Market News Page No. 70| Africa Business News

Rwanda Raises 2021-22 Budget to $ 3.4 Billion

Rwanda has announced plans to increase its 2021-2022 budget by US$ 220.8 million from its initial US$ 3.2 billion, hitting US$ 3.4 billion. This comes even as the government battles disruptions from the global COVID-19 pandemic and seeks to revive the economy. The budget, primarily funded by domestic revenues projected to increase from US$ 1.6 billion to US$ 1.7 billion, will majorly spread across the education sector, followed by the.... Read more »

Posted on : Monday , 15th March 2021

Kenyan Utility Seeks Proposals for PV Plant at Water Treatment Site

Kenyan water utility Nyahururu Water and Sanitation Company (Nyahuwasco) has kicked-off a tender for the construction of a solar power plant at 1 of its water treatment facilities. The company operates in the Laikipia West sub county of Laikipia County, in central Kenya, and is fully owned by the County Government of Laikipia. The selected developers will be responsible for designing, financing, and constructing the solar plant, as.... Read more »

Posted on : Friday , 12th March 2021

Djibouti is launching its National Geothermal Energy Engineering Company

Djibouti has reached another milestone in its geothermal energy growth with the creation of its own national geothermal energy engineering business.Dubbed the Red Sea Drilling Company (RSDC), the new venture will not only work to expand the country's geothermal energy reserves, but will also have a training and capacity building programme to be established by a number of engineers and technicians in the coming years, which is important for the.... Read more »

Posted on : Friday , 12th March 2021

Simba Corp Commences Sale of Locally Assembled Proton Saga Saloon Car

The CEO of the company, Dinesh Kotecha, said, "We are looking forward to the Proton Saga and indeed the Proton brand storming the Kenyan market because we believe that this is a solution that our customers have been waiting for and finally delivered."The Proton Saga is manufactured locally at the Associated Vehicle Assemblers plant in Mombasa and comes with a 5 year warranty of 150,000KM.Kotecha said the firm had signed a number of banks to make.... Read more »

Posted on : Thursday , 11th March 2021

Kengen Wins Contract to Drill Three Geothermal Wells in Djibouti

The company has signed a USD 6 million contract with Office Djiboutien De Development De l’energie Geothermique (Djiboutian Office of Geothermal Energy Development). The ceremony, in Galla Le Koma, Djibouti, was attended by Kenya's Energy Cabinet Secretary Charles Keter and KenGen CEO & Managing Director Rebecca Miano. Speaking during the event, Charles Keter pointed out African nations, shared the common aspiration of delivering.... Read more »

Posted on : Thursday , 13th May 2021

Tanzania: Wonders of $32m Songwe Project

Songwe Region has started Knocking into its abundant economic potentials with the on-going implementation of the Songwe Geothermal Power and Direct Use Project. The USD 32-million geothermal power project at Majimoto Village in Mbozi District is expected to generate between 5MW and 38MW when completed in the year 2023. Before the power generation starts in the year 2023, the Tanzania Geothermal Development Corporation has introduced.... Read more »

Posted on : Wednesday , 10th March 2021

PET recycling being promoted by Silafrica in collaboration with the PETCO board and the Tanzanian government

A PET preform is a test tube-shaped piece of plastic that is produced by a process called injection moulding, using a plastic called PET (Polyethylene Terephthalate) that produces liquids and food containers. The Group, with its presence in Tanzania, Kenya, Uganda and Ethiopia, is known for setting benchmarks in the manufacturing sector with high quality standards in terms of customer satisfaction and the adoption of top-of-the-range.... Read more »

Posted on : Friday , 5th March 2021

KEB publishes new rules for environmentally-friendly paper packaging

New standards for Kraft paper processing have been accepted by Kenya's Bureau of Standards (KEBs). The guidelines define the sampling and testing criteria for Kraft paper used in the packaging of greasy and oily foods, as well as dry foods like sugar and flour, bread bags, shopping bags, wrappings, and laminates. The new guidelines specify grease or oil resistance, pH, cobb, dimensions, heavy metal and organic pollutants limits, and.... Read more »

Posted on : Friday , 5th March 2021

Finland grants Sh14 billion to a company to boost business in East Africa

Finland provides a grant of Sh14 billion to a company to help it expand its business in East Africa. The Finnish government has given TradeMark East Africa (TMEA) an additional grant of Sh14 billion to support the region's trade and economic development. The grant is expected to help TMEA's role in enhancing trade across the East African Community (EAC) and enhancing mutual stability in the region, according to Finnish Ambassador to.... Read more »

Posted on : Friday , 5th March 2021

EU & Tanzania sign Sh308 billion deal for six projects

The European Union and Tanzania's government signed an agreement yesterday to fund the implementation of six projects aimed at fostering economic growth and improving people's lives. According to information released after the signing of the deal, the government will collect grants totaling 111.5 million euros (Sh307.9 billion) for programs to be undertaken in both Tanzania Mainland and Zanzibar. The EU issued 23 million (Sh63.5.... Read more »

Posted on : Friday , 5th March 2021

Kenyan chamber of commerce enhance bilateral relations in Sharjah

The Sharjah Chamber of Commerce and Industry (SCCI) and the Kenya National Chamber of Commerce and Industry (KNCCI) have explored ways to work together to open a representative office for the KNCCI in the emirate in order to strengthen bilateral relations and support the two countries' business communities. This happened during a meeting between the SCCI and its President Richard Nagatia of the renowned KNCCI delegation. The delegation also.... Read more »

Posted on : Thursday , 4th March 2021

New plan designed to boost insurance coverage for agriculture in Tanzania

The government has devised a five-year strategy to entice insurance firms to join the agriculture industry. The Tanzania Insurance Regulatory Authority's (Tira) proposal comes amid insurance companies' reluctance to venture into agriculture, despite the sector's enormous potential, which accounts for about 28% of the country's Gross Domestic Product (GDP). According to Tira data, only five of Tanzania's 26 insurance companies provide.... Read more »

Posted on : Thursday , 4th March 2021