Market News Page No. 9| Africa Business News

OOMCO expands its operations in Tanzania and Saudi Arabia

Oman Oil Marketing Company (OOMCO) has opened 23 service stations in Saudi Arabia and Tanzania. These positions are part of the company's regional expansion strategy for its one-stop-shop network. The new Saudi forecourts include three filling stations in Jeddah, Al Dhahran, and Al Safwah, bringing the company's total footprint in the Kingdom to 12 points of sale. Meanwhile, the Oman-based company has opened its 11th service station in.... Read more »

Posted on : Monday , 26th December 2022

Ghana, Kenya Bolster Historic Ties

Ghana will continue to build up its economic corporation with Kenya by harnessing the potential of intra-Af¬rican trade, the Deputy Minister for Tourism, Arts and Culture, Mr Mark Okraku Mantey has said. “The African Continental Free Trade Area AfCFTA headquartered in Accra, provides yet another incen¬tive to build up economic corpo¬ration, explore trade and investments opportunities, and contribute to Africa’s accelerated.... Read more »

Posted on : Friday , 23rd December 2022

UK Govt Gives Euro 900k to IT Company for Africa Expansion

UK Export Finance has provided £900,000 of support to Atlancis, a Kenyan cloud services company, enabling it to build a new relationship with UK exporter Vespertec to open growth opportunities in Africa. A Standard Buyer Loan Guarantee was offered by UK Export Finance to guarantee an export credit loan from Apple Bank, supported by its UK servicer and arranger of the deal AF Capital. Both AF Capital and Apple Bank specialise in export.... Read more »

Posted on : Friday , 23rd December 2022

Nairobi Will House The African Headquarters Of Nexgen Packaging

NEXGEN Packaging, a US-based packaging company has started building its African headquarters in Nairobi, Kenya.The investment, which is situated in the Export Processing Zone on the Athi River, will support the business' operations in Ethiopia, Egypt and West Africa.Kenya will serve as the company's main industrial hub in Africa.Manuel Torres, managing director of NEXGEN's Europe, Middle East and Africa (EMEA) operations stated: "We are beyond.... Read more »

Posted on : Tuesday , 20th December 2022

Kenya-US Trade Deal, GMOS To Top Ruto Agenda At DC Summit

The destiny of a proposed streamlined commerce settlement among Kenya and the US is supposed to highlight noticeably when President William Ruto meets his American partner Joe Biden as an afterthought lines of the US-Africa Pioneers Culmination in Washington. President Ruto was because of fly out subsequent to driving the country for Jamhuri Day festivities at the Nyayo Public Arena in Nairobi. "I anticipate working with African.... Read more »

Posted on : Tuesday , 20th December 2022

Tanzania Government Bold Measures Boost Agriculture Financing

Expansion of credit to farming was all the while souring in October this year following estimates put on by the public authority since last year to support funding into the area. As per the Month to month Financial Audit delivered by the Bank of Tanzania during the week, yearly credit development to horticulture for the year finishing October 2022 remained at 57.7% contrasted with 46.7% in the previous month and negative 14% same period.... Read more »

Posted on : Tuesday , 20th December 2022

Tanzania and Zambia Outline Plan to Revive Tazama Pipeline

Tanzania and Zambia have agreed to build up security along their common oil pipeline as they finalise plans for the facility to start transporting refined petroleum products. The Tanzania Zambia Mafuta (Tazama) pipeline transported crude petroleum products from Dar es Salaam to Zambia, where they were processed at the Indeni Refinery in Ndola, Zambia. However, as part of President Hakainde Hichilema’s reform plan, the government.... Read more »

Posted on : Thursday , 15th December 2022

RWANDA: Israeli Homebiogas to Convert Agricultural Waste into Biogas

HomeBiogas wins order for biodigesters in Rwanda. The Beit Yanai, Israel-based company signed a deed of commitment with the United Nations (UN), which initiated the project, on the side-lines of the recently concluded 27th UN Conference of the Parties on Climate Change (COP27) in Sharm el-Sheikh, Egypt. As part of its contract, HomeBiogas will provide its solutions to farmers. The devices will be used to produce biogas from organic waste..... Read more »

Posted on : Thursday , 15th December 2022

Ethiopia Starts Exporting Electricity to Kenya

Ethiopia has started exporting electricity to neighbouring Kenya following a week of testing of a new transmission line, Ethiopian Electric Power said. The $500 million line has capacity to transmit 2,000 MW of electricity, potentially earning Ethiopia as much as $100 million annually. “Ethiopia has completed activities to ensure uninterrupted and reliable transmission of power and it is expected that similar activities will be.... Read more »

Posted on : Tuesday , 13th December 2022

Kenya's Ambitious Hydrogen Deal & Plan to Help Africa Exploit Green Energy

Kenya recently inked a deal with an Australian firm to establish a green hydrogen and ammonia plant, kick-starting the country's plan to utilise green energy across the continent. The industrial-scale production of green hydrogen and ammonia will be vital in making clean, affordable fuel and fertiliser for Africa. Further, it will help Kenya, which is already leading a geothermal revolution across Africa, increase its footprint in the.... Read more »

Posted on : Wednesday , 25th January 2023

KENYA: EDF and SunFunder Provide $2.7m to Solar Power Provider DPA

Good news for Distributed Power Africa (DPA) in Kenya. The Cassava Technologies subsidiary has a US$2.7 million line of credit from Electricité de France (EDF) and Mirova SunFunder, an investment company based in Nairobi, Kenya. With this financing, DPA plans to accelerate the development of its project portfolio. In Kenya and other African countries, the company, led by Norman Moyo, finances, builds and operates solar PV plants for commercial.... Read more »

Posted on : Monday , 12th December 2022

Africa: Solarise Raises $33m to Provide Solar Power to Businesses

Solarise Africa has funds to expand its solar PV portfolio in Africa. The Sandton, South Africa-based Company has raised €33.4 million. The facility was secured in a transaction arranged by the Facility for Energy Inclusion (FEI), a renewable energy financing facility set up by the African Development Bank (AfDB) and managed by Lion’s Head Asset Management. The EIF is providing $21.4 million in financing. Dutch impact investor.... Read more »

Posted on : Monday , 12th December 2022