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Nine Multimillion Dollar Swedish Companies In Rwanda For Green Pastures

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From October 13 to 17, the Swedish Embassy in Kigali and the Sweden Sub-Saharan African Chamber of Commerce (SSACC) will be hosting a delegation of nine Swedish companies in Kigali.

The companies represented are Siemens, Voith Hydro, Absolicon, Recovia, PLS Energy, Unipower, Metrum, Pontarius and Confidere.

The topic for the visit is green cities and sustainable solutions.

Sectors of particular interest for Swedish industry are green cities and sustainable solutions, such as waste management, energy, transport and infrastructure.

The Swedish business delegation considers Rwanda a country with rising prospects that provides opportunities for new business partnerships for investment and export.

The purpose of the trip is to observe and discuss the potential for Swedish investment in, and exports to, Rwanda, emphasizing the Rwandan interest in Swedish solutions on issues relating to sustainability and climate resilience, an official from the embassy told Taarifa on Sunday.

The opportunities for deepened cooperation between Sweden and Rwanda are many and one of the main purposes for the visit is to broaden existing relations and build new ones.

Åsa Karén Persson, Acting Head of Mission at the Embassy of Sweden in Kigali said in a statement sent to Taarifa that she is excited about the visit and what it could lead to.

“Sweden has much to offer when it comes to sustainable solutions, and Rwanda has shown great interest in what Sweden does in this area,” she said.

“Here at the Embassy we are excited to see the outcome of this visit and we hope it will lead to an even deeper bond between Sweden and Rwanda, an increase in Swedish investment beyond the development cooperation in the country, and ultimately a better and healthier environment.”

During the trip, a range of topics will be discussed in seminars, workshops and panel discussions.

The Embassy is also hosting a cocktail reception at Mille Collines in honor of the visit.

Sectors of particular interest for Swedish industry are green cities and sustainable solutions, such as waste management, energy, transport and infrastructure.

Ms Åsa Jarskog, president of SSACC, is thankful for the interest shown from the Rwandan counterparts.

“This business delegation is the direct result of a long and fruitful relationships between SSACC and our Rwandan partners at RDB and PSF. Both the Rwandan Embassy in Sweden and the Swedish Embassy here in Kigali has been helpful during the organizing of this visit and we are grateful for their support,” he said.

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Business

Malawi Issues 86 Licenses For Cannabis Production

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Malawi’s Cannabis Regulatory Authority said on Friday they had issued 86 licenses to 35 companies and cooperatives to venture into cannabis cultivation for industrial hemp production.

Boniface Kadzamila the Board Chairman of Cannabis Regulatory Authority made the announcement from Lilongwe on Friday afternoon.

He said that a total of 41 companies applied but only 35 of them satisfied the requirements.

According to him the authority has issued licenses for cultivation, processing and storage and has not yet issued any license for export of cannabis.

A recent analysis by Invegrow Limited, one of the firms that conducted research on industrial hemp, found that a kilogram of industrial hemp could fetch U$1,444 on the market that there is potential for direct annual benefit for Malawians in excess of U$ 135,440,973 on 16.5 hectares or U$8,803,663 per five hectares.

The analysis further indicated that the crop has ready markets whose global value chain is worth U$9billion thus giving local Malawi investors a basis to take up cannabis production.

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Business

ex-Nakumatt CEO’s Home Auctioned

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Atul Shah, the former chief executive officer of the collapsed retail giant Nakumatt lost his home to auctioneers over a U$18,609,740 debt.

The auction follows the conclusion of a protracted court battle after the Kenyan High Court dismissed a petition seeking to overturn the forced sale of the high-end property by KCB Group.

Justice Francis Tuiyott dismissed the petition by the administrator of the collapsed Supermarket chain, saying it has no chance of success.

Nakumatt’s court-appointed administrator had opposed the sale on grounds that the auction failed to follow the law, and tagged Mr Shah as an interested party to suit.

The bank, through Leakey Auctioneers, early in the year quietly sold the property, which Mr Shah had used as additional security as Nakumatt’s guarantor to offer comfort to the multiple bank loans.

“This court is not persuaded that the suit, as currently presented, demonstrates a prima facie case with a probability of success. Being unable to surmount that hurdle, it is needless for this court to discuss other aspects raised in the application,” the judge said.

KCB had earlier sold Mr Shah’s prime property in Industrial Area, Nairobi, to Furniture Palace International Ltd for about U$9,677,064 court records show.

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Business

Why Kenya Banned Maize Imports From Neighbours

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Kenya may take long to lift a ban on maize imports from East Africanneighbours following a domestic bumper harvest.

Kenya’s Agricultural and Food Authority (AFA) imposed the ban indicating that Kenya would not import the cereal from Tanzania and Uganda for now.

“Kenya would not need maize imports until June. There is plenty from North Rift,” said the crops inspector of the agency, Calistus Efukho, adding that maize imports from Tanzania and Uganda would not be considered until June.

On March 5 this Agricultural and Food Authority (AFA) banned imports of maize from the two countries, citing Aflatoxin contamination above the safety benchmarks.

However Maize importers in Kenya have protested over this, saying contamination of the maize by the toxic material could be an excuse to lock them out of business.

“Our hearts are bleeding. This is our biggest loss ever in this business,” said Mr Daniel Wainaina, chairman of the Kenya International Freight and Warehousing Association (Kifwa).

He said during a meeting convened by the East African Business Council (EABC) that they weren’t sure the maize samples taken meant that all the consignments were infected.

AFA insists that maize imports be accompanied with a certificate of conformity which has to comply with a maximum Aflatoxin levels of 10 parts per billion.

Kenya’s Maize production last year was 43.2 million bags against an annual requirement of 47 million bags.

The projection was not achieved, as the country produced 41.5 million bags, resulting in a shortfall of 5.5 million bags.

Reports have it that over 1.4 million Kenyans are at risk of starvation due to a shortage of 5.5 million maize bags.

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