Market News Page No. 35| Africa Business News

Africa's off-grid energy cold storage projects will benefit from $1.09 million in funds secured by InspiraFarms

Recent funding of $1.09 million (€1 million) has been obtained by InspiraFarms Cooling, a well-known cooling solutions supplier with headquarters in Kenya. The company's off-grid energy cold storage initiatives throughout Africa will benefit greatly from this contribution. Key participants in this round of investment include Factor, KawiSafi and the Foundation for Clean Energy and Energy Inclusion for Africa (CEI Africa). With the.... Read more »

Posted on : Thursday , 1st February 2024

Kenya Introduces Its E-Commerce Plan In An Effort To Fully Utilise The Digital Economy.

In order to encourage effective and sustainable development, UNCTAD supports the East African country in addressing obstacles and strengthening healthy electronic commerce. Kenya on December 13th unveiled a national e-commerce strategy aimed at strengthening its standing as Africa's digital leader by encouraging broad and inclusive use of e-commerce services that are based in Kenya and are safe and reliable. The plan was driven.... Read more »

Posted on : Thursday , 1st February 2024

Residents of Seme Celebrate the Commissioning of the Sh37 Million Water Project

Over 148 homes in West Seme Ward will soon have access to clean drinking water thanks to a Sh37 million project, which will enhance the public health of the area. It includes a 160-meter working borehole, an elevated steel tank with a capacity of 58.3 cubic meters, and a 6.3-kilometer water delivery system that serves the rural communities of Kokelo, Kaura, and Kachura villages. At the commissioning event, Kisumu Deputy Governor Dr..... Read more »

Posted on : Friday , 2nd February 2024

Gravita India Shares Gain as Company Opens A Plastic Recycling Plant In Tanzania

On Thursday, Gravita India Ltd.'s stock increased by 3% after the company's announcement that its subsidiary had started up at the Tanzanian plastic recycling factory. According to a filing to the stock exchanges, the recycling company, which has manufacturing centers across the world, has begun the commercial production of Recycled Polypropylene Granules at its new plastic recycling facility in Tanzania, East Africa. This facility is.... Read more »

Posted on : Thursday , 1st February 2024

What are the Implications of the Discovery of Coltan Deposits?

As it wanders deep into the depths of the isolated Kiangunguru village in the Ntharawe district of Embu County, the tiny, meandering rut slices through the dense jungle. The vegetation becomes sparse and anaemic as the short road descends into this sunburned land. It leads to a vast clearing that is dominated by a line of enormous hills made from tonnes of dirt and rock that have been mined. A group of dishevelled artisanal miners stands at the.... Read more »

Posted on : Thursday , 1st February 2024

Kenyan Renewables Will Receive Approximately $300 Million in Funding From CIF

Multilateral lender Climate Investment Funds (CIF) on 30 January, Kenya is aiming to use 100% clean energy by 2030, and CIF is supporting a strategy that could see over $300 million committed to help with this integration. According to the statement, at least an additional $243 million is anticipated to be raised from the public and commercial sectors, including through the World Bank Group and the African Development Bank, following a $46.4.... Read more »

Posted on : Thursday , 1st February 2024

JICA's $1.3 Billion Funding Kickstarts Africa's Largest Cable-Stayed Bridge Project in Kenya

The Japanese International Cooperation Agency (JICA) is providing the funding to the Kenya National Highway Authority (KeNHA) for the construction of the bridge project, which is estimated at US$1.3 billion (about 200 billion Kenyan shillings). JICA will fund 80% of the bridge project, with the Kenyan government covering the other 20%. Principal Secretary for Roads Joseph Mbugua stated, "The Kenyan government is committed to ensuring the.... Read more »

Posted on : Wednesday , 31st January 2024

Kengen Is Seeking Expert Advice for A 42.5 MW Solar PV Project

Kenya Power Generating Company PLC (KenGen), a key player in the nation's power generation, has welcomed expressions of interest for counselling administrations connected with the oversight and the board of the 42.5MW Seven Forks Solar based Photovoltaic (PV) Power Project. The initiative aligns with KenGen's commitment to improving the country's power generation limit. The extent of administrations for the selected expert.... Read more »

Posted on : Wednesday , 31st January 2024

Rwanda Revealed Its Latest $300 Million Clean Energy Initiative

On January 11, the Lower Chamber of Parliament endorsed a regulation ratifying a $300 million (approx. Rwf380 billion) supporting understanding intended to subsidize a sustainable and eco-friendly energy project in the country. The deal was signed among Rwanda and the World Bank’s International Development Association (IDA), on December 14, 2023, in Kigali. As per the Service of Money and Monetary Preparation (MINECOFIN), the.... Read more »

Posted on : Wednesday , 31st January 2024

EAGC And USAID Form Collaboration To Boost Export-Driven Staple Food Value Chain Competitiveness

The US government has awarded the Eastern Africa Grain Council (EAGC) a US$2 million grant for a three-year term through Feed the Future's support of TradeMark Africa (TMA) under USAID's Economic Recovery and Reform Activity (ERRA) program. The funds will boost the profitability of export-oriented East African staple food value chains. Through the five-year ERRA US$75 million program, USAID and TMA are leading the way in enacting.... Read more »

Posted on : Wednesday , 31st January 2024

UK to Ensure Sh9.6 Billion Loan for Kenyan Power Line Transmission Improvement

Nairobi — The United Kingdom has ensured a Sh9.6 billion credit from the African Improvement Bank (AFDB) to Kenya in climate financing. This is after the nation was chosen as a beneficiary of the Transmission Network Improvement Project under the Room to Run Sovereign Transaction (R2RS). British High Commissioner to Kenya Neil Wigan expressed that the assets will be utilized for power transmission network improvement. "Powering.... Read more »

Posted on : Monday , 29th January 2024

Uganda Attracts Record-Breaking Foreign Investments in Oil and Gas Sector

FDI inflows to Kenya, Tanzania and Uganda soared to $13.3 billion in 2022, creating many jobs and boosting Uganda's oil and gas sector. Kenya attracted $2 billion and created 7,819 jobs with a 117% surge in investment inflows in one year. Tanzania recovers from pandemic with $1.3 billion FDI and 4,566 new jobs in 21 projects. The 20th annual study analysed the foreign investments by their location, source, type, size, and other.... Read more »

Posted on : Monday , 15th January 2024