Author: Caroline Muriuki

Three projects financed by the African Development Bank (AfDB) for US$121.4 million in 2010-2011 are starting to provide Cameroon with more reliable electricity supply, the bank said.

Although Cameroon has suffered power supply for years, it has the second-largest hydroelectric potential in Africa and the 18th worldwide with an estimated 23,000 MW hydroelectric production capacity.

In a statement given on Thursday, AfDB said the Lom Pangar storage reservoir project was complete, although the dam’s generating plant was still under construction. Two other power plants, Kribi and Dibamba, had begun working to strengthen the country’s generating capacity.

In November 2011, The African development bank awarded $62.9 million for the construction of Lom Pangar in the country’s eastern region and a 30 MW hydroelectric generating plant still under construction at the base of the dam. Lom Pangar will provide electricity to 150 locations and significantly reduce power cuts.

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MTN Rwanda announced the launch of its “We’re Good Together” initiative, derived from the MTN Global Campaign that was launched earlier this month in South Africa.

The aim of the MTN campaign is to demonstrate how it has changed lives by improving digital access, empowering, driving financial inclusion,  enabling SMEs, creating jobs and broad community development, among other things.

 “MTN believes in creating shared value that enables shared prosperity, but we can’t do this on our own – we continue to seek out like-minded partners so that we can do good together. We see ourselves as a partner to the development of Rwanda, so whatever it is we do, we ensure it has a long-lasting impact in our society,” said Mitwa Ng’ambi, MTN Rwanda CEO while speaking about the company’s role in Rwanda

He said that the company seeks to tell its story that doing good business extends …

South Africa’s state-run airports’ management company grounded Zimbabwe’s debt-strapped national airline from using the country’s airports over the unpaid landing and parking fees.

Air Zimbabwe’s debts to foreign and domestic creditors have reached more than $300 million. Last year,  the government of Zimbabwe put the airline under administration and later invited bids from potential investors as it seeks to privatise it.

Airports Company South Africa (ACSA) grounded Air Zimbabwe’s only international destination said the airline had failed to pay passenger service charges, landing and parking fees and an undisclosed amount towards clearing its arrears.

Officials of the airline also confirmed that the aircraft was held at Johannesburg’s Oliver Tambo International Airport on Wednesday.

In a statement by ACSA the company said Air Zimbabwe had not adhered to the cash basis terms for using its airports and the suspension would remain until outstanding amounts are settled.

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The International Finance Corporation (IFC) will inject $25 million into a new sea cable project that the Western Indian Ocean Cable Company (WIOCC) is executing.

IFC’s investment will be in form of equity to partly fund the $235 million new sea cable project located in the east and west coast of Africa and the development of strategically located data centres across the continent.

Telkom Kenya owns nine per cent stake in WIOCC, making it among the largest shareholders in the company. George Mokogi Telco’s Managing Director for carrier services division sits on WIOCC board.

WIOCC included the project as part of the financial years 2019 to 2021 capital expenditure plan which means IFC funding will boost the plan whose cost was mainly to be bared by the shareholders.

World Bank investment arm said with IFC joining it is expected to provide equity that is not available in the market and …

South Africa’s Foreign Direct Investment (FDI) in Uganda increased to 1.3 billion U.S. dollars in 2018 from 803 million dollars in 2017.

While opening the South Africa-Uganda Business Summit, Uganda’s Prime Minister Ruhakana Rugunda said South Africa FDI in has more than doubled from 626 million dollars in 2016.

Mr Rugunda said that over 70 South African companies are registered and running top businesses in Uganda and are estimated to have total assets of over $3Billion.

He added that the rise of inflows in Uganda has helped it grow its FDI stock to $13.3 billion in 2018 equivalent to about 48% of the country’s GDP.

In 2017, Uganda export totalled to US$2.79 billion while its import totalled to US$5.84Billion resulting in a negative trade balance of US$.3.05 billion. That year Uganda’s GDP was US$26 Billion while its GDP per capita was US$1.86 thousand.

