Vol ix issue x

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NOW FLYING TO THE MAGNIFICENT SIGHTS OF BRAZIL

n DIGEST

n NEWS

Burundi plays a role in regional to tourism

Tanzania moots plan to speed up Dar

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A F R I C A N

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UNVEILING OPPORTUNITIES

VOL. 9, ISSUE 10 OCTOBER 14 - 20, 2013

KSH40; TZSH1000; USH1,500; RWF600; BIF 1,500; 5BIRR,SS£ 2.5

10 years for EAC shilling

BY ISAAC MWANGI

nNAIROBI, Kenya – The region’s heads of state are scheduled to sign the East African Monetary Union Protocol next month but, actual implementation will take at least 10 years before it can become fully

operational. East African Community Deputy Secretary General in charge of Infrastructure and Planning Enos Bukuku said the transition period will see the creation of various institutions for purposes of surveillance, compliance and enforcement.

These institutions include an East African Monetary Institute to be created within two years of the signing of the Protocol, and which will be expected to evolve into an East African Central Bank. The creation of institutions and harmonisation of standards will pave the way for the is-

BY HUMPHREY LILOBA

BY DENIS GATHANJU nBUJUMBURA, Burundi--Burundi has begun an aggressive campaign to attract foreign investment in tandem with marketing its tourism attractions. It is one of notable performers in the annual World Bank/IFC Doing Business Survey in recent years. In Burundi a new business can be registered in a day, allowing for new investors to quickly get their projects off the ground. “We have enacted new legislation that encourages and fosters new investments. This has further been bolstered by easy and straightforward economic policies that have made it far much easier to register and open a business in Burundi,” the Burundi Minister for Commerce, Posts and Tourism, Victorie Ndikumana said last week. YOU ARE WELCOME: Victorie Ndikumana says the government is offering a host of waivers for investors. FILE PHOTO TO PAGE 14

Uganda to finalise refinery land nKAMPALA, UGANDA-Uganda expects to hand over the 29 square kilometres of land on which the new oil refinery will be built on in April 2014. The land, situated in Kabaale Parish in Hoima District, western Uganda, will be handed over after full compensation for former land owners. According to Robert Kasadde, of the Ministry of Energy’s Petroleum Production department the bidding process will be complete by February

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Kenyan losses $3.8b to crooks

Burundi offers one day service

BY PAUL TENTENA

suing of a single currency in 2024, Dr Bukuku said last week. A regional institution dealing with statistics will also need to be created, Dr Bukuku told the breakfast gathering in Nairobi.

2014. This follows a recent call for Statements of Qualifications (proposals) from competent bidders to construct the facility will in the beginning process 30,000 barrels per day. “A transactional advisor Taylor Dejongh, a US-based independent investment consultant, is handling the process together with the Public Procurement and Disposal of Public Assets Authority (PPDA). “We expect that in April 2014, after full compensation of all locals on the TO PAGE 2

British firm hits Tanzanian gas BY LEONARD MAGOMBA

nDAR ES SALAAM, Tanzania - British energy giant, BG Group, has announced the discovery more gas deposits off the Tanzanian coast. Testing has been taking place in the Pweza gas field just off southern Tanzania. “We are very pleased with the results of our testing and appraisal of Block 4 gas fields, with resources in the order of 4 trillion cubic feet (tcf) of natural gas,” BG Group’s President and Asset General Manager for East Africa, Derek Hudson TO PAGE 2

nNAIROBI, KENYA--The Kenyan economy lost a colossal $3.8 billion to crooked government officials. A report released last week has revealed. A report from the Auditor General’s office shows the money spent by the government in the financial year 2011/2012 cannot be accounted for. According to the document, only KSh55.2 billion (about $635 million) of the KSh920 billion ($10 billion) the government spent can be accounted for. Auditor General Edward Ouko said that more than half of the statement errors were due to unsupported expenditure, failure by civil servants to surrender imprests, unauthorised spending and uncleared balances.

Rwanda ranked 9 in Africa BY DIAS NYESIGA nKIGALI, Rwanda—The government’s efforts to keep the economy afloat and shield it from negative global spillovers has paid off the with a ranking of 9th on the continent in terms of economic reforms that spur growth. Ahead of Rwanda are, Senegal, Ghana, Algeria, and Namibia in excelling in economic growth, improving healthcare and attracting greater foreign and domestic investments Botswana tops the rankings followed by South Africa, Morocco, and Tunisia. According to ‘Insight on Africa: Special Report’, economic growth, improving health standards and greater foreign and domestic investment are key factors that are spurring TO PAGE 2


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