Archive for June, 2010

Horn of Africa To Receive EUR20 Million Aid Package For Drought

(HornTrade) – The European Commission adopted Wednesday a € 20 million humanitarian financial package to support 12 million people affected by drought in Djibouti, Eritrea, Ethiopia, Kenya, Somalia and Uganda. This funding will help efforts to develop the populations’ resilience to drought and adapt to climate change.

The Greater Horn of Africa has been severely affected by recurrent and persistent manmade and natural hazards, leaving populations highly vulnerable to drought, human and livestock disease outbreaks, and to a lesser extent Read the rest of this entry »

Djibouti, IMF strengthening policies to deal with economic challenges

(HornTrade) – A mission from the International Monetary Fund (IMF) visited Djibouti from June 2-9, 2010 to discuss progress under the Extended Credit Facility (ECF), which replaced the Poverty Reduction and Growth Facility (PRGF) approved in September 2008. Mr. Carlo Sdralevich, IMF Mission Chief for Djibouti, issued the following statement today:
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Horn of Africa: Failed States Index

(HornTrade) – The Failed States Index is a collaboration between the Foreign Policy magazine and The Fund for Peace and will be published on the July/August 2010 issue of Foreign Policy. The Index is intended to highlight states that pose global security threats or bring tragedies for their own people. The Index is compiled by analyzing data in the following areas: factionalized elites, human rights, delegitimization of the state, economic decline, demographic Read the rest of this entry »

How the French got their way in battle for Telkom Kenya

(HornTrade) – France Telecom has quietly negotiated a sweetheart deal with Kenya’s Treasury that guarantees the company liberal privileges including lucrative contracts to exclusively manage and control assets built by the government at a cost of millions of dollars.

The French company is co-owner with the Kenya government of Telkom Kenya Ltd, having paid out $369 million in 2007 for a 51 per cent stake in the former state-controlled monopoly.
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Djibouti: Shoura Bank Inaugurated

(HornTrade) – The new premises of the Shoura Bank was inaugurated today, the 20th of  June 2010.

The Shoura Bank, which is a new Islamic financial institution, belongs to the holding Egyptian Shoura. It occurs particularly in the areas of trade, agriculture, industry, real estate, tourism and the medical field.

The doors open Shoura Djibouti Bank is part of the national authorities’ policy of more open banking market to different segments of the population of Djibouti. Read the rest of this entry »

Gazprom in EZW’s Djibouti free zone

(HornTrade) – Economic Zones World (EZW) announced that a subsidiary of Russian gas giant, Gazprom Energy, has established a base at its Djibouti Free Zone (DFZ).

Managed by Jafza, the flagship company of EZW, the Djibouti Free Zone is a gateway to East Africa and one of the single most important strategic logistics hubs to provide access to strategic markets in East and Central Africa and beyond. Read the rest of this entry »

DP World extends the port of Maputo deal to 2033

(HornTrade) – DP World has reached an agreement with the government of Mozambique to extend the Dubai company’s concession for the port of Maputo until 2033, with an option to operate it for a further 10 years.

The concession will replace an earlier 10-year agreement under which DP World was to have operated the terminal between 2008 and 2018 and will help the port operator to continue its coverage in the fast-growing Africa region. Read the rest of this entry »

Uganda graduates to medium development status

(HornTrade) – Uganda has moved from low developing to the medium developing country categorisation by the United Nations (UN) Human Development Index.

Since 1990, the UN has published annually the index report, which looks at the life expectancy, adult literacy, education enrolment and decent standards of living measured by the purchasing power parity.

From 2007, Uganda’s life expectancy moved to 51.9 years from 50.5 years in 2006 and 42-44 in 2003. Read the rest of this entry »

Kenyan green group seeks ban on Ethiopian power

(HornTrade) – A Kenyan conservation group has appealed to the nation’s high court to prevent the government and an energy company from buying power produced by the vast Gibe 111 hydropower dam in neighbouring Ethiopia.

Ethiopia hopes the 1.4 billion euro project will nearly double its power generation capacity, currently just under 2,000 MW, end power cuts at home and allow the Horn of Africa nation to export electricity. Read the rest of this entry »

Ethiopia: a billion Euros worth of fuel in the past 11 months

(HornTrade) -  Ethiopia imported one billion Euros worth of fuel in the past 11 months, which shows the country’s ever rising fuel consumption, APA learns here on Monday.

The Ethiopian Petroleum Enterprise said that the rise in fuel consumption has been witnessed due to the rapid economic growth of the country.
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