Ethiopia
Ethiopia’s Green Development Exemplary, Should Be Replicated in Other Countries
Ethiopia has become a model in green development initiative which other countries need to replicate it, African Risk Capacity said. Read More

World Bank Will Provide 50 Billion USD Support To African Countries in 2023
The World Bank said it would provide 50 billion USD financial support to help the development efforts of Africa countries 2023, Vice president of the Bank, Ousmane Diagana disclosed. Read More

Green Legacy Flagship Program Designed to Address Multifaceted Challenges
Deputy Prime Minister and Foreign Affairs Minister Demeke Mekonnen said Ethiopia’s Green Legacy Initiative is a flagship program designed to mitigate the multifaceted challenges that the country is facing. Read More

Pan Africanism Should Flourish as Idea of Cooperative Integration, Global Competitiveness
Prime Minister Abiy Ahmed said pan Africanism should flourish as an idea of cooperative integration, global competitiveness and peaceful coexistence. Read More

Kenya
Supreme Court to Rule on CS Approval of Bank Rates
The Supreme Court is expected to settle a long-running dispute on whether banks must seek approval from the Treasury Cabinet Secretary before increasing lending rates. Read More

CBK Loses First Round to Pattni Firm in KES 8.84 Billion Laico Row
A company associated with Goldenberg architect Kamlesh Pattni has been allowed to pursue its claim of a refund of KES 8.84 billion (approx. USD 70 million) paid to the Central Bank of Kenya (CBK) as a deposit for the botched purchase of Laico Regency Hotel in 1997. Read More

KCB Eyes KES 5 Billion Savings From Sharing Platform
KCB Group and its subsidiary National Bank of Kenya are set to start running on the same back-end system, delivering up to KES 5 billion (approx. USD 40 million) cost-reduction and allowing customers to transact in any of the group’s branches. Read More

Construction Cost Rises on Reduced Supply of Materials
The cost of construction rose last year, due to the high prices of input materials on the back of higher inflation and the global supply chain disruptions from the Russia-Ukraine war. Read More

Rwanda
Rwanda’s Annual Agriculture Export Revenues Reach RWF 860 Billion
Rwanda’s agricultural export earnings amounted to over USD 788.7 million, representing an increase of 45 percent from USD 543.1 million in the same period of 2021. Read More

Tanzania
Players Salute Government on VAT Exemption Extension
The government is mulling over prolonging value added tax (VAT) exemption on “Air Charter Services” for the next four years in its latest goodwill to spur aviation and tourism industries. Read More

Tanzania, South Africa Trade Booms
Tanzania and South Africa’s bilateral trade has developed rapidly with the former’s exports to the latter reaching USD 971 million, according to the latest data. Read More

Kabanga Nickel Project on Course as Additional 120 Billion Invested
One of the world’s leading resource companies, BHP has completed the investment of additional 50 million US dollars for Kabanga Nickel project in Ngara District, Kagera Region. Read More

Tanga Port Reclaims Its Lost Glory
Massive investment that is being carried out by the government in renovating and upgrading the Tanga Port aim at uplifting its status as the longest-serving port in East Africa, it has been observed. Read More

Uganda
UDB Records 52 Percent Surge in Loan Portfolio to UGX 1.2 Trillion
Uganda Development Bank, the country’s national development finance institution has reported a 52 percent surge in loan portfolio to UGX 1.2 trillion (approx. USD 326 million) for the year ended December 31, 2022, signalling increased appetite for long-term loans. Read More

East Africa Member States to Start Digital Service Tax
Taxi bodies in East Africa have resolved to introduce digital service tax. The resolution was taken at the 50th East Africa Revenue Commissioners-General meeting at Serena Hotel Kigo, Wakiso District. Read More

MTN Foundation Programme Receives 410 Youths
MTN Uganda’s corporate social responsibility arm, MTN Foundation, has welcomed 410 youths in the inaugural cohort of the MTN ACE initiative meant to sharpen skills of fresh graduates, those in and out of school, innovators, entrepreneurs and tech-driven start-ups to become self-reliant and contribute to the national economy. Read More

MultiChoice Trains Film Makers
MultiChoice Uganda kicked-off the first of the three training workshops as part of Pearl Magic Prime’s 2nd-anniversary celebrations with a training for filmmakers on social media and personal branding. Being a content creator can be very worthwhile, but also an isolating experience. Read More

Egypt
Egyptian Firms, Uzbek Government Sign 7 MoUs in 5 Sectors
The General Authority for Free Zones and Investment hosted in Cairo the meetings of the Egyptian-Uzbek Business Council, and that had the ministers of energy, culture, tourism, agriculture, health as well as members of industry and commerce chambers and federations in both countries. Read More

Egypt Takes Massive Strides to Secure Smooth Digital Transformation
Egypt’s Minister of Communications and Information Technology Amr Talaat said that the Egyptian government has taken massive strides to a secure smooth digital transformation. Read More

