Latest African business news, economy, corporate, markets updates

SPB Finally Awards 300mw Solar Tenders

THE State Procurement Board has finally awarded tenders for solar power projects with a combined output of 300 megawatts to three firms. The long awaited solar projects, each with capacity for 100MW, were awarded to Intratrek Zimbabwe (Gwanda), ZTE Corporation (Insukamini) and Number 17 Metallurgical China (Munyati).

This brings finality to the protracted evaluation of the multi-million dollar solar energy initiatives. Well placed sources told The Herald.... Read more »

Posted on : Wednesday , 14th October 2015

Ethiopia will boost power generation to 17,000 MW in five years

Implementing its second Growth and Transformation Plan (GTP II) in the coming five years, Ethiopia will endeavor to boost its power generation to at least 17,000 MW, said Ethiopia’s President Mulatu Teshome.

Having completed the implementation of its first GTP, the East African country in September launched the second GTP, which the president said is a decisive chapter in the country’s development, designed to realize the first half of its vision to join middle.... Read more »

Posted on : Wednesday , 14th October 2015

Tanzania President Kikwete inaugurates new Mtwara gas project

Tanzanian President Jakaya Kikwete has officially inaugurated a 535-kilometer Mtwara to Dar es Salaam gas pipeline built with a 1.225-billion-U.S.-dollar concessional loan from the Export-Import Bank of China.

The construction of the gas pipeline that transports natural gas from Tanzania’s southern region of Mtwara to the commercial capital Dar es Salaam started in June 2013 and was undertaken by China Petroleum Technology and Development Corporati.... Read more »

Posted on : Wednesday , 14th October 2015

East Africa foreign investments grow by 11 per cent

Foreign Direct investment (FDI) in East Africa grew by 11 percent between 2013 and 2014 buoyed by regional integration, an economic insight reveals.

The report released by the Institute of Chartered Accountants in England and Wales (ICAEW) received in Nairobi attributes surge in FDI in the region to efforts for closer regional integration in the East African Community (EAC), which has involved harmonizing investment regulations across the region and reducing red tape.Read more »

Posted on : Wednesday , 14th October 2015

East Africans planning to fast track integration of capital markets

The East African Community (EAC) member states are fast tracking the integration of the capital markets in order market the region as a single investment destination, Kenyan officials have confirmed. The Capital Markets Authority (CMA) Acting CEO Paul Muthaura said there is a clear road map for the harmonization of legal frameworks of the five EAC member states.

"The first batch of seven EAC Council of Ministers directives have been adopted currentl.... Read more »

Posted on : Wednesday , 14th October 2015

Tanzania Moves to Bring Dar es Salaam Port Services Closer to Rwandan Traders

Rwandan traders are set for early Christmas after the Tanzania International Container Terminal (TICTs) announced that it will open a country liaison office in Kigali before the end of the year.

This is in a bid to bring the Dar es Salaam port services closer to traders in Rwanda.

The announcement was made last week, in Kigali, by Paul Wallace, the chief executive of TICTS, a private company that handles 80 per cent of the .... Read more »