Market News Page No. 68| Africa Business News

AAAM & Afreximbank have signed An Agreement to Increase Automotive Investment in Africa

A Memorandum of Understanding (MoU) was signed by the African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) for the financing and promotion of Africa's automotive industry.In early February, Afreximbank President Benedict Oramah and AAAM President Mike Whitfield signed a Memorandum of Understanding, paving the groundwork for a collaboration. Its aim is to improve regional automotive supply chains.... Read more »

Posted on : Tuesday , 6th April 2021

Nakuru Plans To Manufacture Vehicle Spare Parts

Within the devolved unit's Special Economic Zones and Industrial Parks, the Nakuru County Government is wooing vehicle manufacturing companies to invest in local production of spare parts.Governor Lee Kinyanjui claimed that as the national government intensifies its campaign to promote local vehicle assembly, the establishment of plants at the county level to locally produce spare parts would significantly boost Kenya's industrial sector as a.... Read more »

Posted on : Friday , 2nd April 2021

Kenya Plans to Spend $4.5 Billion in the Commercialization of Crude Oil

According to H.E. John Munyes, Cabinet Secretary for the Ministry of Petroleum and Mining, Kenya is seeking KSh500 billion ($4.55 billion) in investment to construct a pipeline, central processing and storage facilities from Lokichar to the coast, as well as upgrade refineries in Lamu and Mombasa.The emerging oil producer currently transports its crude from Turkana to the coast, preventing commercialization and, as a result, economic.... Read more »

Posted on : Friday , 2nd April 2021

Ethiopia: Masdar to Supply 500 Mwp of Solar Energy in the Coming Months

The Emirati independent power producer Masdar Clean Energy has just obtained the approval of the Ethiopian government to produce 500 MWp of solar energy. The electricity will be stuff into the grid of the state owned Ethiopian Electric Power. At least around 500 MWp will be stuff into Ethiopia's national electricity grid in the next upcoming months. This will be thanks to new solar PV plants built by Masdar Clean Energy. The UAE based.... Read more »

Posted on : Wednesday , 17th November 2021

Tanzania Gold and Minerals Exports Go up In January 2021

The Bank of Tanzania released its Monthly Economic Review – Feb 2021, indicating that the total exports of goods and services amounted to US$ 8,741.8 million in year ending January 2021, representing a slight decrease from US$ 9,835.5 million recorded in the corresponding period in 2020. Traditional exports amounted to US$ 705.4 million from US$ 959.7 million, accounting for 8.1 per cent of total exports. Non-traditional exports.... Read more »

Posted on : Thursday , 1st April 2021

Going Green: Volkswagen Rwanda Debuts a New Motor Charging Station

Volkswagen Mobility Solutions Rwanda unveiled a new charging station on Tuesday, March 30, thanks to a collaboration between the firm, Siemens, and Radisson Blue Hotel.The new facility, located at the Kigali Convention Centre, is the second of its kind, following the one built in the Kigali Special Economic Zone.The new station, according to Serge Kamuhinda, CEO of Volkswagen Mobility Solutions Rwanda, is a move toward more environmentally.... Read more »

Posted on : Wednesday , 31st March 2021

Global Recycling Day Reminds East Africa to Grow Economy

The Global Day of Recycling, celebrated on 18 March, offered the opportunity to reflect on how the prosperity of Africa should be promoted through inclusive growth of economies, while reducing the environmental impact of packaging waste. Coca-Cola Beverages Africa (CCBA) has made its aggressive recycling targets a top business priority, along with key success indicators for growth and profitability, according to Coca-Cola Chief Executive.... Read more »

Posted on : Wednesday , 31st March 2021

Mass Timber set to influence construction and design in South Africa

With the construction industry moving towards modular construction, the University of Pretoria (UP) Graduate School of Technology Management senior lecturer Schalk Grobbelaar stated that mass timber is one of the few building materials that ticks the boxes in terms of being cost effective, dependable, sustainable and quick construction. Mass timber has developed into a profitable building material for manufacturers and construction.... Read more »

Posted on : Wednesday , 31st March 2021

Ethiopia & Korea Sign 32 million USD Grant Agreement

Ethiopia and South Korea have signed a grant agreement worth 32 million USD, which will assist Ethiopia in achieving its development goals based on the Ten Year Prospective Plan and the SDGs. Yasmin Wohabrebbi, State Minister of Finance, and Kim Dong Ho, Country Director of the Korea International Cooperation Agency (KOICA), signed the deal. According to the agreement, KOIKA will provide funding for three projects in Ethiopia over the.... Read more »

Posted on : Tuesday , 30th March 2021

Japanese firm launches $15m African startup fund, reveals 5 investments

Uncovered Fund, a venture capital company focused on early-stage entrepreneurs in Africa, announced today the opening of its $15 million fund, which is set to close at the end of June this year. Takuma Terakubo's Tokyo-based firm, established in 2019, will invest $50,000 to $500,000 in African startups in the seed and Series A phases. Uncovered Fund invests in retail, fintech, health tech, logistics, MaaS, agritech, and smart city startups.... Read more »

Posted on : Tuesday , 30th March 2021

Kenyan Entrepreneur moulds unwanted Plastic into Bricks

Plastic waste from factories and businesses is turned into extremely powerful paving bricks by a Nairobi-based social enterprise. Nzambi Matee founded Gjenge Makers after becoming frustrated with how little was being done to address the pressing issue of plastic pollution in her country. Her and her team were named Young Champions of the Earth for 2020 by the United Nations Environmental Programme for their resilient building.... Read more »

Posted on : Tuesday , 30th March 2021

Kalro receives Sh300,000 in EU funding to improve food security

The European Union has given the Kenya Agricultural and Livestock Research Organization Sh300 million to help with food security. The funds will also be used to expand research and the use of climate-smart technology in the fight against climate change. The AgriFI Kenya Climate Smart Agricultural Productivity Project will introduce the five-year programme. The sub-grants would help at least 19 groups of farmers along the coastal.... Read more »

Posted on : Tuesday , 30th March 2021