Ethiopia Seeks China's Help to be Africa's Top Car Manufacturer

ADDIS ABABA -- Ethiopia has grand ambitions for its tiny auto industry, seeking to transform a handful of assemblers that bolt together imported kits into a network of factories that can make the country Africa's biggest car manufacturer over the next two decades.   Ethiopia produces about 8,000 commercial and other vehicles a year for the home market, about a quarter of which are cars. But executives say they have capacity to make more if they could obtain extra foreign.... Read more »

Posted on : Thursday , 5th January 2017

Tanzania: Despite Decrease in Price Clove Exports Increase By $34 Million

Dar es Salaam — Tanzania exported cloves worth $54 million in the year ending October 2016, up from $19.7 million in a similar period the previous year.   A Bank of Tanzania (BoT) economic review for November attributed the rise to an increase in exports to 6,817 tonnes from 1,907.2 tonnes during the period.   However, the commodity prices at the world market fell from $10,324.8 to $7,921.8 per tonne in the year ending October 2016, BoT has reported.   That.... Read more »

Posted on : Thursday , 5th January 2017

Kenya: Cereal Farmers Ask Ministry for Timely, Subsidised Fertiliser

Cereal farmers in the North Rift region have called for prompt delivery of government subsidised fertiliser as preparations for the next planting season commence.   This is a shift from their demands for better producer prices.   The growers yesterday petitioned the Agriculture ministry to import the farming inputs early.   They said it should avoid the last-minute rush that results in some of them planting their crops without applying the.... Read more »

Posted on : Thursday , 5th January 2017

East Africa: Retail Giant Nakumatt Raises Shs17 Billion Ahead of Share Sale

Nairobi — Retail chain Nakumatt Holdings has raised KSh500 million (Shs17b) through a short- term loan in a deal expected to pave the way for entry of a deep-pocketed strategic investor into the business.   The transaction was disclosed by investment advisory firm Dry Associates, which arranged the private placement last quarter.   The firm said Nakumatt went to the market seeking KSh500 million through an insured loan and got all it wanted, signalling investors'.... Read more »

Posted on : Thursday , 5th January 2017

Kenya: Doctors Continue Strike Despite Improved Offer from President

Nairobi — Striking doctors are yet to go back to work even after being offered an enhanced pay package that would cost the Treasury an additional Sh4 billion every year.   In the meeting chaired by President Uhuru Kenyatta at State House Mombasa, it was agreed that the entry point of doctors would be enhanced from Job Group L to M, and gross salaries raised to Sh196,000 from the current Sh140,244.   A statement from State House Spokesman Manoah Esipisu indicated.... Read more »

Posted on : Thursday , 5th January 2017

Africa: ADB Looking to Raise $8.4 Billion from Capital markets for Development Projects

Kampala — The African Development Bank (ADB) board of directors has approved the institution's borrowing programme for 2017, for an amount of $8.4 billion (Shsh30.4 trillion).   The money will be raised from capital markets in African countries by issuing bonds in local currency to finance development projects.   Due to existing large infrastructure deficits, African governments are in need of funds to finance various infrastructure projects to foster economic.... Read more »

Posted on : Thursday , 5th January 2017

Africa: 'Mobile Money' Helping Women Rise Above Poverty

A recently published study on the long-run effects of mobile money on economic outcomes in Kenya provides some valuable insights that will benefit economic development and financial inclusion policies across Africa.   The study found that increased access to mobile money has reduced poverty in Kenya, particularly among female-headed households. Rapid expansion of mobile money has lifted an estimated 2% of Kenyan households (some 194,000) out of extreme poverty. It has also.... Read more »

Posted on : Thursday , 5th January 2017

Africa Hails China's Ban of Ivory Products

Nairobi — China's latest ban on processing and sale of ivory products marked a historic milestone in efforts to save African elephants from poaching, Kenyan wildlife officials said on Tuesday.   Richard Leakey, chairman of the Kenya Wildlife Service (KWS), hailed the Chinese government's decision, saying it will revitalize global action on illegal trade in trophies.   "I was pleased to learn about China's action that will sound a death knell to ivory trade. I.... Read more »

Posted on : Thursday , 5th January 2017

Kenya: State-of-the-Art National Library Complex to be Completed in 2017

Nairobi — The Sh2.4 billion ultra-modern national library complex on Ngong road, Nairobi is set to be opened in 2017, with 65 percent of the works completed on the 5 storey building.   Vision 2030 Delivery Secretariat, Director General, Dr. Julius Muia, says the library will offer a comprehensive national reference service to all sectors of the economy and contribute to literacy development and research.   With a sitting capacity of 5,000, the library is set to.... Read more »

Posted on : Thursday , 5th January 2017

Rwanda: Roads Expansion Project Gets Underway, Contractors Promise Speedy, Quality Work

Officials from the firm hired to supervise works on the expansion of Kigali city roads have committed to finish in time to avoid prolonged inconveniences to road users and also ensure quality work.   The roads expansion project is set to cover about 54 kilometres, mainly targeting expanding roads to a dual carriage way with two lanes on each side.   Chinese firm, China Road Bridge Corporation, has been contracted to do the work.   The city has hired HYCOGEC.... Read more »

Posted on : Thursday , 5th January 2017

Ethiopia's Focus on Enhancing Investment and Trade

Nobody denies that a sustainable financial industry depends on a market driven business, characterized by competitiveness and efficiency. The government also plays its role in regulating the fiscal and monetary aspect of the economy. These make the economy to move in the right track.   As it is known, Ethiopia has been working to boost trade and investment and towards that end various measures have been taken including the formulation of rules and regulation for fair play . In.... Read more »

Posted on : Thursday , 5th January 2017

Ethiopia: Abattoirs Enterprise to Ensure Quality Meat Delivery

Some 33 vets would carryout test on the livestock to ensure healthy and quality meat delivery   The Addis Ababa Abattoirs Enterprise announced that it has finalized preparations to deliver slaughtering services for customers incoming Ethiopian Christmas.   Enterprise Managing Director Nibiret Beka told reporters yesterday the enterprise has readied about 2,500 - 3,000 livestock of which 1,200 are sheep for slaughter and deliver meat to customers.   He said the.... Read more »

Posted on : Thursday , 5th January 2017