Archive for October, 2010

Djibouti: Djibouti banks would like to rate the Ethiopian birr

(Horntrade) – The banking center of Djibouti would like to contribute more substantially to the international trade of Ethiopia. But unlike the Djibouti franc, fully convertible and pegged to the dollar, the Ethiopian birr is highly regulated. Djibouti has a solution.

At the initiative of BICMR (Bank of Industry and Commerce Red Sea), a discussion was opened up recently between the Bank of Djibouti and the Central Bank of Ethiopia in order to remove the obstacles faced by traders in the transfer of cons-dollar values of their holdings in Birr. These barriers are a major hindrance to the development of regional trade.
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Africa: Air France is Increasing the Number of Flights

(HornTrade) – In Africa, Air France is adding a new destination to its network. Bata, in Equatorial Guinea, will be served twice weekly via Malabo by A319 Dedicate (subject to infrastructure compatibility), and there will be daily flights to Malabo.

Air France is increasing the number of flights to Pointe Noire in the Republic of Congo (5 weekly flights) and to Libreville (5 weekly frequencies subject to authorization from the Gabonese authorities).  Read the rest of this entry »

Djibouti: Djibouti Telecom teams up with Telecom Italia Sparkle for IP POP

(HornTrade) – Fixed line operator Djibouti Telecom and Telecom Italia Sparkle, the international wholesale arm of Telecom Italia, yesterday announced their top-tier IP Point of Presence (POP) is now available in the capital, Djibouti City. The new POP has been established for the development of IP services in East and South Africa. The pair hope to use the new link to provide cost effective, high quality and secure global IP connectivity to TLC operators, ISPs and service providers that are connected to Djibouti through existing and upcoming cable systems such as Read the rest of this entry »

Africa’s young business leaders to meet in Ethiopia

(HornTrade) – Africa’s emerging leaders in business will converge next month in the Ethiopian capital to discuss investment opportunities and challenges facing the continent in global trade.

The meeting, first of its kind, will be held in Addis Ababa and will be attended by approximately 200 young businessmen and women.

Some of the young business leaders expected at the invitation-only meeting are Kenya’s Titus Gitau, Director of MEA Fertilizers, Arthur Mutambara, Deputy Prime Minister of Zimbabwe; Khumo Shuenyane, Head of M&A for MTN, the cellular giant; Ngozi Edozien, Head of West Africa at Actis, one of the largest Private Equity firms in Africa, Amara Konneh, Minister for Planning and Economic Affairs (Liberia) and Alex Okosi, Head of MTV Africa. Read the rest of this entry »

France-Ethiopia: Ethiopian, AFD sign 30 mln euro loan agreement

(HornTrade) - The Ethiopian Airlines and the Agence Francaise de Development (AFD) signed a loan agreement of 30 million euro at the Ethiopian Airlines Headquarters on Friday.

The agreement is aimed at financing the expansion and upgrading of Ethiopian Airlines training academy with the state-of the-art infrastructure and facilities. The agreement covers a 15 year term loan, part of which is confessional.

Tewolde Gebre Mariam, Designate Chief Executive Officer (CEO) of the airlines and Didier Grebert, AFD Regional Manager for Ethiopia, Sudan and Somalia signed the agreement.
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East Africa: Reykjavik Energy

(HornTrade) -  “In East Africa utilisation of the geothermal potential could free the people of several nations from the bondage of energy poverty,” foreign minister Ossur Skarphedinsson told the UN General Assembly late September.
Last May, Reykjavik Energy and Mitsubishi Heavy Industries signed an agreement to cooperate on geothermal ventures overseas. Reykjavik Energy will lead the venture but Iceland GeoSurvey and three engineering companies — Mannvit, EFLA and Verkis — are also involved, along with a drilling company and two architect studios.

“But it is still in the beginning stages,” says Kristjan B. Olafsson from Reykjavik Energy Invest (REI), the international arm of Reykjavik Energy.
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South Soudan: Uncertainty over Lamu port as S. Sudan begins railway project

(HornTrade) – Construction of a modern railway  linking South Sudan to Uganda will begin before the end of the year, even as uncertainty clouds the Government’s plans to construct a new port at Lamu; considered a vital sea route for South Sudan’s crude oil exports.

“While the initial plan was to hit the existing Kenyan rail link at Rongai, where we were to build a container terminal. We are now also considering Lamu port,” Castello Garang Ring Lual, special advisor to South Sudan President, Salva Kiir, told The Standard. Read the rest of this entry »

Yemen: Parliament Forms Panel to Investigate DP World

(HornTrade) – Parliament approved on Saturday forming a panel to probe what MPs said were plans of the Dubai Ports World aimed at striking Aden Port, excluding it from providing services for ships and shifting international navigation route to Djiboutian and Dubai Ports.

The panel will comprise members of the Oil and Development and Transport and Communication Committees.

MPs urged to seriously address the issue of the port, which has already lost its prestige and significance as one of the old and strategic ports in the world due to irresponsible acts by the DP World. Read the rest of this entry »

Kenya: Kenya Airways acquires another aircraft

(HornTrade) – National flag carrier Kenya Airways has taken delivery of an additional aircraft, Boeing 737-300, with an aim of satisfying the increasing travel market demands.

The aircraft will be operating the regional routes to boost the ever increasing demand. The equipment registered as 5Y-KYN has been leased from KLM.

Chief Executive Officer Dr. Titus Naikuni said that the additional aircraft was in tune with Kenya Airways strategy to increase the level of efficiency across the network by offering passengers more convenience. Read the rest of this entry »

Gibe III hydropower dam in Ethiopia: Group says power project will increase poverty

(HornTrade) – China has been urged to withdraw the funding of the now controversial construction of Gibe III hydropower dam in Ethiopia.

Through a petition by a group calling itself the Friends of Lake Turkana (FoLT) to the Chinese ambassador to Kenya, it is argued that once the project is implemented, the 240-metre high dam will compromise “a very fragile and unique ecosystem” which is identified as a protected area.

According to FoLT chairperson, Ikal Ang’elei, the filling of the reservoir will block the south-western part of the Omo River, threatening the livelihood of more than 200,000 people living in the lower Omo valley. Read the rest of this entry »