n DIGEST
NOW FLYING TO THE MAGNIFICENT SIGHTS OF BRAZIL
Sorry, credit can get us broke!
n NEWS
SINGAPORE SINGAPORE
Rivals choose Ethiopian Airlines
Singapore wants you to come and enjoy
Three times weekly to Rio & Sao Paulo
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Bright light,shopping,business e.t.c andby now, G ardens the B aya great way to get there...on Ethiopian’s Singapore wants you to come and enjoy thrice weekly flights to its 8th Bright lights, shopping , business, food destination in the far sightseeing east. , trade , great
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and now, a great way to get there ...on Ethiopian’s thrice weekly th
flights to its 8 destination in the far east. www.ethiopianairlines.com
www.ethiopianairlines.com
E AST
SINGAPORE SINGAPORE
The Merlion Statue
The Merlion Statue
Singapore wants you to come and enjoy
Singapore wants you to come and enjoy
Bright light,shopping,business e.t.c and now, a Bright lights, , business, sightseeing , trade , great food great wayshopping to get there...on Ethiopian’s and now, a great way to get there on Ethiopian’s thrice weekly thrice weekly flights to its 8th flights to its 8th destination in the far east. destination in the far east. www.ethiopianairlines.com www.ethiopianairlines.com
www.ethiopianairlines.com
www.busiweek.com
A F R I C A N Gardens by the Bay
UNVEILING OPPORTUNITIES
VOL. 9, ISSUE 19 DECEMBER 16 -22, 2013
lCompanies Act for review
KSH40; TZSH1,000; USH1,500; RWF600; BIF 1,500; 5BIRR,SS£ 2.5
lQuick visas for Africans
Kenya to review FDI policy BY HUMPHREY LILOBA
nNAIROBI, Kenya--Kenya needs to overhaul the business regulatory environment to aggressively attract foreign direct investments in order to attain sustainable economic growth over the next 50 years,
the World Bank has suggested. The bank warned in its latest Kenya Economic Update report published last week, that short term inflows that continue to trickle in were not reliable. This is because they were shaped by investor risk aversion which could change abruptly
in response to unfavourable changes in political and economic landscapes. While the country has struggled to attract direct investment into productive sectors, it has been experiencing growth in short capital flows through the Nairobi Securities Exchange where active foreign investors
Ethiopia signs for $128m from AfDB
Holland gives Rwanda $12m for roads
nKIGALI, Rwanda-- Rwanda and the Kingdom of Netherlands last week signed Frw 8.5 Billion (about $12 million) grant to finance the maintenance and rehabilitation of feeder roads. According to a statement from from the finance ministry, the objective of the support is to improve access to markets through maintenance of 664.02 km and rehabilitation of 162.8 km of roads in the districts of Nyamasheke, Rusizi, Burera, Musanze and Gicumbi. Funds will mainly be allocated to both works and capacity building in road rehabilitation and maintenance. Feeder roads development is among the post-harvest programs within the Agriculture Sector Strategy which aims to boost farmers’ incomes through reduced transport costs and easy access to markets. “As you are aware, market access is a major bottleneck to farmers due to inaccessible rural roads linking TO PAGE 2
nMWANZA, Tanzania—The government has formed a new company that will undertake exploration work on licenses surrounding Tulawaka Mine as part of restructuring the State mining Corporation (STAMICO) to march the ongoing economic trends in the country. The new company called STAMIGOLD company limited will be wholly owned by the state
nADDIS ABABA, Ethiopia-- Ethiopia and the African Development Bank (AfDB) on Friday signed grant and loan agreements amounting to $128.46 million for construction of Modjo-Hawassa highway road project. The construction of the 201km Modjo-Hawassa highway project is expected to be completed within the coming four years. The road will connect the towns of Modjo and Hawassa in Oromia and South Ethiopia Peoples’ States, respectively. Some $126.02 million of the total finance is secured in the form of loan, while the balance comes in grant. The government of Ethiopia, AfDB and the Korea Exim Bank will finance the road project which will be executed in two phases. After signing the agreement, Finance and Economic Development Minister, Sufian Ahmed said the project is roads to be construct during the Growth and Transformation Plan (GTP) period as part of the fourth Road Sector Development Program. AfDB resident representative, Josephine Ngure for his part congratulated the Ethiopian government and the Ethiopian Roads Authority for showing boldness in efforts to provide an efficient and modern road transport system. Meanwhile earlier, the government and the World Bank signed a loan agreement amounting to 130 million USD to improve quality of education. The assistance will be used to finance the implementation of the second phase of the General Education Quality Improvement Project (GEQIP II). The Project is designed to improve quality of
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The Netherlands Ambassador to Rwanda Leoni Cuelenaere pointed out that supporting feeder roads will not only ease access to markets but also create employment.
Ugandan miners eye $5b bonanza Dar launches mine licensing company BY BAZ WAISWA Ghanaian firm Blaze Metals Resources nBUGIRI, Uganda – Gold miners and prospectors in eastern Uganda say the country can earn between $2.5 billnio and $5 billion from exploiting the precious metal in Bugiri and Namayingo districts. The miners during a meeting with local leaders said they are going to invest $100 million into the exploration and eventual mining of gold in the districts over the next seven years to reach this target.
accounted for between 50 and 60 per cent of transactions. The update states: ‘They (short term flows) tend to be more volatile and sensitive to changing conditions in global financial TO PAGE 2
Ashanti Ltd together with Lynks FZC and Amor Mines Limited hold licenses to explore for gold in the districts under the Bugiri Exploration Programme. Their objective is to prospect, explore for produce, exploit, refine, process, manufacture products and bi-product, distribute, supply and otherwise deal in gold. They are to identify, add-value, and promote areas of heightened economic mineral potential to known or responsible
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BY ANDREW ZABLON