Vol ix issue xxiv

Page 1

NOW FLYING TO THE MAGNIFICENT SIGHTS OF BRAZIL

n TOURISM

n EAC

Investment opportunities in Burundi Tourism

EAC to reconvene trade talks with EU

Singap Three times weekly to Rio & Sao Paulo

PAGE 19

PAGE 21

E AST

Bright l great w Singap thrice w Bright ligh destina

and now, a

flights to it www.e

www.ethiopianairlines.com

www.eth

www.busiweek.com

A F R I C A N

G

UNVEILING OPPORTUNITIES

VOL. 9, ISSUE 24 FEBRUARY 10 - 16, 2014

KSH 40; TZSH 1,000; USH 1,500; RWF 600; BIF 1,500; 5 BIRR, SS£ 2.5

Tz iron output for 2016

BY ANDREW ZABLON

nMWANZA, Tanzania – The Iron ore mine at Liganga, Southern Tanzania will start operations next year while production of iron and steel products is slated to start in 2016.

A joint venture company, Tanzania-China International Mineral Resources Limited (TCIMRL), is expected to invest about $2 billion in the project. Studies have already shown that a viable iron and steel complex can be created. Apart from iron and steel products, it will

also produce vanadium pentoxide and titanium dioxide. When contacted last week, Tanzania Minister for Energy and Minerals Prof Sospeter Muhongo referred the matter to the National Development Corporation (NDC). However on the condition of anonymity, senior NDC officials told East African Business

TO PAGE 2

Burundi moots anti-burning campaign

Uganda tax returns plunge

BY MELCHIOR SIMBARUHIJE

BY EMMA ONYANGO nKAMPALA, Uganda-- Uganda’s tax body, Uganda Revenue Authority (URA) will have to grow tax returns by 27% per month if they are to meet the set revenue target for the FY2013/14. This follows the release of the half year revenue performance for the FY2013/14 that showed that the collections have registered the largest ever deficit of Ush 246.93 billion (about $99 million). The huge deficit was a result of a shortfall in domestic taxes of Ush 216.37 billion ($87 million) while International taxes that have always posted huge deficits recorded a small deficit of Ush 26.42 billion ($10.6 million) in the six months leading up to December 2013. A deeper insight into the revenue performance shows tale tell signs

Week there was significant progress. “Almost everything is in place. We are optimistic that production will commence late next year or early 2016,” one of the officials said. A sponge iron plant will also be set up in

DISAPPOINTED: Kagina said many companies that were previously posting profits declared smaller profits or losses, citing a slowdown in the economy and low access to affordable credit. Photo by Emma Onyango

nMUYINGA, Burundi----Burundi Second Vice-President, Dr. Gervais Rufyikiri has asked provincial directors of agriculture and livestock (DPAE) and communal agronomists to dissuade people from the practice of burning. This call was made during a meeting with provincial directors of agriculture and livestock (DPAE) including senior staff of the Ministry and communal agronomists across the country, held in Muyinga province (North-East) on January 31st, 2014. It was a chairing a session on the impact of the practice of burning on soil management and its effects on soil organic matter. In his opening remarks Dr. Rufyikiri repeated the government’s commitment to fight hunger during 2014. He highlighted the promotion of best practices for soil protection namely the awareness to ban the practice of burning. TO PAGE 2

Ethiopia mulls power exports Fitch rates Rwanda Kenya brushes aside railway delays to Yemen at 7.5% growth President Uhuru Kenyatta during a State BY HUMPREY LILOBA nADDIS ABABA, Ethiopia---Ethiopia is TO PAGE 2

nNAIROBI, Kenya--The Kenyan government has brushed aside all further talk that would delay construction of the proposed standard gauge railway launched in November last year. Some controversy had built up surrounding the procurement process. A section of parliament, donor agencies and the civil society are claiming that the $3 billion-plus project is mired in backroom deals that if unchecked could cost the Kenyan taxpayer billions of shillings. The project is currently the subject of a parliamentary probe.

of the Nation address recently said there will be no turning back on the construction of the $3.8 billion standard gauge railway. Kenyatta who was flanked by his entire Cabinet at State House Nairobi said he would not allow the commercial interests of a few businessmen to derail the project. He said he personally visited China last July and pleaded with the government to assist Kenya financially and technically to build the Mombasa to Malaba railway. China is paying 80% of the costs upfront. TO PAGE 2

BY AGNES BATETA nKIGALI, Rwanda—International sovereign credit rating firm, Fitch, has said Rwanda’s GDP growth will be maintained at 7.5 per cent in 2014 and 2015 despite its slowdown from 8 percent in 2012 to 6.6 in the last concluded year 2013. In the Fitch Ratings seen as published in a press release by Ministry of Finance and Economic Planning, Rwanda’s outlook was given a B with a positive outlook. This promotes the country’s long-term foreign TO PAGE 2

thinking about selling electricity to Yemen, says an Ethiopian energy official. “The idea is not yet supported by study. The plan requires to conduct a lot of studies,” Misikir Negash, head of public relations for the Ethiopian Electric Power Corporation said last week. He said that preparations were underway for further studies on the proposal. “A study on technical matters will soon be launched,” Negash said. If the idea is approved by Ethiopian authorities, a cable will be laid to carry TO PAGE 2


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.