AfDB Spends U.S.$1Billion On Energy Projects

The African Development Bank (AfDB) says it had devoted at least $1 billion to finance power and infrastructure projects in Africa this year alone.   In October, the AfDB availed $428,43 million in loans and grants to finance projects in energy, infrastructure, transport and water and sanitation in eight African counties namely Zimbabwe, Guinea Bissau, Guinea, Senegal, Gambia and Côte d'Ivoire, Ghana and Tanzania.   Of these funds, Zimbabwe received a grant of.... Read more »

Posted on : Saturday , 26th December 2015

Africa Is Last Frontier for Carmakers on the Hunt for Growth

When Nigeria first unveiled incentives for carmakers to set up plants its auto industry had ground to a standstill. Fast forward two years, and there are at least 36 automakers with production licenses in the continent’s biggest economy, with Volkswagen AG, Nissan Motor Co. and Ford Motor Co. already making vehicles with local partners. The country is seeking to join South Africa as the only manufacturing base for the car industry in sub-Saharan Africa, with countries from.... Read more »

Posted on : Thursday , 24th December 2015

China Africa Development Fund Hits 5 Bln USD

The China Development Bank has hit its target of pooling 5 billion U.S. dollars this year in its equity investment fund for investment in Africa, it said on Friday. It has already allocated or earmarked nearly 3.2 billion U.S. dollars in the China Africa Development Fund (CAD Fund) for more than 80 projects from infrastructure to agriculture to energy resources in 35 African countries. The bank estimated that these projects will attract Chinese enterprises to invest a further.... Read more »

Posted on : Thursday , 24th December 2015

Africa: The Place Automakers Need to Go After

It may be a bit of a long shot, but African countries like Nigeria could be the final frontier for any automakers looking to cash in on the benefits of globalization and the financial fortitude of emerging markets. Long considered a lost cause due to prolific amounts of poverty, Africans in certain countries have amassed enough wealth that car manufacturers are actually starting to consider the continent’s legitimacy as a contender for future growth. Sure, Nigeria had a.... Read more »

Posted on : Thursday , 24th December 2015

Energy firm concludes construction of gas-powered plant in Mozambique

The Gigawatt Mozambique power company says it has completed the construction of a gas-fired power station at Ressano Garcia, on the border with South Africa, with the initial capacity to generate 120 megawatts, APA can report on Thursday. The company’s managing director, Johan de Vos, said in a media statement emailed to APA that the power station was built in 18 months, on schedule, below budget and without any significant accidents. The $200 million project will inject.... Read more »

Posted on : Thursday , 24th December 2015

Japan to Lend Uganda Shs559 Billion for Flyovers

Kampala — Uganda and Japan have concluded a loan agreement for financing the construction of flyovers in Kampala.   Japan will lend Uganda ¥19.989 million (about Sh559b) for the proposed flyovers at Kitgum House intersection on Jinja Road, and at Queen's Way on Entebbe Road.   The loan, which was signed recently, will come with a 0.01 per cent interest rate per annumm and is to be repaid in 40 years. It is hoped the flyovers will ease the flow of traffic to and.... Read more »

Posted on : Thursday , 24th December 2015

Kenafric's Sh1bn Soda Plant Stirs Beverage Market

Sweets maker Kenafric Industries is set to diversify into the production of soda in a move that will intensify competition in the industry that is currently dominated by Coca-Cola and PepsiCo.   Kenafric plans to set up a Sh1 billion factory to manufacture sodas and ready-to-drink juices at its headquarters in Ruaraka, Nairobi, during the second half of next year.   About 30 per cent of the total cost of the investment will be debt while the balance is a mix of the.... Read more »

Posted on : Thursday , 24th December 2015

SA Exports First Air Shipment of Litchis to U.S

Pretoria — The Department of Agriculture, Forestry and Fisheries has announced that South Africa has earlier this month exported its first air shipment of litchis to the United States.   "The department views this achievement as one of the major contributions on the country's initiative of expanding export markets, positioning South Africa as one of the significant exporters in the world.   "This achievement will enhance socio-economic growth as.... Read more »

Posted on : Thursday , 24th December 2015

Climate Smart Coffee and Banana Set to Boost East African Farmers' Income

Kampala — Ugandan farmers are increasingly inter-planting coffee, the country's primary export, and banana, a staple food, as a way of coping with the effects of climate change.   In densely populated Elgon and Rwenzori Mountains, the two crops have been planted together on smallholder farms despite recommendations under the colonial agricultural extension system to separate these in Central and Western Uganda where land was believed to be plentiful.   With growing.... Read more »

Posted on : Thursday , 24th December 2015

Machakos Banks On Green Grams and Fruits to Industrialise in Kenya

 After buying tractors to bring more land under cultivation and distributing seeds and fertiliser to poor families, Machakos County has now turned to green grams. Governor Alfred Mutua spoke to JULIUS SIGEI.   In our last interview two years ago, you told us that only about 20 per cent of the arable land in Machakos was under agriculture and that you planned to increase this to 70 per cent. What is the situation now?   We have been able to plough extensively. We are.... Read more »

Posted on : Thursday , 24th December 2015

Canada Aids Kenya with Sh2bn for Training SMEs

 Kenya is set to receive about Sh2 billion ($19.5) from the Canadian government aimed at providing training for Small and Medium Enterprises (SMEs) in the country.   The announcement was made during the World Trade Organisation's 10th Ministerial Conference in Nairobi by Chrystia Freeland, Minister for International Trade in Canada.   The contribution is aimed at assisting small business entrepreneurs to set up producer associations to market and sell their products.... Read more »

Posted on : Thursday , 24th December 2015

Australia's Intrepid Mines Invests U.S.$40 Million in Africa's Kitumba Project

 Intrepid Mines, an Australian company, has spent more than US$40 million on drilling and exploration works on the Kitumba Mine project located in Mumbwa District.   Intrepid Board representative and non-executive director, Richard Baumfield said the Australian Stock Exchange-listed firm underwent restructuring and had since merged with Blackthorn Resources to acquire a 100 per cent stake in the Kitumba Mine which potentially contains copper deposits.   Mr Baumfield.... Read more »

Posted on : Thursday , 24th December 2015