20 July 2022
Eastern Africa
Ethiopian Ambassador Encourages Mitsubishi to Invest in Country Aspiring to be Tech Hub in Africa
Ethiopian Ambassador to Japan, Tefera Derbew, encouraged Mitsubishi Electric Corporation Corporate Executive Yoshimichi Shishido to consider investing in Ethiopia, which is endeavoring to become a tech hub in Africa. Read More

Nation Collects More Than ETB 336 Billion Tax During Concluded Fiscal Year
Ministry of Revenues disclosed that it has collected over ETB 336 billion (approx. USD 6.4 billion) tax in the just concluded 2021/22 Ethiopian fiscal year. Read More

Ethiopia Has Potential to Feed Itself, Neighboring Nations if it gets Necessary Support: Ambassador
Ethiopian Ambassador to the UK, Teferi Melesse emphasized the potential of Ethiopia to feed itself and the population of neighboring countries if it gets the necessary support to fully harness its land resources. Read More

Biden wants KRA to Spy on American Companies
The United States is demanding that the Kenya Revenue Authority (KRA) spy on American firms and investors for money laundering and tax evasion as a condition for a trade deal between the two countries. Read More

UN urges Kenya to tax crypto sector players and outlaw ads
The United Nations has asked Kenya and other developing countries to regulate and tax the cryptocurrency industry to limit exposure to the meltdown in the crypto market and risks of financial instability. Read More

IFC bets Big on Kenyan Banks
The International Finance Corporation (IFC) is channeling billions of shillings into Kenyan small businesses and women-owned enterprises through strategic loan partnerships with banks, plugging a gap in the local credit market that remains wary of risky SMEs. Read More

Brokerage Firms Choking as Bearish Run at NSE lingers
At its peak in 2014, the Nairobi Securities Exchange (NSE) traded shares worth KES 215.7 billion (approx. USD 1.8 billion), with its benchmark NSE 20 Share Index averaging 5,115 points during the year. Read More

TVET Center of Excellence gets Austria Funding
The contsruction of a Technical Vocational Education and Training (TVET) Center located in Kigali Special Economic Zone is in the offing after the Governement of Rwanda signed a EUR 7.5 million (Approx. RWF 7.5 billion) finance agreement with UNICREDIT Bank Austria. Read More

Over 100 Rwandans Set to Graduate in Nuclear Science
A total of 100 Rwandans are next month expected to graduate with different levels in the industry of nuclear science and technology in what is seen as a major boost for the industry that is new in Rwanda. Read More

Rwandan University Graduates on a Mission to Make Wine from Coffee
At national level we were among the top 10 winners among over 200 projects that were competing and we got a RWF 3.5 million (approx. USD 210 million) cash prize, Nsanzumuhire said. The money was put to good use, Nsanzumuhire said, noting that they bought some wine processing machines. Read More

Govt to improve Simiyu Power Quality
Government has set aside TZS 75 billion (approx. USD 32 million) for energy cooling station and electric power transmission infrastructure of 220 Kilovolts projects to ensure the accessibility of reliable electricity in Simiyu Region. Read More

Value of Manufactured Goods grows by 12 Percent
Value of manufactured commodities recorded an annual growth of 11.6 per cent in the quarter ending March this year, on account of increased demand in domestic and external markets, especially in the countries from the East African Community and Southern African Development Community. Read More

Petra to Wrap Up Share Sale to Caspian before December
Petra Diamonds has said the agreement to reduce its stake at Williamson Diamond is progressing and expected to become effective before the end of this year. Read More

Research on Edible Oil Seeds to Boost Output, Productivity
Lack of access, availability and affordability of improved edible oil seeds hinder increased production and productivity, especially of smallholder farmers who represent the largest portion of producers. Read More

Uganda pledges to Support AU’s 1 Million Next Level Initiative
The President of Uganda, H.E. Yoweri Museveni has committed to reaching over 1 million young people in Uganda annually with opportunities to accelerate the African Union Commission’s vision of reaching 300 million young people by 2030 under the 1 Million Next Level initiative. Read More

