Author: Caroline Muriuki

 Ethiopia to benefit from an impulse startup program set to build linkages between corporations and start-ups using Agritech solutions

Mohammed VI Polytechnic University (UM6P) and OCP Africa have partnered to start the program in Ethiopia. According to the press statement issued by the company, the program aims at helping Ethiopia unlock its agricultural potential

“Following the success of the Impulse program in Ghana, Nigeria and Ivory Coast, OCP Africa is making the last stop in Ethiopia, to convene with key stakeholders from the agriculture, entrepreneurship and innovation ecosystems,” the statement read.

The program is a 12-week acceleration program dedicated to innovative start-ups in the field of biotech, agritech, mining tech and material science and Nanoengineering. It uses an impact-focused model to help entrepreneurs take their startups to the next level.

“The agricultural transformation in Ethiopia represents a unique opportunity for Agritech start-ups,” said. We believe the Impulse start-up …

E-commerce is set to create three million jobs for the youth by the year 2025 a report by bankers and financial experts.

The World Economic Forum, in partnership with the International Trade Centre, released the Africa E-commerce Agenda, which is an eight-step action plan to recognize the benefits of e-commerce in the content.

The Africa E-commerce Agenda action points enable e-payments, manage data, grow the tech industry, refresh policies, expand connectivity, upgrade logistics, coach small business and join forces.

The Agenda released early this month, recognizes the significance of the large ecosystem of digital technology and supporting elements.

Experts who attended the forum said e-commerce has the potential to create 3 million jobs yet e-commerce startups, face many challenges, which includes low consumer digital trust, low regional integration and poor infrastructure.

The head of the regional agenda, Africa and a member of the Executive Committee of World Economic Forum Dr …

China registered the highest amount of planned Foreign Direct Investments (FDI) in Uganda in 2018/19 according to reports.

In its latest report, the Uganda Investment Authority (UIA) a state agency charged with investment promotion showed china’s planned investments totalled $607.3m, accounting for 45.1% of all the planned investments.

“Things have changed, you see that China which used not to be mentioned among the top investors in Uganda ten years ago is now number one foreign investor,” said Lawrence Byensi, acting executive director of UIA.
Byensi further said that the Chinese investments are mostly in road and manufacturing projects.

The report further showed Ugandan investors as the second source of FDI in Uganda during the 2018/19 period with a total value of $328.7 million.
Lebanon followed with planned investments of $70.6 million followed by India at $58 million and the United Arab Emirates at $55 million dollars.

The sectors that attracted …

Rwanda gets $20 million boost to finance water supply and sanitation programme.
The Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development (OFID) signed an agreement with Rwanda on Wednesday for additional the financing.

Rwanda aims at improving water and sanitation infrastructure in Kigali, the six satellite cities and contain waterborne diseases as well as related healthcare costs with the funding it is getting.

The funding boost is seen to improve the living standards of nearly 1.6 million people. This is in line with the country’s development and poverty reduction agenda which aims at scaling up investments, developing an affordable and environmentally sustainable infrastructure.

The funding is an addition to the $17-million loan that the OPEC Fund gave to Rwanda in March last year. The funding was still for water and sanitation programme whose aim was to ensure equitable provision of adequate, reliable and sustainable water and sanitation …

Top 10 countries to invest in Africa 2020 an annual report released by Johannesburg –based Rand Merchant Bank Ltd (RMB)

1. Egypt

Egypt has an enormous market and a sophisticated business sector, which makes it the most attractive investment destination in Africa, compared to other countries.
Egypt has improved the business environment, which is facilitated through government programs and a progressive increase in investment from the private sector. This has enhanced its economic growth and assisted in repositioning the country on the global investment map.

2. Morocco

Since the Arab Spring, the country’s greatly enhanced operating environment has served the country well with an expected growth rate of 4% over the medium term.
Morocco joining the Economic Community of West African States (ECOWAS) and rejoining African Union has enhanced its investment appeal.

