Market News Page No. 29| Africa Business News

Tanzania's Economic Growth to Rely Strongly On Construction Activities in 2023 & 2024

According to recent research by experts, Tanzania's real GDP growth would increase to 5.7% in 2023, up from a projected 5.4% in 2022. According to the Tanzania National Bureau of Statistics' most recent GDP figures, growth in Q322 was 5.2% year on year, up from 4.8% in Q222. The transport and storage industry (which contributed 14.2% to economic growth), agriculture, and mining were key growth drivers. Private-sector investment and a robust.... Read more »

Posted on : Wednesday , 7th June 2023

The Tanzanian Government Commits 4.7bn/ - Towards Improving Water Infrastructure

The Tanzanian Government Commits 4.7bn/ - Towards Improving Water Infrastructure In order to conclude more water projects in the region, the government has nearly quadrupled the funding allotted to the Rural Water Sanitation Agency (RUWASA) in Geita region for the 2023–2024 fiscal year. At a gathering of Community Based Water Services Organisations (CBWSOs), Geita District Ruwasa Manager Sande Batakanwa announced that the government had.... Read more »

Posted on : Wednesday , 7th June 2023

Tanzania and Australia decide to increase trade and investment ties

Tanzania and Australia decided to strengthen their business relations. Mr. Scott Morriss, the Australian Trade Commissioner for Africa, visited Tanzania to promote trade ties and increase Australia's involvement in the mining and energy industries. Mr. Morriss and Dr. Doto Biteko, the minister of minerals, hosted a reception for Australian companies operating in Tanzania that offer mining, machinery, technology, and services. Mr..... Read more »

Posted on : Tuesday , 6th June 2023

Castrol Kenya collaborates with Rubis Energy Kenya to launch a wide range of oil lubricants

Castrol Kanya and RUBiS Energy Kenya have teamed together to bring Castrol oil lubricants to Kenya. The oils are now accessible at approximately 260 RUBiS Energy Kenya stations around Kenya. During the alliance's debut, Ed Savage, Castrol Kenya's Country Manager, stated, "The partnership with RUBiS Energy Kenya is timely as customers seek oil products that are designed to meet their everyday mechanical needs. Castrol will use RUBiS Energy.... Read more »

Posted on : Monday , 5th June 2023

Yamaha Motor Co. has begun testing for a last-mile delivery service in Tanzania

Yamaha Motor Co stated today that its group subsidiary CourieMate Co has inked a partnership agreement with Tokyo-based Wassha Co, a startup establishing enterprises in Africa, to commercialise a last-mile delivery service in Tanzania. Based on this arrangement, the two businesses are conducting real-world proof-of-concept (PoC) testing across the nation. CourieMate, a Yamaha Motor Group subsidiary, conducts a last-mile delivery business in.... Read more »

Posted on : Monday , 5th June 2023

Sun King's $130mln Securitisation Deal to Fund Kenya's Off-Grid Solar Sector

Sun King, a provider of solar energy products for off-grid homes in Africa and Asia, has closed the 1st Kenyan-Shilling-denominated securitisation deal, injecting $130 million into the East African nation’s off-grid solar energy sector. The 4 year deal is issued under Sun King’s sustainable financing framework, allowing the company to sell its solar products at affordable instalments. The transaction will help expedite clean.... Read more »

Posted on : Thursday , 1st June 2023

Land Set Aside for Construction of Isolation Center for Epidemics Treatment in Tanzania

Tanzanian health authorities have set aside 90 hectares of land for the construction of an isolation centre for epidemics treatment. The government has allocated 8.8 million U.S. dollars in the 2023/2024 financial year for regulating outbreaks of highly infectious diseases.Godwin Mollel, the deputy minister for Health, told parliament that the high-tech isolation centre will be built in the Kagera region that borders Uganda. "We have.... Read more »

Posted on : Friday , 26th May 2023

Tanzania: Gas-Rich to Launch Rare Bid Round.

Tanzania aims to launch its 5th oil and gas licensing round by the end of 2023 in a move designed to revive interest in its largely dormant exploration and production sector. After a blitz of offshore exploration, largely by Shell and Equinor, in the years to 2018, the focus point of the few oil companies that remain in Tanzania has centered on infill wells or improving existing well stock on coastal gas fields such as Mnazi Bay, Songo.... Read more »

Posted on : Thursday , 25th May 2023

Indian Firms in Bid to Buy 50% Stake in Kenya's $3.4bln Oil Project

Indian oil firms ONGC Videsh and Oil India Ltd partner for the possible acquisition of a 50 % stake in London-based Tullow Oil's $3.4 billion oilfield project in Kenya, Press Trust of India news agency reported, citing informed sources. However, the Indian consortium faces competition from Chinese energy giant Sinopec, which has entered the competition following delays by Indian companies. Initially, ONGC Videsh, the overseas arm of.... Read more »

Posted on : Monday , 14th August 2023

Making the Agriculture Sector Greener in Tanzania

Tanzania's horticultural sector presents significant opportunities for youth to earn lucrative incomes. However, the use of gasoline or diesel-powered irrigation pumps has negative environmental effects and is an expensive solution. To mitigate climate change and increase agricultural productivity, the Tanzania Renewable Energy Association (TAREA) partnered with the Dutch Embassy and the Climate Response Facility (CERF) to implement the.... Read more »

Posted on : Wednesday , 16th August 2023

Shakti Pumps Starts Operations in Uganda To Supply Solar Pumps

Shakti Pumps (India) Limited, a leading manufacturer of stainless-steel submersible solar pumps, pressure booster pumps, pump-motors, controllers, and inverters among other products, has expanded its presence in another export market with the commencement of operations in Uganda and opened a branch office in the country. Dr. S Jaishankar, the External Affairs Minister along with the esteemed Uganda government members and Mr. Ramesh Patidar.... Read more »

Posted on : Wednesday , 24th May 2023

Kenya: Energy Ministry to Build Cow Dung Biogas Plants in 20 Counties

The Ministry of Energy is looking to build domestic masonry biogas plants using cow dung in 20 counties. In a tender document, the Ministry has invited bidders for the construction, testing, and commissioning of the projects. They will be built in devolved units such as Nyamira, Kisii, Uasin Gishu, Laikipia, Homabay, Kakamega, Tharaka Nithi, Narok, and Nandi. Others include Migori, Nyandarua, Nyeri, Kirinyaga, Bomet, and Bungoma,.... Read more »

Posted on : Tuesday , 23rd May 2023