- Africa Climate Venture gets $1.08M from FSD Africa
- The rise and rise of Africa’s art market
- Puzzle of Kenya’s low forex reserves amid huge debt obligations
- Mombasa startups reducing marine plastic waste win $50,000
- Nigeria’s $10.8M plan to shore up livestock value chains
- Uganda: Pain for pensioners as new Bill withdrawn
- Moscow schools to start teaching Swahili from September
- South African Reserve Bank raises interest rates to 8.05%, a 14-year high
Author: Kang'ethe Njoroge
A communication expert with over 10 years’ in journalism and public relations. My ability to organize, coordinate and follow through assignments has enabled me to excel in media. I have a passion for business in Africa and of course business in Kenya!
- Three startups Twende Green Ecocycle, Oceania Pacesetter, and Eco-Redemptors offered the most effective solutions in tackling Mombasa’s marine plastics problem.
- Marine plastic waste is the most harmful form of scrap accounting for at least 85 percent of total marine waste.
- The Mombasa Plastics Prize Awards and Celebration by Challenge Works was funded by USAID and Global Affairs Canada.
Three Mombasa-based startups that are helping reduce marine plastic waste have secured $50,000 in prize money for their innovations fighting pollution in the coastal region.
Twende Green Ecocycle emerged first place receiving $25,298. Twende Green Ecocycle is a social enterprise that promotes sustainable development. It tackles pollution by recycling marine plastic waste from informal settlements into school eco-desks. The startup says it uses advanced recycling technology to turn plastic waste into eco-desks. The start-up’s high-quality school lockable eco-desk are used by students and teachers.
Startups reducing marine plastic waste
Oceania Pacesetter emerged …
- Financing will create more jobs, and reduce national expenditure on the importation of milk and dairy products. It will also improve the nutritional status of Nigerians.
- The credit scheme also seeks to reduce protracted conflict between farmers and herders as well as drive investments in the industry.
- Ministry of Agriculture says plan will improve security and foster harmonious existence between farmers and herders.
Livestock farmers across Nigeria are set to benefit from a $10.8 million credit scheme that seeks to enhance their business value chains and attract more investors in the sector.
According to the Minister of Agriculture and Rural Development, Mohammad Mahmood Abubakar, the $10.8 million credit scheme targeting livestock farmers, will be run by the Bank of Agriculture.
Mr Abubakar said Nigeria is committed to reforming the livestock sector with notable programmes such as the National Livestock Transformation Plan, and Livestock Productivity Resilience and Support Plan, among others.…
- Millions of pensioners in Uganda will continue decrying delayed payment of their monthly dues.
- A new Bill seeking to streamline the pension system in Uganda was withdrawn for further scrutiny by the Executive.
- The objective of the new Bill was to provide for the establishment of a public service pension fund and a public service pension scheme.
Pensioners in Uganda may have to continue decrying delayed payment of their monthly dues while the government continues to battle ghost claims on the payroll following the withdrawal of a new Bill.
The Public Service Pensions Fund Bill, 2023, introduced on March 14, and aimed at implementing a mandatory contribution system for public servants’ pensions has been withdrawn.
Uganda pensioners payment shall be prompt
This is despite the proposed law undergoing significant changes during the committee review. The withdrawal aggravates the pain for pensioners who were banking on the new law to get …
- Angola has become Africa Trade Insurance Agency’s (ATI) 21st member state by paying $25 million in capital subscription fees.
- ATI’s gross exposure in Angola currently stands at $467 million.
- The membership was funded the Angolan National Treasury and proceeds from the landmark BITA water project.
Oil-rich Angola has become the 21st African member state joining pan-African insurer, Africa Trade Insurance Agency (ATI) after paying $25 million in subscription fees. The deal will also see Angola become first Lusophone member country in the underwriter.
ATI was established in 2001 by seven Comesa countries and with technical and financial backing of the World Bank. The agency’s core mandate is to provide insurance against political and commercial risks. This is considered necessary in order to attract foreign direct investments across member states.
Luanda’s membership was funded by the Angolan National Treasury resources and proceeds from the landmark BITA water project. BITA …
- Nigeria has commissioned the large-scale Integrated Rice Mill to expand domestic rice production and achieve self-sufficiency.
- President Muhammadu Buhari says the move is in line with his government’s mandate to achieve food security and boost incomes.
- Nigeria is the largest producer of rice in Africa, producing about 8.44 million tonnes annually. It is followed by Egypt, Madagascar, Tanzania and Mali.
Nigeria has commissioned the large scale integrated rice mill as the West African country expands domestic rice production to achieve food security and boost incomes for millions of farmers.
