Uganda’s delayed oil production could affect economic outlook
According to the World Bank, Uganda could face serious economic pressures in the immediate future especially with delay in oil production. It has advised that the country would do well to develop its other major sectors – agriculture and industry – as they can guarantee immediate and steady growth outcomes instead of relying heavily mostly on Uganda’s oil production ambitions.
Uganda’s economy must grow faster- World Bank
https://theexchange.africa/countries/ugandas-economy-must-grow-faster-world-bank/
A recent World Bank report, “Uganda: Jobs strategy for inclusive growth” reveals that the country could find itself in a crisis of more workers than jobs unless the economy grows concomitantly. The report states than an economic transformation is required and Uganda should start with developing commercial agriculture that accounts for about 80 per cent of annual export earnings; the sector employs more than 80 per cent of the workforce in agriculture sector.
Kenya
Kenyan private hydropower scheme receives PE finance
https://theexchange.africa/investing/kenyan-private-hydropower-scheme-receives-pe-finance/
Tembo Power a Mauritius-based limited liability company developing power generation projects has partnered with South Africa based PE financier, Metier for the construction of the Kaptis hydropower project in Western Kenya, retaining a 40% stake in the project. Tembo Power will retain 40%, with the balance 20% to be held by Kenya-based WK Power.
Green energy firm Revadia partners with Exotic EPZ to boost agribusiness in Kenya
REDAVIA, a global market leader of cost-effective, reliable, and clean solar power for businesses has signed a lease with Exotic EPZ LTD, an international nuts and oils processing and export company to improve the country’s agribusiness sector. REDAVIA provides cost-efficient, renewable energy under a flexible lease contract, enabling Exotic EPZ LTD to reduce costs and increase operational flexibility. Exotic EPZ Ltd led by a dynamic trio of Kenyan women makes it their mission to create sustainable and inclusive agribusiness value chains working with small-holder women farmers.
Tanzania
Tanzania: Central Bank issues stimulus, banks increase lending
https://theexchange.africa/banking/tanzania-central-bank-issues-stimulus-banks-increase-lending/
Bank of Tanzania’s Consolidated Zonal Economic Performance Report indicates lending by commercial banks has increased considerably in the last year. The rise in bank loans was parallel to the ongoing national infrastructure development works for companies operating in the central and south eastern zones involved in increased construction projects and to trading activities.
Tanzania’s million dollar ghost projects
https://theexchange.africa/africa/tanzanias-million-dollar-ghost-projects/
Tanzania’s Controller and Auditor General has lifted the lid on the country’s Local Government Authorities involved in embezzling millions of dollars to fund nonexistent projects. The funds are in excess of US342.2 of taxpayers’ money and were siphoned off to allegedly pay for goods and services against regulations and procedures. The findings also indicate that the embezzlement involves the country’s political parties.
Burundi
World Bank approves $160m to Burundi
The World Bank approved two grants worth $160 million from the International Development Association to help Burundi improve essential services through solar power and local development in rural and remote areas. Solar Energy in Local Communities (SOLEIL) will get $100 million to increase access to energy by electrifying schools, businesses, families and centres of less privileged communities. The remaining $60 million will go to Integrated Community Development to be used to improve access to basic services and economic opportunities and nutrition for the less privileged populations, including refugees. The project will also allow for the creation of 1,000 micro-enterprises and the training of 8,000 people in healthy nutrition.
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