July: Africa Top 10 Investment and Economic Stories

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African Agriculture to Gets $24 Billion in 10 Years

Akinwumi Adesina (President AfDB) has announced that for the next 10 years, The African Development Bank is set to make $24 billion investment to support agriculture sector of Africa.

AfDB’s investment is in line with Feed Africa program which is an agriculture development strategy to make sure that, by the end of next decade, Africa produces enough food to feed its ever growing population. Read more.

Kingchick to invest $225,000 in its Poultry Infrastructure

Another good news for Africa agriculture sector, Kingchick Poultry is contributing to the provision of good food in the local market. Rose Sweya established Kingchick back in 2010 and now it has become the major producer of broiler chickens.

AgDevCo has announced $2, 25,000 debt to support Kingchick to meet improve the infrastructure and production to help food security across Tanzania. Read more.

 

IFC Invests 3 Million Euro in Frutas & Legumes

It has been reported that a Euro 3 million investment in Guinea-Bissau’s first bio certified company, Frutas & Legumes, will be made by the International Finance Corporation. Frutas & Legumes is the major exporter in Guinea-Bissau, dealing in mangoes and cashew nuts.

The company is owned by the Spanish families and was established three years back in 2014. Frutas & Legumes contribute 90% of the revenue in cashew sector of the country. Read more.

 

IFC and GAFSP Partners with United Nations World Food Security Program

To help poor farmers in Rwanda and Tanzania, the United Nations World Food Security Program has signed a partnership with Global Agriculture Food Security Program and the International Finance Corporation.

GAFCP is dedicated to the implementation of the global agreements to help investment plans in different communities. The aim of the agreement is to help poor farmers by offering better farming solutions and reducing the risks involved in their farming activities. Read more.

 

Lanseria International Airport to Get Innovative Technology Assistance

SITA, a new self-service technological innovation will now feature Lanseria International Airport facilities in order to serve the passengers with a better experience and convenient proceedings at the terminal. This is the first time that innovative technology is being used by aritports. And it is a good developemtn in Africa aviation industry.

Lanseria International Airport in Northern Johannesburg has the objective of improving the routine procedures at the airport and facilitating the passengers through this innovative self-service.

Once SITA gets operational, the passengers will require less than a minute to check-in and reach the gate without requiring to prove their identities, waiting in lines and answering to irritating questions at the counter. Read more.

 

Accoin Microfinance Bank Receives $1.6 Million Loan

In an attempt to help Accoin Microfinance Bank, a grant of $1.6 million has been approved by the Citibank. The purpose is to promote and help microfinancing in Nigeria. This is an important development in Africa finance industry.

Lola Oyeka (Country Public Affairs Officer for Nigeria and Ghana, Accoin MFB) giving a statement in Lagos, publically announced the provision of Cititbank grant. Read more.

 

$4 Billion Investment from PowerChina Inernational Group Limited

Africa energy industry to get boost by multi billion dollar investment from China. According to the announcement made by PowerChina Inernational Group Limited, the company is anticipating US $4 billion investment in Ghana’s energy sector.

During the next decade, through the first phase, 200MW energy will be generated through solar panels.  The project will start by next year.

A relatively small project of 50MW solar energy plant at Bui in Northern Ghana has already been awarded to some other company. Read more.

 

World Bank Approves $150m for Renewable Energy

The World Bank has credited $150 million for Off-Grid Solar Access Project for Underserved Counties in Kenya, courtesy the association of International Development Association (IDA).

The main objective is the provision of off-grid energy to 277,000 houses, holding 1.3 million population in 14 different counties in Kenya. Read more.

 

Egypt: $635 Million Investment by IFC in Solar Plant

In an attempt to construct 11 solar energy plants, featuring a total of 500MW electricity production, the International Finance Corporation is going to leverage $635 million, which is going to be Egypt’s one of the largest foreign investment during the current decade.

The IFC Director for the Middle East and North Africa, Mouayed Makhlouf remarks that such a huge investment is the indication of the fact that the right policies and willingness to help the reforms attract the private sector to invest in such mega projects helping different sectors. Read more.

 

Tanzania Receives $21.7 Million from CIF for Geothermal Plant

Tanzania has received a $21.7 million grant from the Climate Investment Fund in order to help the exploration of geothermal energy and improve the energy sector of the country.

The investment will help Tanzania’s Geothermal Energy Development Project. This project will strengthen the country’s economy and will enable the energy sector to generate sustainable energy by using the latest technology.

$21.7 million has been split into a 16.7 million grant from Scaling-up Renewable Energy Program of CIF and $5 million is a loan from African Development Bank. Read more.

 

Mobisol Gets $11.4 from FinnFund to Expand in East Africa

To ensure the operational expansion in East Africa, the German solar energy producer, Mobisol has been helped with $11.4 million by FinnFund, a Finland’s industrial fund manager.

Mobisol’s existence in Kenya is already profound and has constructed solar energy plants generating 10MW helping the small business. The company has its presence in Rwanda and Tanzania as well. Read more.

 

Kenya Gets New Isiolo International Airport

Isiolo International Airport receives a commission from the Kenyan President Uhuru Kenyatta. The President declared that the airport will serve as a catalyst to the country’s economic development.

The President went on to say that the airport will uplift tourism industry and generate new jobs as well. The airport will help Kenya to export fresh products including meant to the Lower Eastern region and its strategic location holds the key for Lamu Port-South Sudan- Ethiopia- Transport. Read more.

 

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