar system floats on 1 of.... Read more »

Posted on : Tuesday , 20th April 2021

Ethiopia: Kengen Completes First Drilling At Tulu Moye Geothermal Site

Work is progressing on the Tulu Moye geothermal site in Ethiopia. Kenya Electricity Generating Company (KenGen), the company carrying out the field work, has just completed the 1st geothermal drilling at the site in the Oromia region of southwest Ethiopia. The Nairobi, Kenya-based energy company has now started drilling the 2nd geothermal well. Under the US$ 52 million contract, KenGen will drill a total of 8 wells in the Ethiopian Rift.... Read more »

Posted on : Monday , 19th April 2021

Kenya: AU and Wellington Agree To Develop Geothermal Energy

Kenya is the most advanced country in the Eastern Africa in terms of exploiting its geothermal resources. Nairobi wants to grow its installed electricity capacity and diversify the use of geothermal heat. This is the main rationale behind the partnership which was recently signed between the state-owned Geothermal Development Company, the New Zealand Ministry of Foreign Affairs and Trade and the African Union Commission. Through the new.... Read more »

Posted on : Friday , 14th May 2021

Ghana, Rwanda Explore Trade and Investment Opportunities to Boost Economies

Ghana and Rwanda are considering trade and investment partnership opportunities to increase the economies of the 2 countries. This came to light at a virtual summit held to promote the exchange of goods and services between the 2 countries. The targeted areas include Agriculture, Manufacturing and Industrial Services. The virtual summit was organized under the auspices of the Rwanda Development Board and the Ghana Export Promotion.... Read more »

Posted on : Thursday , 8th April 2021