Zanzibar to construct new sea port

ZANZIBAR government has officially approved the construction of a new sea port at Mpiga-duri coastal area starting early next year. This was announced here by President Dr Ali Mohamed Shein saying that Exim Bank of China has already allocated 200 million US dollars as part of the funds for the project. He said Zanzibar has been on the right track in achieving its development goals and the new port will put an end to the present congestion at the Malindi main port on Unguja Island..... Read more »

Posted on : Thursday , 10th September 2015

An African province to get US$350mn industrial hub

 An Angolan investment group has agreed to develop an industrial hub in Lubango, Angola for US$350mn brewery-pixabaySTI's investment will be used to develop a brewery, mill, slaughterhouse, soft drink plant as well as a dairy products factory.  The investment is being made by Silvestre Tulumba e Investimentos (STI), an Angolan investment firm that specialises in real estate, car trade, hospitality and distribution of food and spare parts. Its CEO Silvestre Tulumba Kapose.... Read more »

Posted on : Thursday , 10th September 2015

China signs two construction deals worth US$5.5bn in Africa

 China Railway Construction Corp Ltd., (CRCC) has signed two deals worth US$5.5bn for construction projects in Africa railwaylinenigeria-johnward CRCC’s China Civil Engineering Construction Corporation will build an intercity railway line for US$3.5bn in Nigeria’s Ogun State. The Chinese company has also won the order from the Zimbabwean Ministry of Local Government, Public Works and National Housing to develop the Magamba 2015 Housing Project for US$1.9bn. CRCC.... Read more »

Posted on : Thursday , 10th September 2015

NIRP to boost Africa manufacturing sector

 The Nigeria Industrial Revolution Plan (NIRP) is likely to increase the annual revenue of the nation’s manufacturing sector to US$25bn, said Nigerian minister for industry, trade and investment Olusegun Aganga construction The minister said that the goal of the NIRP was to increase the contribution of the manufacturing sector’s GDP from the current seven per cent to more than 10 per cent in the next five years. The NIRP, a flagship industrialisation programme,.... Read more »

Posted on : Thursday , 10th September 2015

Kenya: Erin Energy awarded licence extension offshore Kenya - still seeking farm-in partners

Erin Energy has obtained an eighteen-month extension of the Initial Exploration Period (IEP) of its offshore Kenya Blocks, L27 and L28. The IEP on blocks L27 and L28 has been extended to February 2017.   'We are delighted to receive this eighteen-month extension,' said Segun Omidele, Senior Vice President, Exploration and Production. 'This additional time to evaluate these blocks will allow us to acquire 3D seismic data and to look for suitable partners on the.... Read more »

Posted on : Thursday , 10th September 2015

KENYA AND SOUTH AFRICA BRING AFRICAN TRADE ONE STEP CLOSER

 Kenya and South Africa have faced diplomatic tensions due to strict visa regulations; however the recent launch of the Kenya/South Africa joint business council is seen as a step towards enabling relations between the two countries.   “The relationship has been there but [the] business partnership has not been very strong,” says Laban Onditi, vice- national chairman at the Kenya National Chambers of Commerce and Industry.   He elaborates that the.... Read more »

Posted on : Thursday , 10th September 2015

Kenya Power starts Sh1.2bn Mombasa street lighting project

Kenya Power on Wednesday launched a major network upgrade and street lighting project in the coastal city of Mombasa. The street lighting project will include Mombasa’s Old Town at a cost of Sh45 million and will involve retrofitting of 500 existing High Pressure Sodium (HSP) lamps to Light Emitting Diode (LED) lamps, replacing 5km of existing overhead streetlight conductors with aero-bundled cable conductors and the automation of the street lighting circuit.   The.... Read more »

Posted on : Thursday , 10th September 2015

Kenya looking at the world, not East or West

Kenya is neither looking East nor West for investors but for opportunities across the world whether in traditional ally markets or in emerging markets, Foreign Affairs and International Trade Cabinet Secretary Amina Mohamed has said. Speaking at the Barclays Africa Forum in Canary Wharf London, CS Mohamed said the arguments that Kenya was looking East towards China and other Asian countries while abandoning her traditional allies was misleading.   “We are today living in.... Read more »

Posted on : Thursday , 10th September 2015

Germans lend Exim Bank Tanzania $20m

 DAR ES SALAAM, Tanzania - Exim Bank Tanzania Limited has signed a $20 million (about Tsh42 billion) loan with Germany’s private enterprise lender, Deutsche Investitions und Entwicklungsgesellschaft  MBH (DEG) writes LEONARD MAGOMBA.   “Signing this loan agreement with DEG asserts the confidence of these International DFIs in this ‘argest local Tanzanian bank,” Chief Finance Officer, Selemani Ponda told East African Business Week.   He.... Read more »

Posted on : Thursday , 10th September 2015

Crystal Telecom announces dividends

 KIGALI, Rwanda - Crystal Telecom’s board announced recently its shareholders will receive a dividend payout of Rwf 1,017,000,000 (about $1.43 million) making it Rwf3.75 per share writes AGNES BATETA.   This is just over a month since the listing of Crystal Telecom as announced in statement released last week in Kigali.   “As stated in the last offer period, we expected a special dividend to be paid out as a result of the cash that was sitting on the.... Read more »

Posted on : Thursday , 10th September 2015

Renewed hope for agriculture as Kenya’s North Rift all set for fertiliser plant

 Fertiliser prices are expected to drop once a Sh127.4 billion processing plant being constructed in Uasin Gishu County is completed. Deputy President William Ruto last week officiated over its groundbreaking. The plant is also expected to boost access to fertiliser for farmers in the region, encouraging more people to take up agribusiness. Cereal farmers in the North Rift have especially struggled with shortages of the input and its high costs, particularly when demand increases.... Read more »

Posted on : Thursday , 10th September 2015

Kenyas private sector new consortium eyes big tenders

 Kenya’s private sector has formed a consortium in a move to tap into billions of shillings worth of investment opportunities arising from the Northern Corridor Integration Projects (NCIP). This comes following renewed calls by the private sector to have local companies play a bigger role in the development of mega-projects in the East African region, which are currently dominated almost entirely by Chinese State-owned firms. The Northern Corridor Integration Projects.... Read more »

Posted on : Thursday , 10th September 2015