Category: Africa

A mysterious fire has burnt a section of the National Cereals and Produce Board (NCPB) Eldoret depot. The cause of the Thursday 4am inferno could not be immediately established but a mortar explosion in one of the driers housing three silos is suspended to have ignited it. Uasin Gishu County Secretary Peter Lelei and the…

Kenya: Food imports overtake fuel, machinery on 2017 drought

Jan 4, 2018

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Prolonged drought experienced in part of 2017 saw food imports rise to overtake fuel and machinery in the third quarter of the year, highlighting the distorting effect of bad weather. Data released by the national statistics office shows the food import bill grew by 243 per cent from the Sh27.2 billion in the third quarter…

Egypt’s FX Reserves Expected to Rise to $39.8 Billion in 2018 – EFG Hermes

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in Africa, North Africa

Egypt’s foreign exchange reserves are expected to jump in the next financial year 2018-2019, as it is expected to rise to a new record at $39.8 billion, according to EFG-Hermes. The figure came in a report filed by the Egypt-based bank on its economic expectations for the country in 2018. A copy of the report…

Egypt: E-Sico Starts Selling First Egyptian-Made Mobile Phone in Second Half of January

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in Africa, North Africa, Top Stories

The Egyptian Silicon Industries Co. (E-SICO), which makes the first mobile phone inside Egypt, announced that its customers can start reserving their 4G smartphone’ “Nile X” as of the second half of January 2018. “The locally made “Nile X” phone will hit the markets in the second half of the current month,” according to a…

Egypt: Dozens of Egyptian Firms to Participate in 2018 Stone Fair in China

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in Africa, North Africa

About 28Egyptian marble companies will participate in an international stone fair scheduled to open in China in March 2018, official MENA news agency reported Thursday. “The Xiamen International Stone Fair is one of the biggest fairs for stones in the world and it displays the latest techniques in this field,” MENA quoted Walid Gamal al-Din,…

Liberia: Morocco, Liberia Vow to Strengthen Bilateral Ties

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in Africa, North Africa

Morocco and Liberia expressed on Monday their strong willingness to strengthen bilateral ties. The willingness was made during a phone call between Morocco’s king Mohammed VI and Liberia’s President-elect George Weah, according a statement from the Moroccan king’s office. On this occasion, the king reiterated his warmest congratulations to Weah following his election as Liberia’s…

Regulator drops plan to split up Safaricom

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A revised competition report by the telecommunications industry regulator has dropped the controversial proposal calling for the splitting of Safaricom into separate business units, drawing the ire of its rivals. Airtel, Kenya’s second-biggest telecommunications company after Safaricom, hit out at the Communications Authority of Kenya (CA), saying failure to finalise the dominance debate and watering down…

Treasury’s appetite for foreign debt seen as shilling’s biggest risk

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Kenya’s growing appetite for foreign debt could be the largest risk to the shilling’s stability this year as local factors including drought and prolonged politicking that dominated last year give way to external shocks. The currency was fairly stable in the past year – barely half a percentage weaker – supported by a central bank…

Rwanda central bank trims key repo rate to 5.5% from 6% previously

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