Market News Page No. 73| Africa Business News

Tanzania Economy to Grow by 6% in 2021, Central Bank Say

In its latest Monetary Policy Statement, Mid-Year Review, of February 2021 the Bank of Tanzania projects that the country’s real GDP will grow by 5.5 % in 2020 and by 6.0 % in 2021. The positive outlook is driven by expected value added in agriculture due to enough rains, public investment, increase in export earnings from mining contributed by high world market prices of gold, and private sector investment, coupled with supportive.... Read more »

Posted on : Monday , 3rd May 2021

800 Chinese Companies Ready to Invest in Tanzania

On 21st April 2021, the President of Tanzania, Hon. Samia Suluhu Hassan met with the leaders of the Chinese Chamber of Commerce in the country to discuss the various issues pertaining to trade and investment. The Chinese leaders led by Mr. Janson Huang guaranteed President Suluhu that they are ready to cooperate with the 6th Phase Government in economic growth and uplifting the welfare of the people through major investments of more.... Read more »

Posted on : Monday , 3rd May 2021

Kenya's Nakuru County Partners With UK Firm To Automate Medical Records

The County Government of Nakuru has partnered with a software developer based in the United Kingdom to automate medical records and revenue collection at all public health facilities in the county. Dr. Daniel Wainaina, Acting Chief Officer for Public Health Services, said the Elephant Healthcare Turnkey Solution, based in London, will digitize service delivery at Bahati, Langalanga, and Olenguruone Sub-County Hospitals on a trial.... Read more »

Posted on : Wednesday , 28th April 2021

Toyota Kenya and Gulf African Bank Have Signed A Truck Financing Agreement

Gulf African Bank (GAB) has partnered with Toyota Kenya to provide financing to customers purchasing Hino trucks, buses, and Hilux pickup trucks.Customers will have access to up to 90% financing in the payment system, which will enable buyers to repay the loan in six years, according to GAB Managing Director Abdalla Abdulkhalik. “The financing is open to everybody. Motor vehicles being purchased should not be older than seven years from.... Read more »

Posted on : Wednesday , 28th April 2021

Construction of US $42m new Makupa Bridge in Mombasa, Kenya begins

The Kenya National Highways Authority (Kenha) has begun construction of the US $42.1m new Makupa bridge in Mombasa. The 457m long bridge will replace the historic Makupa causeway that links Mombasa Island to the mainland. Kenha awarded China Communications Construction Company (CCCC) the contract for the construction of the two four-lane parallel bridges in November last year. According to the resident engineer, Stephen Gichuru, the project.... Read more »

Posted on : Wednesday , 28th April 2021

Kenya on course of robust mineral potential

If entirely exploited, Kenya’s mining sector is said to contribute up to 12% of the country’s GDP.According to a study released recently by the Mineral Rights Board on how to draw mining investment, Kenya is on a course to benefit the country with its robust potential.“The sector is generally financed by development partners and private investors with the government having to play a minimal role, therefore with reduced budgetary allocation.... Read more »

Posted on : Monday , 26th April 2021

Kenya partners with Canada-Africa Chamber of Business to boost trade

Kenyan companies are poised to benefit from international trade and investment opportunities in North America after being full-time members of the Canada-Africa Chamber of Commerce. Via knowledge exchange and networking activities, the 27-year-old private, non-profit organization aims to accelerate Canada-Africa trade. It brings together important African decision-makers, including ministers and heads of state, as well as businessmen,.... Read more »

Posted on : Monday , 26th April 2021

The Co-op Bank has secured $10 million in funding to lend to agribusinesses

The eco.business Fund, an impact investment sub-fund for Sub-Saharan Africa, has given $10 million to Co-operative Bank for on-lending to sustainable agribusinesses. The fund's first investment in Kenya provides much-needed funding to businesses looking to improve sustainable agricultural practises, which is especially necessary given the difficult operating environment generated by the Covid-19 crisis. Co-operative Bank CEO Gideon.... Read more »

Posted on : Monday , 26th April 2021

TADB providing credit to farmers through SCGS

Tanzania's Agricultural Development Bank effectively administers its Smallholder Credit Guarantee Scheme (SCGS) through the Market Infrastructure Value Addition and Rural Finance (MIVARF) programme. SCGS is designed to support the bank's strategic goal of increasing smallholder farmers' access to low-interest loans and other affordable terms. The scheme is supported by the International Fund for Agriculture Development (IFAD) and.... Read more »

Posted on : Monday , 26th April 2021

Apple's innovative fiber-based packaging is assisting in the conservation of Kenya's Savanna

Apple unveiled the Restore Fund, a first-of-its-kind carbon removal programme that will invest in forestry projects to extract carbon from the environment while also providing a financial return to investors. Apple's $200 million fund, which was launched in collaboration with American non-profit Conservation International and multi-national investment firm Goldman Sachs, aims to remove at least one million metric tonnes of carbon dioxide from.... Read more »

Posted on : Friday , 23rd April 2021

AfCFTA, UNDP sign strategic partnership to boost trade in Africa

The Secretariat of the African Continental Free Trade Area (AfCFTA) and the United Nations Development Programme (UNDP) have signed a strategic agreement to foster trade as a catalyst for Africa's socioeconomic recovery from the Covid-19 crisis, and as an engine of sustainable development in Africa, especially for women and youth, in accordance with the SDGs and Agenda 2063. The agreement was signed by AfCFTA Secretary General Wamkele Mene,.... Read more »

Posted on : Friday , 23rd April 2021

Kenya's Forestry Contribution to the National Economy and Trade

In Kenya, the forest sector provides more economic benefits than is recorded in the country's national statistics.The Kenya National Bureau of Statistics (KNBS) indicated forestry’s contribution to GDP to be one percent, which, according to the study of the Forestry Society of Kenya did not take into account other important values, including direct values of both timber and non-timber products in the subsistence economy; the value addition of.... Read more »

Posted on : Thursday , 8th July 2021