| Africatime
Tuesday 28 March 2017
(Reuters (Eng) 03/23/17)
Uganda has discovered an estimated 6.5 billion barrels of crude reserves on its Albertine rift basin along the border with the DRC. Uganda says it has asked China for a $500 million loan to help build almost 600 km of roads in the country’s oil-rich west, amid criticism over heavy borrowing that has ballooned the country’s debt. Uganda has discovered an estimated 6.5 billion barrels of crude reserves on its Albertine rift basin along the border with the Democratic Republic of Congo. However, lack of infrastructure, such as roads and an export pipeline, as well as disagreements between the government and international oil companies over taxes, have repeatedly delayed production. The Uganda National Roads Authority...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years, given the recent drop in prices and the emergence of new innovative business models. The EU’s electrification funding initiative, “ElectriFI”, helps to harness and stimulate private sector investment to enhance access to renewable energy. More specifically, it focuses on poorly-served...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...
(New Vision 03/17/17)
Irene Muloni, the Minister of Energy and Mineral Development expressed optimism that the pipeline will be done by 2020 The deliberations were heated. The media was locked out. After more than eight hours behind closed doors, the talks between Ugandan and Tanzania officials regarding the crude export pipeline ended past 9pm on Thursday night. After the talks, Prof. Sospeter Muhongo, the Tanzanian minister of Energy and Minerals revealed to waiting journalists that an inter-governmental agreement between Uganda and Tanzania will be reached this month regarding the subject. “The discussion today was fruitful. We are 85% sure that we may come up with an inter-governmental agreement document by the end of this month.
(Xinhuanet 03/17/17)
Amid an ever rising cost of paraffin in Kenya, adoption of solar lamps for night fishing is rapidly becoming a cheaper source of power for fishermen at the expansive Lake Victoria in Western Kenya. A liter of kerosene cost an average of 0.55 dollars in March, 2015 against the average 0.7 dollars in early 2017 thus increasing the cost of input for the fishermen who spend 12 hours in the waters searching for a healthy catch. However, solar lamps are...
(The Wall Street Journal 03/15/17)
Ndalo Media founder Khanyi Dhlomo and Mara Group founder Ashish Thakkar on where the potential is and what’s blocking it How is innovation in Africa different from innovation in Silicon Valley? And how can innovation in Africa be encouraged? Dan Keeler, frontier-markets editor of The Wall Street Journal, discussed those questions with Khanyi Dhlomo, founder and chief executive of Ndalo Media, a publisher based in South Africa, and Ashish Thakkar, founder of Mara Group, a pan-African investment group with operations...
(Reuters (Eng) 03/13/17)
The United Arab Emirates, one of the Middle East's largest economies, wants to expand trade ties with faster growing nations in Asia and Africa, a senior official said on Sunday. Rich Gulf Arab states are looking at ways to diversify their economies, including who they trade with, after more than two years of depressed oil prices forced a rethink of government spending. The pace of economic growth in Asian and sub-Saharan African economies has made them ideal partners, Abdullah al-Saleh,...
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of...
(The East African 03/03/17)
Kenya has joined its East African neighbours, Uganda and Rwanda, by launching a cargo tracking system intended to reduce the cost of trade and check tax evasion. The Kenya Revenue Authority (KRA) on Wednesday launched the Regional Electronic Cargo Tracking System, which enables real time tracking of transit cargo from Mombasa port to its destination through an online platform monitored in the three countries. KRA commissioner general John Njiraini said the new system would be operational by the end of...
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise...
(Xinhuanet 03/02/17)
The Chinese government donated over 5,900 tonnes of rice to Ugandan on Tuesday as the East African country warned of food insecurity amid the prolonged dry spell. Zheng Zhuqiang, Chinese ambassador to Uganda, said China has been concerned about the poor harvest in many African countries including Uganda. "I believe that with the effort of the Ugandan government, all these donated food will be distributed to the people very soon," he said. According to a new report National Food Security...
(Daily Monitor 02/22/17)
Entebbe — President Museveni has ordered the removal of royalties on gold in order to limit the amount of gold that is smuggled through Uganda unprocessed. He also said he wanted the tax lifted to encourage gold miners to take their gold the newly African Gold Refinery located in Entebbe. He said the tax was encouraging the smuggling of gold out of the country. "Therefore I am going to remove that royalty. The people of Mubende should bring our gold...
(Xinhuanet 02/22/17)
Africa Energy Indaba, the continent's premier energy event, kicked off in Johannesburg on Monday with the aim of finding solutions to the continent's energy future. The three-day conference is being attended by the governments' representatives, business and funders. The meeting seeks to unleash the continent's potential by coming up with an energy mix to develop Africa. Dr. Garth Strachan, Deputy Director General and Head of Gas Industrialization Unit in South Africa's Department of Trade and Industry said the recent discoveries...
(Daily Monitor 02/16/17)
Kampala — Energy minister Irene Muloni, disclosed Tuesday, that government has given the three oil joint venture (JV) partners, France's Total E&P, UK's Tullow Oil and China'c Cnooc, up to December 31 as deadline for closing Final Investment Decision (FID) on proposed investments in the next development and production phases leading to Uganda's first oil. Ms Muloni also reiterated that government remains on first commercial oil starting flowing four years from now - a date which is somewhat impractical given...
(Daily Monitor 02/16/17)
Serere — A day after Daily Monitor published a story about the Shs2 billion stalled World Bank-funded Serere fishing project, State House has announced they have commenced investigations into the matter beginning next month. Mr Dan Mulalu, the private secretary in charge of political affairs and mobilisation at the Office of the President, told Daily Monitor in an interview on Tuesday that the ministry of Agriculture must explain why a big project that directly falls under their docket was abandoned...
(AFP (eng) 02/15/17)
Sub-Saharan Africa, where more than a half billion people live without electricity, trails the world in government policies that promote sustainable energy, according to a new World Bank report Wednesday. Much of the rest of the world, however, has made strides toward making energy broadly available, developing renewable power sources and increasing efficiency, the inaugural Regulatory Indicators for Sustainable Energy report said. In a survey of 111 countries, the World Bank found that through 2015 nearly 80 percent had begun...
(Xinhuanet 02/13/17)
East African leaders will meet in the Tanzanian town of Arusha on Feb. 28 to discuss the Economic Partnership Agreements (EPAs) that allows regional countries to export its agricultural products to Europe without attracting tax. Chris Kiptoo, Kenya's Principal Secretary in charge of Trade said Monday the matter is one of the agenda to be handled by the heads of state during the summit. Kiptoo explained East Africa Community (EAC) countries are supposed to sign as a bloc so that...
(Standard Digital 02/09/17)
Hundreds of business and political personalities yesterday attended a German-African economic summit in Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his “Marshall Plan” for Africa. The plan is “with Africa, not for Africa,” Mueller (pictured) said, stressing that it would be based on cooperation between equals rather than the principles of traditional development aid. The plan, which Mueller presented to the German parliament’s development committee on Wednesday, is based on fair trade conditions, investment...
(Bloomberg 02/06/17)
Prem Watsa’s Fairfax Financial Holdings Ltd. is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according to a regulatory filing in December. Fairfax...
(Xinhuanet 01/28/17)
The African Union (AU) has been endeavoring to ensure robust, resilient and long-lasting economic transformation of Africa through promotion of infrastructure and energy development on the continent, noted Elham Mahmood Ibrahim, AU Commissioner for Infrastructure and Energy. Speaking at a press conference Friday ahead of the 28th AU leaders' summit here, the commissioner said the pan-African bloc has scored achievements in its flagship projects and programs on the development of energy, transport as well as in the information and communication...

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