Browsing: DRC

Given these large costs and the effect on Africa’s economic growth, it remains imperative to prevent the prevalence of conflicts. Several economic and structural factors, including low-income levels, poor growth outcomes, weak governance, state capacity, and inequality of opportunity—especially across ethnic, religious, and regional groups—increase the likelihood of conflict. Addressing these challenges would address political instability in Africa and prevent conflict.…

• Lithium battery industry to grow over 30 percent annually from 2022 to 2030
• Market value for lithium batteries to exceed US$400 billion by 2030
• DRC, Zambia and Tanzania looking to refine cobalt, manufacture lithium batteries

The sale of Electric Vehicles (EVs) is booming in the transport industry of the developed world, and now Africa wants in.

Rather than continue to supply raw materials for the making of the electric vehicle, countries like DRC, Zambia, and Tanzania, want to refine the ores and even manufacture the final product, lithium batteries.

Their ambitions are well placed because the lithium battery industry is booming and will only keep growing. A 2022 analysis by the McKinsey Battery Insights team projected that the entire lithium-ion battery chain, from mining through recycling, could grow by over 30 percent annually by 2030 when it would reach a value of more than US$400 billion.

“Batteries for mobility applications, …

• DRC, through its investment portal ANAPI reassures investors
• Rwanda slams US statement saying it undermines regional peace process
• EAC Heads of State order immediate cease fire in Rwanda-DRC conflict

Rwanda should stop supporting the rebel group and withdraw its soldiers from the DRC, the US State Department has said in an official statement.

This US call for Rwanda to ‘cease and desist’ aiding rebel groups and to also recall its troops from the DRC is the latest effort by the international community to intervene in the protracted dispute between the two countries.

The US says Rwanda’s alleged aid to rebel factions in the DRC is undermining the regional peace process.

The statement comes only days after the East African Community (EAC) Heads of State met in the Burundi capital of Bujumbura. The meeting was an Extra-Ordinary Summit held to evaluate the “Security Situation in the Eastern Democratic Republic of Congo …

Elon Musk applied for licensing to provide Tanzania with satellite Internet services; that was last year. This year, the Tanzania Communication Regulatory Authority (TCRA), has said, Musk’s Starlink, the company that provides the satellite internet services, needs only to complete the required procedure to set up shop in the country.

This response by Tanzania to Elon Musk’s application has stirred up controversy on Twitter with executives from both sides raising allegations and counter-allegations.

On Elon Musk’s side, you have allegations of foul play by existing telecom giants in Tanzania lobbying to keep his Starlink from entering the market.

Also Read: Nickel: Africa’s new opportunity as Russia-Ukraine crisis rages on

On Tanzania’s side, you have authorities playing it safe with a clean-cut statement saying Elon Musk’s Starlink needs only to comply with the country’s regulation requirements, otherwise, Starlink is more than welcome to enter the market.

If the Twitter exchange is …

• IFC and Equity Banque Commerciale du Congo (EquityBCDC), a subsidiary of Equity Group, has partnered to increase access to finance for small and medium-sized enterprises (SMEs) in the DRC and to promote economic diversification in the country.
• Under the partnership, IFC will support the expansion of EquityBCDC’s SME-lending operations through a $12.5 million risk sharing facility (RSF).
• Through the partnership, EquityBCDC aims to provide an additional 1,700 SME loans within the DRC and expand its SME portfolio from $250 million in 2021 to $631 million by 2026.

IFC and Equity Banque Commerciale du Congo (EquityBCDC), a subsidiary of Equity Group, has partnered to increase access to finance for small and medium-sized enterprises (SMEs) in the DRC and to promote economic diversification in the country.

Under the partnership, IFC will support the expansion of EquityBCDC’s SME-lending operations through a $12.5 million risk sharing facility (RSF).  

 IFC is also providing advisory services …

• Analysts have termed Central Africa as a sleeping Giant, yet to awaken as the region recorded the least funding for startups in 2022. 
• In 2022, Central Africa was by far the region where start-ups raised the least funding through deals worth $100,000 and over with a total of $51 million according to the latest report by The Big Deal. 
• While the region represented only 1.1 percent of the funding raised on the continent, Year on Year growth was commendable, as start-ups raised more than double the amount that had been raised in 2021 ($24 million). 

Analysts have termed Central Africa a sleeping giant, yet to awaken as the region recorded the least funding for startups in 2022. 

Max Cuvellier from The Big Deal says there is a huge potential in the region despite the depressed numbers. 

“This is not to say that there isn’t talent or potential in the DRC, …

• TransCentury Group Plc (TC)’s rights issue commenced trading on Thursday morning at the Nairobi Securities Exchange (NSE).
• TC shareholders have until January 23, 2023 to take up 1.87 million new ordinary shares 
• The firm is seeking to raise Sh 2 billion which will be directed towards recapitalizing the business, reducing debt and unlocking working capital.  

TransCentury Group Plc (TC) shareholders have until January 23, 2023 to take up 1.87 million new ordinary shares as rights issue commenced trading on Thursday (29th December, 2023) at the Nairobi Securities Exchange (NSE). 

The infrastructure investment firm is seeking to raise Sh 2 billion which will be applied towards recapitalizing the business, reducing debt and unlocking working capital for TC’s underlying businesses.

TC Group Chief Executive Officer Nganga Njiinu said the company has strengthened its governance structures reassuring shareholders as it strives towards profitability. 

“Our shareholders taking up their rights will be investing in …

• Elon Musk Starlink satellite internet in Tanzania expected as early as first quarter of 2023
• Tesla to access nickel and cobalt from Tanzania’s Kabanga mines by 2025
• Tanzania, Kabanga form Tembo Nickel Corporation at 16% and 84% shares respectively

Elon Musk in Tanzania: Did you know, there are over 3250 satellites hovering in the Lower Earth Orbit over you? The number is not shocking, what is impressive is the entire satellite constellation is owned by a single company, Elon Musk’s Starlink.

In his ambitious effort to offer faster internet coverage globally, the world’s richest man actually plans to have as many as 42,000 satellites in the Lower Earth Orbit (LEO).

As we enter the New Year 2023, Tanzania is set to become the fourth African country to allow internet service provision from Starlink’s LEO satellites.

Even though Tanzania has already laid down some 7,910Km of fibre optic cable that …