Timelines for EAC single currency to be revised

The East African Community (EAC) member states are currently evaluating the timelines initiating a proposed single currency regime. This comes after the realisation that the initial timelines won’t be feasible as it would be difficult to set up the necessary institutions and achieve the set macroeconomic benchmarks with the original 2024 deadline. The Protocol for the establishment of the East African Monetary Union (EAMU) was signed in November 2013 by the EAC member states, setting up a 10-year roadmap for attaining a single currency regime in 2024.

Source: The East African

Africa

Kenya’s Nicholas Nesbitt re-elected as EABC Chair, Rwanda's Karera as Vice chair

The East African Business Council (EABC) has re-elected Nicholas Nesbitt as Chairman, during the 20th EABC Annual General Meeting, (AGM) held in Nairobi, Kenya. Denis Karera, Mwine Jim Kabeho and Salum Shamte were elected as vice-chairs and members of the EABC executive committee. The EABC was established in 1997 to promote the interests of the Private Sector in the East African Community integration process.

Source: The New Times

Africa

AfroChampions unveils drive to finance the African Continental Free Trade Area

The AfroChampions Initiative has launched a private sector investment framework. The objective is to mobilise the private sector as well as to secure financing for the African Continental Free Trade Area (AfCFTA) in Africa and beyond, through a dedicated “blended-finance vehicle” to fast track the continent’s economic integration, through deploying infrastructure projects which are important in delivering the AfCFTA and initiating positive transformation for all Africans.

Source: Africa Business Communities

Africa

Facebook is targeting African fake news in local languages

After launching its third-party fact-checking programme across five countries in sub-Saharan Africa, including South Africa, Kenya, Nigeria, Senegal and Cameroon in 2018, Facebook is now expanding its local language coverage as part of its Third-Party Fact-Checking Programme. The social media company recently announced that it has added new local language support for several African languages. The programme works by obtaining feedback from the Facebook community, articles are then fact-checked and photos and videos verified. If one of Facebook’s fact-checking partners identifies a story as false, Facebook will display it lower in its News Feed thus reducing its distribution.

Source: Africa Business Communities

Africa

Angola and Cape Verde sign agreements to end double taxation

The governments of Angola and Cape Verde have signed three agreements. The agreements will end double taxation and guarantee mutual administrative assistance in customs and tax matters between the two African countries. According to Cape Verdean Finance Minister Olavo Correia, his country intends on cooperating with Angola in the area of free movement of citizens and to secure investment which will result in ensuring better taxation conditions.

Source: Africa Business Communities

Africa

COMESA partners with AU and UNDP to enlist private sector’s support in climate financing

The COMESA Secretariat is said to be currently working with the African Union Commission (AUC) and the United Nations Development Programme (UNDP) regional office to assist Africa member States in establishing bankable climate smart projects that will attract financing from the private sector. Dr. Mclay Kanyangarara, who is the COMESA Climate Change Advisor stated that member states are yet to benefit from the available finances meant to “support adaptation, resilience and mitigation of climate change in the COMESA region and on the continent”.

Source: Africa Business Communities

Africa

AfDB welcomes USD20-million investment from CTF for the Facility for Energy Inclusion in Africa

The Clean Technology Fund (CTF), one of two multi-donor trust funds within the Climate Investment Funds (CIF) has approved USD20-million for the Facility for Energy Inclusion (FEI). The FEI is a USD500-million financing platform facility sponsored by the African Development Bank, with the purpose of mobilising financial support for innovative energy access solutions. Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank emphasized the difficulty rural areas experience when attempting to attract investment for affordable and productive electricity and said that the funds would contribute to economic and social growth and will “enhance its recipients’ resilience to the effects of negative climate change”.

Source: Africa Business Communities

Angola

Angola reduces visa issuance period for foreign investors and technicians to 15 days

The Secretary of State for Technical Assurance of the Ministry of the Interior has said that work visas for foreign investors and specialists/technicians in Angola will be issued within 15 days. The Angolan Ministry is said to be working to “improve the process of granting visas to all entities wishing to visit or invest in Angola”. Carlos Cunha, coordinator of the Technical Business Group stated that granting visas to foreign investors in just 15 days “is a crucial step for business activity in Angola, as it will allow foreign labour to be hired in record time”

Source: Macauhub

Angola

Construction of New Luanda International Airport, Angola, scheduled for completion in 2023

Transport Minister Ricardo Viegas D’Abreu has said that construction work on Luanda’s New International Airport will be resumed later this year with completion scheduled for 2023. The construction was halted in 2017 following the termination of the contract with the China International Fund. Negotiations with the new construction contractor, the Aviation Industry Corporation of China group, are underway and said to be completed within 15 to 30 days, after which an addendum to the contract will be signed and a new schedule will be set.

Source: Macauhub

Kenya

Capital Markets Authority approves Kenya’s first green bond

According to Africa Business Communities, the Capital Markets Authority (CMA) has approved the issuance of Kenya’s first unlisted green bond. The green bond will be issued by Acorn Project (Two) Limited Liability Partnership. This is following the launch of the Policy Guidance Note on Green Bonds in February 2019. The bond seeks to raise Kshs5-billion which will be utilised in financing “sustainable and climate-resilient” student accommodation and is designed as a limited public offer for “sophisticated investors”.

