Friday, April 19

Africa

d.light's clean cookstove
  • Global verification body Verra certifies d.light’s clean cookstove projects in Kenya, Uganda, and Nigeria.
  • Initiative to distribute 600,000 clean cookstoves, which are now verified by leading certifiers as a trusted source of high-quality carbon credits.
  • Launched in 2022, these projects have already positively impacted over one million lives and are on track to transform the lives of three million people by 2025. 

d.light’s clean cookstove initiatives

In a landmark move that helps advance the journey towards sustainable development and environmental health in Africa, d.light, a firm that provides innovative solutions for low-income households, has achieved a milestone with its projects receiving certification from Verra as a trusted source of high-quality carbon credits.

This certification marks d.light’s clean cookstove initiatives in Kenya, Nigeria, and Uganda as crucial players in the voluntary carbon markets (VCMs), aiming to reduce carbon emissions, combat indoor air pollution, and curb deforestation.

Addressing environmental challenges, and earning

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AIM Congress 2024
  • Exclusive pre-congress workshop launched to elevate startups for the global stage
  • This year’s startup competition has attracted entrants from 53 countries.
  • With cash prizes amounting $60,000, the stakes are high for participants to showcase their innovations.

As the global business community looks forward to the AIM Congress 2024, an exclusive startup workshop has been announced to prepare tech entrepreneurs for the grand stage.

Scheduled for May 7-9, the AIM Congress is set to be a pivotal gathering for industry leaders, policymakers, investors, and innovative startups under the theme “Adapting to a shifting investment landscape: Harnessing new potential for global economic development.”

In preparation for this landmark event, AIM Startup, in partnership with Bloom, is organizing a preparatory workshop designed to hone the skills and strategies of promising tech entrepreneurs. The workshop, aimed at empowering participants to maximize their impact at the congress, is part of a broader initiative by …

Crypto portfolio
  • In 2024, diversification of your crypto portfolio remains a fundamental principle for managing risk and maximizing returns.
  • Understanding how to build an optimal investment portfolio and monitor its effectiveness is crucial for both experienced investors and newcomers.
  • A well-diversified crypto portfolio typically includes a mix of traditional and alternative assets such as stocks, crypto assets, real estate and cash.

Diversification in the crypto world is not just a smart move; it’s a necessity. As the digital currency market evolves rapidly, its risks multiply. Understanding how to build an optimal investment portfolio and monitor its effectiveness is crucial for both experienced investors and newcomers. Here’s a guide to crafting a well-balanced crypto portfolio in 2024.

Diversification in the Crypto World

In today’s dynamic financial environment, investing in cryptocurrencies offers enticing opportunities but also carries inherent risks. Diversification, a fundamental concept in risk management, plays a pivotal role in safeguarding investments against

West Africa's cocoa supremacy
  • Across Ghana and Ivory Coast, climate change, illegal mining, cocoa industry woes, and a devastating disease known as swollen shoot have conspired to end West Africa’s cocoa supremacy.
  • In Ivory Coast, 30% of cocoa plantations are infected by swollen shoot disease. Upto 600,000 hectares under Cocoa in Ghana are infected, too.
  • The crisis in West Africa is offering opportunity to Ecuador, Brazil and Peru to become global cocoa production titans.

A double whammy of a devastating disease coupled with unchecked gold mining activities has set up a storm that is fast threatening to kill West Africa’s Cocoa supremacy.

For decades, Ghana and the Ivory Coast have held the mantle of titans in the cocoa world, jointly supplying over 60 per cent of the beans’ global demand. However, this year’s poor harvest as noted by an exclusive piece by Reuters, could spark a seismic shift in the cocoa production industry, …

China Henan International Cooperation
  • China Henan International Cooperation failed to to disclose the use of a commission agent while submitting a bid.
  • The ban on Chinese firm reflects broader concerns about the nature of China-Africa economic relations.
  • The move follows the conclusion of a negotiated settlement agreement with the Chinese company.

