Market News Page No. 6| Africa Business News

A $60 Million Capital Injection Provided Significant Support To A Tanzanian Glass Bottle Company

In Dar Es Salaam. The International Finance Corporation (IFC) and Standard Bank of South Africa have contributed $60 million (about Sh156 billion) to Kioo Limited, a Tanzanian glass bottle producer, giving it much-needed support. In a statement released, Kioo Limited stated that the funding is intended to help it expand its manufacturing capabilities in order to satisfy the rising demand for glass bottles and containers in the local.... Read more »

Posted on : Tuesday , 4th June 2024

Microsoft And G42 Are Planning A $1 Billion Investment In Kenya's Digital Economy

Microsoft and UAE-based artificial intelligence (AI) leader G42 have unveiled a historic digital transformation plan for Kenya, with the latter promising a $1 billion initial investment. Kenya's Ministry of Information, Communications and the Digital Economy is leading the project, which intends to greatly improve the nation's digital infrastructure and give its people more control. The accord represents a significant advancement for.... Read more »

Posted on : Monday , 3rd June 2024

Kenya and Uganda forge ahead with pipeline extension to boost connectivity between borders

Uganda imports an impressive average of 2.5 billion litres of petroleum annually, valued at about $2 billion, with KPC handling at least 90 per cent of the volumes. Kenya is actively engaging with Uganda in a fresh endeavor to sustain and potentially enhance petroleum exports despite the heightened competition from neighboring Tanzania. Recently, Tanzania's interest in expanding transit markets through the Dar es Salaam Port has put pressure on.... Read more »

Posted on : Monday , 3rd June 2024

Tanzania's Top Beer, Serengeti, Opens A New Chapter With A Modern Look, Cutting-Edge Product And Diamond Platnumz Serving As Brand Ambassador

Tanzania's top beer brand, Serengeti has debuted Serengeti Lemon, a new product innovation, along with a refreshed brand image. The relaunch honours the Serengeti's rich history and demonstrates its commitment to capturing Tanzania's spirit of growth and resiliency. Serengeti has grown to become the biggest bottled brand in East Africa since its launch in 1996. The new appearance resonates with Tanzania's vibrant vitality and represents the.... Read more »

Posted on : Monday , 3rd June 2024

Tanzania: The Ministry of Construction's 1.77 Trillion Shilling Budget Gets Unanimous Approval

The Parliament unanimously supported the Ministry of Construction's budget of 1.77 trillion shillings for 100 percent, which will be utilized for completing nine high-priority projects such as road building, bridges, crossings, scales, and the completion of large airports. On May 29, 2024, the Minister of Construction, Innocent Bashungwa, submitted the budget estimate for the year 2024/25, including Sh 81.4 billion for routine use and Sh.... Read more »

Posted on : Thursday , 12th September 2024

Over The Next Five Years, Coca-Cola Plans To Invest Up To $175 Million In Kenya

The Coca-Cola Company and its authorized bottler Coca-Cola Beverages Africa make up the Coca-Cola system in Kenya, and they have announced a new $175 million investment. Over the next five years, the system plans to invest up to $175 million in Kenya; the exact amount will depend on whether the company meets its projected growth targets in the nation. Over the course of more than 75 years, the Coca-Cola system has been an.... Read more »

Posted on : Monday , 3rd June 2024

Heavy Rains in April Led To an Increase Of 23 Percent in Hydropower Production

The country experienced heavy rains in April, which led to a 23.2% rise in the generation of hydropower one of the most affordable forms of electricity. The Energy and Petroleum Regulatory Authority (Epra) reported that 358 million kilowatt-hours (kWh) were produced by the 13 largest hydropower units in the month. This was the biggest output in over three years since a peak of 369.02 million units in May 2021, and a notable increase from.... Read more »

Posted on : Friday , 31st May 2024

Seven Forks Solar Project to Be Built By KenGen

Approved to establish a 42.5 MW solar facility at the Seven Forks Hydro Stations in Eastern Kenya, KenGen is looking to increase its generating capacity. The business anticipates that the solar photovoltaic (PV) plant will increase revenue diversity and optimize space for value addition around its current hydropower projects. It will be erected on an 80-hectare KenGen-owned plot of undeveloped land. The company claims that the.... Read more »

Posted on : Thursday , 30th May 2024

National Grid Is Now Powered By 30 MW of Small Power Producers

According to The Rural Energy Agency (REA), the nation's small-scale power producers and developers have generated and added more than 30 megawatts to the national grid. Advera Mwijage, the Director of REA for Renewable Energy Technologies, made this revelation in Dar es Salaam during a conference aimed at advising small-scale power producers of renewable energy projects on how to submit applications for funding to support project.... Read more »

Posted on : Thursday , 30th May 2024

Over The Period 2018-2022, Electricity Production Increased From 2351MW to 3312MW

According to Davis Chirchir, cabinet secretary for energy and petroleum, the amount of electricity produced went from 2,351 MW to 3,312 MW. At the same time, the number of customers connected to the electricity increased from 6.78 million to 9.21 million, meaning that both on- and off-grid connectivity rates increased by 75%. According to the CS, 415,032 barrels of crude oil were produced, transported by truck, and delivered to the.... Read more »

Posted on : Thursday , 23rd May 2024

Kenya Is Recognized As A Leader In Africa's Digital Transformation By Commerce Secretary Raimondo

President's Advisory Council on Doing Business in Africa (PAC-DBIA) members were recently led by U.S. Secretary of Commerce Gina Raimondo to Nairobi, where she announced a number of business agreements with American companies as well as a historic partnership with Kenya to support digital upskilling, enable data flows and utilise artificial intelligence. The agreement, which is the first of its type with an African country, expands on the United.... Read more »

Posted on : Friday , 17th May 2024

The LAAF Project to Provide 200 Solar Power Kits to Three Schools On Lamu Island

200 solar power kits from the Lighting an African Family (LAAF) project will be presented to three schools in Lamu County. Donations of solar panels, batteries and lights will support education without the constraints of erratic electrical supplies. The solar power kits were given to the Manda Manewi Secondary School and the Manda Airport Primary and Secondary Schools on Lamu Island as part of a project started by Bluetti, a.... Read more »

Posted on : Friday , 17th May 2024