Month: May 2019

Distributed Power Africa (DPA), a subsidiary of Econet Wireless Global, and EDF (Électicité De France) a world leading electricity company,  have signed partnership cooperation agreement to jointly develop Commercial and Industrial (C&I) and hybrid energy solutions to the African market.

The partnership will focus on the development of distributed-energy solutions based on solar panels associated with energy back-up systems such as batteries. The two companies plan to deploy their solutions by setting up power businesses in sub-Saharan Africa, which will initially include South Africa, Ivory Coast and Nigeria, with the intention to expand into other key markets.

The intention is also to accelerate the deployment and roll-out of Green energy across Africa, with EDF acting as a technology partner for DPA projects in Africa. Distributed Power Africa will leverage EDF’s capabilities and vast experience in renewable energy and utilize these solutions to develop and grow their pipeline in Africa.

In …

Kaspersky Lab has announced plans to open a new office in Kigali, Rwanda, to support the rapid growth of its business in East Africa. This strategic move will provide more room for development as well as closer proximity to new partners in the region, allowing Kaspersky Lab to continue its expansion into the promising African market.

The decision to open a new office was made during Eugene Kaspersky’s visit to Rwanda where he met with Rwanda President Paul Kagame, at the Transform Africa Summit. During the visit, they discussed how Kaspersky Lab could collaborate with the Rwandan government and ways to better protect the country from cyberthreats.

“Governments and enterprises across Africa need an integrated approach to complex threat detection and response as they fight cybercriminals who have significant financial resources and are constantly looking to exploit any vulnerability,” said Eugene Kaspersky, CEO of Kaspersky Lab.

The Kigali office will …

The International Fund for Agricultural Development (IFAD) has set aside Ths.127.3 billion ($55.3 million) for funding agriculture projects in the country for three years beginning January 2020.

A State House statement said that IFAD president Gilbert Fossoun Houngbo revealed this on 20^th May 2019 when he held talks with President John Magufuli.

Houngbo who was in the country for a three-day official visit hailed president Magufuli`s government for the strong efforts in implementing various development projects including those funded by IFAD.

He said after setting aside the funds, IFAD is now waiting for the Tanzanian government to indicate key areas for the money to be allocated, noting that he hopes the projects will be implemented since Tanznaia is a peaceful country, and given the way the government has shown its commitment.

In his remarks President Magufuli thanked the international agency for the support and promised that the working …

The MSME sector employs approximately 14.9 million Kenyans and contributes an estimated 28 per cent of the GDP…

Kenya has moved to rein in betting companies in what has been described as an ‘increasing political opposition into the industry as a whole.’

The industry has been thriving in the country until the government in late 2017 embarked on different measures to control gambling.

Top on the onslaught has been Kenya Revenue Authority, Cabinet Secretary of Interior Dr Fred Matiang’i and Betting Control and Licensing Board (BCLB) which has either objected in the manner betting companies were operating or complained of tax evasion.

Dr Matiang’i made good his threat to deport foreign operatives of these betting companies by signing deportation letters of 17 workers of different companies on charges of working in Kenya illegally as well as evading taxes.

He said betting companies owe KRA huge sums of money in revenue and their presence in Kenya was making the situation worse.

“Poignantly, attempts to recover this amount have not …

Towards the June 1^st deadline for the use of plastic bags in the country, the government is in talks with 15 industries that manufacture alternative bags to increase production.

The Minister for Industry and Trade, Joseph Kakunda said in his 2019/2020 ministerial estimates speech that the government welcomes new investors to help raise available alternative shopping and wrapping material.

Environment friendly bags can be made from easily available raw materials like cotton and sisal, among others, in like manner as baskets and straw bags of various sorts.

Mufindi Paper Mills is one among industries instructed to produce substantial amounts of paper bags to meet the demand, he said.

The minister asked the legislature to approve Tshs.100.3 billion ($43.6 million) for the financial year whereby Ths.48.8 billion ($21.2 million) meets the recurrent needs while Tshs.51.5 billion ($22.3 million) is used for development purposes.

The government has taken various strategic steps …

ARM Cement has signed a USD50 million (Ksh5.1 billion) deal for the transfer of its business to Devki group’ National Cement Company Limited.

The deal involved acquisition of all cement and non-cement assets and business of ARM Cement PLC in Kenya.

ARM Cement and its subsidiaries currently have operations in Kenya, Tanzania and Rwanda. The Company also has some interests, in the form of unexploited mineral deposits, in South Africa.

The principal activities of the company and its subsidiaries are the manufacture and distribution of cement, mining and processing of industrial minerals and chemicals, trading in other building products and the sale of fertilizers.

Listed on the Nairobi Securities Exchange (NSE), ARM Cement was placed under administration last year (August 17) after it failed to meet its creditor obligations.

The cement manufacturer owes its creditors, whom include local banks, about USD190 million.

Failure to meet its debt obligations has now …

AfricInvest, a leading pan-African private equity firm, has announced the fourth close of Financial Inclusion Vehicle (FIVE), an evergreen platform for investing in financial institutions in Africa.Through its investments, FIVE aims to improve access to financial services for the growing African population, while achieving attractive financial returns for its investors.

AfDB, the African Development Bank, joined the capital of FIVE alongside existing investors FMO and BIO both development finance institutions of the Netherlands and Belgium, respectively; Norfund, the Norwegian investment fund for developing countries; IFU, the Danish investment fund for developing countries; KfW, the German government-owned development bank and CBK Pension Fund, the pension fund of the Central Bank of Kenya.

As the current level of banking penetration on the continent is a mere 20%, achieving universal access will require a fivefold increase. Digital transformation is one of the key drivers toward the universal access and as such, FIVE seeks …

The Coca-Cola Company has announced it will maintain its majority stake in Coca-Cola Beverages Africa (CCBA) for the foreseeable future.

With the change, Coca-Cola will begin presenting the financial statements of CCBA within its results from continuing operations in the second quarter of 2019 in accordance with U.S. accounting standards, the firm has confirmed.

CCBA has been accounted for as a discontinued operation since Coca-Cola became the controlling shareowner in October 2017.

Coca-Cola previously announced its intention to refranchise CCBA, which is the largest bottler of Coca-Cola beverages in Africa, serving 12 countries. The company has had discussions with a number of potential partners.

“Coca-Cola Beverages Africa is a very important part of the Coca-Cola system, and we see great opportunities to create even more value,” said Coca-Cola President and Chief Operating Officer Brian Smith.

“While we remain committed to the refranchising process, we believe it’s in the best interests …

The country`s coffee production is projected to dwindle by 23 per cent in the 2019-2020 season.

Africa`s fourth biggest coffee producer, Tanzania said the overall production in coffee would drop by 23 per cent in the next period due to delayed rainfall in the Northern regions, according to the Tanzania Coffee Board.

The crop for the season that starts in July may decline to 50,000 tonnes, the Tanzania Coffee Board stated on Monday 13^th May, 2019 in a statement. It said last month that the country had experienced dryness in many growing areas, and that farmers would start collecting crops in May in the Kagera and Mara regions of the country.

After missing earlier targets to boost production, the country is considering distributing seedlings to farmers in an effort to double supply in five years. Arabica coffee accounts for more than half of Tanzania`s output, and it mainly ships …