Market News Page No. 84| Africa Business News

Ghana is an Appealing Upstream Option For East Africa’s Hegemony

For the past two decades, Africa has been seen as the new frontier of oil and gas exploration, with many of the world's largest oil and gas firms vying to buy properties in an as-yet untapped store of natural resources critical to our way of life.While the East African powerhouse of Kenya, Uganda, Rwanda, Burundi and Tanzania have since seen massive development in their oil and gas infrastructure, Ghana has emerged as an alternative destination.... Read more »

Posted on : Friday , 22nd October 2021

Tullow Oil Announces a New Plan for the Kenya Project and Reports a Profit in the Interim

Tullow Oil returned with a first-half profit and a development plan for its Kenya operation on Wednesday, pushing shares in the Africa-focused company up as much as 9%.Tullow and its joint venture partners have finished the redesign of the Kenya development project, according to the business, which also stated that the project's total gross capex is estimated to be around $3.4 billion, which is higher than the prior estimate.The company which.... Read more »

Posted on : Friday , 22nd October 2021

KENYA: Co-Operative Bank Secures $7.5m Guarantee For Green SME Finance

The African Guarantee Fund (AGF) has signed a loan portfolio guarantee agreement with the Co-operative Bank of Kenya (CBK) for $7.5 million. The guarantee facility will enable CBK to finance green small and medium-sized enterprises (SMEs), particularly in the supply of solar photovoltaic energy. The Co-operative Bank of Kenya, a Nairobi-based financial institution, is launching a new range of bank loans for Kenyan small and medium-sized.... Read more »

Posted on : Thursday , 21st October 2021

Safaricom Aims to Be Kenya Power's Latest Meter Installer

According to Reuters, the telecommunication filed a proposal with utility Kenya Power for the installation of smart meters with the purpose of reducing non-revenue electricity and enhancing grid monitoring and management. The 330,000 smart meters, transformers, and feeders that Safaricom is planning to install will see USD 651.23 million in return on investment over a period of 8 years, of which Safaricom plans to take 75 per cent and.... Read more »

Posted on : Tuesday , 16th November 2021

ETHIOPIA: Addis Ababa To Invest $40bn In 71 Clean Energy Projects Over 10 Years

Ethiopia wants to become a major player on the African energy scene. The Ethiopian government wants to implement a 10year plan to produce and export the green electricity to the Horn of Africa and the whole of East Africa. As part of this strategy, Addis Ababa expects to invest USD40 billion in 71 renewable energy projects. The plan is ambitious for this East African country, which has an installed capacity of 4,965 megawatt according to.... Read more »

Posted on : Wednesday , 20th October 2021

AFRICA: Alphamundi Finances The Growth Of Solar Energy Provider Redavia

Redavia is receiving funding to accelerate the roll-out of its services in Africa. The company that provides solar power for commercial and industrial (C&I) customers is getting $1 million in mezzanine financing from AlphaMundi. The Geneva, Switzerland-based impact investment firm is investing in Redavia via AlphaJiri. The Mauritius-based fund was set up by AlphaMundi to provide debt, mezzanine and equity financing to support the resilience.... Read more »

Posted on : Wednesday , 20th October 2021

Government of Kenya launches US$ 4.6m water project in Nyali, Mombasa

The National Government of Kenya recently launched an over US$ 4.6M water project in Nyali, a residential area, and Sub-County within Mombasa City on the mainland north of Mombasa County.The project, which is a part of a close to US$ 12M water program in the coastal County, is set to significantly improve water services for the residents of Kongowea, Maweni, VOK, and Kisumu Ndogo.Speaking during the launch of the project, Water, Sanitation, and.... Read more »

Posted on : Tuesday , 19th October 2021

Renewable energy demand an exciting development in Tanzania

AN interesting development is emerging in Tanzania's power generation sector, with an increasing number of companies investing in renewable energy projects. Across the country are opportunities, plans and bidding options for greener energy, including hydropower, solar, geothermal, gas and wind power plants.Tanzania has $8.32 billion worth of projects currently either in the planning and development stage or under construction. These include the.... Read more »

Posted on : Thursday , 7th October 2021

Kenya Power and Lighting: The African Development Bank's SEFA funding will finance the country's first Super ESCO.

The Sustainable Energy Fund for Africa (SEFA) has announced a one-million-dollar grant to help Kenya's government establish a Super Energy Service Company (ESCO).The Super ESCO, to be run by the Kenya Power and Lighting Company, will develop and implement energy efficiency projects for both the public and private sectors.Super ESCOs are vehicles for channelling funding into public-sector energy efficiency projects like hospitals, schools, and.... Read more »

Posted on : Thursday , 30th September 2021

India East Africa Community (EAC) to drive enhanced trade partnerships

Indian Economic Trade Organization in association with the India Africa Trade Council organized the INDIA EAC SUMMIT in New Delhi on 3rd September which was attended by the High Commissioners of Rwanda, Tanzania, Uganda and the Ambassador of Zimbabwe in India. The motive was for building up bilateral business relations between both the countries of India and the countries in the EAC region namely Uganda, Tanzania, Rwanda, Burundi, South Sudan,.... Read more »

Posted on : Wednesday , 29th September 2021

Changes in global trade dynamics shift automotive supply chain hubs to Africa

The global trade dynamics are shifting as a result of a variety of short-term and long-term variables. The rising viability of new Arctic marine routes, the growth of new states into automotive manufacturing centres, changes in geopolitical equations, supply chain resilience, and shifting talent pools are just a few of the global variables that might influence future supply chain hubs.Some of the world's largest automakers, including.... Read more »

Posted on : Wednesday , 29th September 2021

Tanzanian government allocates USD 1.93 billion for road construction and rehabilitation

The government has approved a total of 1.93 billion in the fiscal year 2021/22 for the construction and rehabilitation of roads around mountains totalling 82.1 kilometres in length, according to Mr David Silinde, Deputy Minister of State in the President's Office (Regional Administration and Local Government). According to him, the funds would be utilised to build 22.3 kilometres of gravel-level lower belt roads, one bridge, 63 culverts,.... Read more »

Posted on : Wednesday , 29th September 2021