Djibouti: The country’s economic situation in the first quarter of 2010

(HornTrade) - The national economy in the first quarter of 2010 remains at a level favorable, according to a recent newsletter published by the Ministry of Economy and Finance.

The Bulletin considers promising  the field of electricity and water, in the number of subscribers, with the first quarter of 2010, 562 additional subscribers between two successive quarters and 1828 subscribers compared to last year’s same period.

In the water sector, on an interval of three months, the number of subscribers increased from 18 984 to 19 250 subscribers is 266 subscribers by adding (1.4%). Read the rest of this entry »

Stratex Intl targets more discoveries

(HornTrade) – Stratex hailed its “rapid progress” of its expansion into the Afar Depression of Ethiopia, where it focused on further exploring the potential prospectivity of the project after discovering the Megenta low-sulphidation epithermal gold project in November 2009. Mapping and sampling results at Megenta gold discovery included values of up to 16.2 g/t gold at original surface level of the epithermal system.

Stratex has expanded its ground holdings in the vicinity of Megenta and has also moved into neighbouring Djibouti where the same Read the rest of this entry »

Djibouti: Groupe BANK OF AFRICA (BOA) and Crédit Agricole SA today announced the conclusion of an agreement for the acquisition of Banque Indosuez Red Sea (Djibouti) by BANK OF AFRICA

(HornTrade) – The BANK OF AFRICA Group and Credit Agricole SA (“Credit Agricole”) announced today that they conclude an agreement on the acquisition by the BANK OF AFRICA capital of Banque Indosuez Red Sea (“BIMR”), the banking subsidiary of Credit Agricole in Djibouti. BANK OF AFRICA will subsequently enter Proparco and FMO BIMR  in the capital.

The completion of this transaction is subject to validation of financial authorities and regulatory authorities and may occur before the end of the fourth quarter of 2010. Read the rest of this entry »

About 200 containers of imports at stake

(HornTrade) – About 200 containers of Ethiopian imports are at stake at the Hong Kong waters, as the vessel on which they are loaded is in danger after the ship struck an underwater object and later berthed at the port of Hong Kong for a month now.

The Singapore-registered vessel, Kota Kado, hit a snug while transiting the strait between the Miaowan and Beijing islands, with over 1500 containers and twenty-two crew members on board. The vessel was supposed to call at the port of Djibouti days ago as its final destination, according to informed sources. Read the rest of this entry »

World Bank Boosts Support for Poverty Reduction and Power Access in Djibouti

(HornTrade) -  Efforts by the Government of Djibouti to accelerate poverty reduction in the poorest areas of its capital and to expand access to electricity for poor people received further support from the World Bank on July 28 with additional grant financing of $8.9 million.
“The Republic of Djibouti and the World Bank signed additional financing agreements for the Power Access and Diversification Project (US$6.00 million) and Djibouti’s Urban Poverty Reduction Project (US$ 2.9 million). Ambassador Robleh Olhaye Oudine, representing the Government of Djibouti, and Read the rest of this entry »

COMESA Yellow Card: A Reliable System of Insurance

(HornTrade) – Founded in 1986, the COMESA Yellow Card is a regional system of auto insurance covering all member countries. The insurance risk is still relevant. Both the strategic importance of cross-border transport and the volume of heavy truck movements pose the challenge of balancing the flow and safety of traffic on the international corridor.

Border trade occupies an increasingly prominent place in the national economy. For the port of Djibouti became the natural outlet of Ethiopia in recent years. Result: transit operations are a large component of port operations in the country. Transit Ethiopia amounted to 77.4% of traffic from the port of Djibouti in 2009. And the movements of Ethiopian trucks totaled 206,842 trips during the past year. Read the rest of this entry »

Djibouti Container Terminal Doraleh(DCT): Horn of Africa, a new service for Maersk Line

(HornTrade) – Beginning at the Port of Tanjung Pelepas Malaysia and making a maiden voyage to commemorate the opening of a new service called “Horn of Africa (Horn of Africa), Maersk Line, the container ship Maersk docked Tuesday  at the Container Terminal Doraleh.

From the port of Jebel Ali in Dubai, the behemoth has unloaded some 328 containers at Container Terminal at the Port of Djibouti, to pick up remaining 305 before weighing anchor on the same day for Jeddah in Saudi Arabia. Read the rest of this entry »

European Bank halts financing Ethiopia’s controversial power project

(HornTrade) — As protests from various green campaigners grew to stop the Gibe III hydroelectric dam project in Ethiopia, the European Investment Bank (EIB) said it has dropped the funding environmental and social impact studies for the project.

However, the European Bank said – it stopped funding the studies due to the alternative financing and not because of the “results of these preliminary studies”.
Read the rest of this entry »

East Africa in drive to develop neglected drylands

(HornTrade) - A broad initiative to develop East Africa’s drylands — where living conditions are among the toughest on the planet — was launched Friday by renowned US economist Jeffrey Sachs and regional bodies.

“Under the Drylands Initiative, thousands of pastoralists who have historically been neglected will benefit from animal production, infrastructure, health, education, and business projects,” said a statement. Read the rest of this entry »

Uganda remains best investment destination in East African region

(HornTrade) – The World Investment Report has again ranked Uganda the leading investment destination in East Africa for the fourth year running. The WIR report prepared by the United Nations Conference on Trade and Development (UNCTAD) simultaneously released globally; indicated that in the year 2009, Uganda’s Foreign Direct Investment was $799 million (Shs1.79 trillion) up from the $787 million (Shs1.45 trillion) recorded the previous year. Read the rest of this entry »