Market News Page No. 41| Africa Business News

Uhuru Project Makes Kenya One of World's Leading Wind Power Producers

Kenya is among the top 10 countries in the world producing electricity through wind power, thanks to the Lake Turkana Wind Power (LTWP) launched by President Uhuru Kenyatta. According Ember’s Global Electricity Review 2022, Kenya was ranked 9th biggest producer of wind energy globally and the top in Africa. This is even as the sector's innovations continue to grow bigger hence producing more green energy while lowering the cost per.... Read more »

Posted on : Monday , 25th July 2022

KENYA: EDFI And Oikocredit Invest $8 Million in Solar Panda’s Solar Kits

Canadian company Solar Panda is securing USD 8 million for its expansion in Kenya. The funds were raised in a Series A round involving the European Union (EU)-funded Electrification Finance Initiative (EDFI ElectriFI) and Oikocredit, an impact investor based in Utrecht, Netherlands. The Electrification Finance Initiative (EDFI ElectriFI) supports rural electrification in Kenya. In a series a funding round, the European Union (EU) funded.... Read more »

Posted on : Tuesday , 19th July 2022

KENYA: CFAO Invests In Ofgen And Enters the Solar C&I Market

Ofgen welcomes a new investor. It is CFAO Kenya, the subsidiary of the Corporation for Africa and Overseas (CFAO) group, based in Sevres, France. It is a long-standing partnership that is being strengthened as Ofgen has installed rooftop solar power plants to supply 6 CFAO group offices, 4 in Kenya and 2 in Uganda. CFAO did not specify the value of its investment. But it will allow Ofgen to expand its services by providing solar power to.... Read more »

Posted on : Tuesday , 19th July 2022

Saudi Aramco to Supply Fuel at Lower Prices to Kenyan Oil Firm NOCK

State-owned National Oil Corp. of Kenya has signed a deal with Saudi oil giant Aramco to import fuel at lower prices than the global costs of crude, local media reported. This comes as part of the government’s efforts to lower pump prices in the African state, Business Daily reported. As per the government-to-government deal, NOCK will import 30 % of Kenya’s monthly petroleum requirements from August. “We already.... Read more »

Posted on : Friday , 15th July 2022

Tanzania's Taifa Gas to Set Up Plant in Kenya

Tanzania’s biggest gas dealer Taifa Gas has been licensed to set up gas plant and storage facilities at a site in Dongo Kundu near the port of Mombasa to supply LPG for domestic, commercial and industrial use. The company, owned by Tanzanian business magnate Rostam Aziz, is expected to bring healthy competition in the gas industry in Kenya given its lower prices. An impact assessment study report is expected this month, and the.... Read more »

Posted on : Friday , 15th July 2022

NEPZA Attracts $100m Medical Equipment Manufacturing Deal to Nigeria

The Nigeria Export Processing Zones Authority (NEPZA) has secured an anchor tenant, Ash Biomedical Diagnostics Limited, ready to invest initial $100 million capital in the production of a variety of medical equipment in the freshly approved Medical/Pharmaceutical Special Free Zone in Lekki, Lagos. This was hinted at by Mr. Adesoji Adesugba, NEPZA Managing Director, after a meeting with the company’s team led by its Managing Director/CEO,.... Read more »

Posted on : Wednesday , 13th July 2022

Novartis, Sandoz demonstrate pivotal impact of public-private partnerships to strengthen healthcare sustainability in Egypt

Egypt - Novartis Egypt, together with Sandoz Egypt, its division for generics and biosimilars, partnered with health authorities and industry stakeholders to support the success of Africa Health ExCon, the region’s first all-encompassing platform to position the continent as a hub for health innovation and trade. Organized by the Egyptian Authority for Unified Procurement (UPA), Africa Health ExCon was held under the patronage of.... Read more »

Posted on : Wednesday , 13th July 2022

The Horticultural Crops Hot Water Treatment Facility has been launched.

The value of exported horticultural products in 2021 increased by 5.1% compared to 2020 and this trend is forecast to continue, as shown by impressive quarterly data from January to March 2022. Quarterly data shows that the country exported horticultural products worth more than 26 billion shillings with a volume of 2.2 thousand tons. Agriculture Cabinet Secretary, Peter Munya stated that the nation must act quickly to tap the great.... Read more »

Posted on : Tuesday , 12th July 2022

East African Crude Oil Pipeline (EACOP) Project on Track

A request for a license to begin the construction of the East African Crude Oil Pipeline (EACOP) has been submitted to the government of Uganda by the company in charge of the project. According to Martin Tiffen, general manager of EACOP company they are ready to begin construction. The submitted application will be completed in 180 days, or before the end of the year, according to Honey Malinga, acting director of petroleum at the Ministry of.... Read more »

Posted on : Tuesday , 12th July 2022

ICIEC, Egypt, and AATB Pen Partnership Agreement To Boost Growth And Integration

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Arab Republic of Egypt, represented by the Ministry of Trade and Industry and two other partners of the Arab-Africa Trade Bridges (AATB) Program, have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries. The two-year Framework Agreement will focus efforts on trade promotion,.... Read more »

Posted on : Tuesday , 12th July 2022

EU's renewed trade ties with Africa will boost development

The European Parliament has passed a motion calling on the EU to elevate tech transfers and trade with Africa so the developing continent can move beyond the paradigm of mostly supplying cheap raw materials. Backing a report that advocates redressing imbalances left over from the colonial era, the multinational legislature signalled it wants to better equalize trade relations to enable Africa to move up the development and digital.... Read more »

Posted on : Tuesday , 12th July 2022

Rwanda Prepares for Construction of Muvumba Multipurpose Dam and Power Plant

Plans for the construction of a proposed Muvumba multipurpose dam and power plant installation are gearing up. The Rwanda Water Resources Board is therefore looking to prequalify contractors for the implementation of the project.The task includes the construction of a high dam with a spillway, intake tower, diversion/outlet culvert, upstream cofferdam, and a hydropower plant on the Muvumba River. The river flows through Nyagatare District and is.... Read more »

Posted on : Monday , 11th July 2022