Rwanda Development Board releases 2017 annual report

RDB (Rwanda Development Board) has released its 2017 Annual Report. The report highlights that last year Rwanda recorded positive growth in investments registered in the country, export values and volumes as well as tourism earnings. Among the key 2017 highlights are the following: Rwanda registered investment commitments worth $USD 1.67 billion. This is an increase of $USD 515 million when...

Preparations in High Gear for the 9th East African Petroelum Conference and Exhibition 2019

The 9th East African Petroleum Conference and Exhibition 2019 (EAPCE’19) will be held from 8th to 10th May, 2019 at the PrideInn Paradise Beach Resort, Convention Center and Spa in Mombasa, Kenya. The conference organized by the East African Community (EAC) Secretariat and the EAC Partner States is expected to attract more than 1,000 participants. The 2019 edition of the biennial conference under...

Now South Sudan eyes increased oil production

Following the recent peace agreement between the government and Riek Machar-led rebels, South Sudan hopes to restore oil production to 350,000 barrels a day as was the case before fighting erupted in December 2013. Oil is the major export revenue in South Sudan fell between 130,000 to 150,000 barrels after the country was plunged into bloody chaos in December 2013. "The...

IMF’s Lagarde Urges Angola to Do More to Cut Oil Dependence

Angola, Africa’s second-biggest oil producer, should lower the economy’s dependence on oil and its vulnerability to the commodity’s price fluctuations so that enough resources can be made available to improve living standards in the nation, International Monetary Fund Managing Director Christine Lagarde said. “Economic diversification in sectors other than oil is central to the...

Moroccan second-largest lender by assets Eyes Rwanda Market

Morocco’s second-largest lender by assets Banque Centrale Populaire (BCP) says it is mulling over expanding operations into Kenya as it seeks to tap new East African deals and serve large multinationals in the country. The $35 billion (Sh3.5 trillion) bank with several branches in Europe and 14 African markets told Bloomberg it plans to acquire banks in at least four...

Ethiopia to Privatize Part of Ethiopian Airlines

Ethiopia will sell off parts of its major state-owned industries including Ethiopian Airlines and the country’s lone telecom company, the ruling party announced on Tuesday. While the government will continue to hold the largest stake in these companies, “the rest of the shares will be offered to domestic and foreign investors,” the Ethiopian People’s Revolutionary Democratic Front (EPRDF) said in...

Morocco’s Attijariwafa bank to eye new Africa acquisitions from late 2019

JOHANNESBURG: Morocco’s Attijariwafa Bank plans to launch a new acquisition push in Africa late next year, starting with Rwanda, Kenya and Ethiopia, a bank executive said on Thursday. Attijariwafa, one of Morocco’s biggest banks that is controlled by the royal family through its Al Mada holding company, already has subsidiaries in Cameroon, Congo Republic, Egypt, Gabon, Ivory Coast, Mali, Mauritania,...

Equatorial Guinea Primed for Huge Growth as Host of 2019 ‘Year of Energy’

11 new oil and gas wells to be drilled in 2019, with $2.4 billion investmentMALABO, Equatorial Guinea, December 11, 2018/ -- 2019 to be bumper year for Equatorial Guinea’s oil and gas sector, with Year of Energy initiative providing impetus for intra-African cooperation; 11 new oil and gas wells to be drilled in 2019, with $2.4 billion investment; Emphasis...

Nigeria: Buhari Commends AfreximBank’s Leadership

Abuja — President Muhammadu Buhari has commended the African Export-Import Bank (Afreximbank) for its dynamism and tenacious leadership, which he said has proved that Africans could come together to build something meaningful. President Buhari disclosed this at the annual meetings and 25thAnniversary celebration of the bank which came to an end at the weekend in Abuja. Delivering a keynote address at...

Jambojet seeks approval to fly to 16 International routes including Rwanda

Budget airline Jambojet has applied for a license from the Kenya Civil Aviation Authority (KCAA) to launch scheduled flights to 16 International routes including Rwanda. KCAA published details of the license application in a gazette notice dated 15th February 2019. The new routes are all in Africa and...

