Author: Caroline Muriuki

Uganda Development Bank (UDB) unveiled a four-year strategic plan of $500 million to provide long-term financing to the private sector.

Despite efforts from Uganda’s government of capitalising, the bank cannot meet the growing capital demand needed by the private sector. This is one of the reasons why the lender is seeking sovereign guarantees from Parliament and government to affect some of the endorsed financings from multilateral lenders such as African Development Bank (AfDB), European Investment Bank, Islamic Development Bank, French Development Organisation, Kuwait Fund, BADEA and EXIM Bank of India.

“UDB’s four-year strategic plan has three impact goals which include reducing the number of people living below the poverty line of $1.25 by 500,000 people by the year 2024, building sustainable food security by lending more to the agriculture sector and industrialisation,” said Mr Denis Ochieng the acting managing director UDB as he addressed Members of Parliament (MPs) on …

Rwanda and Uganda are quite ahead of their East African neighbours in the global switch to electric cars, even as infrastructure shortcomings limit investments in the emerging sector.

In the past two months, Kampala and Kigali have unveiled electric vehicle assembly plants, with Kenya and Tanzania only making baby steps toward embracing the new technology.

Uganda’s state-owned Kiira Motors Corporation has so far built two battery-powered cars and a solar electric bus showing its ambition in the region.

The electric bus is called the Kayoola Electric Vehicle Series (EVS) and has been built using Kiira Motors home-grown green mobility technologies while partnering with Motor Co. Ltd, a Chinese Equipment Manufacturer.

The electric buses have a capacity of 90 passengers (49 sitting and 41 standing), compared to the diesel engine vehicles which have a capacity of 65 passengers. They can cover a distance of 300km under a single charge.

Last year …

The International Monetary Fund (IMF) has urged Botswana to start a fiscal consolidation programme in 2020 to reduce the budget deficit and contribute to a gradual rebuilding of its buffers.

“While Botswana still has some fiscal space that allows a gradual adjustment, fiscal consolidation should start in 2020, supported by both revenue and expenditure measures,” said the IMF.

IMF said the composition of the adjustment needs to be carefully calibrated to minimise the impact on competitiveness, growth and the most vulnerable in advancing consolidation.

By 2036, Botswana wants to do away with the model its economy being heavily reliant on mining and government expenditure as the country strives to become a knowledge-based economy and gain high-income status through the private sector and exports.

According to the IMF, this switch will spur a need to redo the macro-economic policy frameworks so as to increase the resilience of the economy and accelerate …

Equatorial Guinea capital-intensive projects open for investment in 2020 said Gabriel Obiang, minister for mines and hydrocarbons.

The capital- intensive projects include the construction of three oil refineries, liquefied petroleum gas strategic tanks, a Urea plant and the expansion of a compressed natural gas project.

Obiang said the 10 public-private, partnership-led projects will focus on downstream diversification and adding value to domestic crude production.

“2019 was a year in which we showed the world the potential of Equatorial Guinea. That was phase one. Phase two is the investment year. For many years, we have been exploiting our resources and exporting them, but now is the time that we get to the stage of processing,” he said during the sidelines of an international forum for gas exporting countries in the capital Malabo.

Also Read: Tanzania 3rd Oil and Gas Congress: How Magufuli is opening up Energy Investment

He added that midstream …

The African Development Bank and partners officially launched Affirmative Finance Action for Women in Africa (AFAWA) Risk Sharing Facility earlier this week at a press conference held during the 2019 Global Gender Summit in Kigali, Rwanda.

The bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme started with significant support from commercial banks and a $1 million commitment from the government of Rwanda.

AFAWA is one of the Bank’s gender-focused programmes which seeks to close the financial gap for women by accelerating growth and employment creation across African economies.

“Today is a great day! With this facility, women will be able to receive technical assistance. We shall strengthen our capacity and we shall get there. The decision that we are taking today is highly transformational. It will permanently transform Africa.” said Akinwumi Adesina, President of the African Development Bank.

