SINGAPORE SINGAPORE
SINGAPORE SINGAPORE
One man few will ever forget
20-year milestone for NMS
Singapore wants you to come and enjoy 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 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
SINGAPORE SINGAPORE The Merlion Statue
The Merlion Statue
Singapore wants you to come and enjoy
PAGE 10
Singapore wants you to come and enjoy Bright light,shopping,business e.t.c and now, a
l ou
m
n NEWS
Se
eekly to ulo
OPENING UP NEW ROUTES TO THE FAR EAST
n MILESTONE
Manila
TO THE HTS OF BRAZIL
Ho Chi
PAGE 3
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
E AST
Minh
3 times weekly Seoul, Manila and Ho Chi Minh City www.ethiopianairlines.com
www.busiweek.com
A F R I C A N The Merlion Statue
Singapore wants you to come and enjoy
Gardens by the Bay
Bright lights, shopping , business, sightseeing , trade , great food and now, a great way to get there on Ethiopian’s thrice weekly flights to its 8th destination in the far east.
www.ethiopianairlines.com
VOL. 9, ISSUE 18 DECEMBER 9-15, 2013
UNVEILING OPPORTUNITIES
KSH40; TZSH1000; USH1,500; RWF600; BIF 1,500; 5BIRR,SS£ 2.5
$1b rural power project for Uganda BY EMMA ONYANGO nKAMPALA, UGANDA – When the Ministry of Energy and Mineral Development issued the Rural Electrification Strategy and Plan (RESP) in 2001, the goal was to increase rural electrification coverage from 1% to 10% in 2012. However, this goal was not realized as the Rural Electrification Agency (REA) managed to achieve only 7% rural electrification coverage. This was partly because of the delay in setting up REA (in 2003) with the agency embarking on its first project in 2006. Now REA has embarked on a 10 year $1b plan aimed at increasing rural access to electricity from the current 7% to 26% in 2022. Speaking to a Stakeholders’ Workshop to celebrate REA’s 10 years of existence in Kampala last week, Medard Muganzi, the Manager Energy for Rural Transformation at ERA said that the major reason for failure to achieve the 10% target in the first RESP was because of the Private Sector’s inability to invest in rural electrification coupled with the low financial resources available. He however noted that the agency had learnt important lessons over the TO PAGE 2
nNAIROBI, KENYA-Kenya has finally decided to pull out of its refinery deal with Essar Energy in what will define the official closure of the trouble-ridden Mombasa facility. This in effect means that the country will operate without a refinery which is currently the only one in the
nADDIS ABABA, Ethiopia--Saudi billionaire Mohammed Al-Amoudi, the biggest private investor in Ethiopia, plans to build two more cement factories in the Horn of Africa nation amid an improving investment environment, According to Bloomberg, The plants will add to the $351 million facility Al-Amoudi’s MIDROC Derba Cement opened in December 2011. Derba Group, an amalgam of three Ethiopian companies owned by Al-Amoudi, plans to invest $3.4 billion in Ethiopia over the next five years, the company said in March 2012. “Africa’s opportunity lies in involvement of private sector working with stable and responsible government like Ethiopia,” Al-Amoudi said in a speech at the African High-Growth Markets Summit in Addis Ababa. Continuing improvements in the business climate will probably to lead TO PAGE 2
Rwanda eyes $400m from minerals
REA Executive Director, Godfrey Turyahikayo, (right) leads invited guests and officials to cut the cake during the function last week. Photo by Emma Onyango
nKIGALI, Rwanda-- Rwanda expects to earn $400 million from its mineral resources by 2017, a senior government official said last week According to Xinhua, at a meeting to mark the International Mines Day, Evode Imena, Rwanda's minister of state for natural resources in charge of mining, said the country was on the right track to achieve the set TO PAGE 2
Kenya moves towards Essar refinery closure BY HUMPHREY LILOBA
Saudi investor plans Ethiopia cement plants
East African region. It will also officially make Kenya a net importer of refined oil. The withdrawal was announced by Kenya’s Energy and Petroleum Cabinet Secretary Davis Chirchir. In an interview with a local radio station, Chirchir confirmed that the government had indeed started the proTO PAGE 2
PTA Bank ponders return to Bujumbura
Tanzania to map its phosphate deposits
BY CLAUDINE NIZIGIYIMANA
BY ANDREW ZABLON
nBUJUMBURA, Burundi--Nineteen years after the transfer of PTA Bank headquarters to Nairobi in Kenya, there is talk of returning the bank back to Bujumbura, Burundi. Admassu Tadesse, the Chairman of PTA Bank, said what remains, is to redevelop the original building to become the centre of a future financial hub. Insecurity forced the move to Nairobi He was in talks with the Burundi Second Vice-
nMWANZA, Tanzania-- The Ministry of Energy and Minerals is going to map Tanzania’s phosphate deposits. According to the Minister, Prof Sospeter Muhongo, a directive concerning the exercise has already been issued to the ministry’s mineral experts. Once complete, it would allow the Tanzania State Mining Corporation (STAMICO) to apply for the relevant mineral rights. Prof. Muhongo told East African Business Week Tanzania is sitting on huge deposits of phosphates while some
TO PAGE 2