| Africatime
Wednesday 26 April 2017
(The Citizen 04/26/17)
Tanzania might fail to repay a $1.283 billion loan from Exim Bank of China for constructing the Mtwara-Dar es Salaam Natural Gas Pipeline (MDNGP) if the 2015/16 Controller and Auditor General's report is anything to go by. CAG Mussa Assad warns that the government might fail to repay the loan because the pipeline is massively underutilised. Report the pipeline, which was constructed by China Petroleum and Technology Development Company (CPTDC) transports 46.61 mmscfd equivalent to 6 per cent of the total pipeline capacity amounted to 737.39 mmscfd. The CAG report shows that the Tanzania Petroleum Development Corporation (TPDC) planned to supply natural gas at a minimum of 80 million metric standard cubic metres per day...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will affect millions of people, and it will be one of the most important issues of the 21st century," he said, adding that the comprehensive approach of China means that the aspirations and development strategies of all countries involved will be...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(Bloomberg 04/18/17)
Vodacom Group’s Tanzanian unit is considering asking market regulators to extend the deadline of its initial public offering and allow foreign participation because it’s under-subscribed, the lead adviser said. A request is being considered because uptake of the shares is “still below target,” Fortius Rutabingwa, head of market research at Orbit Securities Ltd., said by phone Thursday from the commercial capital, Dar es Salaam. Lawmakers on Wednesday asked the regulator to extend the offer, which closes April 19, to allow people more time to buy the shares, MP and opposition leader Zitto Kabwe said by text message.
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...
(Xinhuanet 04/11/17)
With strong and consistent growth rates of 6-7 percent, Tanzania has outperformed its east African neighbors of Kenya and Uganda, the World Bank said on Tuesday. "Tanzania's growth rates continue to outperform her East African neighbors," said Bella Bird, World Bank Country Director for Tanzania, Burundi, Malawi, and Somalia, at the launch of the World Bank's 9th edition of the Tanzania Economic Update, a series that provide regular review of the economy. Speaking at the launch of the economic update...
(Reuters (Eng) 04/07/17)
Access to off-grid solar energy in rural areas of Africa goes beyond lighting up homes - it also enables people to connect to the wider world and boosts their economic prospects, said the head of one of the continent's biggest solar companies. Azuri Technologies' entry level solar system - for which customers pay a one-off installation fee, then use scratch cards or mobile phone payments to top up on a weekly or monthly basis - provides eight hours of lighting...
(The Citizen 04/06/17)
Dar es Salaam — Zambian authorities have seized about 200 Tanzanian trucks carrying logs from the DR Congo, according to the Tanzania Truck Owners Association (Tatoa) claims. Tatoa chairperson Angelina Ngalula said more than 400 Tanzanian drivers and their turn boys are also allegedly held in Zambia. Ms Ngalula told reporters in Dar es Salaam yesterday that the Zambian authorities believe the logs are from the Southern Africa country, and not from the DR Congo. In February, Zambia banned the...
(Financial Times 04/04/17)
Countries should develop policies to attract labour-intensive production leaving China. China’s initial wave of investments in Africa focused on natural resource extraction. Their demand for metals and energy was so large that it actually boosted global commodity prices overall, which in turn accelerated growth across the African continent. These times of China propping up global commodity prices are now over, as it has built up excess capacity in many sectors and now faces slow investment growth. This lower demand has...
(Tanzania Daily News 04/03/17)
While evidence shows that credit card penetration in the continent is a paltry 5 per cent, local banking industry is spearheading the use of electronic cards, even to the lowest cadres of the economic ladder. These dismal statistics are confirmed by a survey conducted by Moody's Analytics in March 2016 that revealed that Africa recorded the lowest economic impact of electronic payment globally. The report, nevertheless, advises that if there was only 1 per cent increase in usage of electronic...
(Tanzania Daily News 03/31/17)
NATIONWIDE access to electricity has more than doubled, from less than 30 per cent to 67.3 per cent during the past decade, Energy and Minerals Minister Sospeter Muhongo has said. Prof Muhongo revealed further that access to power in rural areas increased from just two per cent in 2007 to 47.5 per cent today, noting that 97.3 per cent of urban folks have been connected to electricity. "At 97.3 per cent access in urban areas, Tanzania is among few African...
(Agence Ecofin 03/30/17)
French dairy group Danone plans to become the majority stakeholder in the Tanzanian subsidiary of the Kenyan dairy firm Brookside Dairy. Without disclosing the terms of the acquisition, Danone informed the Tanzanian Fair Competition Commission (FCC) of its plans. The move which is still to be approved by the FCC should see the French company acquire all the shares of the Kenyatta family in the firm. Moreover, Danone will keep a minority stake in Brookside Dairy units in Kenya and...
(Tanzania Daily News 03/30/17)
Over 7,000 households in Tanzania, Rwanda and Burundi are set to benefit from 80 megawatts of electricity from the Rusumo Falls hydro-electric project along Kagera River whose ground-breaking ceremony is set for today. Tanzania’s Minister for Energy and Minerals, Prof Sospeter Muhongo and his Rwanda and Burundian counterparts are expected to grace the ground-breaking event scheduled at the Tanzania-Rwanda border. Each partner state will have a share of 26.6MW to be connected to their national power grids. The project is as well meant to strengthen the regional power interconnections between the three countries, which are also member states of the East African Community (EAC). Apart from the 7,000
(Reuters (Eng) 03/29/17)
Tanzania's President John Magufuli has ordered a special audit of mining companies to determine if they pay their fair share of taxes to the East African country. Mining contributes 3.5 percent of the gross domestic product (GDP) in Tanzania, Africa's fourth-largest gold producer, but the government wants the sector to pay more taxes. The order for an audit follows an abrupt ban on exports of gold and copper concentrates. "The government wants to verify if the relevant taxes are actually...
(Reuters (Eng) 03/24/17)
Gold miner Acacia Mining said it was incurring an average daily loss of more than $1 million in revenue at its two mines in Tanzania due to a local government directive banning exports of gold and copper concentrate. Shares in the company were down as much as 1.6 percent in early morning trade, compared with a marginally lower FTSE mid-cap index. Tanzania's energy and minerals ministry imposed a ban earlier this month on sending copper concentrate or mineral sand for...
(Xinhuanet 03/20/17)
The World Bank said Monday that Tanzania would be able to access an estimated 2.4 billion U.S. dollars in concessional financing over the next three years, an increase of half a billion dollars over the past three-year period. Visiting World Bank President Jim Yong Kim said the bank was encouraged to hear about the tremendous reform efforts by the the government of President John Magufuli. He made the remarks at the launching ceremony for the construction of Ubungo Interchange in Dar es Salaam undertaken by China Civil Engineering Construction Corporation (CCECC), which is funded by the World Bank with a total of 80.96 million dollars.
(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,...
(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.

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