Source: Africa Business Communities

Kenya

Capital Ilara Health raises USD735k from ShakaVC, Chandaria Capital

Ilara Health has raised USD735, 000 from investors which include ShakaVC, a Nairobi-based firm backed by Chinese investors, Chandaria Capital, the venture capital arm Chandaria Industries and Villgro Kenya. This new funding will be used to onboard new users as well as to build a robust tech platform to manage and protect patient health and clinic financial data. Ilara Health provides diagnostics and medical equipment to reach doctors who need them and support the adoption of innovative technologies such as portable ultrasound and blood diagnostics for diabetes.

Source: Africa Business Communities

Lesotho

Road infrastructure for Phase II of the Lesotho Highlands Water Project

The Lesotho Highlands Development Authority (LHDA) has awarded two separate contracts for the construction of the Polihali Western Access Road (PWAR) (West and East) Joint Venture and Rumdel /AC JV respectively. The LHDA has confirmed that these are the fifth and sixth of approximately a dozen advanced infrastructure contracts for Phase II of the Lesotho Highlands Water Project (LHWP).

Source: ESI Africa

Mozambique

Mozambique-Malawi power interconnection carried out with German financial aid

An agreement is to be signed by German bank KfW and the Mozambican government, represented by Electricidade de Moçambique (EDM). The agreement will assist in financing the Mozambique-Malawi electricity interconnection which will allow Mozambique to export electricity to the country. This follows the signing of a power purchase agreement and other technical and trade agreements between EDM and the Electricity Supply Commission of Malawi (Escom) in April 2019 in Blantyre.

Source: Macauhub

Mozambique

Mozambique unveils first solar power station adding 40 megawatts of electricity to national grid

Mozambique president Filipe Nyusi has officially inaugurated Mozambique's first solar power station at Mocuba, situated in the Zambezia province. The station costs USD76 million and would add an estimated 40 megawatts of electricity into the country’s national grid. The power station was constructed through a partnership between Scatec Solar, KLP Norfund Investments and the Mozambican publicly-owned electricity company, EDM.

Source: Africa Business Communities

Nigeria

Airtel mulls introducing mobile money in Nigeria

Airtel Africa has announced its plans to rollout mobile money in Nigeria. The company’s CEO, Raghunath Mandava said that the telecommunications company is currently working on obtaining confirmation of the brand name and license for the mobile money service. He also went on to say that he is confident that the company will “deliver sustained growth across voice, data and mobile money, underpinning its medium-term aspirations for revenue and profit growth”.

Source: Africa Business Communities

Nigeria

NNPC, NOSDRA begin collaboration to stem oil spillage

The Nigerian National Petroleum Corporation (NNPC) and the National Oil Spill Detection (NOSDRA) and Response Agency (NOSDRA) have communicated their willingness to collaborate with each other to mitigate and minimise the incidences of oil spills across the country. The group managing director of the NNPC, Mallam Mele Kyari said that corporation would forge closer ties with NOSDRA to “proactively forestall oil spill in areas that are prone to incessant incidences”. The Director General of NOSDRA, Mr. Musa, said the agency was “prepared to partner the NNPC in mitigating oil spills in all areas of its operations stressing that the partnership would ensure a good operating environment for the operators and the inhabitants”.

Source: Africa Business Communities

Rwanda

S&P Global upgrades Rwanda’s rating to B+ on strong economic prospects

Standard and Poor’s (S&P) Global Ratings has raised Rwanda’s long-term sovereign credit rating on Rwanda from 'B' to 'B+'. The country’s outlook is stable because Rwanda is “expected to continue to achieve above-average real GDP growth over the medium term, balanced against risks of fiscal slippages and rising government debt”. The ratings agency may however lower the rating over the next year if the government's investment program “significantly increases external financing requirements and external debt above its current projections”.

Source: Africa Business Communities

Uganda

Uganda to unveil a Sh3-trillion Investment to unlock country’s potential

The Ugandan government is said to be planning to inject up to Sh3-trillion (USD813-million) to the Uganda Development Corporation (UDC) which is meant to boost industrial activities that not tapped into by the private sector. The funding will allow the UDC to venture into agricultural and manufacturing sectors. According to Patrick Birungi who is the company’s CEO, “the UDC will invest in the sectors and eventually divest them to the private sector which will spur its potential”. He also went on to say that “The state will disburse a third of the planned cost and the agency will mobilise the rest from the private sector, multilateral lenders and its own funds. The government has committed to increasing the company’s capitalization to 500-billion shillings in five years, from 70-billion shillings, to boost investment, he said.

Source: WT

Uganda

New strategy to revamp Uganda’s textile sector

Uganda has finalised a development strategy for its cotton, textiles and apparels sector which will feed into the third edition of the National Development Plan NDPIII. The strategy is said to result in an increase in fibre cotton production, scale up domestic value addition, creating employment by generating an estimated 50,000 jobs and produce USD650-million in additional export revenues over a period eight years.

Source: The East African

Zambia

Zambia teams up with US company for large-scale hybrid project

The US Trade and Development Agency (USTDA) has awarded a grant to Upepo Energy Zambia Limited which will be used in a feasibility study for a 150MW wind, solar and energy storage hybrid power plant project in northern Zambia. The study will also evaluate the ideal mix of on-site wind, solar and battery storage technologies to provide energy generation and services to the Zambian grid. According to Todd Abrajano, USTDA’s acting deputy director said that “the feasibility study will address critical energy generation and battery storage needs in Zambia, while providing enhanced access to affordable and reliable electricity”.

Source: ESI Africa