The African Development Bank (AfDB) has suspended Chinese firm, China Henan International Cooperation Group Company Limited, from undertaking any contracts in Africa for the next one year.

The move follows the conclusion of a negotiated settlement agreement with the Chinese company putting an end to sanctions proceedings for a fraudulent practice against China Henan International Cooperation.

In the directive, pursuant to the negotiated settlement agreement, China Henan International Cooperation Group Company Limited, registered in China, will be debarred for a period of 12 months, effective 28 March 2024.

“An investigation conducted by the Office of Integrity and Anti-Corruption of the African Development Bank …

Tanzania railway
  • New investment in Tanzania’s railways sector is expected to directly benefit nearly 900,000 people and indirectly impact an estimated 3.5 million.
  • Tanzania operates two railway systems, totaling 3,682 km in length.

 

Tanzania railway sector is poised for immense growth as the World Bank poured significant funding by approving $200 million in financing from the International Development Association (IDA) which is a part of the bank.

 

According to available information from the World Bank statement made on Friday, the bank said the financing for the second phase of the Tanzania Intermodal and Rail Development Project (TIRP-2) will improve safety, climate resilience, and operational efficiency along this railway segment.

 

Read also: AfDB approves $696.4M financing for Tanzania-Burundi-DRC railway project

Tanzania railway plan anchored on Dar- Morogoro SGR

The funding comes a few weeks after Tanzania Railways Corporation (TRC) began its inaugural trial journey of the electric Standard Gauge Railway (SGR) train

if oil disappeared tomorrow
  • If oil disappeared tomorrow, thousands of petroleum-based products would vanish with it.
  • If oil disappeared tomorrow, it would be catastrophic for health services everywhere.
  • If oil disappeared tomorrow, millions of jobs would be lost. Tax revenues would be depleted, and industrial production would crimp.

If oil disappeared tomorrow, there would be no more jet fuel, gasoline, or diesel. Internal combustion engines, automobiles, trucks, lorries, and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.

There would be no point in calling emergency services. Most ambulances, fire engines, police cars, rescue helicopters, and other emergency vehicles would be stationary. Most phones and computers would also vanish as their plastic components derive from oil, so it would

Uganda's Diaspora Remittances
  • Uganda’s diaspora remittances have seen 13.4% jump, reaching $1.42 billion.
  • Remittances continue to outshine foreign direct investment and official development assistance as the primary source of external finance for low and middle-income countries.
  • Economies are leveraging diaspora remittances through innovative financial instruments such as diaspora bonds and policies aimed at financial inclusion to enhance their impact on development.

Diaspora remittances from Ugandans living and working abroad increased by 13.4 per cent in the 12 months ending January 2024. This surge, as reported by the Bank of Uganda’s Executive Director of Research, Mr. Adam Mugume, highlights the increasing role of diaspora inflows in the nation’s economy, reaching $1.42 billion, up from the previous $1.25 billion.

Such growth underscores the essential contribution of the Uganda’s diaspora remittances amidst a challenging global financial landscape.

Globally, remittances have emerged as a critical source of external finance for low- and middle-income countries (LMICs), overshadowing foreign …

Hormuud Telecom
  • Hormuud Telecom has launched the 5G network across Somalia, enhancing the speed of internet and communication.
  • This marks a significant leap towards a digitally inclusive society with reliable internet connectivity in the country.
  • A 5G networks is set to stimulate economic growth, create jobs, and revolutionize public services such as healthcare and education.

Hormuud Telecom has unveiled its 5G network, marking a historic moment for its main market Somalia, which now enters into the elite group of African nations such as Kenya and Ethiopia that have embraced this cutting-edge technology.

Hormuud Telecom 5G signal is now present across 30 cities and towns, promising to revolutionize the speed of the internet and communication and transform Somalia’s digital economy.

Enhancing Communication with 5G Technology

The introduction of the 5G network by Hormuud Telecom signifies a monumental leap in improving internet connectivity’s speed and reliability across Somalia. President Hassan Sheikh Mohamud, along …

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