Market News Page No. 82| Africa Business News

Construction of US $42m new Makupa Bridge in Mombasa, Kenya begins

The Kenya National Highways Authority (Kenha) has begun construction of the US $42.1m new Makupa bridge in Mombasa. The 457m long bridge will replace the historic Makupa causeway that links Mombasa Island to the mainland. Kenha awarded China Communications Construction Company (CCCC) the contract for the construction of the two four-lane parallel bridges in November last year. According to the resident engineer, Stephen Gichuru, the project.... Read more »

Posted on : Wednesday , 28th April 2021

Kenya on course of robust mineral potential

If entirely exploited, Kenya’s mining sector is said to contribute up to 12% of the country’s GDP.According to a study released recently by the Mineral Rights Board on how to draw mining investment, Kenya is on a course to benefit the country with its robust potential.“The sector is generally financed by development partners and private investors with the government having to play a minimal role, therefore with reduced budgetary allocation.... Read more »

Posted on : Monday , 26th April 2021

Kenya partners with Canada-Africa Chamber of Business to boost trade

Kenyan companies are poised to benefit from international trade and investment opportunities in North America after being full-time members of the Canada-Africa Chamber of Commerce. Via knowledge exchange and networking activities, the 27-year-old private, non-profit organization aims to accelerate Canada-Africa trade. It brings together important African decision-makers, including ministers and heads of state, as well as businessmen,.... Read more »

Posted on : Monday , 26th April 2021

The Co-op Bank has secured $10 million in funding to lend to agribusinesses

The eco.business Fund, an impact investment sub-fund for Sub-Saharan Africa, has given $10 million to Co-operative Bank for on-lending to sustainable agribusinesses. The fund's first investment in Kenya provides much-needed funding to businesses looking to improve sustainable agricultural practises, which is especially necessary given the difficult operating environment generated by the Covid-19 crisis. Co-operative Bank CEO Gideon.... Read more »

Posted on : Monday , 26th April 2021

TADB providing credit to farmers through SCGS

Tanzania's Agricultural Development Bank effectively administers its Smallholder Credit Guarantee Scheme (SCGS) through the Market Infrastructure Value Addition and Rural Finance (MIVARF) programme. SCGS is designed to support the bank's strategic goal of increasing smallholder farmers' access to low-interest loans and other affordable terms. The scheme is supported by the International Fund for Agriculture Development (IFAD) and.... Read more »

Posted on : Monday , 26th April 2021

Apple's innovative fiber-based packaging is assisting in the conservation of Kenya's Savanna

Apple unveiled the Restore Fund, a first-of-its-kind carbon removal programme that will invest in forestry projects to extract carbon from the environment while also providing a financial return to investors. Apple's $200 million fund, which was launched in collaboration with American non-profit Conservation International and multi-national investment firm Goldman Sachs, aims to remove at least one million metric tonnes of carbon dioxide from.... Read more »

Posted on : Friday , 23rd April 2021

AfCFTA, UNDP sign strategic partnership to boost trade in Africa

The Secretariat of the African Continental Free Trade Area (AfCFTA) and the United Nations Development Programme (UNDP) have signed a strategic agreement to foster trade as a catalyst for Africa's socioeconomic recovery from the Covid-19 crisis, and as an engine of sustainable development in Africa, especially for women and youth, in accordance with the SDGs and Agenda 2063. The agreement was signed by AfCFTA Secretary General Wamkele Mene,.... Read more »

Posted on : Friday , 23rd April 2021

Kenya's Forestry Contribution to the National Economy and Trade

In Kenya, the forest sector provides more economic benefits than is recorded in the country's national statistics.The Kenya National Bureau of Statistics (KNBS) indicated forestry’s contribution to GDP to be one percent, which, according to the study of the Forestry Society of Kenya did not take into account other important values, including direct values of both timber and non-timber products in the subsistence economy; the value addition of.... Read more »

Posted on : Thursday , 8th July 2021

Long-stalled US $30bn LNG project in Lindi Tanzania to be revived

The newly sworn-in Tanzania President Samia Suluhu Hassan is set to revive the long-stalled US $30bn liquefied natural gas LNG project in Lindi Tanzania. The project was sidelined under the administration of the former President, the late John Pombe Magufuli with his administration instead prioritising the East Africa Crude Oil Pipeline to take oil from Uganda to the Tanzanian port of Tanga. According to the President, she tried to work on.... Read more »

Posted on : Friday , 23rd April 2021

Onshore Tanzania's Ruvuma PSA gets an operational update from Aminex

ARA Petroleum Tanzania Limited (APT), which has assumed operatorship of the Ruvuma PSA, has completed the farm-out agreement with Aminex.Aminex is borne for its share of related field production costs up to US$35 million, equating to a total development expenditure of US$140 million, under the farm-out deal.The joint venture partners agree that obtaining a high-resolution 3D seismic survey is critical to the development of the field development.... Read more »

Posted on : Thursday , 22nd April 2021

Lake Albert Resources Development Project Reached Final Agreement, Confirms Total

Total, China National Offshore Oil Corporation (CNOOC), Uganda National Oil Company (UNOC), and Tanzania Petroleum Development Corporation (TPDC), partners in the Lake Alberta development project, have completed the final agreements needed to launch the project in East Africa.In the presence of Yoweri Museveni, President of the Republic of Uganda, Samia Suluhu Hassan, President of the United Republic of Tanzania, Patrick Pouyanné, Chairman and.... Read more »

Posted on : Thursday , 22nd April 2021

IFC partners with Philips and the Co-op Bank of Kenya in $281m Healthcare deal

The World Bank Group's International Finance Corporation (IFC) has announced collaborations with health technology company Philips and the Co-operative Bank of Kenya to assist small businesses in the health sector in purchasing critical medical equipment and strengthening their response to Covid-19 and other pressing healthcare challenges. The agreement is intended to provide risk-sharing services and assist small companies in obtaining up.... Read more »

Posted on : Thursday , 22nd April 2021