Business News and Economy Highlights | Africa

  • Egypt’s agricultural exports have recorded very positive levels during the past months, despite what the world has witnessed of economic pressures and a complete or partial lockdown in dozens of countries due to the emerging COVID -19 epidemic crisis.
  • Kenya Airways is mulling suspending flights to London and France following the second wave of lockdown that has slowed down demand on these routes.
  • State-owned KenGen is seeking consultants to help convert existing thermal plants generating about 720 megawatts into gas-fired plants in a fresh bid to lower the cost of electricity for homes and businesses.
  • In the fiscal year 2020/2021, Rwanda is expected to return to the good fiscal performance of recent years. For the first quarter of the year, the country mobilized about USD 380 million, in tax revenues; this makes 105 percent of the initial target.
  • Kenyan firms last month stopped layoffs and raised the number of workers on their payroll for the first time since February in a bid to meet the rising demand for goods and services locally and abroad on the relaxation of trade and travel curbs.
  • Germany has committed to disburse RWF 113.5 billion (approx. USD 116 million) in Rwanda over the next two years with funds earmarked for decentralization and good governance, sustainable economic development, Technical and Vocational Education and Training as well as climate protection.
  • Egypt’s foreign reserves hiked by about USD 795 million, recording USD 39.22 billion by the end of October 2020, compared to USD 38.425 billion during September 2020, according to the Central Bank of Egypt.
  • This week’s elections in the US and stricter Covid-19 measures on arriving passengers from overseas forced Kenya Airways to postpone the resumption of New York flight following massive cancellations on November bookings.
  • Air Tanzania Company Limited is set to resume its Dar es Salaam – Mumbai flights in the next two weeks. The new development comes after Tanzania and India signed a separate bilateral air bubble arrangement for the operation of special international passenger flights between the two countries.