Browsing: China

Tanzania Tourism: Four Seasons, the world’s leading luxury hospitality company, and global investment firm Albwardy Investment have partnered to open a luxury resort in Zanzibar. Set along the white sand beaches and blue waters of Pongwe, Four Seasons Resort Zanzibar will create a distinct resort experience for guests looking to explore this unique destination, or for those who wish to complement the adventure of a safari with the relaxation of an island retreat. Photo/Four Seasons
  • Tanzania tourism surpasses 5 million visitor numbers target.
  • Data shows the number of Chinese tourists to the East African nation is increasing annually.
  • Film featuring top Chinese actor has big impact in Tanzania tourism.

Tourism in Tanzania is growing faster than anticipated with the country having hosted 5.36 million tourists in 2024, a figure higher than the targeted five million tourists by 2025. Tanzania’s Minister for Natural Resources and Tourism, Pindi Chana told a stakeholder’s meeting earlier in the week that the 5 million plus tourists racked in 4 billion U.S. dollars in revenue last year.

Notably, of the said tourists, 3.22 million were domestic while 2.14 million were drawn from international source markets, showing a significant increase in domestic tourism. “These efforts have effectively showcased Tanzania’s breathtaking landscapes and rich cultural heritage, positioning the nation as a desirable travel destination,” said Chana in a statement highlighting the significance of …

interpol cybersecurity operation 2024
  • An INTERPOL cybersecurity operation that has arrested 1,006 suspects and the busting of 134,089 cybercrime networks in Africa underscores the urgent need for banks to fortify their cybersecurity defenses.
  • The probe identified 35,000 victims, with cases linked to nearly $193 million in financial losses.
  • This exposure invites the question: Are banks in Africa prepared to counter the threat of cybercrime?

The fintech revolution sweeping across Africa's economy is reshaping banking systems, offering millions of people unprecedented convenience and access to financial services. However, as banks and other financial services institutions embrace innovation, they must contend with a new and evolving threat: cybercrime.

With malicious actors continually adapting their tactics, robust cybersecurity measures are no longer optional for banks; they are critical. Take, for instance, the International Criminal Police Organization (INTERPOL's) Operation Serengeti, which has exposed the grand scale and complexity of cybercrime threats plaguing the continent's financial institutions.

Interpol Cybersecurity

BRICS influence on global economic growth
  • Global economic growth will emanate from powerhouse BRICS economies over the next five years as per the IMF predictions.
  • The ten BRICS nations comprise more than a quarter of the world economy and almost half the global population.
  • China will contribute most significantly to global growth over the next half-decade, with its 22 per cent share outpacing all G7 countries combined.

The countries comprising BRICS— Brazil, Russia, India, China, and South Africa, with five new members—are an informal grouping of emerging economies hoping to increase their sway in the world order.

The BRICS group has become a major political force in the last two decades, building on its desire to counter Western influence in global institutions.

BRICS’ 2024 expansion has come with a range of geopolitical implications. It forms a rising economic and demographic heft: the ten BRICS nations comprise more than a quarter of the world economy and almost …

Jamestown fishing port
  • China-backed Jamestown Fishing Port is expected to inject new energy into Ghana’s fishing industry.
  • It is equipped with facilities such as a fish market, ice-making plant, cold storage, and a ship repair station.
  • The port has a huge potential to generate and sustain millions of jobs, thereby stimulating the local economy.

Ghana has made a landmark move in its journey towards economic revitalization and modernization with the inauguration of the $60 million Jamestown Fishing Port in Accra. This project, which further cements China-led investments in Africa is poised to transform the nation’s fishing industry, bringing jobs, growth, and national prosperity.

Developed by China’s CRCC Harbor and Channel Engineering Bureau Group Co., Ltd., the new port features a range of essential infrastructure to support artisanal fishing—a lifeblood of Ghana’s coastal economy.