Smallholder Farmers in Uganda Recruit Black Soldier Fly for Green Fertiliser
The conflict in Ukraine has led to an increase in fertiliser prices in Uganda and neighbouring Kenya. Amidst the shortages, some farmers are shifting to a more sustainable way of enriching their soils using frass from the Black Soldier Fly. Read More
Northern Africa
Eni, Total, Occidental sign USD 4 Billion Algeria Oil Contract

Italy’s Eni, US major Occidental, France’s Total and the Algerian group Sonatrach signed a USD 4 billion oil and gas production-sharing contract for the Berkine field in the country’s southeast. Read More

Egypt’s GASC seeks to Buy Wheat in Direct Talks

Minister of Environment Yasmine Fouad met with Andrew Plett, Acting Assistant Director of the US Agency for International Development for Middle East Affairs (USAID), and his accompanying delegation in Cairo to discuss cooperation in several environmental files. Read More

SCZONE provides Promising Opportunities for German Companies: Sisi to German Business Community
Egyptian President Abdel-Fattah El-Sisi asserted that Suez Canal Economic Zone (SCZONE) provides promising opportunities for German companies that seek to take advantage of Egypt's strategic location as a hub for production, Presidential Spokesman Bassam Rady said. Read More

AfDB approves USD 271 Million Loan for Egypt’s Food Security Programme
The African Development Bank’s (AfDB) Board of Directors approved a loan worth USD 271 million to finance Egypt’s Food Security and Economic Resilience Support Programme that targets supporting the country’s efforts to mitigate the impact of the global shocks on the domestic economy. Read More

Brazilian Citizens Council Created In Egypt
The Council of Brazilian Citizens in Egypt was formalized in November last year by the Brazilian ambassador to Cairo, Antonio Patriota, and has already held three meetings to date. Read More

US-Africa Summit starts in Morocco Focused on Economic Recovery
The four-day 14th United States-Africa summit began in Marrakech, Morocco. The summit will focus on economic recovery post-COVID-19 pandemic. It will provide opportunities for the Joe Biden-led administration and its partners in Africa to enhance their bilateral relations. Read More

Predator Oil & Gas Prepares to Drill Second Gas Well in Morocco’s Guercif
Predator Oil & Gas Holdings PLC announced today their plan to commence drilling a second well in Guercif, located in Morocco’s southern regions. Read More

EBRD, CTF Allocate EUR 53.5 Million To Repower Morocco’s Koudia Al Baida Wind Farm
The European Bank for Reconstruction and Development (EBRD) and Climate Investment Fund (CTF) allocated EUR 53.5 million to repower Africa’s oldest wind farm Koudia Al Baida, located in the Tlat Taghramt region near Tangier, in an effort to support the country’s transition to a low-carbon economy. Read More

Morocco’s Bank of Africa to Issue Its First Social Bonds
Bank of Africa, Morocco’s third-largest banking group, is gearing to launch its own line of Social Bonds, a financing tool dedicated to support projects that could potentially address social issues. Read More
Southern Africa
Revenue Mobilisation under Slight Pressure
The Reserve Bank of Malawi figures show that Treasury’s mobilisation of revenue declined by 8.5 percent or MWK 12 billion (approx. USD 12 million) in May on account of reduced tax collections and grants. Read More

UN urges Malawi, Others to Rethink Diversification
The United Nations Conference on Trade and Development has urged Malawi and other African countries to diversify their exports to weather the global economic shocks. Read More

Optasia and TNM Offer New Advance Credit Service in Malawi
Optasia, an advanced AI-led decisioning and distribution platform, that enables instant access to financing solutions, announces launch of a new Advance Credit Service (ACS) in Malawi through Telecom Networks Malawi (TNM), the oldest telecommunications company in the country. Read More

CDH Investment Bank invests MWK 2 Million towards CEO’S Summit
CDH Investment Bank contributed MWK 2 million (approx. USD 2000) towards Malawi companies Chief Executive Officer’s (CEO’s) summit scheduled from 29 to 30 July at Bingu International Conference Centre in Lilongwe. Read More

DP World’s Imperial receives approval to fully acquire Africa’s J&J Group, based in Beira – Mozambique
DP World-owned Imperial received approval to acquire a 100 per cent stake in Mozambique-based logistics company J&J Group, boosting its position in the lucrative African market. Read More

