Market News Page No. 256| Africa Business News

Kenya pegs faster Vision 2030 gains on oil and gas finds

NAIROBI: Kenya is betting on the recent oil discoveries to achieve its vision of becoming a middle-income economy ahead of the 2030 deadline. The Vision 2030 Delivery Secretariat expects the nascent industry to reach major milestones a few years after commercial production starts in 2020. Oil and gas were recently included in the list of key sectors that are expected to play a critical role in driving the economy to achieve the Vision.... Read more »

Posted on : Tuesday , 22nd November 2016

Africa looks to solar for communities off the grid

Above the sacks of seeds and coal, three kerosene lamps gather dust in the tiny shed that Kenyan chicken farmer Bernard calls home. He prefers to use solar energy to light up his evenings, listen to the radio or watch television, after abandoning a diesel generator he said was expensive to maintain and burned fuel too quickly. "Solar panels are a good, cheap solution," he told AFP. Across the continent,.... Read more »

Posted on : Tuesday , 22nd November 2016

Kenya to construct $164m leather park

Kenya has rolled out plans to build a $164 million leather industry park to transform the underdeveloped industry into a key economic contributor. The EastAfrican has established that the government has spent about $5.7 million in preliminary works including feasibility studies, development of a master plan and conducting a strategic environmental impact assessment for the proposed park. Last week, the government embarked.... Read more »

Posted on : Tuesday , 22nd November 2016

Belgium puts Sh2.4 billion into Last Mile County Connectivity Project

The Belgium Government will fund the last mile County Connectivity Project to the tune of over Sh2.4 billion. The project involves connecting County governments to National Government Ministries through the National Fiber Optic Infrastructure (NOFBI). The financial contract for the project was signed this evening at State House, Nairobi by the Cabinet Secretary for Finance Henry Rotich and the Deputy Prime Minister and.... Read more »

Posted on : Tuesday , 22nd November 2016

AfDB approves US $10-million equity investment in TIDE Africa Fund

The Board of Directors of the African Development Bank (AfDB) has approved a US $10-million equity investment in the Technology and Innovation in Developing Economies (TIDE) Fund I to boost production and growth in Africa. TIDE Africa Fund I, a venture with a target size of US $100 million incorporated in Mauritius, has 10-year target life within a 5-year investment period. The fund will invest in companies that leverage on new.... Read more »

Posted on : Monday , 21st November 2016

East Africa: Oil & Gas Industry Has Huge Potential, Well Placed to Help - UK Govt

“Over 50 years of experience in North Sea oil and gas has given the UK a global competence in all aspects of exploration and production. The oil and gas industry supports over 375,000 jobs in the UK. The top two UK firms listed by market capitalization are in the extractives industry … and there is a wealth of UK companies leading the way in designing, financing and implementing oil and gas construction projects across the.... Read more »

Posted on : Friday , 18th November 2016

Rwanda: Police School Turns to Clean Energy to Save Environment

Rwanda National Police could be an active partner and enforcer of effects to protect the environment, but when the institution continued to use wood fuel, it was as well adding to environmental and other health woes. But now Police Training School (PTS) Gishari in Rwamagana District has turned to using clean energy as part of RNP's environmental protection policy in conformity with the national environmental protection.... Read more »

Posted on : Tuesday , 15th November 2016

Ethiopia Exploring Renewable Energy Resources for Viable Development

If we look over the experience of developed countries, the development of their energy sources played indispensable role for achieving economic advancement. The industrial revolution which took place in 1850 in Great Britain and other European countries was aggressively entertained by the exploitation of non-renewable energy sources. From that time on-wards, the human way of life was rapidly changed and the socioeconomic progress was.... Read more »

Posted on : Monday , 14th November 2016

Kenya: Official Urges Geothermal Firm to Hasten Power Generation

A senior official at the Vision 2030 secretariat want Geothermal Development Company (GDC) to fast-track the process of generating steam power at the Menengai fields in Nakuru County. This, he said, will speed up the country's ambitious flagship project of providing Kenyans with green energy and at the same time saving the multibillion project from being branded another "white elephant project." According to the.... Read more »

Posted on : Monday , 14th November 2016

East Africa: Rusumo Hydroelectric Power Project Deal Inked

Two contracts, worth $75 million (about Rwf46 billion), for the initial construction works of the Regional Rusumo Falls Hydroelectric Project have been signed. The contracts for the power project to generate 80 megawatts of electricity were signed in Kigali on Wednesday. The first contract was signed between Rusumo Power Company Limited (RPCL), and a consortium of contractors, including CGCOC Group Ltd - Jiangxi Water and.... Read more »

Posted on : Monday , 14th November 2016

Tanzania: ATI To Bring in $1.2 Billion Investment in Energy Sector

The African Trade Insurance Agency (ATI) has urged the government to strengthen the existing partnership with ATI to bring in 1.2 billion US dollars (2.6tri/-) investments into the energy sector and an additional 1,200 Megawatts into the national grid. ATI Chief Executive Officer Mr George Otieno said in Dar es Salaam yesterday that the insurance firm's objective is to support Tanzania by bringing in much needed investments and lowering.... Read more »

Posted on : Friday , 11th November 2016

Tanzania: Brewery Invests In Solar To Cut Power Costs

Dar es Salaam — Tanzania Breweries Limited (TBL) Group has injected $250,000 (about Sh545 million) into its newly-commissioned solar project in Mbeya Region as the beer brewer seeks to play an increasingly significant role in conserving the environment and reducing its spending on electricity. The TBL Group technical director Gavin Van Wijk said in Dar es Salaam yesterday that the first phase of its solar project at its Mbeya.... Read more »

Posted on : Friday , 11th November 2016