Wednesday 17 January 2018
(Xinhuanet 11/17/17)
The East African Community (EAC) member states are set to ratify the avoidance of double taxation treaty in order to boost regional integration, a Kenyan official said on Thursday. Barrack Ndegwa, Regional Integration Secretary in the Ministry of EAC, Labor and Social Protection, told Xinhua that heads of states of the EAC have already signed the protocol on double taxation. "What is now remaining is each of the six member states to individually ratify the treaty so that it is operational," Ndegwa said on the sides of the International Film Convention. EAC partner states include Kenya, Uganda, Tanzania, Rwanda, Burundi and South Sudan. Ndegwa said that once the tax treaty is operational, citizens working in...
(Xinhuanet 11/17/17)
Sino-African relations have entered a new development stage of win-win cooperation, according to the fifth Biennial Conference of China-Africa Industrial Forum (CAIF) that opened here Thursday. Supporting Africa's industrialization and capacity cooperation are of vital importance in the next five years and Sino-African trade is likely to total 180 billion U.S. dollars in 2017, said CAIF secretary general Cheng Zhigang in the opening speech. Sino-African economic and trade cooperation has great potential, said Cheng. China has been Africa's largest trading partner since 2009. Chinese investments in Africa exceeded 100 billion dollars in 2016, about 50 times as much as in 2010. China's investments in Africa have also diversified in business areas, from construction and mining to emerging industries such as...
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to...
(Reuters (Eng) 10/31/17)
HARARE (Reuters) - Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders. The IMF said a...
(Xinhuanet 10/20/17)
KIGALI, (Xinhua) -- Rwanda is looking for big investments in renewable energy sources in order to stimulate the country's green economic development, top government officials said Thursday. Rwanda has a lot of untapped investment opportunities in the renewable energy sources, said Claire Akamanzi, chief executive officer of the Rwanda Development Board (RDB) at a renewable energy conference held in Rwanda's capital, Kigali. She said Rwanda is looking for investors in various renewable energy options available across the country. Rwanda has...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Bloomberg 09/28/17)
The country is suddenly brimming with high-end options. From the balcony of my villa at daybreak, I can see the nearby village creaking to life. Children are walking to school in their blue uniforms, and a farmer slings a hoe into the ground. The Africa of travelers’ imaginations is defined by vast open spaces—the treeless plains, the lonely desert—but Rwanda is the most densely populated country on the continent, and a trip here comes with an awareness that you’re sharing...
(Xinhuanet 09/27/17)
Rwanda Revenue Authority (RRA) on Monday auctioned a multi-million-dollar mall located in the center of Capital Kigali, belonging to exiled tycoon Tribert Rujugiro Ayabatwa. Ayabatwa was listed Africa's Number 1 Tobacco man by Forbes in 2014. He is the founder and controlling shareholder of Pan African Tobacco Group (PTG), one of the continent's largest indigenous manufacturer of tobacco products. He was accused of working with Rwanda National Congress, a political organization formed by Rwandan elements based in exile with intent...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Financial Times 09/26/17)
BNP Paribas is back in the crosshairs of the authorities, this time in France, where the public prosecutor has opened an investigation into allegations of complicity in the 1994 Rwandan genocide by France’s biggest bank. The probe, which does not imply any guilt, will be led by three investigating magistrates after a complaint against BNP was filed this summer by three French civil society organisations, according to a spokesman for the prosecutor. The bank is accused of transferring more than...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(The New Times 09/22/17)
Rwandan specialty coffee processors are looking to clinch key export deals at the ongoing annual Specialty Coffee Conference and Exhibition (SCAJ) in Japan, enabling them to expand the export market and attract new buyers. The expo, that started on September 20 and closes today, brought together all sorts of coffee specialties across the world and their owners, including five Rwandan coffee companies and a National Agricultural Export Board (NAEB) representative, to create more market linkages, NAEB said in a statement yesterday. Through meeting and seminar opportunities at the conference, it is expected that Rwanda specialty coffee brands will be promoted and gain more visibility at the international market...
(The New Times 09/21/17)
Rwanda is among 11 African countries selected to benefit from a $280-million fund to support agriculture on the continent under the management of the Alliance for a Green Revolution in Africa (AGRA), an organisation that works to improve agricultural output on the continent. The fund, to be provided by the Bill & Melinda Gates Foundation, the Rockefeller Foundation, and the US Agency for International Development (USAID), will be used to spur agricultural transformation in the selected countries. The beneficiary countries...
(The East African 09/21/17)
East Africa has received $1.6 billion from foreign investors, Kenya taking the bulk of the 55 deals recorded in the past eight months. Data from I&M Burbidge Capital shows that the initial public offering of Vodacom Tanzania, and the purchase of Sadolin Paints by Japanese firm the Kansai Paint were some of the region’s biggest deals. The Vodacom IPO raised $213 million, with foreign investors buying 40 per cent. Tanzania emerged as the second largest market for private equity deals,...
(The New Times 09/18/17)
Bank of Kigali is the Best Bank in Rwanda, according to the 2017 African Bankers' Awards for the East Africa region organised by EMEA, an elite London based finance magazine. The award, announced last week, is BK's latest following a spate of victories on the local scene. It is not the first time BK is winning the coveted EMEA Award for best bank category. Since 2009, Bank of Kigali, which is celebrating its 50th anniversary this year, has won the...

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