AU Commission, AfDB, reaffirm commitment to accelerate economic transformation

The Chairperson of the African Union Commission (AUC), Moussa Faki Mahamat and the President of the African Development Bank Akinwumi Adesina, met Tuesday in Addis Ababa to reaffirm their commitment to accelerate Africa’s economic transformation. Mahamat and Adesina co-chaired a high-level consultative meeting attended by senior management of both institutions to take stock of...

AfDB, ECOWAS, sign agreement for study on Abidjan-Lagos Corridor Highway

The proposed Abidjan-Lagos Corridor Highway, a six-lane (3-lane dual) motorway, will connect the countries via Ghana (Accra), Togo (Lomé) and Benin (Cotonou)ABUJA, Nigeria, February 5, 2019/ -- The African Development Bank and the Economic Community Of West African States Commission (ECOWAS) have signed an agreement for a study into a 1,000 kilometre highway linking Cote...

African Development Bank to host Investment Forum Roadshow in Angola

The event will convene traders, experts and financiers in the public and private sector, who seek to invest in Africa’s development ABIDJAN, Ivory Coast, April 9, 2019/ -- Who:     Country Office of the African Development Bank in Angola What:    Africa Investment Forum Roadshow Where:  AIPEX Auditorium,...

Marriott International continues expansion across Africa with three new deal

Anticipated new hotels will mark debut in Liberia while strengthening presence in Morocco and GhanaMARRAKESH, Morocco, February 8, 2019/ -- From the Forum de l'Investissement Hôtelier Africain in Marrakech, Marriott International announced three new deal signings across North and West Africa, reinforcing the company’s commitment to expanding its presence across the continent. The...

Egypt Wants More Trade Ties Within African Union

As his country takes up the rotating leadership of the African Union, Egypt's President Abdel Fattah al-Sisi has prioritised trade rather than political integration in his keynote speech. "It will be a different story now", one senior Arab diplomat said approvingly after Sisi's speech. But representatives of sub-Saharan countries seemed less...

Tanzania assures Uganda of improved transport network for its goods

Tanzanian President John Magufuli on Saturday assured neighboring Uganda that his administration will continue improving the transportation infrastructure for smooth transportation of goods. According to a statement made by the Directorate of Presidential Communication at State House in the commercial capital Dar es Salaam, President Magufuli said the construction of the standard gauge railway...

German-African Energy deals in Hamburg to better collaboration between the private sector and governments

The African energy industry will be in Hamburg on March 27th-28th, 2019 for this dialogue organized by the Afrika-Verein der deutschen WirtschaftJOHANNESBURG, South Africa, March 4, 2019/ -- The 13th German-African Energy Forum is going to set the stage for German and Africa businesses as well as public enterprises to expand our economic ties, do deals,...

Unbanked People in Africa to Benefit from the Joint Venture between Paxful and Bitmart Exchange

In a strategic move to enter the growing peer-to-peer revolution, BitMart integrates Paxful onto the exchangeNAIROBI, Kenya, March 5, 2019/ -- Paxful, a peer-to-peer Bitcoin marketplace, announced on February 21, 2019 at 9am,  an integration onto BitMart, a premier global digital asset trading platform in the cryptocurrency market with over 600,000 users worldwide. This...

Kenyan Beer maker mourns how youth are spending on betting instead of alcohol

Betting is now a “serious” competitor to the local alcohol business, Kenya Breweries Limited (KBL) Managing Director Jane Karuku has said, citing an increased desire for quick riches among youth. Ms Karuku said during a media briefing at the company’s headquarters in Ruaraka, Nairobi, that after food and mobile phone airtime, people below 35...

Egypt pledges a number of initiatives to boost investment, integration and governance

A Guarantee Fund created to assist Egyptians companies to invest in the continentSHARM EL SHEIKH, Egypt, December 10, 2018/ -- Egypt sends a clear message of intent as it prepares to take over chairmanship of the African Union; A Guarantee Fund created to assist Egyptians companies to invest in the continent; Governance and the fight against...

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Buhari hosts Emir of Qatar, urges him to invest in Nigeria

President Muhammadu Buhari on Tuesday received the Emir of Qatar, Sheikh Tamim bin Hamad Al-thani, at State House, Abuja, urging him to...