N e w s

Tanzania: B'moyo Port Construction to Create Numerous Jobs

LOCAL companies will benefit from a wide range of job and trade opportunities to be created as construction of the Bagamoyo Port begins next year, a top officer of Oman's State General Reserve Fund which finances the project has said.   Mr Mohamed Al - Tooqi, the SGRF Country Manager said in Dar es Salaam yesterday that many local companies would be sub-contracted for construction works of a 10 billion US dollar (over 20trn/-) port and.... Read more »

Posted on : Saturday , 16th April 2016

Tanzania: Tobacco Farmers Set For Bumper Sh45 Billion Harvest

Chunya — Tobacco farmers in Chunya District are hoping for a bumper harvest with projections to rake in Sh45.24 billion in the 2015/16 farming season.   Chairman of the Chunya District Tobacco Cooperative Union (Chutcu) Omary Iswijilo said yesterday a significant number of buyers had already placed orders for the golden leaf.   At a general meeting held by the cooperative, he expressed optimism that despite the myriad.... Read more »

Posted on : Saturday , 16th April 2016

Ethiopia: Cornerstone Laid For Phase II of Hospital Construction

The cornerstone for the phase II construction of Tirunesh Beijing General Hospital was laid yesterday. The expansion is meant to provide special treatment to patients and would be undertaken on 5,750 square meter.   Health Ministry Health Infrastructure Development Director Mekonnen Engida on the occasion said that the project is intended to give specialized maternal and child medical treatment. It is also aimed at providing residential.... Read more »

Posted on : Saturday , 16th April 2016

Kenya: Wheat Imports Increase to Sh35 Billion

Kenya's wheat imports hit Sh35.6 billion last year amid rising concerns by local farmers that millers are overlooking their produce.   The farmers said millers are shunning their crop in favour of imports because oversupply in the international market has driven down wheat prices by more than 30 per cent since last year.   "Millers are no longer buying wheat from farmers since their silos are full of imports," said Mr.... Read more »

Posted on : Thursday , 14th April 2016

Ethiopia: Stella Trade Secures Large Scale Gold Mining License

The extraction license is a first for Stella, as well as the host region, Gambella   Stella Trade and Industry PLC has joined the league of four gold extractors operating in Ethiopia, after securing a large-scale gold mining license. This is a first for the company, as well as the host region of Gambella.   While more than 80 companies are in the process of exploration, only four have obtained extraction licenses, according to this.... Read more »

Posted on : Thursday , 14th April 2016

Tanzania: Cement Firms Propose Increased Dividends

Dar es Salaam — Investors with Tanzania's two listed cement manufacturing firms are rubbing their hands in glee as the companies' boards of directors propose increased dividend payments from 2015 proceeds despite facing bitter competition from new markets entrants.   The board of directors for Tanzania Portland Cement Company Limited (trading as Twiga) has proposed a Sh306 per share which is 14.6 per cent increase from the Sh267.... Read more »

Posted on : Thursday , 14th April 2016

Ethiopia: Addis Ababa to Get Five New Stadiums

Each of four stadiums is expected to cost on average 300 million, with one in Akaki estimated at 1.6 billion Br   Addis Abeba is to launch construction for five more stadiums, adding to the two existing ones - Yidnekachew Tessema and Abebe Bikila stadiums, without any feasablity study.   Four of the five are zonal stadiums which will be constructed in the districts of Yeka, Nifas Silk Lafto, Bole and Gullele . The zonal stadiums.... Read more »

Posted on : Thursday , 14th April 2016

Kenya: Sh21 Billion Wind Power Project to Help Local Community

Investors of the Sh21 billion wind power project at Baharini in Mpeketoni, have promised to create many jobs for locals.   They said they will also establish a Sh15 million annual trust fund to support local communities.   The wind harnessing plant is a project of a Kenyan firm Kenwind Holdings in partnership with Belgium's Electrawinds and the World Bank.   The International Finance Corporation, World Bank's private sector.... Read more »

Posted on : Wednesday , 13th April 2016

UBA Invests U.S $25 Million in Zambia Agro Sector

THE United Bank of Africa (UBA) has invested over US$25 million in Zambia's Agriculture sector in the last three months of 2015 to support diversification programmes and grow the country's economy.   UBA chief executive officer Stanley Ugwueze said the Bank had supported the country's agriculture sector by providing financial services of up to $25 million between October and December last year.   Mr Ugwueze said in an interview.... Read more »

Posted on : Wednesday , 13th April 2016

Zambia Signs Deal With China for Geological Mapping

THE Government has signed a five year agreement with China geological survey to carry out a geological mapping for Zambia.   The cooperation is expected to be beneficial as it will enhance geological, geophysical and geochemical data gathering in areas where the geological survey department has not conducted mappings.   Mines and Mineral Development Minister Christopher Yaluma said currently, only 61 per cent of the country was.... Read more »

Posted on : Wednesday , 13th April 2016

Africa: Intra-African Trade to Reach U.S. $250 Billion By 2021

The African Export-Import Bank (Afreximbank) is to implement a new strategy aimed at driving industrialisation across Africa and increasing intra-African trade by, at least, 50 per cent in the next five years.   The Afreximbank Intra-African Trade Strategy, approved by the Board of Directors at its quarterly meeting in Johannesburg on Saturday, will see the Bank work with partners to ramp up trade among African countries to $250 billion.... Read more »

Posted on : Wednesday , 13th April 2016

Kenya: Cytonn Begins Construction of Sh2.5 Billion Housing Estate in Nairobi

Real estate and investment firm Cytonn has begun construction of its Sh2.5 billion lifestyle community in Ruaka on the outskirts of Nairobi.   The Alma, which is to be completed within three years, is targeting the middle to lower-middle income class with discerning tastes for modern day apartments.   Cytonn is offering the 1, 2 and 3 bedroom apartment options for potential buyers.   "Our deal pipeline serves the.... Read more »

Posted on : Wednesday , 13th April 2016

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