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Tanzania Attracts Most FDI’s Compared To EAC Member States

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Tanzania tops the East African community region in attracting more foreign direct investments FDIs with about U$29billion flowing into the country between March and August this year.

This was disclosed by Prime Minister Kassim Majaliwa while speaking at a Tanzania-UK business forum on Wednesday in the commercial capital Dar es salaam.

The forum was organised by TanTrade, the British High Commission, the Tanzania Private Sector Foundation and Zanzibar National Chamber of Commerce.

According to statistics provided by the Tanzanian government, in the year 2021, Tanzania sold goods to UK with U$39million (Tshs 90billion) while the UK traded to Tanzania goods worth U$195milliom (Tshs450billion).

Details from Tanzania Investment Centre (TIC) also indicate that the UK is the second largest investor in this East African coastal country sinking approximately 945 projects totaling a combined U$5.42billion accounting for 275384 jobs.

The UK is the second, after China, leading foreign investors in Tanzania, with its investment value standing at $6 billion, below China’s $7.8 billion, according to statistics.

For example the UK investments in Tanzania include; Kilombero sugar worth U$238million.

Meanwhile the Prime Minister revealed that despite the biting effects of covid-19 pandemic in 2020, Tanzania managed to attract investments worth U$1billion.

“The Tanzanian economy has continued to experience an average of 6.5% growth from 2016 to 2020 making it among the fastest growing economies on the African continent,” Majaliwa said on Wednesday.

The trade and Industry Minister Geoffrey Mwambe revealed that the forum is intended to acquire feedback from UK investors with regard to the situation on ease of doing business as well as making improvements and come out with agreed resolutions to further boost the economy and an equal balance of trade between the two countries.

This forum was attended by over 20 companies from the UK, 150 British and Tanzanian (joint ventures) companies attending in- person and a further 300 participating virtually.

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Business

Flights From Dubai To Nairobi Resume

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Kenya government has lifted a ban on flights from Dubai entering its territory ending a weeks-long dispute with the United Arab Emirates.

The East African nation had imposed a ban on all inbound and transit passenger flights from the Middle East nation two weeks ago. The ban was lifted Monday midnight, offering a major relief to hundreds of travellers between the two destinations.

The ban did not however affect cargo flights that are normally flown by carriers such as Kenya Airways (KQ) and Emirates airline from UEA into Kenya.

“Kenya shall do a NOTAM lifting the suspension of flights to and from UAE from midnight tonight (Monday),’’ said Gilbert Kibe Director-General Kenya Civil Aviation Authority (KCAA).

The ban came a few days after UAE extended the Kenya flight ban after it established that travellers from Nairobi were testing positive for Covid-19 after arrival in the Middle East nation, despite carrying negative test results.

Kibe said the scheme involved a racket of private medical testing centres that colluded with travellers to issue fake Covid-19 PCR results to aid their travel.

The Ministry of Health has however launched investigations into the matter with a view to bringing to book health officials who were involved in the shoddy deal that has now coasted Kenya millions of shillings in lost passenger revenues.

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Business

Bralirwa Shares Trading Badly On Rwanda Stock Exchange

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Since the just concluded festive season, Rwanda’s largest brewer has not been in good books with its clients as retailers repeatedly complain of lack of some products and  sometimes rationing of beers.

“It is very hard to get grand Primus beers. Every time I send someone to get them from the depot we are told that distributors  haven’t supplied,” says Christine Nyiramariza a bar owner in Gatsibo district.

Trending on twitter is a very confusing situation of Amstel beer filled in Mutzig bottles.

According to Rwanda Stock Exchange, as of Friday, the value of Bralirwa share had dropped to Rwf124.

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Business

Equity Bank Gets £37m From British Agency To Lend SMEs

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UK’s Minister for Africa, Vicky Ford MP (pictured above) said his government was extending a total of £37 million to Equity Bank Kenya for onward lending to small businesses.

“Our economic partnership is delivering impressive results, and we have some ambitious, exciting plans for the future. Plans that will deliver for Kenya, and for the UK, long into our shared future,” she said.

This money is being channeled through UK’s development finance institution British International Investment (BII) – formerly known as CDC Group. BII is a key part of the UK government’s wider plans to mobilise up to £8 billion a year of public and private sector investment in international projects by 2025.

This will include BII partnering with capital markets and sovereign wealth funds to scale up financing and help the private sector move in.

BII will prioritise sustainable infrastructure investment to provide clean, honest and reliable financing and avoid low and middle-income countries being left with bad and unsustainable debt.

Ford also stated that the UK will increase its support for green manufacturing in Kenya by providing an additional £400,000 to help Kenya build a green manufacturing industry, increasing its support to the Ministry of Trade and the wider Kenyan manufacturing sector in this area.

Green manufacturing was highlighted by President Kenyatta at COP26 as a key opportunity for Kenya to create new green jobs.

The funding through the UK’s Manufacturing Africa programme will provide expert analysis and advice on how government policy and the organised private sector can help build this industry and create new green jobs for Kenyans.

Kenya is already the third biggest portfolio for BII, with Sh42 billion investments across 83 companies. Those companies support 36,350 jobs and pay Sh2.6 billion in taxes.

“This is how we will deliver world-class projects, characterised by high standards and outstanding expertise, without forcing huge new debts onto countries such as Kenya,” she said.

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