Market News Page No. 53| Africa Business News

Cheki Kenya Brings in 100% Auto Financing

Leading online auto market Cheki Kenya has launched a 100% auto finance service in partnership with major banks across the country to help ease the financial burden of car purchases in Kenya.Cheki Finance's 100 percent car loan service provides quick loans to buy locally and imported used vehicles and brand new cars listed on the site.An average of 8000 listings appear on the site on a monthly basis with a traffic volume of 1 million visits per.... Read more »

Posted on : Tuesday , 12th January 2021

Eni Examines Mombasa Refinery Conversion

Eni and Kenya have held discussions on several potential green plans in the East African country, including the conversion of the Mombasa refinery.Kenyan President Uhuru Kenyatta met with Italian CEO Claudio Descalzi last week. They talked about various green initiatives with the aim of providing communities with "efficient and sustainable" access to energy.The two sides discussed a multi-year plan for the collection of waste and agricultural.... Read more »

Posted on : Tuesday , 12th January 2021

Tanzania to Resume Oil & Gas Negotiations in 2021

The Tanzania Petroleum Development Corporation (TPDC) is optimistic that the Host Government Agreement (HGA) negotiations between the government and International Oil and Gas Companies on the liquefied natural gas will resume in January 2021.This is after they stalled for about a year after the decision of the Government to review the Production Sharing Agreements (PSAs). According to reports, Tanzania is seeking to scrap sections of the.... Read more »

Posted on : Monday , 11th January 2021

Kenya & United Kingdom Sign Trade Agreement

Kenya and the United Kingdom on 8th December 2020 formally signed a trade agreement in London. Betty Maina, Trade cabinet secretary signed on behalf of Kenya while Ranil Jayawardena, international trade minister signed on behalf of the UK. The trade deal will enable Kenyan exporters to continue accessing the UK market under a duty free, quota-free arrangement. The deal specifically touches on coffee, tea, fresh vegetables and cut.... Read more »

Posted on : Monday , 11th January 2021

‘Ethiopia is Emerging as Manufacturing Hub in Africa’

Ethiopia is one of the mineral rich countries of East Africa, which has been scouting for Indian investment. Besides huge gold reserves, the country has been a significant producer of sapphire, opal, and emerald in recent years. The field is wide open for investors to bring these extraordinary gemstones to the global market. The other resources discovered in different regions of the country include iron, phosphorus, tantalum, salt, potash, soda.... Read more »

Posted on : Monday , 11th January 2021

Pakistan, Tanzania sign MoUs to improve trade ties

Two Memorandum of Understanding (MoUs) have been signed by Pakistan and Tanzania, including bilateral political meetings between the foreign ministries of the two countries and the creation of a Joint Commission on Economic Cooperation. During the meeting in Dar es Salaam between Pakistan's High Commissioner for Tanzania Muhammad Saleem and Dr Palamagamba John Aidan Mwaluko Kabudi, Minister of Foreign Affairs and East African Cooperation of.... Read more »

Posted on : Friday , 8th January 2021

Kenya's economy will rebound strongly in 2021/22, says the World Bank

According to a report published by the World Bank on 5 January 2021, Kenya's economy will recover strongly after the global economic slowdown in 2020. The Covid-19 pandemic resulted in significant revenue losses around the world, with Kenya's economy contracting by 1%, according to a survey by the Central Bank of Kenya. The report predicts that the economy of Kenya will recover in 2021 by 6.9 percent and in 2022 by 5.7 percent. The.... Read more »

Posted on : Thursday , 7th January 2021

Ethiopia's Local farm produce to be used in-flight meals

Ethiopian Airlines and the United States have announced a new partnership deal to allow the country's flagship carrier to manufacture goods and ingredients locally produced for the preparation of global passenger in-flight food. Mr. Tewolde GebreMariam and the U.S. CEO of Ethiopian Airlines Group. Michael Raynor, Ambassador, signed an Agreement in which the Ethiopian farmers and food production companies shall be provided with technical.... Read more »

Posted on : Wednesday , 6th January 2021

Kenyan farmers self-reliant with AFC's credit funding

Franklin Bett, Chairman of the Board of Agricultural Finance Corporation (AFC), urged residents of the county of Marsabit to use corporate lending in order to enhance food safety and generate wealth. Mr. Bett said that the government committed to make Kenyans autonomous, providing not only affordable but also flexible credit for generating wealth and transforming life. The Chairman of the Board who held a pioneering event to establish AFC.... Read more »

Posted on : Wednesday , 6th January 2021

Africa Two-Wheeler Market Overview 2025

The African two-wheeler market is projected to grow at a CAGR of 12% by 2025, on the back of an inadequate public transport system, growing urbanisation and increasing imports of two-wheelers across the region.In addition, the increasing penetration of Chinese and Indian low-cost two-wheelers in the African two-wheeler market by two-wheeler importers gives customers more options, which are expected to have a positive impact on the market during.... Read more »

Posted on : Tuesday , 5th January 2021

Tanzania: Tanesco to Buy 19.16 MW of Green Electricity From Six IPPs

The state owned Tanzania Electric Supply Company (TANESCO) is signing power purchase agreements with 6 independent power producers that are developing several renewable energy projects in Tanzania. TANESCO agreed to purchase 19.16 MW of electricity, under the supervision of the Energy and Water Regulatory Authority (EWURA) of Tanzania. Among the selected 6 independent power producers is Nishati Lutheran Investment, which is implementing a.... Read more »

Posted on : Wednesday , 13th January 2021

Electricity Demand in Kenya Boosting Up to Levels Higher Than Pre-Pandemic Times

Kenya’s electricity demand has increased to 1,944 MW compared to 1,804 MW attained in February 2020 before the COVID-19 pandemic, according to Kenya Electricity Generating Company. We reported earlier this year, that there was a drop in demand in the month of April, and it was confirmed there was an actual drop in demand between April and June of this year, due to the pandemic measures taken by the Kenya government, said Rebecca Miano,.... Read more »

Posted on : Wednesday , 30th December 2020