East Africa: Intra-African Trade Rises As Market Access Between Blocs Improves

 Intra-African trade increased by 50 per cent to $61 billion between 2010 and 2013, according to recent data released by the African Development Bank.   The rise is attributed to improved market access and a strong growth in re-exports among African countries.   The increase marks a strategic shift in internal trade on the continent, which was previously relatively low compared with trade flows from the European Union and China, observers say.   Poor quality.... Read more »

Posted on : Tuesday , 1st September 2015

Africa: Cross border trade coordination enhancing industrilization

 Namibia’s Information and Communication Technology Minister Tjekero Tweya and South Africa’s Communications Minister Faith Muthambi this week formulated a coordination arrangement regarding the countries’ respective digital terrestrial television migration projects. Print Send to Friend The cooperation and coordination arrangement would see a joint task team established to mitigate the potential cross border interference between the two countries and enhance.... Read more »

Posted on : Tuesday , 1st September 2015

Kenya: Multi million investments as US extends AGOA trade deal

 Kenya expects 20 companies to start investing about 8 billion shillings ($80 million) immediately in the African nation's textiles industry after the renewal of a deal offering access to the U.S. market, its industrialisation minister said. President Barack Obama signed the Africa Growth and Opportunity Act (AGOA) this week, renewing a deal allowing Sub-Saharan African countries to export thousands of products to the United States, without tariffs or quotas, for a further 10.... Read more »

Posted on : Tuesday , 1st September 2015

Electricity construction project in Sudan gets funding

 Electricity construction project in Sudan has received a boost after  a US$ 200m contract was signed with the East Sudan Development Fund and the companies which won the implementation tender that will be used in the generation of electricity in East Sudan region.   First Vice-President General Bakri Hassan Salih, the Minister of Water Resources and electricity Mutaz Musa and a number of senior officials witnessed the signing and Bakri said that linking the east with.... Read more »

Posted on : Tuesday , 1st September 2015

The constructed 650MW Gas power Plant in Egypt goes Online

 The constructed 650MW gas power plant in Egypt has started going online in just 159 days after its ground breaking ceremony.   The gas power plant in Egypt that recently completed its construction is the  first fast-track natural gas–fired project as it was being carried by two bodies one being Siemens and Egyptian firm Elsewedy Electric near the city of Suez.   Attaqa Simple Cycle Power Plant is the very first power project in Egypt that has been.... Read more »

Posted on : Tuesday , 1st September 2015

Eni discovers a supergiant gas field in the Egyptian offshore - the largest ever found in the Mediterranean Sea

 Eni has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 sq kms. Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea. Eni will immediately appraise the field with the aim of accelerating a fast track development of the discovery that will utilise at best the existing offshore and onshore.... Read more »

Posted on : Tuesday , 1st September 2015

Tanzania’s Kiliwani North Gas Agreement To Be Signed In Q3 2015

 Production from the Kiliwani North Field could start in 2015 with the Tanzanian authorities having advised that production should start within Q3 2015 now that the main pipeline has been pressure tested and with the Gas Agreement expected to be signed this quarter.   The completion of a Gas Sales Agreement (GSA) is subject to finalizing satisfactory payment protection guarantees and, following the recent start of production into the pipeline in the south of the country.... Read more »

Posted on : Tuesday , 1st September 2015

Swala Energy Obtains One Year Licence Extension To Each Of Its Tanzania Licences

 Australian explorer focusing on the East African Rift System Swala Energy has announced that the Tanzanian Ministry of Energy and Mining (MEM) has agreed to extend the period within which an exploration well must be drilled in each of the Kilosa Kilombero and Pangani licences in Tanzania to the 20th February 2017.   According to a statement from the company the one-year extension is to be deducted from the 4-year additional exploration extension period currently due to.... Read more »

Posted on : Tuesday , 1st September 2015

East Africa banks on green energy to drive growth

East African countries may soon emerge as global leaders in green energy, if efforts put by the various governments to exploit sources of renewable energy are attained.   Various stakeholders attending the East African Power Industry Convention (EAPIC) in Nairobi yesterday agreed that universal access to affordable energy could only be achieved by exploiting clean energy. Energy and Petroleum Principal Secretary Joseph Njoroge said the Government is committed to using renewable.... Read more »

Posted on : Monday , 31st August 2015

Bamburi Cement net profit nearly doubles in first half

A boom in construction and foreign exchange gains has helped Bamburi Cement’s net profit almost double for the six months to June. The cement manufacturer reported an 86 per cent leap in net profits to Sh3 billion, with the management projecting an even better second half.   The company, which is controlled by France’s Lafarge, attributed the strong performance to growth in demand in its two main markets, Uganda and Kenya, cost cutting and gains in its dollar-based.... Read more »

Posted on : Monday , 31st August 2015

Sumac secures $1 million loan as it prepares for cash call

Sumac Microfinance Bank has secured a $1 million (Sh100 million) loan from a European investment firm for onward lending to small businesses. The cash was loaned by the Regional Investment Fund for Micro, Small and Medium Enterprises in sub-Saharan Africa (Regmifa), a Luxemburg-based fund that invests in small lenders in sub-Saharan Africa.   The three-year loan is part of the micro-lender’s capital raising strategy that includes getting funds from its.... Read more »

Posted on : Monday , 31st August 2015

Kenya leads in global financial and digital survey

KENYA tops a new global financial and digital inclusion survey, beating 21 other countries polled.   The country scored 89 per cent, followed by South Africa at 80 per cent and Brazil 78 per cent, the 2015 Brookings financial and digital inclusion project report shows.   The American based think tank said the report and scorecard is the first of a series of annual reports examining financial inclusion activities around the world. Rwanda and Uganda tied at.... Read more »

Posted on : Monday , 31st August 2015