Browsing: Egypt

Egypt’s Nile River Delta is the cornerstone of North Africa’s economy. Boasting a pivotal role in Egypt’s GDP, its fisheries, aquaculture, agriculture, and tourism sectors contribute an impressive 20 per cent to the nation’s economic output.
The Nile River Delta, a verdant stretch spanning 240 kilometers along Egypt’s northern Mediterranean coast, holds a unique significance. Occupying merely 2 per cent to 3 per cent of the country’s landmass, the Delta is home to four out of 10 people living in Egypt today.

Egypt has overtaken Nigeria by raising $540 million in tech startup funding in the year to June 2023. This year,…

Population growth and economic development have necessitated speeding up and scaling up infrastructure development in Africa. Over 28 African nations have seen population growth of more than double in the last 30 years. The population of 26 other African countries will quadruple over the next 30 years. Consequently, funding for the continent’s infrastructure has become essential.

Lender AfDB is looking to harness global equity funds to finance climate change mitigation in Africa. AfDB statistics show that…

Zimbabwe is experiencing crippling power outages characterized by black-outs that can extend to as much as 19 hours a day.…

COP27 outcomes were far and few for Africa, yet the UN announced an Executive Action Plan for the Early Warning for All initiative, which calls for initial new targeted investments of US$3.1 billion between 2023 and 2027, which is equivalent to a cost of just 50 cents per person per year.  

This warning system comes to address crucial issues of extreme weather conditions such as disaster risk knowledge, observations and forecasting, preparedness and response, and communication of early warnings.

A couple of the notable outcomes for Africa included the continent’s rainforest giant, the Democratic Republic of Congo (DRC) collaboration with Brazil and Indonesia, to launch a partnership to cooperate on forest preservation after a decade of on-off talks on a trilateral alliance.

The CBE also announced in a statement that it will begin a process of phasing out Letters of credit (LCs) for import finance by December 2022.

Egyptian Prime Minister Mostafa Madbouly announced an exceptional bonus to public employees and pensioners of the state administrative apparatus and state-affiliated companies at a value of EGP 300 to meet the cost of living. The government also froze household electricity prices through June 2023.

The National bank of Egypt (NBE) issued new three-year-maturity saving certificates with an annual yield of 17.25 per cent.

Banque Misr also has raised the annual yield of the three-year saving certificates to 17.25 per cent.

The Julius Nyerere Hydropower dam is an ambitious energy project and one of its kind across East Africa, with the capacity to generate 2,115 megawatts. The project cost $2.6 billion and is currently the most significant contract handled by Egyptian companies in Africa.

In August, it was reported by the Tanzanian Minister of Energy, January Makamba, that construction of the dam reached 67.18 per cent. The real work on the ground kickstarted in December 2018, which spanned out Tanzania’s government’s ambition to enrich its energy capacity from all fronts.

Further, the dam is 131 meters high and 1,025 meters long at the summit. The constructors managed to complete the tasks 687 days after the diversion of the river in November 2020 (Tanzania Times).

Tanzania’s electricity generation is comprised of several sources. Hence the dam stands to vitalize power availability and change the state of installed capacity. At least 48 per cent of Tanzania’s electricity is from natural gas, 31 per cent from hydropower and 18 per cent from petrol.

According to an article by Maritime Executive published August 17, 2022, since May Senegal and Germany have been working together to fast-track the completion of the BP-led Greater Tortue Ahmeyim (GTA) LNG project. The offshore field straddles the border between Senegal and Mauritania and is set to produce 2.5 million tons of LNG in the first phase. Plans call for output to double to 5 million tons in the second phase.

Earlier, Kosmos Energy, which is developing the GTA field with BP, said phase one is 80 percent complete. Senegal is now reporting that it will be ready to export its first LNG cargo to Europe in 2024 when production at Tortue Gas project is scheduled to start.

“Senegal will be able to sell its quota to Europe, especially Germany already, in the second half of 2024,” Mamadou Fall Kane, deputy permanent secretary of COZ-Petrogas, the government committee that monitors and develops oil and gas projects, told Bloomberg.

The African Fertiliser and Agribusiness Partnership (AFAP) notes that over 40 per cent of African soils face nutrient depletion because…