Vol ix issue xi

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NOW FLYING TO THE MAGNIFICENT SIGHTS OF BRAZIL

n DIGEST

n DIGEST

Burundi plays major role in regional to tourism

Uganda's 2013 MDG scorecard

Singa

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Three times weekly to Rio & Sao Paulo

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and no

flights www

www.ethiopianairlines.com

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VOL. 9, ISSUE 11 OCTOBER 21 - 27, 2013

www.busiweek.com

A F R I C A N

UNVEILING OPPORTUNITIES

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

$113m each for Rusumo project

BY PATRICK KISEMBO

nDAR ES SALAAM, Tanzania— Burundi, Rwanda and Tanzania received $113 million each towards construction of the new Rusumo hydroelectric dam that will cost nearly $500 million in total. The project straddles the common borders. The relevant finance ministers were at the World Bank headquarters in Washington last week, to officially seal the deal and receive the average $113.3 million earmarked for them. At the signing ceremony were Burundi’s Minister of Finance and Economic Planning, Tabu Manirakiza; Rwanda’s Minister for Finance and Planning, Clever Gatete and Tanzania's Finance Minister, Dr. William Mgimwa. In attendance was also the World Bank Director of Strategy, Operations and Regional Integration, Colin Bruce. According to the World Bank, the overall project cost is $468.6 million. When completed by December 2020, the Rusumo dam will supply 80MW to the three national grids. The World Bank’s Board of Executive Directors had already approved $340 million for the Regional Rusumo Falls Hydroelectric Project which aims to benefit people in Tanzania, Burundi and Rwanda. TO PAGE 2

Fuel shortage hits Moi airport BY HUMPHREY LILOBA nNAIROBI, Kenya-A fuel shortage here reached its peak last week with the closure of the busy Moi International Airport in Mombasa over lack of the commodity. Flights to the tourist city were diverted to other airports among them Jomo Kenyatta International Airport, Entebbe, Dar es Salaam among others. The shortage of jet fuel was so biting that the airport was closed for over 24 hours.

Uganda tops in Rwanda trade BY DIAS NYESIGA nKIGALI, Rwanda-- Uganda came out top as Rwanda's leading regional investor with trade between the two countries also growing by 25% compared to the previous year. Policy makers and business community say this needs to be strengthened. Foreign investment from Uganda grew to $ 23 million in 2011 with trade between two countries leveling at $241 million from $192 million in 2011. “We have been working in partnership with our colleagues in Uganda to ensure that we smoothen trade across borders especially informal cross border trade which have strengthened bilateral trade between Rwanda and Uganda,” Emmanuel Hategeka, Rwanda’s Permanent Secretary in the Ministry of Trade and Industry said recently. He was speaking at the Rwanda-Uganda Forum held in Kigali. The implementation of the cross-border trade policy, one stop borders that reduced time delays in goods clearance by up to 50% , SME policy and simplification of work permits for foreigners working in the country has attracted more traders and investors from the region and international. TO PAGE 2

Finance ministers from the three countries- (left to right) Burundi’s Minister of Finance and Economic Planning, Tabu Manirakiza; Tanzania’s Finance Minister, Dr. William Mgimwa; the World Bank Director of Strategy, Operations and Regional Integration, Colin Bruce and Rwanda’s Minister for Finance and Planning, Clever Gatete, at the singing of the Rusumo Falls Hydropower agreement. (Photo: By Ms. Ingiahedi Mduma and Ms. Eva Valerian-Washington DC)

The average consumption of jet fuel at the Mombasa Airport is between 210,000 liters and 300, 000 liters per day. Aircrafts always fuel upon landing at various airports. According to the Airport Manager Yatich Kangugo, the shortage is not purely out of insufficient imports, but also wrangles between the Kenya Petroleum Refineries Limited and oil marketers. “We are appealing to Kenya PetroTO PAGE 2

Uganda fixated with 6% GDP BY EMMA ONYANGO

nKAMPALA, Uganda –Bank of Uganda has said a 6% growth rate forecast for this financial year ending June 2014 can still be achieved despite a spike in inflation levels. While giving a briefing on the latest Monetary Policy for October in Kampala recently, Prof. Emmanuel Tumusiime Mutebile, the Governor, said indicators of stronger economic activity were positively leaning. The central bank stayed its benchmark rate, the TO PAGE 2

Brigh great Sing thrice Bright destin

China joins $108m package for Kenya BY HUMPHREY LILOBA nNAIROBI, Kenya- CfC Stanbic Bank, a member of Standard Bank Group, and the Industrial and Commercial Bank of China (ICBC) have concluded a $108 million debt financing package with Triumph Kenya for the construction of an 83MW heavy fuel oil plant in the east African nation. As mandated co-lead arrangers, CfC Stanbic Bank provided $28 million of debt funding while ICBC supplied the remaining $80 million for the plant, which is currently being built 25 kilometres from Nairobi. Kenya Power has signed a 20-year agreement with Triumph to purchase power from the plant, which will be a crucial supplier to the utility during times of drought when TO PAGE 2

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