Market News Page No. 383| Africa Business News

Rosatom to officially begin constructing nuclear power plant in Africa

Russia’s national nuclear corporation Rosatom will commence the construction of first nuclear power plant in Egypt after signing an agreement. In the contract signed, the construction of the power plant in Egypt will begin early 2016. According to the press release given by the company the construction of the nuclear power plant will commence in the first quarter of 2016. “The plan will be actualized after the contract.... Read more »

Posted on : Friday , 8th January 2016

East Africa: Strengthening Banks to Enhance Trade, Investment

The introduction of banks in Ethiopia goes back hundred years. All along the road the so introduced banks have carried out a range of business transactions, contributing a lot to the country's socio-economic development. Strengthening these institutions is not only promoting trade and investment but it is also igniting both local and international business interactions. Apart form providing loans and deposit services, banks play a.... Read more »

Posted on : Thursday , 7th January 2016

Construction sector in East Africa to modernize

Ethiopia is seeking to modernize its construction sector by adopting technology. The country’s Ministry of Construction says it has embarked on a preparation plan to modernize Construction sector in Ethiopia in the GTP II period. The planning stage involves heads of regional bureaus and construction stakeholders. Minister of Construction Ambachew Mekonnen at the consultation said the plan is prepared to tackle the hurdles.... Read more »

Posted on : Thursday , 7th January 2016

US to fund the construction of an oil pipeline in Kenya

The Kenyan oil industry is set to receive a financial boost of US$1.3bn from the American Government as they have expressed interest in funding the construction of an oil pipeline in Kenya that will link the northern oil fields to Lamu. The US$ 2.3bn development is a positive and tremendous project as South Sudan and Ethiopia will be linked up to the Lamu port. The US Ambassador to Kenya, Mr. Robert Godec confirmed the reports and said.... Read more »

Posted on : Thursday , 7th January 2016

Renewables up, fossil fuel stocks down

2015 was a landmark year for climate action. Its many highlights were topped by a Paris agreement where 195 countries set themselves on a low-carbon path via economy-wide plans sure to be developed and strengthened every year. In the meantime, climate chaos continues to build: 2015 was the warmest year of the warmest decade since we started recording temperatures. 2016 is forecast to be even warmer. The number of climate refugees are swelling.... Read more »

Posted on : Wednesday , 6th January 2016

The U.S. Ready to Invest Sh2.4 Trillion in Kenyan Oil Industry

The American Government Tuesday expressed interest in funding construction of an oil pipeline linking northern Kenya oil fields to Lamu, upping its stake in the Lappset project. Initially designed and planned to be funded by Chinese, the US says it is ready to invest in the Sh2.4 trillion project to open up northern Kenya and link up landlocked South Sudan and Ethiopia to the Lamu port. US Ambassador to Kenya, Mr Robert.... Read more »

Posted on : Wednesday , 6th January 2016

Upcoming High-Speed Rail Will Be an Economic Boost to Kenya

With the laying of rail tracks set to be complete by December, the completion of the Standard Gauge Railway is going to be one of the big stories this year. The modern railway is expected to open to first commercial traffic in June 2017. Transport CS James Macharia is already sounding optimistic, lauding the progress made so far and noting that big impact on the economy will be recorded this year even as the tracks are laid on the.... Read more »

Posted on : Wednesday , 6th January 2016

China Keen to Boost Cooperation With East Africa in Infrastructure

Chinese Vice Foreign Minister Zhang Ming said Tuesday China is keen to strengthen cooperation with Ethiopia in the infrastructure development and transportation sector. Zhang made the remarks after he visited the Addis Ababa Light Rail Transit constructed by the China Railway Group in the capital of the East African country. Zhang said infrastructure development and transportation sector are among the various fields China and Ethiopia are.... Read more »

Posted on : Wednesday , 6th January 2016

Sh1.2 Billion Lighting Project Boosts Business in Mombasa

The Mombasa County government and Kenya Power have finished lighting up the town at a cost of Sh1.2 billion in an effort to woo investors and revitalise tourism industry through the Mwangaza Mtaani project. Started in September last year, the street lighting programme, involved upgrading of the electricity network in the coastal town and installation of high mast lights in major streets including public beaches. During the just.... Read more »

Posted on : Tuesday , 5th January 2016

East Africa: AfDB Approves $138m for Rusizi III Hydro Project

The African Development Bank (AfDB) has approved $138 million in loans and grants to finance the Rusizi III hydropower plant project. A statement from the AfDB indicates that the implementation of the project will be carried out at a total cost of $625.19 million. At least $138.88 million will be borne by the AfDB's public sector window and $50.22 million by the private sector window. Rusizi III hydropower plant is part of the.... Read more »

Posted on : Tuesday , 5th January 2016

Nigeria: Ipman Partners UK Firm to Build Two Refineries in Plateau

Jos and Daniel Adugbo, Abuja — The Independent Petroleum Marketers Association of Nigerian (IPMAN) has concluded arrangement with two British oil companies to build two modular refineries in Plateau State. The National Secretary of PMAN, Alhaji Danladi Pasali, who disclosed this to newsmen yesterday in Jos, said the decision was taken following the return of peace and the change in the political and economic atmosphere in the.... Read more »

Posted on : Tuesday , 5th January 2016

Kericho Seeks More Earnings From Pineapples, Sweet Potatoes

Your administration has launched a legal process against Britain for compensation of the Kipsigis and the Talai for their land now under tea. Won't the move disrupt the multi-billion tea sector? This case is not targeting the tea estates and our investors should not worry. We are addressing appalling events that occurred nearly 100 years ago whereby our people were thrown into difficult circumstances when the British took away.... Read more »

Posted on : Tuesday , 5th January 2016