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Airtel Africa and Ecobank Transnational Incorporated (ETI) signed a partnership which will benefit Airtel Money and Ecobank customers.

Airtel Money and Ecobank customers will have access to mobile financial services and carry out a variety of mobile transactions.

The partnership is subject to regulatory approval in each market. Through the partnership, Airtel Money customers, through Ecobank’s digital financial services ecosystem will be able to make online deposits and withdrawals, make in-store merchant payments, effect real-time domestic and international money transfers and access loans and savings products.

Ecobank will be able to sponsor Airtel in issuing both virtual and physical debit cards as well as prepaid cards to customers.

In a statement, Ecobank said the partnership will give corporate account holders a go through when making bulk disbursements, such as payroll payments, directly into Airtel Money customer wallets. Through Ecobank, Airtel Money will now issue both virtual and physical debit and …

Barclays Bank in Mozambique is to rebrand as Absa Bank from November 11, Rui Barros the Deputy Director announced yesterday.

Speaking at a press conference in Maputo, he said they have introduced the new logo at ATMs and counters in Mozambique to ensure a gradual and natural change.

The bank is in 49 locations in Mozambique with two-thirds of the brand change already underway and operations expected to be concluded in the next two months.

Mr Barro assured that cards, accounts, access keys and cheques in Mozambique would remain active and functional during the rebranding period. He added that the Barclays branded cards and checks would not be restricted after November 11th and will gradually replace them over the coming months.

“The bank is about to enter a new stage, with great opportunities that will allow us to realize our ambition for growth as an independent African bank,” Mr Barros …

Heads of state, 17 ministers, prominent business leaders and high –ranking government officials have confirmed their participation in the Global Business Forum Africa (GBF Africa) in Dubai.

The Global Business Forum Africa (GBF Africa) takes place on November 18th-19th 2019 in Dubai.

The high-level attendee taking part in the fifth edition of GBF Africa 2019 are two heads of state who have confirmed their attendance, President of Liberia H.E George Weah and Seychelles’ president H.E. Danny Faure. Among the Seventeen ministers attending are ministers from West Africa (Niger, Sierra Leone, Ghana, Senegal and Liberia), Southern African (Namibia, Zambia, Zimbabwe and Malawi) central Africa (Angola and DRC), East Africa (Kenya, Uganda, Tanzania)

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High-level public and private sector stakeholders from several other African countries, including former heads of state, entrepreneurs, CEOs, industry experts and economists are also …

East Africa’s top banks ranked among the world’s 1,000 best lenders despite tough operating environment.

The banker, a monthly London-based international financial affairs publication owned by the Financial Times Ltd, shows that Kenya Commercial Bank (KCB), Equity, Diamond Trust Bank and Co-operative Bank, remained resilient in a tough operating environment so as to maintain an upward growth in profitability.

The banks made significant strides in strengthening their balance sheets (assets) and increasing their Tier 1 capital in line with the Basel III requirements.

Tier 1 capital is the core measure of a bank’s financial strength which is reserved to ensure banking operations are not disrupted during periods when lenders make losses.

The chief executive Kenya Bankers Association, Habil Olaka said that banks are taking advantage of opportunities in the East Africa Region and providing their customers with seamless service delivery.

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Rwanda’s Cabinet approved an agreement with Russia to advance the use of nuclear energy for “peaceful purposes.”

This agreement is expected to bolster relations between the two countries and advance Russia’s interests in the region.

In December last year, the two countries first signed the nuclear energy deal in Moscow which was to see Russian scientists set up a Centre for Nuclear Science and Technology in Kigali.

In May early this year, Rosatom Global a Russian government nuclear parastatal reached an agreement to set up the nuclear plant by 2024. The Russian government says it will help in the advancement of technology in agriculture, energy production and environmental protection in Rwanda.

A Russian press reported that in June, Rwanda started negotiations to purchase Russian missile defence systems and signed agreements to develop a military simulation and training centre in Kigali.

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The deal …