Market News Page No. 44| Africa Business News

Reforms to Tanzania's investment laws begin to bear fruit: TIC

In the upcoming years, six strategic investors will invest a combined $1.1 billion as the government ramps up its investment promotion campaign, supported by pro-business and economic diplomacy initiatives. This occurs at the same time as Tanzania Investment Centre (TIC) is proud to have increased the number of investment projects by 14.6% in the fiscal year 2021–2022. John Mnali, the interim executive director of TIC, told reporters.... Read more »

Posted on : Thursday , 25th August 2022

African countries eye 2030 start for generating nuclear energy

At least seven African countries are at various stages - commissioning, shopping for vendors and mapping appropriate sites - in the roll-out of nuclear power plants, as a majority eye 2030 as a start-date for generating electricity from nuclear energy. Egypt is currently the only country to have begun construction, following the formal launch of a site in July. The US$25 billion project, being developed by Russian state energy corporation.... Read more »

Posted on : Thursday , 25th August 2022

The first electric bus ever created and developed in Africa is unveiled by Opibus

The first all electric bus in Kenya and the first electric bus ever with an African design have just been launched by Opibus. By the end of 2023, the business hopes to offer an electric bus that was created and built locally and that can be mass-produced for the entire African continent. The deployment of products designed for the local use case is a step in achieving Opibus's objective of electrifying Africa's public transportation system..... Read more »

Posted on : Wednesday , 24th August 2022

Oromia generates USD 324 million in revenue from mining in Ethiopia.

During the fiscal year 2021/2022, the Mineral Development Authority of Oromia Regional State earned USD 324 million from mineral mining. During the same time period, the Regional State sold 4,316 kilos of gold and 461,000 tonnes of coal. Furthermore, it delivered 22 million tonnes of gypsum stone to Addis Abeba-based building enterprises. Oromia is said to contain untapped mineral resources. However, the Regional State has barely accessed.... Read more »

Posted on : Wednesday , 24th August 2022

UK firm to develop Kigali green city master plan

Feilden Clegg Bradley Studios (FCBStudios), a British architectural design firm, has been selected to develop the green city Kigali master plan and detailed designs for the pilot phase.Established in 1978, with offices in Bath, London, Manchester, Belfast and Edinburgh, the firm is known for its pioneering work in sustainable design and social design agenda.The selection was done in partnership with the Royal Institute of British Architects.... Read more »

Posted on : Wednesday , 24th August 2022

According to the Maritime Authority, the Free Trade Zone would offer effective services and attract investors

According to the Ethiopian Maritime Authority, modern and appropriate services would be offered in the Dire Dawa Free Commerce Zone to enhance import-export trade and attract investment. Ethiopia's first free trade zone, which was recently established, is anticipated to speed up industrialisation and the economy while cutting costs and lengthening the time required for logistical operations. Ewnetu Taye, the authority's deputy director.... Read more »

Posted on : Wednesday , 24th August 2022

EAC services exports hit $12.9 billion

The East African Community (EAC) exported services worth $12.9 billion in 2019 against $933.6 billion worth of imports.The outbreak of Covid-19 and its resultant impact on trade, notwithstanding, trade in services has contributed immensely to the region's recovery.This was revealed by the East African Business Council (EABC) executive director John Bosco Kalisa during a high level business dinner.During the event, he briefed the business leaders.... Read more »

Posted on : Tuesday , 23rd August 2022

The Nairobi-Mombasa Expressway Project in Kenya, a 525 km four-lane toll road

Korean Overseas Infrastructure and Urban Development Corporation Africa has been given the job of building the Nairobi-Mombasa Expressway in Kenya (KIND). Following the withdrawal of US contractor Bechtel Corp from the project, the East African nation selected KIND to build the 473-km road. The Kenyan government has already received a feasibility report for the project from the South Korean company. Furthermore, it has consented to proceed.... Read more »

Posted on : Tuesday , 23rd August 2022

ONGC Videsh, Indian Oil Weigh Stake in USD3 Billion Kenya Project

ONGC Videsh and Indian Oil Corp. are in talks to amass a stake in Tullow Oil Plc's $3.4 billion venture in Kenya, in accordance with folks with data of the matter. The transaction's worth could also be between USD 2 billion and USD 3 billion, the folks stated, asking to not be recognized as a result of the talks are personal. The Indian state-backed firms will probably be joint operators of the venture after the deal, they stated..... Read more »

Posted on : Thursday , 25th August 2022

Oil and Gas in Africa: Tanzania Takes Lead as It Hosts Energy Congress

When it comes to oil and gas in Africa, there is plenty of potential to produce enough energy on the continent. Africa accounted for approximately 8%of the global oil output in year 2020. Similarly, at least 330 million metric tonnes of oil will be produced in Africa in 2020 (Statista). Global oil and gas players such as ExxonMobil, Shell, Equinor, and BP are pushing the continent forward. The energy sector in East Africa is rapidly.... Read more »

Posted on : Wednesday , 17th August 2022

UNDP Launches Innovation Competition for Off-Grid Solar

Through its Climate Aggregation Platform (CAP), the United Nations Development Programme (UNDP) is launching an innovation course in off-grid solar financing. The initiative aims to accelerate access to electricity in East Africa. The CAP Financial Innovation Challenge is open until 31 August 2022. It is an initiative of the Climate Aggregation Platform (CAP) of the United Nations Development Programme (UNDP). For this 1st edition, the.... Read more »

Posted on : Tuesday , 16th August 2022

Construction of the Kisumu Solar Photovoltaic Power Plant in Kenya (40 Mwp)

While Kenya has an installed capacity of 2,819 MW, 749 MW of which is produced from fossil fuels, the East African country is counting on the Kisumu solar PV power plant with a capacity of 40 Mc to diversify its electricity mix. The implementation of this project, which will follow in the next few days, has the approval of the Kenyan authorities. In Kenya, work on the Kisumu solar PV plant can begin. After 2 years of suspense, the Kenyan.... Read more »

Posted on : Tuesday , 16th August 2022