News

East/Southern Africa: World Bank provides USD 425 million for infrastructure financing

The World Bank has approved USD 425 million to support the Regional Infrastructure Financing Facility project which aims to expand long-term finance to private firms in the power sector, as well as in the transport, logistics and social sectors.

Tanzania: New lower middle income status improves nation’s creditworthiness

Tanzania’s access to international credit markets has been boosted after attaining the World Bank’s new minimum gross national income per capita threshold of USD 1,036 underlining the country’s rapid growth in recent years.

East Africa: Region braces for another locust invasion in the face of a pandemic

A third outbreak of desert locusts, with billions of the destructive insects is about to hatch and threaten food supplies in a region already reeling from damaging rains and COVID-19.

Ethiopia: AfDB approves grant for Ethiopia-Sudan railway study

The African Development Bank has approved a USD 1.2 million grant to Ethiopia’s government to finance a two-year feasibility study into a standard-gauge railway link between Ethiopia and Sudan which will be connected to the Horn of Africa transport network.

Rwanda: USD 315 billion fund planned for Covid-19 recovery

Local businesses have been invited to apply for funding under the Economic Recovery Fund, a two-year facility established by the Government as an intervention to revive business activity and safeguard employment in the wake of the COVID-19 pandemic.

Uganda: Coffee sales rise despite pandemic

Uganda coffee exports have continued to surge despite the coronavirus pandemic with April figures showing an increase of 18 percent and 23 percent in quantity and value respectively, compared with the same period last year.

Kenya: tourism lobby draws up opening protocols during COVID-19

The tourism sector is working on four protocols that will ensure a safe reopening and maximum impact of a USD 56 million stimulus package injected by the government.

Mozambique: Total secures USD 15 billion funding for Mozambique LNG

Total has reached a financing agreement with a consortium of banks, including the Rand Merchant Bank, to secure a USD 15 billion funding for its liquefied natural gas project in Mozambique.

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East Africa: EAC takes advantage of AGOA treaty to increase US exports

According to the latest US Trade and Investment with sub-Saharan Africa report, the East African Community members took advantage of Africa Growth Opportunity Act treaty to increase exports to the US, with Kenya scoring 98 percent, Ethiopia 81.9 percent and DRC 68.2 percent.

East Africa: Region to Benefit from USD 500 million for locust invasion fight

The World Bank has approved a USD 500 million in grants and low interest loans to combat the natural threat of the region’s worse locust invasion in 70 years.

Africa: Mobile money becomes lifeline as telecoms thrive in Covid-19 era

Mobile money and data have emerged as the lifeline in revenue growth for African-focused telecoms operators Vodacom Group and Airtel Africa across markets characterised by stiff competition and challenging regulatory regimes.

Africa: Vodacom completes sale of operations in three African countries

Vodacom has completed the sale of its Business Africa operations unit in Nigeria, Zambia and Ivory Coast to Inq. Holdings, which is set to embark on building a unified Pan-African cloud and digital service provider.

East Africa: Low crude oil prices to ease production costs in region

The drop in crude oil prices at the international market is set to ease pressure on widening current accounts, arrest a surge in inflation and reduce the cost of consumer goods across the EA region.

Tanzania: SGR project secures bulk of Ministry of Works budget

Parliament has approved USD 2.1 billion for the Ministry of Works and directed USD 950 million to be spent on the standard gauge railway project, which is equivalent to 48.1 percent of the ministry’s total development budget.

Africa: Safaricom sees Ethiopia deal opening gateway to Africa

Kenya’s largest mobile phone operator Safaricom is pinning its pan-African expansion plans on the Ethiopian market as the Ethiopian Government wavers on opening up the economy to foreign investments.

Kenya: Turkana wind blows off electricity imports

The Lake Turkana Wind Power project has strengthened Kenya’s efforts to attain energy sufficiency, paving the way for reduction of electricity imports from Uganda and Tanzania.