Market News Page No. 428| Africa Business News | Afrotrade

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AfDB gives Zambia US$30mn to support cassava producers

The African Development Bank (AfDB) has approved a loan of US$30mn to the government of Zambia for the Skills Development and Entrepreneurship Project The project is designed to promote job creation, gender equality and poverty reduction amongst young cassava producers in the country. To be implemented in seven provinces, the project will develop 10 industrial clusters, five of which will be urban and the other five rural. “The project.... Read more »

Posted on : Saturday , 31st October 2015

US$12mn grant for maize production in sub-Saharan Africa

The International Institute of Tropical Agriculture (IITA) has received a US$12mn grant to boost maize production in Nigeria, Ethiopia and Tanzania in the next four years IITA has received the money in collaboration with the Taking Maize Agronomy to Scale in Africa (TAMASA) project, and the grant has been given by the Bill and Melinda Gates Foundation. TAMASA was launched in May this year, and is expected to reach more than 600,000 households.... Read more »

Posted on : Saturday , 31st October 2015

IOC-Delonex Win Oil Block in Mozambique

State-owned Indian Oil Corp Ltd (IOC) has partner Delonex Energy, a new Africa-focused oil and gas explorer led by former Cairn India chief Rahul Dhir, to win its maiden oil block in Mozambique. IOC and Delonex were awarded onshore Block P5-A in southern Mozambique, a company executive said. The combine was declared winner alongside the consortium of Russia’s Rosneft and ExxonMobil that won rights for three offshore blocks. It was.... Read more »

Posted on : Saturday , 31st October 2015

ABCEC receives huge budgetary allocation in construction sector

Association of Building and Civil Engineering Contractors (ABCEC) has expressed optimism that the construction industry in Zambia is poised for expansion following the allocation US$1.4m towards infrastructure development in the 2016 budget. ABCEC president Michael Nyirenda said the proposed US$1.4m allocation towards infrastructure will boost infrastructure development and enhance economic growth. The ABCEC president.... Read more »

Posted on : Saturday , 31st October 2015

Kenya Power Net Profit Rises to Sh7.4 Billion

Kenya Power has posted a 6 per cent increment in net profit to Sh7.43 billion for the year ended June 30. Net earnings for the previous year stood at Sh6.99 billion. The utility's jump in profits was supported by increased electricity sales and a review of the electricity tariff that became effective at the start of December 2013. "Electricity sales grew by 5 per cent from 6,790 million units the previous year to.... Read more »

Posted on : Friday , 30th October 2015

Zimbabwe: Tobacco Exports Hit U.S $500 Million Mark

The country has so far exported 97,3 million kilogrammes of tobacco this year, up from 88,7 million kg over the same period last year, earning $500 million, statistics from the industry regulator show. In its latest bulletin, Tobacco Industry and Marketing Board (TIMB) said Zimbabwe had exported 97,3 million kg of tobacco at an average price of $5,13 per kg compared to 88,7 million kg worth $471 million at $5,31 per kg last.... Read more »

Posted on : Friday , 30th October 2015

Kenya: Tullow, Africa Oil to Establish Pokot and Turkana Conservancies

Tullow Oil and Africa Oil on Wednesday signed a five-year grant agreement with Turkana and Pokot communities that will establish six community-run conservancies. Tullow Kenya Country Manager Martin Mbogo said the agreement is part of Tullow's commitment to ensure host communities enjoy long-lasting benefits from the oil and gas investment, while ensuring the investment is well secured. The pact will see Lokichar, Lochakula,.... Read more »

Posted on : Friday , 30th October 2015

Construction of the Kenya-Ethiopia converter substation to commence

Kenya Electricity Transmission Company (KETRACO) has announced that the construction of US$ 230m high voltage direct current Kenya-Ethiopia converter substation is now set to begin. A US$ 230m contract between KETRACO and a consortium of Siemens AG and Isolux Inginieria for the construction of the sub-station has already been signed. The project which will be constructed in Suswa is intended to create power lines that will link Kenya to.... Read more »

Posted on : Friday , 30th October 2015

Kenya: NCA Sets Up Eleven Offices in Counties

The National Construction Authority has established 11 satellite offices countrywide to effectively deliver services. NCA executive director Daniel Manduku said the regional offices will ease pressure in the Nairobi office. The new offices are in Mombasa, Nakuru, Kisumu, Eldoret, Kitui, Nyeri, Isiolo, Garissa, Kakamega and Kisii counties will serve the areas around them. Speaking during a stakeholders meeting at the.... Read more »

Posted on : Friday , 30th October 2015

Kenya: Hospital for Naivasha

A South African company plans to build a referral hospital in Naivasha next year. It will be built in the second phase of the Sh1.5 billion Naivasha Buffallo Mall starting in two months. Spur Steak Ranches launched the mall yesterday in a ceremony attended by Naivasha MP John Kihagi. Also to be put up are a new Chandarana Foodplus supermarket and new fashion outlets, including those of new international.... Read more »

Posted on : Friday , 30th October 2015

Turkey Expresses Desire to invest in Oil and gas fields in Sudan

The Turkish State has expressed desire to invest in the fields of gas and oil in Sudan . This came when the Minister of Oil and Gas, Dr . Mohammed Zaid Awad received, at his office, Wednesday, the Turkish Ambassador to Khartoum, describing the Sudanese-Turkish relations as progressing well, referring to the Turkish experience and technology in the fields of gas and oil . The Ambassador has affirmed his country's desire to invest in the fields.... Read more »

Posted on : Friday , 30th October 2015

Magnis Resources signs mineral development agreement with Tanzanian government

Tanzania - ASX-listed junior Magnis Resources has reached a 10 year agreement with the Tanzanian government on the terms of the mineral development agreement (MDA) for the Nachu Graphite project in Tanzania. An MDA is a mechanism within the Tanzania Mining Act of 2010 for the holders of a special mining licence (SML) to ensure the rights of both parties are fully defined and protected. While there are a number of commercial matters covered.... Read more »

Posted on : Friday , 30th October 2015

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