AfDB approves USD 1.4 Million Grant to ETG for Funding of Women-Led Businesses in Mozambique, Tanzania and Zambia
The Board of Directors of the African Development Bank Group has approved a $1.4 million technical assistance grant to Export Trading Group (link is external) (ETG) for the funding of women-owned businesses in three countries in Sub-Saharan Africa. Read More

South Africa
Cyril Ramaphosa meets Business Leaders on Plan to Tackle Energy Crisis
As President Cyril Ramaphosa mulls his response to the energy crisis gripping the country, Business Unity SA called for a more focused partnership between the government and private sector. Read More

South Africa is Getting one of the World’s Biggest Solar and Battery Power Plants
Norwegian renewable energy company Scatec has announced the start of construction at its three Kenhardt projects in the Northern Cape. Read More

Ascendis jumps as it inks ZAR 410 Million Deal to Sell Pharma Unit
Shares of Ascendis Health were on track for their best day in seven months on Tuesday, after reaching terms on a R410m sale of its pharmaceutical business to its latest financier, Austell, one of two competing offers on the table. Read More

EU to help Africa to Make Own Fertiliser
The EU is working on a project to enable Africa to produce its own fertiliser, says presidency spokesperson Vincent Magwenya. He was speaking after a meeting between President Cyril Ramaphosa and his EU council counterpart Charles Michel. Read More
Vice President Mutale Nalumango arrives in India
Vice President Mutale Nalumango says Zambia is seeking investments that will support the country’s economic transformation agenda through its economic diplomacy. Read More

ZESCO says that Zambia has Achieved an Electricity Generation Surplus of 1,156 Megawatts)
ZESCO has revealed that Zambia has achieved an electricity generation surplus of 1,156MW (Megawatts) following the successful commissioning of 4x150MW capacity from the 750MW Kafue Gorge Lower Power Station. Read More
Western Africa
Cote D’Ivoire
Zelensky holds Talks with Côte d'Ivoire President
President of Ukraine Volodymyr Zelensky held talks with President of Côte d'Ivoire Alassane Ouattara, which were the first in the history of bilateral relations.  Read More

Ivory Coast president Alassane Ouattara in SA for state visit
President Cyril Ramaphosa will host his Ivory Coast counterpart President Alassane Ouattara for a state visit, his office said. Read More

Govt commits to IMF support in reviving economy
The government says it is committed to working closely with the International Monetary Fund (IMF) to revive the economy and reset the fiscal situation. Read More

Fees and Charges Bill, 2022 passed
Parliament has passed the Fees and Charges (Miscellaneous Provisions) Bill, 2022, which seeks to regularise the fees being charged by some public service institutions. Read More

GNPC kicks off Saltpond Field Decommissioning Project
The Ghana National Petroleum Corporation (GNPC) has officially commenced the decommissioning of the Mr Louie Platform in the Saltpond Oil Field which is estimated to last 12 months. Read More

Banks Ready to Finance Capital Projects in Africa - Tony Elumelu declares at UBA Dubai Opening
The founder of Tony Elumelu Foundation and Group chairman of Heirs Holdings, Tony Elumelu, has said banks in Africa have the financial mussle to support governments on the continent to accelrate their infrastructure development. Read More
Buhari unveils NNPC, Agency halts FAAC Remittances
The Nigerian National Petroleum Company (NNPC) made it clear that it would no longer remit any money to the Federation Accounts Allocation Committee for sharing to the three tiers of government monthly. Read More

Outcry as CBN raises Interest Rate Again
The Monetary Policy Committee of the Central Bank of Nigeria again raised the Monetary Policy Rate from 13 percent to 14 percent. Read More

Exporters got NGN 20 Billion Rebate from RT200FX – Emefiele
The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that the bank paid eligible exporters over NGN 20 billion (approx. USD 48 million) rebates in the second quarter of implementing the RT200 FX programme for exports worth USD 600 million. Read More

CBN Saved Banking Sector from Implosion –IoD DG
The Director-General of the Institute of Directors of Nigeria, Mr Dele Alimi, has said that the Central Bank of Nigeria, CBN, saved the banking sector from devastation by correcting some of the corporate governance infractions in the industry. Read More
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