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Browsing: United Bank for Africa
Tony Elumelu, the Founder of the Tony Elumelu Foundation, has urged African, Caribbean and Pacific (ACP) Heads of State to improve the business environment in their countries in order to drive industrialisation and wealth creation.
Elumelu who is also the Chairman of the United Bank for Africa and Heirs Holdings said this whilst presenting the keynote speech on the theme “Industrialisation and Private Sector Engagement for Economic Transformation of ACP States” at the Presidential Dialogue of the 9th ACP Business Summit in Nairobi, Kenya.
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Elumelu stated that industrialisation will not be achieved without support for Small and Medium scale Enterprises (SMEs) and improved access to electricity.
“We cannot hope to industrialise if we do not fix the issue of power. If our entrepreneurs are spending so much of their resources to power their businesses, how …
The Tanzanian government on 24th April, 2019 released Tshs.688.65 billion ($299.4 million) in advance payment to the contractor of the 2,100 MegaWatts (MW)Rufiji Hydroelectric power project ahead of the start of the construction in June.
To be implemented jointly by Arab Contractors and Elsewedy Electric Company the project is now in mobilization stage which includes setting up of enabling infrastructure such as houses, roads and water prior to its official commencement.
Speaking during the handing over event, the Treasury Permanent Secretary Doto James said that payment was part of an estimated Tshs.6.5 trillion ($3 billion) to be wholly funded by the government.
`The issuance of the advance payment marks a crucial milestone towards commencement of the implementation of the project which upon completion will play a pivotal role towards realization of Tanzania`s industrialization strategy and attainment of middle income status by 2025, ` he declared.
The project will …