Market News Page No. 52| Africa Business News

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

Kenya Power to Install EV charging Stations in Nairobi and Nakuru

The state-owned company Kenya Power has announced the installation of charging stations throughout the country. The operation will start in the capital Nairobi and Nakuru County. In Kenya, the electricity distribution company Kenya Power wants to support the development of sustainable mobility through the deployment of charging stations for electric vehicles on a national scale. The cities of Nairobi and Nakuru will be the 1st beneficiaries.... Read more »

Posted on : Friday , 12th August 2022

TANZANIA: TANESCO Joins Forces with Masdar to Produce 2 GW of Clean Energy

In Tanzania, the state-owned Tanzania Electric Supply Company (TANESCO) has agreed with Masdar of the United Arab Emirates to jointly produce 2 GW of clean energy, including solar photovoltaic plants with a combined capacity of 600 MWp. The project will help meet the growing demand for electricity in this East African country where only 39% of the population has access to electricity. Tanzania aims to achieve an electrification rate of 75%.... Read more »

Posted on : Friday , 12th August 2022

SkyMax Network, Ericsson Collaborate to Build 5G in Africa

SkyMax Network, a multinational wireless communications engineering company, and Ericsson have signed a Memorandum of Understanding (MoU) to create a partnership aimed at building a next generation 5G broadband network, inclusive of a digital services delivery platform, across Sub-Saharan Africa (SSA). The MoU, a result of a two-year collaboration between the two parties, serves as the basis for further discussions, interactions, and.... Read more »

Posted on : Friday , 12th August 2022

China to Focus on Trade to Deepen Africa Ties, EIU Says

China will deepen its ties with Africa over the next decade by focusing on trade and is unlikely to be dislodged by US and European Union attempts to re-engage with the continent, the Economist Intelligence Unit said. The Asian country is likely to keep investing in Africa’s natural resources and may look to the continent as a source of food, boosting its expenditure on agriculture, the EIU said in a report released Thursday. Asia.... Read more »

Posted on : Friday , 12th August 2022

Indian government to buy Sh356.5bn Tullow Oil stake in Turkana

Two Indian state-backed companies are in talks to acquire Tullow Oil's stake in Turkana oil projects in a deal estimated to breach Sh356.5 billion ($3 billion).This will mark one of the biggest deals in Kenya's history and offers a foreign government a stake in a venture that is seeking to develop infrastructure for oil production.Bloomberg news agency reported from India that ONGC Videsh and Indian Oil Corp may acquire the stake for between $2.... Read more »

Posted on : Wednesday , 3rd August 2022

Komaza raises 28 million USD in Series B funding to address Africa's 30 billion USD wood deficit while restoring degraded lands

Komaza, a tech-enabled, sustainable forestry company that is reshaping the African wood market through its ground-breaking smallholder platform, has closed the first round of its anticipated 33 million USD Series B equity funding, amounting to 28 million USD. This fundraising round was co-led by Novastar LPs AXA Investment Managers and the Dutch development bank FMO, with additional participation from Mirova's Land Degradation Neutrality Fund,.... Read more »

Posted on : Tuesday , 2nd August 2022