MSMEDA Backs Innovative Projects to Enhance Their Role in National Economy
The Micro, Small, and Medium Enterprise Development Agency is continuing its unremitting efforts to provide a climate conducive to the growth of the field of entrepreneurship in Egypt, affirmed the agency's CEO Bassel Rahmy. Read More

Egypt, Jordan Discuss Natural Reserves’ Investment Opportunities
Egypt’s Minister of Environment, Yasmine Fouad, and Governor of Fayoum, Ahmed Al-Ansari, visited, the Jordanian capital, Amman, to discuss investment opportunities in the field of natural reserves. Read More

Morocco
UK’s Tomato Supply Dips as Morocco Restricts Exports
UK’s market is experiencing a severe shortage in tomato supplies following Morocco’s decision to restrict supplies in an attempt to control prices. Read More

Morocco’s Economic Growth Expected to Reach 3.1 percent in 2023
Morocco’s economic growth is expected to accelerate to 3.1 percent in 2023, up from 1.1 percent in 2022, a recent report from the World Bank says. Read More

Morocco Backs Africa’s Adoption of Nuclear Energy for Peaceful Use
Morocco is committed to promoting the use of nuclear energy for peaceful purposes and supporting Africa’s development endeavors, the country’s Foreign Affairs Minister, Nasser Bourita said. Read More

Morocco’s Economy Lost 58,000 Jobs in 2022
Morocco’s economy lost 58,000 jobs by the end of the third quarter of 2022, a new report from the country’s Higher Commission of Planning shows. Read More

Malawi Engages World Bank, Others on Food Security
The Ministry of Agriculture has drawn a fresh roadmap with key deliverables, budget frameworks and timelines towards food security. Read More

Escom Moves to Improve Supply
The Electricity Supply Corporation of Malawi has, again, conceded that it is overwhelmed with damages on electricity power lines and other infrastructure caused by heavy rains the country has been receiving in recent weeks. Read More

South Africa
Greylisting Risks Raising Costs for Banks and SOEs
SA’s government and state-owned companies will find it harder to borrow money, while banking and asset-management fees may increase if the country is added to a global watchdog’s list of nations with shortcomings in tackling illicit financial flows. Read More

Sibanye Gets Ready to Battle for its Right to Invest
Sibanye-Stillwater is readying itself for battle with the department of mineral resources & energy after being denied a mining right for the promising exploration project it acquired five years ago as part of its multibillion-rand Lonmin acquisition. Read More

KZN Infrastructure Repairs Underfunded, Says Business
KwaZulu-Natal businesses have risen from the ashes to rebuild stores and warehouses after deadly floods broke the infrastructure of a province already on its knees after the devastating civil unrest of July 2021. Read More

Zambia
Zambia Testing Technology to Regulate Cryptocurrency – Minister Mutati
The government of Zambia is working towards regulating cryptocurrency in the country by testing new technology, according to Technology and Science Minister Felix Mutati. Read More

ZESCO Proposes 37-Percent Tariff Increase to Boost Alternative Energy Investment
ZESCO, Zambia’s state-owned power company, has proposed a 37-percent tariff increment in a bid to attract more investments in power generation and distribution. Read More

Ghana
Aflao GRA Customs Exceeds 2022 Revenue Target by GHS 4 Million
The Aflao Sector Customs Division of the Ghana Revenue Authority (GRA) has exceeded its revenue target for 2022 by GHS 4 million (approx. USD 315,200). Read More

Israeli Official Removed from AU Summit
An Israel government official attending the African Union Summit in the Ethiopian capital, Addis Ababa has been removed from the main conference hall. Read More

Conducive Atmosphere Being Created to Attract Private Investment into Housing Industry
Acting Executive Secretary of the Economic Commission for Africa, Antonio Pedro, has urged African nations to accelerate implementation of the African Continental Free Trade Area in order to become more resilient and globally competitive. Read More

Nigeria
Lagos to Rehabilitate Wastewater Infrastructure
Lagos State government is set to commence rehabilitation of wastewater infrastructure in Abesan, which is structured to be executed in phases. Read More

Lagos Partners Four Banks on Rice Processing
Lagos State government is partnering four banks to ensure its 32 tonnes per hour rice processing mill has enough supply of paddies to process for consumption by Nigerians. Read More

Shell Awards First TAMAP Certificate to Indigenous Firm
Nigeria Machine Tools, Osogbo has created another record as the first indigenous engineering manufacturing company to attain Shell Supplier Technical Assessment Record for Stud Bolts and Flanges. Read More

AfDB, IsDB Strike Deal to Boost Nigeria’s, Others’ Pharmaceutical Sector
African Development Bank Group (AfDB) and the Islamic Development Bank (IsDB) have signed an action plan for the development of the pharmaceutical industry sector within their African member countries. Read More