Market News Page No. 32| Africa Business News

OFID and Partners Support Tanzania's Renewable Energy Ambitions with USD60 Million Loan

A new USD60 million loan by the OPEC Fund for International Development (OFID) and partners is expected to significantly strengthen energy security in northwest Tanzania. The project will include constructing a 166 km overhead transmission line connecting the Kagera region to the national grid, replacing the current energy supply from Uganda with local hydropower resources. Tanzania has enormous potential in the field of renewable.... Read more »

Posted on : Thursday , 3rd August 2023

Sh47 Trillion Carbon Trading Investment A Boost for Tanzania

Producing and selling carbon offsets is finally becoming a lucrative business in Tanzania, with the government reported to have attracted over 20 companies that are set to invest over US$ 20 billion (Sh46.9 trillion). Minister of State in the Vice President's Office (Union and Environment), Dr Selemani Jafo, said since the regulations and guidelines on carbon trading were adopted last October the investment has attracted more than US$ 1.... Read more »

Posted on : Thursday , 3rd August 2023

Kubik Receives $3.34 Million to Convert Plastic Trash Into Affordable Building Supplies.

Kubik, a firm with headquarters in Ethiopia, has announced a $3.34 million investment that it claims will be used to boost manufacturing.The firm was created in 2021 by CEO Kidus Asfaw and Penda Marre, a former UNICEF employee. Kubik turns plastic trash into inexpensive building supplies. As a result, it addresses two issues: plastic pollution and cheap housing. Kubik turns plastic waste into inexpensive, low-carbon building materials. The.... Read more »

Posted on : Wednesday , 2nd August 2023

The Sugar Sector Is Making Progress to Recover

The North Coast's sugar industry is making positive moves toward bounce back from an extended time of emergency.Tongaat Hulett's business salvage specialists (BRPs) declared their favoured purchaser for the striving sugar goliath, while Gledhow Sugar Organization distributed their proposed business salvage anticipate July 12. Together, the two organizations work each of the four still functional sugar factories on the North Coast - at.... Read more »

Posted on : Wednesday , 2nd August 2023

Tanzanian President Meets with African Development Bank to Accelerate Agricultural Reform Following the Dakar 2 Africa Food Summit

Tanzania's Leader Samia Suluhu Hassan held converses with an African Improvement Bank assignment drove by VP Beth Dunford to help the East African country's horticultural creation and food security. The gatherings, hung on 27 June, covered different improvement issues, remembering the Bank's acknowledgment of Tanzania's advancement for fostering its farming area following January's Dakar 2 Africa Food Culmination. President Hassan was.... Read more »

Posted on : Wednesday , 2nd August 2023

JAT Holdings PLC has expanded Its presence in african markets

JAT Holdings PLC, a Leader in the Wood Coating Market in Sri Lanka, Bangladesh, and the Maldives, Enters the African Market in July 2023 by Establishing "JAT Paints Africa Limited" in Kenya Through a Joint Venture With Mayleen Corp, a Diversified Business House With Headquarters in Kenya. Following Its Incredible Achievement in South Asia, This Strategic Step Will Be Expected to Strengthen Jat's Position as a Leader in Wood Coatings Across.... Read more »

Posted on : Monday , 31st July 2023

Indonesian Minister Says Pertamina Plans on Establishing Oil Refinery in Kenya

Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan revealed that state-owned oil and gas company Pertamina plans to expand its business to East Africa by establishing an oil refinery in Kenya. "Pertamina will enter Kenya after being asked to establish an oil refinery there. We also see an opportunity to bring their crude oil to Indonesia," Pandjaitan stated. Following a meeting with Pertamina's President.... Read more »

Posted on : Monday , 31st July 2023

Egyptian Firm To Study Dar Natural Gas Market

The Egyptian company, TAQA Arabia, is set to carry out a study that would enable the Tanzania Petroleum Development Corporation (TPDC) to supply natural gas to more residents in Dar es Salaam. The study will therefore inform the TPDC over natural gas market in the city so as to construct the needed supply infrastructure. Recently, the company signed the MoU with the TPDC for the envisaged undertaking. At the signing ceremony, TAQA.... Read more »

Posted on : Monday , 31st July 2023

Tanzanian Government Secures EUR 300 Million for Infrastructure Projects

ATIDI guaranteed a EUR300 million credit facility provided by Deutsche Bank AG to the Tanzanian government. The facility will finance numerous infrastructure projects that are part of Tanzania's budget for 2022/2023 and are in line with the country's National Development Vision 2025. Insuring Deutsche Bank against non-payment by the Tanzanian government on the loan facility advanced to the ministry of finance, ATIDI provided a seven-year.... Read more »

Posted on : Monday , 31st July 2023

Mining takes off in East Africa with collaboration among regional players

The State Mining Corporation (Stamico) declared that it was ready to collaborate with Kenyan mineral professionals in order to raise the standard for how the two countries should manage their mining sectors to support economic progress. This was discussed during a gathering of six mining-related delegates from Kenya who had travelled here for three days to receive training on how to manage the industry. What is found in Tanzania may.... Read more »

Posted on : Friday , 28th July 2023

The Manufacturing Industry Is Expected to Boost Kenya's GDP by the Year 2030

The manufacturing sector is expected to boost Kenya's Gross Domestic Product (GDP) by 15% in 2027, and 20% by 2030. According to the finance ministry, the country's economic growth stands at 5.3per cent in 2022 and would be 6 per cent in 2023. To accomplish this, The Ministry of Investments, Trade, and Industry is setting up suitable measures that will further enhance the accomplishment of the objective. According to Nancy Muia,.... Read more »

Posted on : Friday , 28th July 2023

The Tanzanian government will contribute 134 billion to the Tarime-Rorya Water Project.

A total of 134 billion dollars have been allotted by the government to wrap up the Tarime-Rorya Water Project, which will ultimately support more than 933,818 people. After investigating the project, which eventually completion would benefit families from 32 villages in the Rorya district and 81 streets in the tarime district, engineer cyprian luhemeja, the deputy permanent secretary of the ministry of water, delivered the following announcement.... Read more »

Posted on : Thursday , 27th July 2023