3. South Africa

South Africa remains a hotspot for portfolio investment despite its depressed levels of …

Uganda Revenue Authority (URA) is set to auction hundreds of imported cars destined for Uganda, which are now abandoned in warehouses in Mombasa.

According to the East Africa Community Custom Management act 2004, the cars have exceeded their permitted clearance and warehousing period. Which according to the act, the cars can stay in the warehouse within 30 days from the date the auction bid was placed and after failing to pay all the requisite fees, taxes, fines, penalties and charges that will have accrued.

A number of the cars have already been auctioned as the bidding process ended early this month.

A URA official in Mombasa Charles Busomba said that the auction is ongoing and some vehicles will be actioned to decongest the warehouses and to avoid accruing more storage charges.

“Due process was followed and we placed public notices in different media and in our government website to attract …

Goh Betoch Bank a new financial institution that aims to introduce mortgage banking offers its shares to the public in Ethiopia.

Getahun Nana, the former VP of the central bank of Ethiopia, who is now one of the founding members of Goh Betoch Bank said: “Currently there are 1.2 million housing shortages in Ethiopia.” He added that Ethiopia needs to provide additional houses every year in order to meet the growing demand for housing that is why they have introduced the bank to provide loans for housing construction.

Getahum said that only less than 4% of the loans in Ethiopia goes to housing construction for both real estate developers and individuals as he briefed potential investors to the new bank.

Eng. Aisha Mohammed, Minister of Ministry of Construction and Urban Development of Ethiopia, expressed her hope that the new bank will benefit individuals who are engaged in real estate …

Uganda President Museveni has told off petroleum multinationals pushing for tax waivers as a pre-condition to further develop the country’s oil fields.

This is deepening a standoff that might affect the building of a critical export pipeline in the country.

According to the highly placed diplomatic sources, President Museveni is understood to have lashed out at petroleum companies accusing them of not appreciating the many adjustments the government has already made in order to facilitate the development of the Hoima oil fields which are estimated to have 1.7 billion barrels of crude oil.

The president listed 17 promises the government has delivered on emphasizing on four major ones which include an international airport still under construction, numerous concessions on taxes and tariffs, road network known as the oil roads and a number of legislations to facilitate the exploitation of the oil.

Also Read: Inside Kenya, Uganda’s crude oil

There have …

Uganda road toll fees to start in January 2020 on the Chinese-funded  51 kilometre Entebbe Expressway in Uganda.

The government of Uganda seeks to raise money to finance public infrastructure projects through toll fees.

Uganda National Road Authority (UNRA) is to start charging fees for the Kampala – Entebbe expressway that links the capital Kampala with the Entebbe international airport. This is following the enactment of the new road act that was passed by the Ugandan parliament.

Allen Kagina the executive director UNRA said the authority has already started on the process to procure an operator and by January 2020 they will start collecting the toll fees.

The expressway has been free to use since it was opened to traffic in June last year. Lack of tolling equipment and an operator caused the delay.

Ms Kagina said that reports show an increase in traffic on the road with the increase …

Halan an Egyptian technology startup that uses tuk-tuk to transport passengers and goods will begin operating in Ethiopia.

The company targets under-served communities and is expanding in more cities in the Egyptian governorates of Sharqeya, Daqahleya, Damietta, Qena and Gharbeya before the end of this year, said

The company was founded in November 2017 and already operates in around 20 to 25 cities in Egypt and Sudan.

Halan’s app allows customers to request for the three-wheeled vehicles, motorbikes or order food or goods for delivery through motorbikes or cargo tricycles.

Nakhla said the app has around 10,000 active drivers per month.

He continued to add that Egypt has around 70,000 tuk-tuks in its streets and Uber has 90,000 monthly active drivers in Egypt.

The company’s founder said, “Halan completes a few million rides per month, almost half a million of which are in food deliveries.” He further said that adding …