The press conference was attended by several heads of commercial …

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million gas deal with Texas’ Noble Energy.

The deal will allow the Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline.

Under another agreement with Noble Energy, the energy company in partnership with the Egyptian company Dolphinus Holdings will manufacture petroleum products. The project will be also be financed by the U.S. International Development Finance Corporation.

Egypt’s cabinet detailed the plans at the end of an Africa investment forum held on the site of the new Egypt’s planned administrative capital in the desert east of Cairo.

Lekela, Amsterdam-based company also announced it would start construction work on its West Bakr wind power plant, which will require a total investment of $350 million with a capacity of 250 megawatts.
According to the cabinet statement, Chris Antonopoulos, Lekela CEO said Siemens Gamesa would …

The Africa Finance Corporation(AFC) has advanced $20 million funding for the construction of Uganda’s crude oil refinery, paving the way for the start of the $4.27 billion projects.

Africa Finance Corporation signed the financing deal on the sidelines of the Africa Oil Week in South Africa mid this month.

Other financiers expected to put money into the multi-billion-dollar project include the African Development Bank, Prosper Africa, a US government Initiative that unlocks opportunities to do business in Africa and Trace and Development Agency another US-based firm.

AFC managing director Ammadou Wadda, representatives from US-based Prosper Africa Initiative, Trace Development Agency and African Development Bank president Akiwumi Adesinia attended the side event.
The investors also agreed to hold a meeting next year to discuss how to raise funds for the refinery. The refinery’s management is also expected to give details about the project and existing investment opportunities to potential investors.…

International Finance Corporation (IFC), a member of the World Bank Group, announced that it will co-host the AFRICA CEO FORUM 2020.

IFC’s support for the event shows its increasing commitment to help Africa’s governments, businesses, and entrepreneurs overcome challenges, increase trade, create jobs and drive innovation.

The Africa CEO Forum will be held on March 9 to 10 next year in Abidjan, Côte d’Ivoire.

It is the leading international conference dedicated to supporting private sector-led growth on the continent.

The upcoming 8th edition of the AFRICA CEO FORUM will focus on regional integration, the impact of technological advances, infrastructure development and jobs.

It will also cover other areas relevant to unlocking the continent’s economic potential and helping improve lives.

IFC which has co-hosted the FORUM since 2018, is at the centre of discussions on these and other development topics which will help drive economic transformation in the …

Egypt is Germany’s third-largest trade partner in the Middle East, with a trade exchange worth $3.6 billion.

According to a report by the Ministry of Trade and Industry, trade between the two countries increased by $43 million during the first nine months of 2019 to $3.622 billion, compared to about $3.579 billion recorded during the same period in 2018.

In 2017, the trade exchange between Egypt and Germany reached its highest level at 5.8 billion euros.

Germany’s total investment in Egypt currently stands at about $7.4 billion across various fields, including construction, industry, tourism, the service sector, agriculture, and information and technology.

In German investment guarantees, Egypt also ranks among the top ten recipients with 18 guarantees worth 1.4 billion euros.

During Mostafa Madbouly, Egyp’st Prime Minister visit to Germany last June, he signed a memorandum of understanding with Bosch to build a factory in an area of 120,000 square …

Mastercard Foundation plans to help Ethiopia government create over 10 million jobs for the young generation over the coming ten years.

This follows the Mastercard Foundation launch of Young Africa Works in Ethiopia a $300 million initiative which aims at creating employment opportunities for the youth in partnership with Ethiopia’s Jobs Creation Commission (JCC).

The Young Africa Works in Ethiopia is aligned with the Ethiopian government’s plan to create new jobs to spur economic growth. The initiative was designed in partnership with the government, the private sector, academic institutions and young people.

Mastercard Foundation will work with JCC to create programs to speed up growth in the tourism, agriculture, manufacturing, and ICT sectors. The programs will support small and medium-sized businesses and entrepreneurs in achieving greater productivity and expand income-generating opportunities.

“Ethiopia’s prosperity will be achieved when we individually achieve our full potential first. Creating jobs for all, particularly, youth …