President Muhammadu Buhari said the move aligns with his government’s objective of achieving food security and enhancing rice value chain. The new rice mill is located in Sheda, Kwali Area Council, within Abuja.
“We have witnessed the rapid increase in domestic rice production from the incentives given to farmers and processors over the period as a resolution of leveraging our potentials, …
- Infrastructure solutions provider, Africa Finance Corporation has signed a MoU with Morocco’s Ministry of Economy and Finance to fund project development.
- Deal targets in renewable energy, transport, natural resources, heavy industries, and telecommunications.
- The Agreement follows Morocco’s official entry as a member of the AFC in 2021. The agreement will facilitate Morocco’s domestic market competitiveness and the export capacity of her businesses.
Infrastructure solutions lender, Africa Finance Corporation has signed an agreement with Morocco to provide project development, structuring, and financing for key projects in renewable energy, transport, natural resources, heavy industries, and telecommunications sectors.
The deal follows Morocco’s official entry as a member of the AFC in 2021. AFC will provide innovative financing and pragmatic solutions to enhance the infrastructure and industrial base in Morocco. Consequently, such solutions will facilitate domestic market competitiveness and the export capacity of Moroccan businesses.
Morocco sees opportunities in Sub-Saharan Africa
In the last …
- About 23 million people in Ethiopia, Kenya and Somalia are facing acute food insecurity.
- The worst drought in 40 years in the region has seen people lose cattle, crops, and entire livelihoods in the past three years.
- While current rains have brought some reprieve, it has also led to floods, leading to displacement, increased risk of disease, livestock loss and crop damage.
About 23 million people from Ethiopia, Kenya and Somalia are facing acute food insecurity attributable to the worst drought in 40 years and raging floods.
According to the United Nations Children’s Fund (UNICEF), the double whammy of disaster has left communities vulnerable having lost cattle, crops, and entire livelihoods.
“Over the past three years, communities have been forced to take extreme measures to survive, with millions of children and families leaving their homes out of pure desperation in search of food and water,” said Mohamed Fall, UNICEF Regional …
- A total of 34 countries at risk of climate disaster across Africa, Asia, the Caribbean, and the Pacific have mobilised over $150 million towards 2,100 adaptation projects.
- To date, the EU has provided over $58 million for climate adaptation initiatives. EU members Sweden has raised $52 million, while Denmark and Belgium have each raised $14 million.
- Climate vulnerable countries say their needs are growing exponentially and therefore need urgent support to avert disasters.
Ministers from some of the world’s most climate vulnerable countries have called on international institutions and donors to boost access to finance to aid their adaptation to the impacts of changing weather patterns using the Local Climate Adaptive Living Facility (LoCAL).
Without funds, populations face bleak future
LoCAL, which is designed and managed by the UN Capital Development Fund, was identified as part of the climate finance “solution” at a ministerial meeting of member countries in Brussels, …
- Deal Source Africa connects African businesses online with investors, transaction advisors and Impact Funds.
- Experienced transaction advisors will link with businesses to provide professional support along their fundraising journey.
- During the pilot phase, the program enabled 94 businesses to connect with 18 investors in deal rooms.
A new programme seeking to connect African businesses online with investors, transaction advisors and Impact Funds has been unveiled in Ghana at the West Africa Deal summit. The programme, Deal Source Africa, comprises a digital platform that connects investors with businesses, in-person and virtual deal rooms where businesses can meet investors.
Deal Source Africa seeks to bridge the $331 billion funding gap for African SMEs. Top on target will be SMEs with high growth potential and offering solutions that help meet their business needs.
It also includes Impact Fund showcases where investors can meet African venture funds and other local capital providers.
- Mars Wrigley plans to roll out a fresh entrepreneurial initiative in Tanzania in 2024 and Rwanda, in 2025.
- The programme has already registered great strides in Kenya where it has been running since 2013, benefiting 1,600 traders, including 700 women.
- Wrigley now says it will recruit another 1,000 entrepreneurs in Kenya before the end of the year, bringing the total to 2,600.
Mars Wrigley, the world’s leading manufacturer of chocolate and chewing gum, has revealed plans to expand its entrepreneurial programme into Tanzania and Rwanda in regional expansion drive. As part of the company’s innovative distribution model, the Maua programme targets low-income consumer market in the region.
Speaking at the company’s factory and head office in Machakos County, Kenya, during at a ceremony to mark the tenth anniversary of Maua, Mars Wrigley General Manager, Sub-Saharan Africa, Ismael Bello said the company will roll out the initiative in Tanzania in 2024 …