3 June 2022
Eastern Africa
Ethiopia Co-hosts Launching Event of 2022 Energy Progress Report
As a Co-Chair of the Group of Friends of Sustainable Energy, Ethiopia co-hosted the launching of Tracking SDG7: The 2022 Energy Progress Report along with Pakistan, Denmark, Norway, and the custodian agencies. Read More

Ethiopia to receive USD 200 million in financial assistance from World Bank
Ethiopia is set to receive USD 200 million U.S. dollars in financial assistance from the World Bank. Read More

MPs Fresh Bid to Cut Tax on Cooking Gas
The price of the 13-kilogram cooking gas will fall by at least KES 230 (approx. USD 1.98) if MPs approve changes to the law halving the value-added tax on the commodity. Read More

Kenya’s Plan to Seize LPG Logistics Business from Tanzania
Kenya seeks to dominate in the supply of liquefied petroleum gas by constructing the biggest import and storage gas facility in Mombasa and licensing more private companies to compete with Tanzania which has dominated the business for years in the region. Read More

Foreign Investor Outflows at NSE Hit KES 4.2 Billion in May
Foreign investors withdrew a net of KES 4.2 billion (approx. USD 35.9 million) from the Nairobi Securities Exchange last month, continuing the flight to western markets where interest rates have risen sharply in the last few months. Read More

Banks that CBK Rated ‘Strong’ in 2021 Double to Six
The number of lenders the Central Bank of Kenya rated as ‘strong’ doubled to six in 2021, accounting for a market share of 38.19 percent from 3.6 percent in the previous year. Read More

Tech Program Urges Transfer Of IT Skills Into Refugee Camps
Local tech partners have called on the development institutions and government to extend digital skills training to the refugee students living in the camps, as they reportedly lag, compared to other members of the community. Read More

IM Bank Reports 17 Percent Growth In The First Quarter Of 2022
I&M Bank Rwanda has reported a profit before tax of RWF 2.96 Billion (approx. USD 2.9 million), up by 17 percent for the first quarter of 2022. Read More

ARM Tanzania Assets SaleRaises TZS 40 billion surplus
The sale of ARM Cement’s assets in Tanzania raised funds that paid all the claims of creditors in that market and left a surplus of TZS 40.6 billion (approx. USD 17.4 million) that was transferred to Kenya. Read More

Zanzibar Primes Blue Economy 
Zanzibar plans to invest a whopping TZS 81.6 billion (approx. USD 30.1 million), over 90 percent of the blue economy ministerial budget, in various projects to accelerate the country's economic growth, the House of Representatives has said. Read More

Vice-President Lures Investors into Environment-Friendly Technology
Vice-President Dr. Philip Mpango has encouraged investors to come and invest in Tanzania’s environment-friendly technology that transforms wastes into gas energy and fertilizers. Read More

ATCL to Resume Direct Flights to China
Air Tanzania Company is expected to resume direct flights to China this month, the government has said. Read More

Only 1.7 Million Households are Connected to Electricity - ERA  
Only 1.7 million out of the eight million Ugandan households are connected to the national electricity grid, according to Electricity Regulatory Authority. Read More

A New Data Protection Portal Seeks to Solve Cybercrime
The government has launched a new data protection portal through which it will seek to fight cybercrime.  Read More

Kansai Paint to Sell its Africa Business to AkzoNobel
Kansai Paint has entered into an agreement to sell its Africa business to Akzo Nobel N.V., a global paints, and coatings company, it said on June 2 in a statement. Read More

Northern Africa
Egypt’s PM Urges IsDB to Adopt a Cooperation Formula Among the Member States on Food, and Energy Amid the Ukraine Crisis
Egypt’s Prime Minister Mostafa Madbouli has urged the Islamic Development Bank to adopt a cooperation formula among member states on the most pressing issues, top of which is food and energy. Read More

Egypt Overcame the Impact of Covid-19 by Focusing on Small Enterprises - MSMEDA
Egypt overcame a lot of consequences associated with the coronavirus crisis by focusing on implementing small and micro enterprises, which are considered a tool for empowerment, improving incomes, and creating job opportunities, affirmed Executive Vice President of the Micro, Small, and Medium Enterprises Development Agency Tarek Shash. Read More

Egypt Invests EGP 6 Trillion in Infrastructure Within 6 years
Egypt spent EGP 6 trillion (approx. USD 322 million) in infrastructure investments during the past six years, according to Minister of Planning and Economic development Hala El-Said. Read More

Suez Canal Revenues Jump 23 Percent to USD 657 million in May 2022
The Suez Canal achieved the highest monthly revenue in its history during May, marking an increase of 23 percent on a year-on-year basis, to reach USD 657 million, according to the head of the Suez Canal Authority, Osama Rabie. Read More

Morocco Suspends Oil Seed Import Duties Amid Rising Prices
Morocco’s government has adopted a decree to suspend import duties on sunflower, soybean, and rapeseed oil seeds. Read More

Qatari, Moroccan Financial Institutions Launch Islamic Insurance Venture
Two Qatari financial institutions and an international insurance company joined forces with Moroccan banking group CIH to create an Islamic financing insurance provider, known as Takaful insurance. Read More

Morocco’s Southern Mega Projects to Boost Africa’s Trade Development
Morocco’s major infrastructure projects in its southern regions, especially the new Dakhla Atlantic port and the Tiznit-Dakhla highway, are set to contribute to the development of African trade as well as regional trade, a former Senegalese official has said. Read More

