Market News Page No. 3| Africa Business News

The EU provides $378 million to Kenya to power its electric BRTs

The European Union has provided Kenya with Ksh 50 billion ($378 million) to help with the electrification of the country's public transport infrastructure. The funding will allow Kenya to construct the infrastructure needed to improve the efficiency and cost-effectiveness of its bus rapid transit system. This development is the consequence of a recent meeting that took place at the European Union headquarters in Brussels, Belgium, between.... Read more »

Posted on : Tuesday , 25th April 2023

Tanzania pioneers the transition to electric vehicles in East Africa

According to a recent analysis, Tanzania is gaining progress on e-mobility quicker than any other East African country. According to the Africa E-Mobility Alliance report, which was issued last month, Tanzania has at least 5,000 electric cars (EVs). However, due to a variety of problems, e-mobility remains a "very young" business. High import fees, uncertain government policy, insufficient financing, too few specialists, restricted.... Read more »

Posted on : Tuesday , 25th April 2023

Borouge Enters Into Agreement to Expand Footprint in East Africa

Borouge Plc, a petrochemical company that provides innovative and differentiated polyolefin solutions, has entered into a Distribution Agreement with one of the biggest polyolefin distributors in East Africa, Somochem. The agreement builds on a long-standing partnership between Borouge and Somochem and aims to increase Borouge’s footprint and presence in East Africa. The development comes on the back of Borouge’s significant growth in.... Read more »

Posted on : Tuesday , 25th April 2023

Tanzania Inks $667M Minerals Deal

The Tanzanian Government has signed agreements with three Australian mineral companies for the development of rare earth and graphite mines in the country. Agreements totalling $667 million were signed with mineral exploration companies Evolution Energy Minerals, EcoGraf, and Peak Rare Earths. Peak Rare Earths will mine minerals in Ngualla, the southwest region of the country; Evolution Energy Minerals will mine graphite in the.... Read more »

Posted on : Tuesday , 25th April 2023

TANZANIA: $276 million from the AfDB and AFD for the Kakono hydropower plant (88 MW)

In Tanzania, the Kakono hydropower project is on track. The French Development Agency (AFD) and the African Development Bank (AfDB) have confirmed their financing of US$ 120.7 million and US$ 116 million respectively. The loans, which will be repaid by the Tanzanian government over 17 years, will be used to build a run-of-river power plant with a capacity of 87.8 MW. The Kakono hydropower scheme also benefits from a US$ 39.5 million grant.... Read more »

Posted on : Friday , 21st April 2023

Ethiopia Gains USD 39.73 Million in a Month from Power Export to Kenya

Ethiopia provided 58.01 percent of Kenya’s January import of electricity. The drought in Kenya forced the country to import a record 68.48 kilowatt-hours of power due to reduced local hydro-power generation. Ethiopia was able to gain USD 39.73 million from the export. Kenya started importing power from Ethiopia in November last year after the 2 countries entered a 3 year power purchase agreement for 25 years. The price of 1KW is agreed to.... Read more »

Posted on : Friday , 21st April 2023

Kenya Aims to Reduce Its Reliance on Food Imports by $200 Million Annually.

With the marking of an arrangement with the English based venture association Joined Green Gathering, Kenya is projected to cut its dependence on food imports by USD 200 million (Sh26 billion) consistently. For the following five years, the Assembled Green Gathering will give Agri-blade tech administrations to provincial networks, high-efficiency environment brilliant cultivating, and front line agro-modern offices. This comes as.... Read more »

Posted on : Tuesday , 18th April 2023

Kenya's $21 million sugar refinery will begin testing in August.

West Valley Sugar Organization's 2.8-billion-Kenyan-pushing ($21.27 million) sugar manufacturing plant in Kericho Region will begin preliminary attempts in August. The preliminary will go on for a very long time before the authority dispatching in October, Business Day to day revealed, referring to West Valley Sugar Organization overseeing chief Bernard Soi. The venture is 75% finished, the report said. In December 2022, the.... Read more »

Posted on : Tuesday , 18th April 2023

Off-grid Applications for Solar-powered Cooling

For small-scale farmers in Africa, Phaesun and Solar Cooling Engineering developed a PV-powered chill room. The system consists of a 2.8 kW solar array with vapour compression heat pumps, and it has been installed at a farm in Kenya. The SelfChill cold room, a solar-powered chilling solution for off-grid applications, was developed by Phaesun and German firm Solar chilling Engineering. The system is built on top-notch, energy-efficient.... Read more »

Posted on : Tuesday , 11th April 2023

Kwale Begins a Project to Install Solar Street Lights

The "Let there be light" program, run by the Kwale County Government, has started an ambitious multi-million shilling mass installation of solar lighting in metropolitan areas around the county. By using solar-powered lamps, socioeconomic activity will be improved, security will be increased, and crime will decrease. Solar street lights offer a significant competitive advantage because they are fully independent from the grid and don't.... Read more »

Posted on : Tuesday , 11th April 2023

To Increase the Recycling of Plastic Garbage in Kenya, Borealis Funds Ecopost.

By formalising collecting procedures, increasing recycling capacity and hiring and training collectors, Borealis and Ecopost are collaborating to scale up the collection and recycling of plastic trash in Kenya.“We very much welcome Borealis’s support of our activities to implement the selected modules to improve the informal waste collection,” stated Lorna Rutto, Ecopost CEOShe continued: “The funds will make a positive impact to.... Read more »

Posted on : Monday , 10th April 2023

The Kenyan Health Ministry and UNOPS Talk About Developing a Partnership for Infrastructure and Equipment

in Nairobi, Kenya Today, a team from the United Nations Office for Project Services (UNOPS) was welcomed by Eng Peter Tum, Principal Secretary of the State Department of Medical Services in Kenya. The team, led by Emma Akinyi, Senior Officer for Partnership Development, and Rainer Frauenfeld, Director of the East & Southern Africa Hub, discussed potential areas of collaboration between UNOPS and the Kenyan Ministry of Health (MOH),.... Read more »

Posted on : Tuesday , 4th April 2023