Tanzania: Bank of Africa to Support SMEs

(HornTrade) – BANK of Africa Tanzania has reaffirmed its commitment to develop the Small and Medium Enterprises (SMEs), as a way of attaining fast socio economic development in the country.

This was said by the bank’s Managing Director, Mr Ammish Owusu-Amoah during a breakfast meeting prepared by the bank for its SMEs clients in Dar es Salaam on Wednesday.

Talking to journalists, Mr Owusu-Amoah said: “We are committed to developing the country’s SMEs sector.” The MD said that the bank believed that it is SMEs that ultimately leads to big businesses in any country and therefore the meeting sought to hear and get first hand information from them in regard to challenges and concerns all geared toward improving the bank’s services. Read the rest of this entry »

EU Plans to Boost East Africa’s Capacity to Deal With Pirates

(Horntrade) – The European Union will begin a program to help East African nations improve maritime security as pirate attacks in the region decline, EU Ambassador to Tanzania Filiberto Ceriani Sebregondi said.

The so-called Regional Maritime Capacity Building program will cover Somalia, Kenya Tanzania, Djibouti, Seychelles and Mauritius, Sebregondi said in an interview yesterday in Dar es Salaam, Tanzania’s commercial capital. “The program starts in a couple of weeks or months, and will last for one to two years, with a possibility of extending it,” he said. Read the rest of this entry »

Stratex sees Afar becoming a major play after bonanza grade samples

(HornTrade) – Stratex International (LON:STI) has found a major new gold vein at its Afar prospect in Djibouti, Africa.

The new vein, called Pandora, is a 5 km long structure hosting a vein up to 2.5 m wide.

It was discovered during helicopter reconnaissance as part of a wider exploration programme by its joint venture partner Thani Ashanti.

Best results from 43 channel-chip samples across the main zone included grades from 9.81 g/t gold to one of 25.9 g/t gold.

One float vein sample 6.5 km NW of the main zone returned a bonanza 80.1 g/t gold and highlighted the potential of the surrounding area, Stratex said.

It has been awarded an exclusive exploration licence for the 93 sq km Oklila area, which covers the Pandora vein system and surrounding ground.

Elsewhere in Djibouti, Stratex added that further analysis of samples from the Hercules rhyolite domes at Asal had shown 0.68 g/t gold over 24 metres and 6.64 g/t gold over 1.8 metres. Read the rest of this entry »

Cement Prices Increase by 20% in Ethiopia

(HornTrade) – The price of cement on the retail market in Ethiopia has seen a 20% increase following months of persistent decline. The price of cement ,with the exception of the products of Derba Midroc Cement,  rose from 225 birr per quintal to 280 birr retail. The reason behind the increase in the price is unknown according industry operators. Read the rest of this entry »

Somali Oil: India Takes a Regional Approach

(HornTrade) – It is no surprise that piracy has steadily climbed up the ranks of threats to India’s security, given India’s energy trade with the Middle East. But now, with vast untapped oil reserves reported in Somalia and just off its coast, piracy emanating from the Horn of Africa is impinging on India’s future energy sourcing opportunities as well. Read the rest of this entry »

Billion-dollar building binge squeezes out Ethiopia’s poor

(HorntTrade) – One of the world’s biggest aid recipient countries, Ethiopia has for the last ten consecutive years claimed more than 10 per cent economic growth annually, and has predicted 11 per cent for this year.

The International Monetary Fund estimates growth has on average been seven per cent, and would slow down to 5.5 per cent next year. But apart from the disparity in figures, it is widely agreed that Ethiopia has consistently been one of Africa’s fastest growing economies, even if from a weak base. Read the rest of this entry »

Ethiopia: Reduction of Capital Required to Import Tracker Devices

(HornTrade) – The Revenues and Customs Authority of Ethiopia is considering the reduction of the 20 million birr capital required of IT companies interested in supplying the electronic cargo tracking devices to be installed on freight tracks traveling to and from Port Djibouti.

The tax authority has not certified any suppliers yet because the established requirement proved to be a deterrent according to sources.   Read the rest of this entry »

Djibouti economy to grow 4.8 pct in 2012 – IMF

(HornTrade) – Djibouti’s economy will expand 4.8 percent this year from 4.4 percent in 2011, driven by an acceleration of port activities, construction and services, the International Monetary Fund said on Wednesday.

The rate of inflation in the tiny Red Sea state is expected to slow to 4.3 percent in 2012 from 5.1 percent last year, when rising global food and oil prices hurt the import-dependent nation. Read the rest of this entry »

East Africa: Kenya’s Big Oil Find – Things Will Never Be the Same Again

(Horntrade) – Ever since independence, Kenya has been looking wistfully around Africa at the vast natural resources which have blessed (or cursed) so many African countries.

There was no gold in Kenya, no oil, no platinum or tanzanite or diamonds, and few other minerals. Plenty of tea and coffee, and a landscape and history with an inexorable pull on tourists, but none of these were huge, easy money-spinners.

Despite (or perhaps because of) this, Kenya turned itself into one of the strongest economies in Africa, indisputably East Africa’s economic powerhouse. Read the rest of this entry »

Ethiopia sells off seven state firms, to offer more

(HornTrade) -  * Eyes privatisation of another 40 firms

* Rules out airlines, telecoms and banks

Ethiopia has accepted bids worth 2.1 billion birr ($121 million) for seven state-owned firms, part of a plan to privatise dozens of corporations in the next three years, it said on Thursday.

The Horn of Africa nation, whose state-dominated economy ranks among the fastest growing in the world, aims to sell around 40 enterprises, including several large farms, a winery and a big hotel. Read the rest of this entry »