Market News Page No. 49| Africa Business News

Rich Lamu Oil Prospects Fuel Kenya's Economic Plans Dreams

Kenya is just weeks away from announcing the discovery of new oil resources in the Lamu basin, bigger than what was found a decade ago in Turkana, in what could be a turning point for the country’s dreams of reaping petrodollars. Italian oil exploration company Eni — in partnership with France-based oil and gas company TotalEnergies and Qatar’s state-owned oil and gas firm Qatar Energy is racing to conclude a 5 kilometre exploratory.... Read more »

Posted on : Thursday , 17th March 2022

Tanzania: Oil, Gas Sector Attracts UAE Investors

TANZANIA'S participation in the Dubai Expo 2020 has paid off as the country has attracted a number of international companies that have shown interest to invest in the oil and gas sector. Some of the areas that have attracted foreign companies include supply of natural gas, construction of the Compressed Natural Gas (CNG) stations, and construction of pipelines as well as participation in the oil and gas exploration. The Tanzania.... Read more »

Posted on : Thursday , 17th March 2022

Tanzania: Rukwa to Power 155 Villages This Year

Rural Energy Agency (REA) and Tanescoare set to connect 155 villages in Rukwa with electricity by the end of this year thanks to 41.8bn/- fund. Rukwa'sTanesco acting Regional Manager, Joseph Malongo, told the Regional Consultative Committee (RCC) that under the 2nd round of REA Phase III the remaining 155 village in Rukwa will be connected coming this December. The RCC meeting was chaired by the Regional Commissioner Mr Joseph.... Read more »

Posted on : Wednesday , 16th March 2022

KENYA: VR Holding to Convert Solid Waste into Electricity in Kakamega

A solid waste-to-energy project is starting in Kakamega, 7 years after its official presentation. The Swedish energy company VR Holding AB has been appointed by the Kenyan government to carry out the work, which will cost 6 billion Kenyan shillings, or about US$53 million. Kenya will soon have a new solid waste-to-energy plant. The facility will be located in Kakamega County. The project is being implemented by VR Holding AB. The Bastad,.... Read more »

Posted on : Wednesday , 16th March 2022

Top 5 Upcoming Projects in East Africa

East Africa has more than $435 billion of active projects, of which $221 billion are under construction. A fast-growing population that will increase by 25 per cent over the next ten years drives the demand for infrastructure development. East Africa consists of 20 countries and a combined population of 455 million. Over the next ten years, growing at more than 25 per cent, East Africa's population will cross 570 million. One hundred.... Read more »

Posted on : Monday , 14th March 2022

To improve healthcare in Africa, KARL STORZ has joined the IFC medical equipment facility

IFC recently announced that leading endoscope manufacturer KARL STORZ has become the newest company to join IFC's Africa Medical Equipment Facility, assisting Africa's healthcare providers in further strengthening their services in the aftermath of the COVID-19 pandemic. KARL STORZ's participation in the Africa Medical Equipment Facility (AMEF) will assist smaller healthcare businesses in East and West Africa in purchasing or leasing.... Read more »

Posted on : Wednesday , 9th March 2022

The African mRNA vaccine factory is expected to begin construction in mid-2022, according to BioNTech

BioNTech (22UAy.DE) has inked a deal with the Rwandan government and the Institut Pasteur de Dakar in Senegal to build Africa's first mRNA vaccine manufacturing plant, which will open in mid-2022 and assist the continent overcome health disparities compared to other parts of the world. BioNTech, which developed the most widely used COVID-19 shots in the western world with partner Pfizer (PFE.N), will initially build a production line with.... Read more »

Posted on : Wednesday , 9th March 2022

Mwigulu Applauds the African Development Bank for Supporting Tanzanian Development Projects

Dr. Mwigulu Nchemba, Tanzania's Minister of Finance and Planning, has praised the African Development Bank (AfDB) for its commitment to assisting the Tanzanian government in implementing new projects in several areas. Dr. Nchemba conveyed his gratitude during a meeting in Dodoma with AfDB President Dr. Akinwumi Adesina. Ambassador Liberata Mulamula, Minister of Foreign Affairs and East African Cooperation, was also present at the.... Read more »

Posted on : Wednesday , 9th March 2022

Investors from the U.S. want a bigger share of Kenya's market

As key officials and corporate delegations arrive in Nairobi, US President Joe Biden's government and American corporations are set to announce new investments in Kenya in sectors such as energy, health, and agri-business. According to a brief published by the US government before of the visit, US deputy assistant secretary of State Akunna Cook and Prosper Africa acting chief operating officer Leslie Marbury will go to Kenya on an economic.... Read more »

Posted on : Wednesday , 9th March 2022

Tanzania seeks to promote avocado production.

Tanzania's government has pledged to promote avocado farming. Exaud Kigahe, the Deputy Minister of Investment, Industries and Trade, made the announcement and stated that they intend to invest extensively in order to encourage more people to enter the profitable business for the country's development. This, he claimed, will be accomplished by implementing tough measures such as growing high-quality seedlings, encouraging mass production,.... Read more »

Posted on : Wednesday , 2nd March 2022

Kenya-Tanzania to construct a grain silos in Mombasa, After Juba and Lubumbashi

Tanzania is planning to build massive grain storage facilities and distribution centres in Mombasa to help market the country's surplus food supplies. The projected big silos will make it easier for Kenya and Tanzania to trade surplus food supplies. The investment will boost bilateral trade, which was worth US$905.5 million in 2021. Tanzania has high ambitions for grain storage facilities, as it currently has two grain storage.... Read more »

Posted on : Wednesday , 2nd March 2022

In Kenya, Rwanda and Nigeria, researchers developed innovative products out of old plastic water bottles.

Researchers from Loughborough University produced unique devices as part of an experiment aimed at lowering the impact of recyclable material in developing countries. The Circular Plastics project, worth £150,000, intends to promote local African companies including farming, fishing, and building by converting throwaway bottles into valuable products. The following are some of the products that have been developed: Fruit picker -.... Read more »

Posted on : Wednesday , 2nd March 2022