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31 May 2022
Eastern Africa
Ethiopia
Impack Corporation Set to Expand Rose Flower Imports from Ethiopia by Five-fold
Japanese Impack Corporation plans to increase the volume of its rose flower imports from Ethiopia by five-fold. Ethiopian Ambassador to Japan Tefera Derbew has today received Tomokazu Morishige and Hekiro Morishige, the Chairman and the President of Impack Corporation, respectively, at his office and discussed Impack’s rose flower business. Read More

Investors Eyeball Ethiopia’s Mining Sector
Investors are showing interest to get into the mining sector, emphasizes the ministry of mines on its nine-month report to the House of Peoples Representative. Read More

Sugar Corporation Speeds Bidding Process
Ethiopian Sugar Corporation says it has switched gears to handle the biding process to conclude swiftly rather than the usual trend. The new decision of India is stated as a threat for price hike while Ministry of Finance gave its positive response for the process to procure the 200,000 metric tons of sugar. Read More

Alcohol Given Tax Exemption Over Education
The new investment incentive directive gives no tax exemption for education, training, printing industry and health services investments while on the contrary, it has given tax relief to alcohol related investments. Read More

Kenya​​​​​​​​​​​​​​
Kenya Takes KES 138 Billion World Bank Loan in Months
Kenya took KES 137.93 billion (approx. USD 1.2 billion) from the World Bank and rich countries in four months to April as it raced to plug the more than KES 1 trillion (approx. USD 8.6 billion) budget deficit. Read More

Dollar Shortage Sparks Parallel Exchange Rates
The shortage of dollars is triggering the emergence of parallel exchange rate that has seen lenders buying and selling well above the printed official rate, the manufacturers' lobby has warned. Read More

CBK Cites Two Banks for Insider Loan Breaches
Two commercial banks breached a Central Bank of Kenya (CBK) insider lending limit rule last year by giving loans to internal parties in excess of their core capital. Read More

Loan Defaults Rise to One-Year High
The share of loan defaults has increased to a one-year high, pointing to a cash crunch in the economy that could set up thousands of borrowers for property seizures. Read More

Rwanda
Rwanda to Host Continental Health-Tech Summit
Rwanda is set to host the first-ever HealthTech Summit for Africa, bringing together players, and innovators in the healthcare sector to discuss and showcase the potential of healthtech on the continent. Read More

Loan Conditions Derail RWF 82 Billion TVET Project
A USD 81 million project that would be financed by the loan from the Export-Import Bank of India has not yet started five years after the loan agreement was signed between Rwanda and the financier. Read More

Tanzania
NMB Pledges Support to Strategic Projects
NMB Bank has vowed to offer financial support to corporate, SMEs taking part in strategic development projects to push forward the country’s growth agenda. Read More

TCCIA to Partner with Turkish Investors
Turkey investors have shown interest to partner with the Tanzania Chamber of Commerce, Industry and Agriculture to invest in the health sector, the president of the chamber, Paul Koyi has said. Read More

Truckers Asks Govt to Intervene Delays at Kasumbalesa Border
Tanzania’s logisticians and transporters have asked the government to advise DR-Congo to allocate a special gate for East African Community goods at Kasumbalesa border post. Read More

Uganda
40 Days 40 FinTechs initiative expands to East Africa
HiPipo Uganda has launched the third season of the 40 Days 40 FinTechs with a call to digital innovators and financial technology companies (fintechs) across East Africa to take part. Season three is expected cover physical destinations in Uganda, Kenya, Tanzania, Burundi and Rwanda. Read More
Northern Africa
Algeria
Scientists Uncover Decades Old Methane Leak in Algerian Desert

On Algeria’s largest gas field, a key source of energy for the EU, a facility has been leaking a potent greenhouse gas into the atmosphere for almost 40 years. Read More

Egypt
Mashat: Digital Transformation Necessary to Reinforce Food Security
Minister of International Cooperation Rania el Mashat has voiced her ministry's commitment to encouraging innovation and technology in all areas of development. Read More

Eight Mega Refining Projects Reduced Oil Imports by 30 Percent - Petroleum Minister.
Petroleum and Mineral Resources Minister Tarek Al Molla said that eight mega oil refining projects at investments worth EGP 87 billion (approx. USD 4.7 billion) led to reducing imports by 30 percent. These projects produce 6.6 million tons of products per year. Read More

Egypt's Exports to Poland Reached USD 204.5 Million in 2021 - CAPMAS
The Central Agency for Public Mobilization and Statistics (CAPMAS) said that Egyptian exports to Poland increased 65.8 percent in 2021 to hit USD 204.5 million compared to USD 123.4 in 2020. Read More

FRA Launches Second Phase of 2022-2026 Strategy
The Financial Regulatory Authority launched the second phase of its 2022-2026 strategy meant to develop non-banking financial activities. Read More

Morocco
India’s HCL, Morocco Sign Agreement to Invest in Outsourcing
Morocco and India’s technology giant Hindustan Computers (HCL) signed over the weekend an agreement to initiate an investment project to boost technology cooperation. Read More

African Development Bank to Invest in Rabat Airport Expansion
The African Development Bank is set to approve a USD 36.8 million loan to Morocco’s National Airports Office for the expansion of the Rabat-Sale airport. Read More

Report: Morocco Leads Africa in Renewable Energy Sector
Morocco leads the African continent in terms of clean energy power plants, along with Egypt and South Africa, according to TAQA Net, a platform specialized in energy markets. Read More

Royal Air Maroc: 1st African Airline Awarded ‘Cargo iQ’ Certification
Morocco’s national carrier Royal Air Maroc has become the first African airline to receive “Cargo iQ” certification, highlighting the company’s observance of the Cargo iQ standards for quality management. Read More
Southern Africa
Malawi
Malawi Wants Stronger Trade Ties with Zimbabwe
Ministry of Transport says it is committed to establishing stronger trade ties with Zimbabwe in line with the African Continental Free Trade Area to enhance socio-economic development. Read More

