Market News Page No. 354| Africa Business News

Tanzania Appointed Chair of African Minerals Council

Tanzania has been elected chair of the Governing Council of African Minerals and Geosciences Centre (AMGC). The appointment was made over the council's 36th annual meeting in Addis Ababa. Tanzania was represented by the Permanent Representative to the United Nations Economic Commission for Africa (Uneca) and its ambassador to Ethiopia, Ms Naimi Hamza Aziz, who attended the meeting on behalf of the Minister for Energy and Minerals, Prof.... Read more »

Posted on : Saturday , 4th June 2016

Tanzania: Kiwira Coal Mine Expansion To Start Next Year

Dodoma — Construction of a coal to electricity project at Kiwira coal mine will start next year, according to the deputy minister for Energy and Minerals, Mr Medard Kalemani informed Parliament today. He noted that the State Mining Corporation, Stamico, will spend a total of $500 million to develop the project. Preparatory work for the development of the project was in advanced stage. "In 2015/16 Stamico was.... Read more »

Posted on : Saturday , 4th June 2016

Tanzania: China To Finance USD 40 Million State-of-the-Art Library at UDSM

The University of Dar es Salaam (UDSM) is undergoing mega-infrastructural transformations that include construction of state-of-the-art modern library to accommodate over 800,000 books to be more globally competitive. Doubling as a public library and resource centre, the library will have the capacity to host 6,000 people, a conference room and Confucius Centre that can accommodate 2,100 and 500 people respectively. The project is.... Read more »

Posted on : Saturday , 4th June 2016

Uganda: France Pledges Shs667 Billion for Expressway Project

Kampala — The French government, through its public bank and overseas development agency, Agence Française de Développement (AFD), has said it will commit €180m (Shs667b) to the development of the proposed Kampala-Jinja Expressway next year. The loan was revealed by Ms Virgnie Leroy, the AFD's country representative, on Wednesday during a meeting with journalists in Kampala to highlight their projects in.... Read more »

Posted on : Saturday , 4th June 2016

Kenya : Sh17 Billion Nairobi Western Bypass Construction Begins

The government has announced the start of construction works for the Nairobi Western Bypass aimed at reducing traffic congestion in the Capital. The Kenya National Highways Authority (Kenha) said Thursday it has signed an agreement with the China Road and Bridge Corporation (CRBC) to carry out feasibility studies and designs for the development of the bypass as a high capacity expressway, paving way for its.... Read more »

Posted on : Friday , 3rd June 2016

Tanzania: President Wants Industries To Boost Economy

President John Magufuli wants the manufacturing sector to control a lion's share of workable population and contribution to the economy in the next four years. He said in Dar es Salaam yesterday that his government is rallying behind the manufacturing sector and want its share of employment to the society to reach 40 per cent from current 7.3 per cent - while its contribution to GDP reaching 15 per cent by 2020. "We (at.... Read more »

Posted on : Thursday , 2nd June 2016

Africa To Get U.S.$12 Billion Energy Package From AFDB

Lusaka — Africa was presented with its largest energy deal ever - a $12 billion package from the Africa Development Bank - as some leaders fought off pressure from environmentalists concerned about the threat of an impending construction boom of power dams, reiterating their position that the continent was simply tired of being in the dark. Under the new deal, which was announced during the ADB's annual meeting in Lusaka last.... Read more »

Posted on : Thursday , 2nd June 2016

Kenya: Building Companies Trying Out Benefits of Polystyrene Homes

Kajiado — Building companies are trying out polystyrene construction which offers good insulation, and uses less water and wood Justus Opiyo lives in one of around 50 polystyrene houses in a new development in Kajiado County, southeast of Nairobi, and says it has a major advantage over his previous homes. "Its temperature remains constant, even in extreme weather, unlike the houses I have lived in before," he.... Read more »

Posted on : Thursday , 2nd June 2016

Kia Motors to Build Auto Mechanic Training Centres in Ethiopia

Kia Motors will build training centres for mechanics in Ethiopia and Kenya in a bid to contribute to their economies by providing education for young people. According to Korea Times, a Kia Motors official said Sunday that the company held a groundbreaking ceremony for the center in Ethiopia on Friday and another in Kenya on Saturday. Chung Jin-haeng, President of Hyundai Motor and Kia Motors, participated in the ceremony held.... Read more »

Posted on : Wednesday , 1st June 2016

Kenya: Govt. Permits Direct Tea Export

In an unprecedented move, local companies and farmers' organisations have been given the go-ahead to directly export tea to international markets. The government's decision is aimed at cutting off unscrupulous middlemen who have continued to eat into the farmers' profits. Agriculture Cabinet Secretary Willy Bett said what tea producers currently endure at the Mombasa port is "exploitative and abusive". He.... Read more »

Posted on : Wednesday , 1st June 2016

Tanzania: 250 KM Power Line To Be Ready Soon

Dodoma — EXECUTION of the 250-kilometre of power line from Makambako in Njombe Region to Songea in Ruvuma region at a cost of 34.68 million US dollars and 15.41bn/- is expected to be completed by June 2018, the National Assembly heard yesterday. Among others, the first phase of the project will involve expansion of a power sub-station at Makambako and construction of new 220/33Kv stations at Madaba and Songea, Deputy Minister for.... Read more »

Posted on : Wednesday , 1st June 2016

Africa won't fall back into 1990s-style debt trap: AfDB

Africa is unlikely to fall into the type of unsustainable debt trap seen in the 1990s despite a spike in borrowing and widening budget deficits, the African Development Bank (AfDB) said on Monday. Falling commodity prices and slowing global growth have hammered African economies in the past year, prompting many governments to sharply increase borrowing, drawing comparisons with the crippling debt trap many countries faced in the 1990s. The.... Read more »

Posted on : Tuesday , 31st May 2016