Market News Page No. 285| Africa Business News

Tanzania: President Wants Industries To Boost Economy

President John Magufuli wants the manufacturing sector to control a lion's share of workable population and contribution to the economy in the next four years. He said in Dar es Salaam yesterday that his government is rallying behind the manufacturing sector and want its share of employment to the society to reach 40 per cent from current 7.3 per cent - while its contribution to GDP reaching 15 per cent by 2020. "We (at.... Read more »

Posted on : Thursday , 2nd June 2016

Africa To Get U.S.$12 Billion Energy Package From AFDB

Lusaka — Africa was presented with its largest energy deal ever - a $12 billion package from the Africa Development Bank - as some leaders fought off pressure from environmentalists concerned about the threat of an impending construction boom of power dams, reiterating their position that the continent was simply tired of being in the dark. Under the new deal, which was announced during the ADB's annual meeting in Lusaka last.... Read more »

Posted on : Thursday , 2nd June 2016

Kenya: Building Companies Trying Out Benefits of Polystyrene Homes

Kajiado — Building companies are trying out polystyrene construction which offers good insulation, and uses less water and wood Justus Opiyo lives in one of around 50 polystyrene houses in a new development in Kajiado County, southeast of Nairobi, and says it has a major advantage over his previous homes. "Its temperature remains constant, even in extreme weather, unlike the houses I have lived in before," he.... Read more »

Posted on : Thursday , 2nd June 2016

Kia Motors to Build Auto Mechanic Training Centres in Ethiopia

Kia Motors will build training centres for mechanics in Ethiopia and Kenya in a bid to contribute to their economies by providing education for young people. According to Korea Times, a Kia Motors official said Sunday that the company held a groundbreaking ceremony for the center in Ethiopia on Friday and another in Kenya on Saturday. Chung Jin-haeng, President of Hyundai Motor and Kia Motors, participated in the ceremony held.... Read more »

Posted on : Wednesday , 1st June 2016

Kenya: Govt. Permits Direct Tea Export

In an unprecedented move, local companies and farmers' organisations have been given the go-ahead to directly export tea to international markets. The government's decision is aimed at cutting off unscrupulous middlemen who have continued to eat into the farmers' profits. Agriculture Cabinet Secretary Willy Bett said what tea producers currently endure at the Mombasa port is "exploitative and abusive". He.... Read more »

Posted on : Wednesday , 1st June 2016

Tanzania: 250 KM Power Line To Be Ready Soon

Dodoma — EXECUTION of the 250-kilometre of power line from Makambako in Njombe Region to Songea in Ruvuma region at a cost of 34.68 million US dollars and 15.41bn/- is expected to be completed by June 2018, the National Assembly heard yesterday. Among others, the first phase of the project will involve expansion of a power sub-station at Makambako and construction of new 220/33Kv stations at Madaba and Songea, Deputy Minister for.... Read more »

Posted on : Wednesday , 1st June 2016

Africa won't fall back into 1990s-style debt trap: AfDB

Africa is unlikely to fall into the type of unsustainable debt trap seen in the 1990s despite a spike in borrowing and widening budget deficits, the African Development Bank (AfDB) said on Monday. Falling commodity prices and slowing global growth have hammered African economies in the past year, prompting many governments to sharply increase borrowing, drawing comparisons with the crippling debt trap many countries faced in the 1990s. The.... Read more »

Posted on : Tuesday , 31st May 2016

Ethiopia's Grand Dam Well on its Way to Completion

The people and government of Ethiopia have recently celebrated the fifth year anniversary of the Grand Ethiopian Renaissance Dam (GERD), a multi-billion dollar hydro electric project, being constructed on the Blue Nile river, in the Guba Woreda, Benshangul-Gumuz State. They are cognizant to the fact that constructing the Dam has many fringe benefits to the country's economic growth through providing sustainable cheap power for local.... Read more »

Posted on : Saturday , 21st May 2016

Kenya needs to rethink its regional business strategy

The necessity for the private and public sector to work together to safeguard and grow the country’s economy has never been greater than it is today following recent regional developments. Uganda fired the first shot in what appears a coordinated assault on Kenya’s interests when it decided to tear up its agreement to build a joint crude oil pipeline. The decision has the potential to throw a spanner into regional plans for the.... Read more »

Posted on : Saturday , 21st May 2016

Tanzania-Zambia Railway to be extended to four countries

The Tanzania-Zambia Railway (Tazara) is yet to be extended to four other countries including Rwanda, Burundi, Malawi and Eastern DR Congo as well as to Tanzania’s multibillion-dollar Bagamoyo port. This is according to Government officials from Tanzania, China and Zambia who met in Dar es Salaam to discuss about the ailing infrastructure link that runs from Dar es Salaam to Kapiri- Mposhi in Zambia. Rowland Msiska,.... Read more »

Posted on : Tuesday , 17th May 2016

Construction of Ethio-Kenya Road almost complete

The construction of Ethio-Kenya Road linking Kenya to Ethiopia is set to be completed soon; this is according to The Kenya National Highways Authority (KeNHA). Regional Director for Eastern Africa Resource Centre of the African Development Bank Group, Mr. Gabriel Negatu confirmed the reports and said that the road which covers 121km of Merille-Marsabit and 122km of Turbi-Moyale will have a very significant impact in regional.... Read more »

Posted on : Thursday , 12th May 2016

Tanzania: REA Scheme to Give Power to 6000 Villages

THE government has said nearly 6,000 villages will be connected with electricity through the Rural Energy Agency (REA) phase three. Deputy Minister for Energy and Minerals, Dr Medard Kalemani, told a parliamentary committee on Energy and Minerals when giving details of the implementation of REA budget in 2016/2017 fiscal year. The deputy minister said the implementation of the third phase would kick off after the end of phase II at the.... Read more »

Posted on : Saturday , 16th April 2016