Browsing: job creation

Chinese Firm Chery Invests $20 Million in Kenya
  • Chinese firm Chery invests $20 million in Kenya to tap the growing demand for electric mobility 
  • He added that a $20-million investment is expected to create about 3,000 direct and indirect jobs in the country.
  • Shan also revealed that Chery’s entry into the Kenyan market is a result of the cordial and long-standing relations between the two countries.

Chinese vehicle firm Chery will invest $20.1 million (Sh2.62 billion) in Kenya to scale up the production of Electric Vehicles (EVs).

The deal, signed on Saturday, was in partnership with Kenyan firm Afrigreen Automobile, that will see the construction of an assembly plant to produce electric vehicles locally.

Ministry of Investments, Trade and Industry, Principal Secretary Abubakar Hassan Abubakar said the cooperation is expected to boost the uptake of EVs in the country by making them more affordable and accessible.

“The assembly plant will help the transport sector to become

  • Kenya looks to rise on its estimated $38.4 million blue economy investments to grow sector revenue to $921 million annually. 
  • Africa, with its vast coastline and rich marine resources, is poised to harness the immense potential of the blue economy.
  • BlueInvest Africa is a business-to-business event that aims to catalyse the growth of Africa’s blue economy through strategic investments.

The Kenyan government is looking to ride on its estimated $38.4 million (KES 5 billion) investments in the blue economy initiatives to increase revenue to $921 million (KES 120 billion) annually.

This will be a threefold increase from the current $288.6 million (KES 37.6 billion) that the state generates from the blue economy.

The Cabinet Secretary in the Ministry of Mining, Blue Economy & Maritime Affairs, Salim Mvurya, said that part of the plan was to map the fisheries’ infrastructure across the country.

“We want to increase the revenue to Sh120

Tanzania’s third five-year development plan focuses on creating employment for its fast-growing youth population. The country plans to increase the employability of its graduates and youth in general through a comprehensive skills development program. According to a report, Tanzania’s five-year development plan will cut unemployment from 9 per cent in 2019 to 8 per cent by 2025/26.…

World Bank further notes that the unified digitisation of the East African economy is estimated to generate up to a US$2.6 billion boost in GDP and 4.5 million new jobs that will largely benefit those at the bottom of the pyramid.

Data by GSMA reveals that by the end of 2020, 495 million people subscribed to mobile services in Sub-Saharan Africa, representing 46 percent of the region’s population, an increase of almost 20 million on 2019.

GSMA revealed that smartphone connections will more than double by 2025 in Sub-Saharan Africa with the East African Community registering the largest incremental growth, led by Rwanda and Tanzania. …

African Development Bank (AfDB) approved a $22 million Senior Loan to help corporate leasing company (Corplease) expand its lending to SMEs in Egypt.

The decision signalled confidence in the growing local market and in Egypt’s economy as a whole.
Out of the $22 million, African Development Bank will mobilize $7 million from the Africa Growing Together Fund (AGTF), a co-financing fund, established with the People’s Bank of China.

Corplease is a leading non-bank financial institution that provides diverse leasing products and services to SMEs and larger corporates, through sale, direct leasing and leaseback, as well as structured finance products. to address funding constraints in the private sector in Egypt, corp lease seeks to provide alternative financing through leases.

Also Read: African Development Bank $1m grant to Burundi

“The need for leasing products in Egypt is growing consistently on an annual basis to meet the acute demand by small, medium and …