Illovo Hikes Sugar Price by 22 Percent
Consumers will now pay 22 percent more for a packet of sugar following price hike by Illovo Sugar which cited the weakening of the kwacha and rising production costs as contributing factors. Read More

Take Insurance to The People, Insurers Told
Conglomerate Press Corporation plc acting chief executive officer Lyton Chithambo has challenged insurance firms to develop innovative products to make insurance relatable and utilised by many people. Read More

Sanctions on Russia Affects Malawi’s Trade, Says Report
At least one percent of Malawi’s trade is at risk of being disrupted due to sanctions imposed on Russia as a result of the on-going war with Ukraine, a new report shows. Read More

Mozambique
Absa Mozambique and IFC Win 2022 Energy Deal of the Year for Temane Power Plant – African Banker Awards
The African Banker Awards, presented by the magazine with the same name, recognised the Temane Power Plant, in Inhambane province, southern Mozambique, as the 2022 Energy Deal of the Year, the organisation said. Read More

South Africa
Pilot Projects to Help Inform SA on How to Budget for Climate Change
SA’s Treasury intends using 11 pilot projects it instituted to track climate-change-related expenditure as a starting point to determine how to incorporate environmental factors and objectives into the national budget. Read More

Treasury Loses Top Court Case on BEE Procurement Rules
The Constitutional Court has unanimously ruled that there is no basis for the Treasury’s lack of clarity over its February judgment, which confirmed the illegality of the Treasury’s preferential procurement regulations. Read More

PwC South Africa Lowers Growth Expectations Amid Local, Global Headwinds
Enterprise services and advisory company PwC South Africa said its baseline scenario forecasts real gross domestic product growth of 1.8 percent for the country this year, compared with its estimate of 2.5 percent GDP growth at the start of the year. Read More

Zambia
Inflation Reduction Indicates Economic Growth-ZACCI
Despite Zambia projecting a low yield of maize, the Millers Association of Zambia will buy 1.5 million metric tonnes, a decrease from the 1.6 that they purchased last season for production of mealie-meal and export. Read More

WWF Gives ZMW 3.3 Billion
Conservation group World Wide Fund (WWF) Zambia has disbursed EUR 180,000 (approx. USD 193,400) to Kaleya smallholder farmers of Mazabuka to help them adapt to climate change. About 160 farmers are set to benefit from the funds. Read More

Luapula Set for a Multi-Million Kwacha Cannabis Farm to be Run by Zambia National Service
Zambia National Service says plans are under way to put up a multi-million-kwacha Cannabis farm in Luapula Province. Read More

Mutati Calls for Resumption of Post Bus Services
Minister of Science and Technology, Felix Mutati has implored the Zambia Postal Services to win back public confidence by initiating a number of income-generating ventures. Read More
Western Africa
Cote D'Ivoire
Al-Sulaiti Meets with Cote d'Ivoire Presidential Adviser, Transport Minister
HE the Minister of Transport Jassim Seif Ahmed al-Sulaiti met with Special Adviser to the President of Cote d'Ivoire, Ally Coulibaly, and Ivorian Minister of Transport Amadou Koné. Held in the ministry’s offices, the meeting reviewed aspects of co-operation between Qatar and Cote d'Ivoire in the fields of transportation, air transportation and civil aviation, and ways to further enhance them. Read More

Ivory Coast Authorities Build Wall for Endangered Urban Park
Concerned about illegal logging and pollution in Banco National Park in Ivory Coast’s commercial capital Abidjan, authorities are erecting a concrete perimeter wall that they hope will preserve its distinctive ecosystem. Read More

Ghana
Government Announces Full Digitalisation of MMDAs at 6th Ghana CEO Summit
Vice President Dr. Mahamudu Bawumia has stressed that moves to digitilise the activities of Metropolitan, Municipal and District Assemblies will soon commence to help discourage corrupt practices in the public sector. Read More

Ghana Signs USD 69.88 Million Renewable Energy Agreement to Enhance Electricity Access
Ghana has signed a USD 69.88 million renewable energy agreement to enhance electricity access in the next four years. Read More

Stakeholders Discuss Progress of Food System Resilience Project in Ghana
Stakeholders have discussed the progress of implementing Food System Resilience Project, to improve food and nutrition security in Ghana. Read More

Fix Healthcare System to Retain Nurses in Ghana – GRNMA
The Ghana Registered Nurses and Midwives Association (GRNMA) has called on policy makers in the healthcare system to retool health facilities across the country and properly motivate its members to stay and work in Ghana. Read More

Nigeria
Nigeria, U.S. to Leverage AGOA for Improved Trade Ties
The United States of America Ambassador to Nigeria, Mary Beth Leonard, has disclosed that Nigeria will continue to be eligible for preferential trade access to the US market under the African Growth and Opportunity Act (AGOA). Read More

Market Operators Condemn Interest Rate Increase
Market operators have lamented the recent decision of the Monetary Policy Committee to raise the interest rate to 13 percent, saying it will impact the stock market. Read More

Government Targets NGN 207 Billion Revenue from Specialised Hospitals
The Federal Government hopes to generate about NGN 207 billion (approx. USD 500 million) from proposed five specialist hospitals and one intravenous fluid plant across the country. Read More

Profit Taking in 17 Stocks Drag Indices by NGN 169 Billion
The Nigerian Exchange reopened in a downturn as losses in Presco MTN Nigeria and 15 stocks dragged market capitalisation by NGN 169 billion (approx. USD 406 million), following profit taking by investors. Read More
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