• In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
• Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
• This is the Group’s newest subsidiary in the Democratic Republic of Congo.
• It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.

Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.

In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …

• Energy multinationals Shell, Equinor, and ExxonMobil have finalised vital talks on Tanzania’s $40 billion Liquified Natural Gas investment.

• The move paves the way for final agreement on how to execute the long-delayed energy project that will significantly boost Tanzania’s revenues and create jobs.

• President Samia Suluhu Hassan’s government expects the construction of the project to start in June 2025.

Tanzania is preparing the final deal to guide harnessing her $40 billion offshore gas reserves following the conclusion of talks with energy giants Shell, Equinor, and ExxonMobil. A final agreement on the $40 billion gas investment is in the works with signing expected in the coming weeks.

“The work is done… companies (IOCs) have gone to sit with their boards, and we are now awaiting the next steps. The government expects construction to start in June 2025” Managing Director of the Petroleum Upstream Regulatory Authority (PURA), Charles Sangweni, said the project’s …

• 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 …

• East African Business Association objectives revolve around industry-specific training in healthcare, transportation, technology and retail.
• According to the African Development Bank, 22 percent of Africa’s working age are venturing into alternative business.
• According to EABA, the US-based community primarily originated from Somalia, Ethiopia, Eritrea, Djibouti, and Kenya.

Investors looking for opportunities in the region can bank on the East African Business Association (EABA) for an informed guidance on how to navigate the terrain in different economies. Already, the entity’s zeal, hard work, and willpower have positively impacted entrepreneurs of African origin from Minnesota seeking growth opportunities.

EABA is now gearing up to provide even better environment for Africans seeking to explore international business opportunities.

The journey of the East African Business Association

For decades, Africa has been known for having one of the most innovative and creative minds in various industries. The continent has the highest entrepreneurship rate setting the …

• Zanzibar has been grappling with extremely high energy costs, oftentimes costing 50 percent higher than mainland Tanzania.
• Zanzibar relies on a 125MW submarine grid line from mainland Tanzania for its growing electricity needs.
• Rostam Aziz solar investment in Zanzibar is part of his wide focus on big energy investment projects around East Africa. In February, Rostam launched a $130 million cooking gas project in Dongo Kundu, Mombasa, Kenya.

With a planned $140 million investment in a solar power project that could see Zanzibar Island achieve electricity independence, Tanzania tycoon Rostam Aziz is coming out as a man with an eye for energy deals. Rostam’s Taifa Energy is liaising with Mauritius-based Generation Capital Ltd and state-owned Zanzibar Electricity Corporation (ZECO), to set up the 180MW green energy field in Zanzibar.

Over the years, the island of Zanzibar has been grappling with extremely high energy costs, oftentimes costing 50 percent higher than …

• Africa is home to 65 percent of the world’s uncultivated fertile land, but millions sleep hungry daily.
• Amini Corp seeks to address the scarcity of data in Africa as well as facilitate capital investment.
• The scarcity of high-quality environmental data prevents others from building climate solutions such as farmer insurance schemes.

Amini Corp, a Kenyan-based climate tech startup, has raised $2 million in pre-seed funding which it plans to channel into developing an environmental data platform for Africa. The funding was secured through an oversubscribed round led by top European Climate Tech Fund, Pale Blue Dot. 

Other investors in the venture are Superorganism, RaliCap, W3i, Emurgo Kepple Ventures and angel investors from the global tech community.

Amini Corp seeks to address the scarcity of data in Africa as well as facilitate capital investment. The company also promotes climate resilience, and helps accelerate economic development opportunities in the region.…