Market News Page No. 54| Africa Business News

An introduction from the Kenya Ministry of Mines

The Ministry of Mining was founded in 2013 by President Uhuru Kenyatta to set up a new ministry mandated solely to develop the mining sector after having been given prominence by the 2030 Pillar 7 vision, which described the mining or extractive sector as a key contributor to a diversified economy with potential for jobs and wealth creation in Kenya. Traditionally, mining was not the key focus of environmental and natural resource.... Read more »

Posted on : Wednesday , 3rd March 2021

Kenya Extends the Time Limit for Imports of Used Cars

The Government of Kenya has extended the time limit for imports of used cars from two years to five years as it is geared towards the promotion of locally assembled vehicles. Treasury CS Ukur Yatani, on Monday, January 25, said the government would phase out second-hand cars by 2026. Car dealers had until 2023 to import second-hand vehicles under an earlier plan unveiled in 2019.The new proposal will offer them the right to be out of business.... Read more »

Posted on : Monday , 1st March 2021

Tanzania Auto Market Up as Tata Unveils New Brand

Tata Motors, an Indian car manufacturer, has introduced a new brand car on the local market, a sign of a fast-growing vehicle market and an opportunity for users to contribute to the preservation of the environment.The available statistics show that the car market in Tanzania increased by 5.3 per cent last year in the midst of the coronavirus pandemic compared to the previous year.In this initiative, Tata Motors and its sole authorized.... Read more »

Posted on : Thursday , 25th February 2021

Tanzania and Oman Sign Pact on Ports Master Plan Development

On Thursday, Tanzania's Zanzibar and the Oman Investment Authority signed a Memorandum of Understanding aimed at implementing a master port development plan along the Indian Ocean coast.In a statement issued by the Zanzibar State House, President Hussein Mwinyi of Tanzania and a high-ranking delegation from the government of Oman announced the signing of the agreement.The contract was signed by Tanzania's Permanent Secretary to the Ministry of.... Read more »

Posted on : Wednesday , 24th February 2021

Afreximbank, AAAM Sign the African Auto Industry Financing MOU

The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) have entered into a Memorandum of Understanding (MoU) to finance and promote the automotive industry in Africa."The strategic partnership with AAAM will facilitate the implementation of the Bank's automotive programme aimed at catalysing the development of the automotive industry in Africa as the continent begins trade within the African.... Read more »

Posted on : Monday , 22nd February 2021

Safaricom Market Cap Crosses Ksh 1.5 Trillion

Kenya’s largest listed company hit a market capitalization Ksh 1.52 Trillion after the company’s shares touched a new record high of Ksh 38. On 11th Feb, the Nairobi Securities Exchange listed firm announced it was paying an interim dividend of KSh 0.45 per ordinary share, amounting to KSh 18.029 Billion for the year ended 31st March 2021. The company’s board cited the need to support its shareholders during these difficult times.... Read more »

Posted on : Friday , 19th February 2021

Tanzania Sign USD 1.3b SGR Railway Construction Agreement with China

Tanzania’s President John Magufuli and China’s Foreign Affairs Minister Wang Yi signed in last month the agreement for the construction of the 5th phase of the new Standard Gauge Railway. The train will run for 341 km from Mwanza, the port city on the shore of Lake Victoria in northern Tanzania, to Isaka in the Shinyanga Region. The construction will be executed by China Civil Engineering Construction Corporation and China Railway.... Read more »

Posted on : Friday , 19th February 2021

Sub-Saharan Africa Could Green-Light 74 Mil Mt/Year LNG Capacity By 2030

Sub-Saharan Africa could approve an additional 74 million mt/year of LNG export capacity by 2030 if market conditions permit, the African Coalition for Trade and Investment in Natural Gas said in a report published on February 9.In addition to a total of 60 million mt/year of export capacity the region is expected to have by 2025, ACTING—launched on 3 February by the African Energy Chamber and investment research firm Hawilti—said in its.... Read more »

Posted on : Thursday , 18th February 2021

KENYA: Kenya Power Wants To Hybridise 23 Diesel Mini-Grids With Solar and Wind

The public company Kenya Power has just announced a call for tenders for the hybridisation of 23 diesel mini-grids with renewable sources such as solar and wind power. Companies interested in this project financed by the French Development Agency (AFD) have to apply until 2 March 2021. The Kenyan government is pursuing its policy of electrifying rural areas via mini grids. The public company Kenya Power (KPLC) is looking for companies to.... Read more »

Posted on : Monday , 15th February 2021

KENYA: Norfund Invests $15 Million in BLK1 for Electrification via Solar Kits

Norfund, a Norwegian government’s investment company joins the Brighter Life Kenya 1 Limited scheme with a USD 15 million investment. Norfund hopes to provide around 1.9 million Kenyans with access to electricity through solar home systems. Brighter Life Kenya 1 Limited is expanding. The scheme launched in 2020 to facilitate the financing of solar home systems in local currency (shilling) in Kenya is registering a USD 15 million.... Read more »

Posted on : Monday , 15th February 2021

UK To Step Up Trade With Kenya After the Latest Trade Deal

Jane Marriot, British High Commissioner to Kenya, said the United Kingdom has reaffirmed its pledge to scale-up trade with Kenya. Ms Marriot continued that as part of their economic relationship, her country was eager to see foreign currency sales return to a win-win scenario for both countries. Despite the Covid-19 global pandemic, the High Commissioner added that 43 percent of Kenya's vegetable exports go to the UK annually,.... Read more »

Posted on : Monday , 15th February 2021

Global IT company Rahi invests US$5m in Africa

Global IT technology company Rahi has announced a US$5 million in capital spending across Africa as it launches its global expansion plan for the IT, data centre and business campus technology sectors. Over the next three years, Rahi aims to spend US$5 million to extend its footprint across Dubai, South Africa, Kenya, Nigeria, Morocco and Egypt. Following its continuing global expansion to territories such as Europe, Latin America and.... Read more »

Posted on : Monday , 15th February 2021