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Month: September 2019
General Electric (GE) has upgraded the gas turbines at the Songas Ubungo Power Plant in Dar es Salaam, Tanzania.
The upgrade of three GE LM6000PA and one LM6000PC aero-derivative gas turbines is expected to improve the efficiency of the Songas Ubungo Power Plant, which delivers more than 20 per cent of the grid-connected power in Tanzania.
Songas managing director Nigel Whittaker said: “We are very pleased with GE’s execution because it was completed safely and ahead of schedule, with great commitment and consistency across the four LM6000 units.
“The successful completion of this project not only improves Songas’ performance levels, but through the additional reliable supply of electricity, continues to contribute to the economic development of the country, making a significant difference in the lives of Tanzanians.”
As part of the upgrade, GE has installed its SPRayINTercooling (SPRINT) technology on two of the four units. The technology has been designed …
Impact investing has been a buzzword for quite some time, but in reality, for most financial professionals, it is still somewhat of a new concept and quite often misunderstood.
Capital deployed with the purpose of generating measurable social or environmental impact has been available for ages; however, attaching an expectation of financial returns demands liability from everyone involved and translates into sustainable projects with a real developmental impact. FurtherAfrica met with Christelle Kupa, a rising star in the African impact investment scene to talk about the market misconceptions and to learn more about how Uhusiano Capital is taking the lead to connect European players with impact investment opportunities in Africa.
Fabio Scala: It’s such a pleasure to see you Christelle. I decided to begin this OpenTalk on a different note as we’ve been friends for a few years now and its no secret that I am a big fan …
African Development Bank Vice President Mateus Magala told Lusa that Mozambique faces the challenge of putting natural resource gains at the service of inclusive and sustainable development.
“The big challenge for the next decade is how to put these huge natural resources at the service of the accelerated, inclusive and sustainable growth of Mozambique’s economy,” head of AfDB’s Corporate Services and Human Resources, Mateus Magala, said.
Magala is in Mozambique to witness the signing of financing agreements for the Temane – Maputo power transmission line on Wednesday.
Also Read: AfDB joins private equity firm AfricInvest for Africa equity kitty
The AfDB vice president described the current phase in Mozambique as “historic”, marked as it is by announcements of major investments in natural resources and electricity.
“Today, it is a certainty that Mozambique will, in the coming years, be among the largest gas producing countries in the world, opening the doors …
There has been a recorded steady growth in the gaming industry in Tanzania, since the 2000s.
In a country that collects approximately US$ 6 billion in tax revenue per year, the gaming industry(casino gambling, sports betting, lottery, and slot machines) might come in handy to Tanzania Revenue Authority (TRA) when seeking taxes, even the Gaming Board of Tanzania, Director General, James Mbalwe affirms the sectors stake into the economy, during an interview with a local media outlet.
“We took a look into the industry, and its contribution to the GDP is around 3 percent” Director-General added
“Biko”,” Tatu Mzuka”, “Moja Spesho”- these popular money making numbers-gaming spheres have contributed immensely in stimulating the sports industry and gaming at large, as more people get attracted into the industry expecting an extra incentive apart from the leisure itself.
Read: Want to invest in the gaming industry in East Africa? Here’s what you
…For the past six years the number of people going online has doubled in Tanzania, from 9 million in 2013 to over 23 million people in 2019, TCRA reports indicates.
Mobile Networks Services providers have also taken a bite in the success by offering the best communications technological capabilities, such as the 4G LTE data network that improved tremendously connectivity in Tanzania.
Earlier this year, President John Magufuli witnessed the official ownership of the Telecom Traffic Monitoring System (TTMS) to TCRA, being one of the powerful tools in TCRA arsenal that properly oversee, protect and promote the telecom industry in Tanzania that generates billions for revenue.
Available data indicate TCRA had garner over US $ 41.7 million as revenue via the effective application of the TTMS.
Read: Experts predict growth in technology, media and telecommunications in 2019
Mobile Network Operators have also taken a bite out of the communications sphere …
Alibaba Group, Dalberg, A. T. Kearney, Export Trading Group, U.S. African Development Foundation and the Zenith Bank have partnered with the World Economic Forum to launch the Africa Growth Platform. The platform was launched with the goal of helping Africa’s community of start-up enterprises grow and compete in international markets.
The Africa Growth Platform will firstly, secure commitments from governments to implement policy reforms aimed at stimulating and accelerating business growth. Secondly, it aims to build a community of investors, whether private investors, foundations, multilateral institutions or corporate intrapreneurs to enable better coordination and pooling of resources that could facilitate larger subsequent rounds of funding.
Third, the platform will create and sustain a community of start-up businesses themselves, promoting collaboration and sharing best practices.
The need for an innovative approach to helping Africa’s start-ups reach the scale where they become sustainable is backed up by data. Two-thirds of Africa’s 420
Hawassa Industrial park sits 140 miles south of Addis Ababa. The park was built by China Civil Engineering Corporation in 2016 and has so far attracted several international companies. The park is part of a long-term vision to grow Ethiopia into a production hub. It houses factories including textile and agro-processing and has 25,000 employees producing garments.
In the last 5 to 6 years, the textile, and apparel industry have grown at an average of 51% and more than 65 international textile investment projects have been licensed for foreign investors, during this period.
According to the World Investment Report, Ethiopia is one of the top-performing African countries in FDI flow, especially in the textile sector. The government of Ethiopia believes that textile would help the nation to join middle-income status in 2025. As the way forward, the Ethiopian government has been building industrial parks at different cities of the country …
