Market News Page No. 465| Africa Business News | Afrotrade

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East Africa banks on green energy to drive growth

East African countries may soon emerge as global leaders in green energy, if efforts put by the various governments to exploit sources of renewable energy are attained. Various stakeholders attending the East African Power Industry Convention (EAPIC) in Nairobi yesterday agreed that universal access to affordable energy could only be achieved by exploiting clean energy. Energy and Petroleum Principal Secretary Joseph Njoroge said the.... Read more »

Posted on : Monday , 31st August 2015

Bamburi Cement net profit nearly doubles in first half

A boom in construction and foreign exchange gains has helped Bamburi Cement’s net profit almost double for the six months to June. The cement manufacturer reported an 86 per cent leap in net profits to Sh3 billion, with the management projecting an even better second half. The company, which is controlled by France’s Lafarge, attributed the strong performance to growth in demand in its two main markets, Uganda and Kenya,.... Read more »

Posted on : Monday , 31st August 2015

Sumac secures $1 million loan as it prepares for cash call

Sumac Microfinance Bank has secured a $1 million (Sh100 million) loan from a European investment firm for onward lending to small businesses. The cash was loaned by the Regional Investment Fund for Micro, Small and Medium Enterprises in sub-Saharan Africa (Regmifa), a Luxemburg-based fund that invests in small lenders in sub-Saharan Africa. The three-year loan is part of the micro-lender’s capital raising strategy that includes.... Read more »

Posted on : Monday , 31st August 2015

Kenya leads in global financial and digital survey

KENYA tops a new global financial and digital inclusion survey, beating 21 other countries polled. The country scored 89 per cent, followed by South Africa at 80 per cent and Brazil 78 per cent, the 2015 Brookings financial and digital inclusion project report shows. The American based think tank said the report and scorecard is the first of a series of annual reports examining financial inclusion activities around.... Read more »

Posted on : Monday , 31st August 2015

LG to invest Sh100million in regional expansion

LG Electronics has announced it will expand its branch network in the eastern African region to improve the availability of its products and services for a growing client base. LG is investing approximately Sh100 million in the first phase of this expansion that will see 25 additional retail outlets opened in Kenya, Uganda, Tanzania, Ethiopia, Sudan and Zambia by end of this year. Kenya will see two more outlets opened in Nairobi, bringing to.... Read more »

Posted on : Monday , 31st August 2015

Construction of Standard Gauge Railway in Kenya almost complete

The Standard Gauge Railway in Kenya which is being constructed by China Road and Bridge Corporation is almost complete; this is according to the external manager Julius Ling. Mr. Ling said that the Standard Gauge railway in Kenmya is 50 per cent complete and the first locomotive to use the railway between Mombasa and Nairobi is expected at the Port of Mombasa in November this year. Currently, 48 per cent of the bridges.... Read more »

Posted on : Monday , 31st August 2015

German hydropower plant to start construction of transmission lines in East Africa

Uganda’s 600MW Karuma hydropower plant is set to commence the construction of transmission power lines; this is after intec – GOPA-International Energy, a German energy consulting company agreed on a US$ 6.3m consultancy services contract. Funding for the construction of the transmission lines at Karuma hydropower plant are from China’s Exim bank. Eriasi Kiyemba, Uganda Electricity Transmission Company.... Read more »

Posted on : Monday , 31st August 2015

KenGen Shines at the East African Power Industry Awards in Kenya

The Kenya Electricity Generating Company, KenGen scored a double win at the inaugural East African Power Industry Awards in Nairobi on Thursday evening when the utility won the Outstanding Clean Power Award and also took top place in the Excellence in Power Generation category. Other popular winners were Dr Albert Butare, former Energy Minister of Rwanda who won the Lifetime Achievement Award for East Africa, as well as H.E. Dr.... Read more »

Posted on : Monday , 31st August 2015

More Kenyans Exploring Agricultural Businesses

Each year, many Kenyans graduate from a college or university. Yet many graduates are unable find a job in the country after finishing their studies. The reason: large numbers of young Kenyans are already unemployed. Now, some university graduates are turning to agriculture as a way to fight unemployment. They think that farming can be as satisfying as any other business or job. Thirty-three-year old Caleb Karuga is the.... Read more »

Posted on : Monday , 31st August 2015

IFC supports Rwanda farmers

Local maize farmers will be supported by the International Finance Corporation (IFC), a member of the World Bank Group which extended a loan of $25million to Bralirwa Ltd (Brasserie et Limonnaderies du Rwanda), funds that will go to sourcing the maize farmers and support Bralirwa in plans of expanding production of soft drinks. “The funding will support our extensive program in Gisenyi, Kigali and the Ndego farm.... Read more »

Posted on : Monday , 31st August 2015

Ugandans urged to do more cross border trade in EAC

Ugandans should take advantage of the East African Community integration to do more cross border trade, the undersecretary in the Ministry for East African Affairs has said. Daniel Mugulusi said it is now easier to do trade among regional countries since Ugandans only require a national identity card to be able to access markets in neighbouring countries. “Our neighbours have taken advantage of the East.... Read more »

Posted on : Monday , 31st August 2015

Muzizi power dam project takes off

The 44 mega watt (MW) Muzizi Power Dam in Kibale District will finally be a reality soon following the signing of an agreement between the German Development Bank (KfW) and the Agency for French Development under which the two institutions will fund the project to the tune of €70m (about Shs 270 billion). Muzizi Hydro Power Dam is to be constructed on River Muzizi, a tributary of Lake Albert, for the benefit of communities in.... Read more »

Posted on : Monday , 31st August 2015

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