Dutch Company to Construct Its Biggest Submerged Aquaculture Unit in Morocco
Pan Ocean Aquaculture, a company based in the Netherlands specializing in cultivating marine resources (plants and animals) for commercial purposes, is eyeing Morocco for near-term operations. Read More
Southern Africa
War Will Not Affect Aid to Malawi—UK
The British High Commission in Malawi has said the ongoing war between Russia and Ukraine will not affect her country’s support for Malawi. The sentiments were said in Blantyre by the UK’s Chargé d’affaires to Malawi Fiona Richie on Wednesday during Queen Elizabeth II’s birthday celebrations. Read More

Malawi Uses USD 1  Million Fuel/Day
Reserve Bank of Malawi, Governor Wilson Banda has lamented the rising import bill in the country, saying the situation continues to pile pressure on the forex situation. Read More

Government Secures Power Restoration Funds
Ministry of Finance has secured a USD 60 million funding commitment from the World Bank which will be used for the restoration of power into the national grid by different players in the power sector. Read More

Local Firms get Financiers’ nod
Malawi Agricultural Industrial and Investment Corporation has pledged to finance entrepreneurs to boost their businesses, saying they have strategies in place to assist them. Read More

South Africa
Three Emergency Power Projects get the Green Light
Power purchase agreements for three emergency power projects have been signed, ensuring 150MW of new power will be plugged into the grid before the end of next year. Read More

African Bank Limited's 'Bad Bank' has Paid ZAR 4.3 Billion to Creditors 
Following the floods in KwaZulu-Natal, Transnet is adding 20 million litres of jet fuel to its supply between the National Petroleum Refiners of South Africa and OR Tambo International Airport as its railway line repairs begin. Read More

Former MTN SA CEO joins the Insurance Industry, will Lead Auto & General and Dialdirect
Six months after he stepped down as MTN SA CEO Godfrey Motsa is back in corporate SA, this time he is joining the insurance industry. Telesure Investment Holdings has appointed Motsa as the CEO of its non-life insurance operations. Read More

Crypto Developer 'Fluffypony' to be Extradited to SA to Face ZAR 1.4 Million Fraud Charge
South African crypto developer Riccardo Spagni, who was arrested in the US last year at the request of SA authorities, is set to return to South Africa to face fraud charges after he waived his right to an extradition hearing. Read More

China’s Willingness to Help Us Deal with Debt is Refreshing – Magande
Former Finance Minister Ng’andu Magande says Chinese President Xi Jinping’s commitment to helping Zambia resolve its debt crisis is good news. Read More

CSOs Calls on Government to Halt Discussions on Draft Mineral Policy
A consortium of Civil Society Organisations in Northwestern province has called on the government to halt the stakeholders’ consultations on the draft mineral resources and development policy to allow for wider discussions. Read More

UAE Investor Pledges to Invest Over USD 300 Million into Copper and Cobalt Processing Plant in Mufulira
United Arab Emirates investor Blue Star Resources Ltd has pledged to invest over USD 300 Million into Copper and cobalt processing plant in Mufulira. Read More

ZCCM IH Board Signs MOU with ZANACO to help SMEs in the Mining Industry
The Zambia Consolidated Copper Mines Investments Holdings Board has hailed the Memorandum of Understanding the firm has clinched with the Zambia National Commercial Bank. Read More
Western Africa
US Government Announces Completion of USD 316 Million Energy Infrastructure in Ghana
According to a press release copied to Ghana Business News, the Kasoa Bulk Supply Point, recently inaugurated, completed over six years is to support more reliable power supply for hundreds of thousands of schools, hospitals, offices, and homes in Ghana. Read More

Deputy Energy Minister woos Investors to Ghana’s Energy Hub
A Deputy Minister of Energy, Andrew Egyapa Mercer, has urged the global business community to direct their interests to Ghana’s ambition of creating the biggest petroleum products hub in West Africa. Read More

Regulate Forex Trading for Ghana’s Benefit – Gov't Urged
The Chief Executive Officer of Women-in-Forex, Gifty Annor-Sika Asantewaa, says Ghana will be at a disadvantage if forex trading is not regulated. Read More

MTN Partners BT to offer Security Services to Businesses across Africa
MTN Business and BT, a British telecommunications company, announced a strategic alliance that will offer security and communications services to business customers across Africa. Read More

FCT adds 3000 Litres of Milk to Dairy Collection
The Federal Capital Territory has doubled its dairy milk collection from 1,500 to 3,000 litres per day. The effort is in line with the backward integration of the Federal Government that seeks to support the Nigerian Government National Livestock Transformation Plan. Read More

NAPE warns oil firms against engaging quacks in drilling activities
The Nigerian Association of Petroleum Explorationists has urged organisations and individuals, who engage services of water well drilling companies to seek professional geoscientists’ advice in protecting the surface environment before their exploratory activity. Read More

New Board Takes Over as Union bank, Titan Execute Acquisition
Union Bank of Nigeria has notified the Nigerian Exchange Limited, Securities and Exchange Commission and other stakeholders of changes in its board and the completion of the sale and transfer of 93.41 percent of its issued share capital to Titan Trust Bank Limited. Read More

BPE to Assist Benue on Economic Reforms
The Bureau of Public Enterprises has pledged to deploy its expertise to assist the Benue State Government in its privatisation, commercialisation and public-private partnership agenda as well as other economic reforms to accelerate the state’s economic development. Read More
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