Market News Page No. 2| Africa Business News

Resource Mining seeks to drill at its Tanzanian nickel-cobalt project, Kabulwanyele.

At its Kabulwanyele nickel-cobalt project in Tanzania's Mpanda District, Resource Mining Corporation Ltd. is getting set to start a first drilling operation. In the project area, the business gathered 254 soil samples and 19 rock chip samples last year from all tenements. This programme identified a 2 km long nickel-cobalt target that roughly coincides with a nickel laterite body that has previously been mapped. 18 holes totalling.... Read more »

Posted on : Thursday , 23rd June 2022

KENYA: Green Buildings Save $5 Million On Energy Consumption

Kenya is making progress in building green. According to a report published by the International Finance Corporation (IFC), the World Bank Group’s subsidiary, buildings certified as Edge (Excellence in Design for Greater Efficiencies) save at least US$5 million (Kshs 585 million) on their electricity bills each year. Specifically, these buildings are being built based on solutions that reduce electricity consumption by implementing energy.... Read more »

Posted on : Wednesday , 22nd June 2022

Crossboundary Gets $25M for Solar Mini-Grids in Africa

Kenya-based CrossBoundary Energy Access (CBEA), a mini-grid infrastructure investor, has raised US$25 million from ARCH Emerging Markets Partners Limited, Bank of America and Microsoft Climate Innovation Fund to back renewable energy projects across the continent. In this round, ARCH made a US$10 million equity investment as Microsoft and Bank of America injected US$15 million mezzanine financing — a debt that can be turned into.... Read more »

Posted on : Wednesday , 22nd June 2022

Turkey’s Investments In Kenya To Hit USD 1 Billion

Turkey exports to Kenya include household appliances, processed foods, construction materials, and iron, while Kenya exports mainly agricultural products to Turkey, including coffee, tea, and fresh fruits. Trade between Kenya and Turkey is flourishing and on track to reach both governments’ target of USD 1 billion, according to Ahmet Cemil Miroglu, Turkey’s ambassador to Kenya, on a visit to Turkish suppliers and businesses at Tatu.... Read more »

Posted on : Wednesday , 22nd June 2022

A second container terminal's phase two construction is finished in the port of Mombasa, Kenya

According to Kenya Ports Authority, the second phase of the Sh32 billion Port of Mombasa's second container terminal, which began in September 2018, has been finished (KPA). The port authorities revealed the information after confirming that the project had been completed by the Japanese contractor, Tokyo Construction Company Limited. Representatives from Tokyo Construction Company met with KPA officials and checked the project's.... Read more »

Posted on : Wednesday , 22nd June 2022

South Sudan and Ethiopian Signs MoU for Electricity Supply

• EEP signs 100MW sales agreement with South Sudan • The first step of the power purchase plan is a feasibility study • The study is to be completed within a year, and construction within two years Ethiopian Electric Power (EEP), the country’s state-owned power company, has signed an agreement to sell 100 MW to South Sudan for the next 3 years. The MoU is critical to satisfying electricity demand in South Sudan while.... Read more »

Posted on : Monday , 20th June 2022

KENYA: Menengai III Geothermal Power Plant to Be Commissioned In December 2022

Renewable energy producer Sosian plans to commission the Menengai III geothermal power plant in December 2022. Located in the Rift Valley in western Kenya, the plant will have a capacity of 35 MWe. The share of geothermal energy in Kenya’s electricity mix is expected to increase before the end of 2022. Sosian Energy, the developer of the Menengai III geothermal project, plans to commission a steam plant during December 2022. This promise.... Read more »

Posted on : Monday , 20th June 2022

Kenyan potato framers nearing a deal with KFC.

Kenyan potatoes will be on the menu at Kentucky Fried Chicken (KFC) in the coming month. The Kenya Private Sector Alliance (KEPSA), the Agriculture Sector Network (ASNET), and the American fast food company all intervened. ASNET chairman Bimal Kantaria said they contacted KFC's leadership and, in collaboration with the Kenya Potato Council, devised a strategy for KFC's utilisation of Kenyan potatoes. Chairman of the Agriculture Sector.... Read more »

Posted on : Tuesday , 14th June 2022

CAK approves Ramco Plexus' purchase of Platinum Packaging.

The Competition Authority of Kenya (CAK) has given unconditional regulatory approval to Africa-based investment holding company Ramco Plexus to purchase flexible packaging film maker Platinum Packaging. Platinum Packaging, founded in June 2009, is a 50/50 joint venture between Ramco Group and Carton Manufacturers. The company has locations all around Kenya and controls a 7% portion of the country's flexible packaging and labelling.... Read more »

Posted on : Friday , 10th June 2022

US Looks beyond Delayed Free Trade Deal in Commercial Ties with Kenya

The US government is looking beyond a delayed trade deal with Kenya to expand commercial ties between the 2 countries. In a new report submitted to the US Congress by Joe Biden’s top trade diplomat Katherine Tai, the US government revealed it would pursue “other means” of deepening trade engagements with Kenya in the absence of a free trade agreement (FTA). “(We will) engage with Kenya to deepen bilateral trade, potentially.... Read more »

Posted on : Wednesday , 1st June 2022

Agreement Signed for Construction of Neuropsychiatric Centre in Karen/Ngong

President Uhuru Kenyatta met with executives from San Raffaele Research Hospital, a renowned private hospital in Italy managed by group chairman Kamel Ghribi, to sign an agreement for the construction of a National Teaching and Referral Neuropsychiatric Centre in Karen/Ngong. The 600-bed hospital will be developed on an 80-hectare plot of land purposely to handle the East African country's rising mental disease burden. The country also.... Read more »

Posted on : Wednesday , 1st June 2022

Tanzania Exports Up by 20% in YE March 2022, Tourist Arrivals Almost Doubled

The Bank of Tanzania Monthly Economic Review-April 2022 reveals that the country’s exports of goods and services increased to US$ 10,214.6 million during the year ending March 2022. This is +20.14% higher than US$ 8,502.1 million in a similar period in 2021. Improvement in exports was noted in both traditional and non-traditional exports in addition to travel receipts. Exports of goods rose by 7.8% to US$ 6,882.2.... Read more »

Posted on : Monday , 30th May 2022