Africa: It Is Good That Tazara Is Making Profit Again

We are so much delighted to share with our readers the good news from Lusaka, Zambia about the Tanzania-Zambia Railway Authority (TAZARA), which made 13.50 million US dollar profit in the 2015/2016 financial year as it makes steady progress towards fulfilling its great potential.   It has attributed the profit to improved business resulting from increased haulage from 87,000 metric tons of freight in the 2014/2015 financial year to 130,000 metric tons in the 2015/2016 financial.... Read more »

Posted on : Thursday , 18th August 2016

Tanzania: Pension Funds Urged to Invest in Industries

Arusha — As Tanzania treads its path to industrialisation, social security funds have been urged to invest in industries.   The minister of State in the Prime Minister's Office (Policy, Parliament, Labour, Employment, Youth and the Disabled), Ms Jenista Mhagama, says industrialisation forms a fundamental linchpin to the fifth phase government's plans for the country's economic transformation   Ms Mhagama said this on Monday during a meeting with board directors and.... Read more »

Posted on : Thursday , 18th August 2016

Crowdfunding is growing, and East Africa fast becoming hub for cash

East Africa is emerging as a hub for crowdfunding. The online platforms — which also offer grants, endowments, debt and equity — raised $37.2 million in 2015 in Kenya, Rwanda, Tanzania and Uganda.   Research on crowdfunding — the pooling of money by many individuals for equity investment in startups — and peer-to-peer (P2P) finance show that last year, the nascent segment raised $22 million for investments in Kenya, $7.5 million in Uganda, $4.2 million.... Read more »

Posted on : Thursday , 18th August 2016

Tanzania: Six-Year 456bn/ - Rural Electricity Deal Signed

The government and the World Bank yesterday signed a Memorandum of Understanding (MoU) in which the latter will provide 209 million USD (about 456bn/-) for the implementation of six-year Rural Electrification Expansion Programme. The six-year project will also be financed by other Development Partners (DPs). Other partners who will finance the project are Norway who will offer 80 million USD, Sweden (70 million USD), European Union (50 million USD), England (42 million USDs) and.... Read more »

Posted on : Wednesday , 17th August 2016

Tanzania to Invest U.S.$30 Billion in Lindi Gas Plant

The Minister for Energy and Minerals, Professor Sospeter Muhongo, revealed yesterday that the government will invest at least 30 billion USD (over 60 trillion/-) for the construction of a gas processing plant in Lindi Region. He said the government is already embarking on the grand plan and that Lindi residents and Tanzanians in general should expect economic revolution in few years to come. Prof Muhongo was speaking during the official launch of the Nanenane exhibitions at Ngongo.... Read more »

Posted on : Wednesday , 17th August 2016

Powering Africa - AfDB Boosts East Africa's Hydropower Projects

The African Water Facility (AWF), a multilateral fund hosted by the African Development Bank (AfDB), will finance a $2-million grant to help the government of Tanzania launch a pre-feasibility study for the multipurpose Kikonge dam, irrigation and hydropower project, expected to boost hydropower generation and irrigation development in Tanzania's Southwest region. In March, AfDB approved a $24 million loan to support Rwanda's contribution to the development of the Multinational.... Read more »

Posted on : Wednesday , 17th August 2016

Ethiopia: Small-Scale Irrigation Schemes Reduce Drought Burdens

 The Ministry of Farming and Natural Resource said that small-scale irrigation schemes have played a big role in reducing El-Nino induced drought effects.   Speaking at consultative meeting on resource mobilization for sustainable irrigation system yesterday, State Minister Frenesh Mekuria said that the nation's overall small scale irrigation activities in last dry season (bega) were encouraging.   She said that despite El-Nino impacts, the nation managed to meet.... Read more »

Posted on : Wednesday , 17th August 2016

Lindi set to be Tanzania Economic Hub Thanks to Gas Plant, Minister Indicates

The Lindi region is set to be Tanzania’s economic hub thanks to the planned construction of a liquefied natural gas (LNG) plant.   This was recently announced by Prof. Sospeter Muhongo, Tanzania’s Minister of Energy and Minerals.   He further explained that the Government of Tanzania will invest USD30b in the construction of the plant, which will take up to 40 months.   The plant will be located in the southern town of Lindi close to the deep-sea.... Read more »

Posted on : Wednesday , 17th August 2016

Bank Commit TZS500b in Loans for Tanzania Agriculture Development

The Tanzania National Microfinance Bank (NMB) has set aside at least TZS500b to provide credit for agriculture development in the country over the next 5 years.   This is part of the NMB five-year strategy aimed at revamping agricultural financing in Tanzania. This strategy, named “AgriBiashara” (“AgriBusiness”), was launched on August 3rd 2016.   The facilitated access to credit is expected to aid farmers in achieving improved cultivation.... Read more »

Posted on : Wednesday , 17th August 2016

Kenya takes bold steps to protect the public from dangers of tobacco through new regulation

The government will next month enforce the tobacco regulations to enable the country to implement the long awaited graphic health warnings.   During the launch of the first Global Adult Tobacco Survey (GATS) in Kenya today the Cabinet Secretary for Health, Dr. Cleopa Mailu directed the Tobacco Control Unit to start the implementation of standardized packaging, to be implemented in the subsequent batch of graphic warnings.   The new regulations require all tobacco.... Read more »

Posted on : Wednesday , 17th August 2016

Strong shilling hits Kenya’s regional export earnings

The shilling has performed better against the dollar this year compared to key regional trading partners, potentially hurting export earnings from these markets.   Data compiled by financial services firm African Alliance shows that the currencies of Uganda, Tanzania, Rwanda and Egypt have depreciated at a faster rate to the dollar than the Kenya shilling, which is 0.8 per cent up on the dollar year-to-date at 101.45 units, having exchanged within a tight band all.... Read more »

Posted on : Wednesday , 17th August 2016

Tanzania Awaits Sh1 Billion Dutch Aid For Runway Feasibility Project

Dar es Salaam — Talks between Tanzania and the Netherlands are going on for the later to grant Sh1.2 billion (euros 500,000) to the later to finance a feasibility study for construction of a two-kilometre runway at the Julius Nyerere International Airport (JNIA).   The Tanzania Airports Authority (TAA) says it has submitted a proposal to the government of the Netherlands which "is willing to provide the grant for the study".   TAA is awaiting an approval.... Read more »

Posted on : Wednesday , 17th August 2016