With artisanal fishing contributing a big share of income among coastal communities, the Jamestown Fishing Port is expected to …

FOCAC Summit 2024
  • China pledges closer economic and trade ties with Africa at 2024 FOCAC Summit.
  • Mulit-million dollar deals signed between Africa and China at key summit.
  • Annual trade volume between China and Africa to reach $300Bn by 2035

The just concluded Forum on China-Africa Cooperation (FOCAC) Summit has opened new possibilities for Tanzania and Africa’s industry as a whole. Held in Beijing, China, this ninth summit was attended by all 53 African Heads of State or their representative hosted by Chinese President Xi Jinping.

The FOCAC summit has seen President Xi pledge over $50 billion in aid and loans to support what he described as “Africa’s modernization efforts.” He highlighted key funding areas to include infrastructure and agricultural development over the next three years. Notably, President Xi said this new commitment is in addition to China’s zero-tariff policy that was announced earlier to boost trade volume between Africa …

Tazara railway
  • China commits to refurbishing TAZARA railway system during the just concluded FOCAC Summit in Beijing.
  • China Civil Engineering and Construction Corporation (CCECC) has been awarded the tender.
  • TAZARA capacity is now set to increase to two million metric tonnes.

TAZARA, a decades-old China-Tanzania railway that is vital in the East African country’s industry is set for modernization as a new pact to turn it into a fast train transportation system comes into force. Last week, a historic milestone was reached when Chinese President Xi Jinping, Tanzanian President Samia Suluhu Hassan, and Zambian President Hakainde Hichilema signed a Memorandum of Understanding (MoU) to revitalize the Tanzania-Zambia Railway Authority (TAZARA) railway.

The deal, which was reached at the 2024 Forum on China-Africa Cooperation Summit (FOCAC) in Beijing, will see China invest into developing the1,860-kilometer railway connecting landlocked Zambia to Tanzania’s port city of Dar es Salaam.

Work on this trans-Africa rail …

Kenya's import business
  • In the first three months of this year, Asia remained the leading source of Kenya’s imports accounting for goods worth $3.4 billion, as the country’s import bill closed the quarter at $5.4 billion.
  • Kenyan traders and government imported goods worth $990.2 million from China, data by the Kenya National Bureau of Statistics (KNBS) shows, making it the biggest import source by country.
  • Unlike his predecessors, President Ruto is seen to lean more towards the West as he seeks financing and trade cooperation.

Kenya’s imports from Asian countries including China

China and India remained the top exporters to Kenya in the first quarter of this year, leading other Far East nations in retaining a firm grip on the East African economic powerhouse’s trade and investment space, which they have dominated for over a decade.

This trend continues despite President William Ruto’s heightened charm offensive to economies from the West, which is …

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

Africa's natural resources
  • Africa is loosing out on bad minerals for loan deals, AfDB warns.
  • AfDB is developing initiatives to  help countries’ address the bad loans.
  • China alleged to be the leader in bad minerals for loan deals with Africa.

Africa’s natural resources are being traded for loans from international lenders and that is why the continent is underdeveloped, the Head of the African Development Bank, Dr Akinwumi Adesina, has decried.

 

In an interview with The Associated Press in Lagos, Nigeria, Dr Adesina called for an end to “loans given in exchange for the continent’s rich supplies of oil or critical minerals used in smartphones and electric car batteries.”

 

The Head of Africa’s biggest lending bank, AfDB, said some countries have gained control over mineral mining in places such as Congo and have left some African countries in financial crisis owing to such ‘mineral for loans deals.’

 

“They are just bad, first

  • AFRODAD and SADC have joined hands to boost Africa’s debt sustainability by cushioning highly indebted countries.
  • Between 2004 and 2018, 30 African countries signed natural resource-backed loans worth $66 billion.
  • China has emerged as a critical player in debt owed by African States, with an increasing percentage of debt now in resource-backed loans.

Boosting Africa’s debt sustainability

The African Forum and Network on Debt and Development (AFRODAD) has entered into a debt sustainability pact with the Southern African Development Community Parliamentary Forum to cushion governments from debt distress.

The move aimed to bolster financial stability and debt management strategies across Africa, with the continent’s total external debt hitting $1.13 trillion in October last year.

Highly indebted African countries continuously face stark trade-offs between servicing expensive debt, supporting high and growing development needs, and stabilising domestic currencies.

Government debt has risen in at least 40 African countries over the past decade. …