News Updates | Business & Economy – Africa

  • Rwanda is easing lockdown restrictions in other parts of the country, but citizens disregarding the COVID-19 instructions have forced the government to put part of Rusizi district, Western Province bak into total lockdown. On Thursday, a total lockdown was imposed on Kamembe town in Rusizi district bordering with Democratic Republic of Congo and its surrounding sectors.
  • Uganda’s insurance industry could register a 50 per cent decline in premiums owing to the Covid-19 pandemic, preliminary indicators by the Insurance Regulatory Authority have shown. According to a report released by IRA on Tuesday, the insurance industry, like other sectors, has been battered by Covid-19 with the impact expected to be felt in the second quarter ending June.
  • As Covid-19 continues to affect businesses and economies across the globe, local dealers of imported used cars are lamenting that the pandemic would have a lasting impact on their business. They say sales have dwindled drastically in the past two months.
  • Government payments supported increased liquidity in the market, pushing down bank-to-bank lending rates to nearly a seven-month low last Friday. Data from the Central Bank of Kenya showed that the rate — also called the interbank rate — stood at 3.28 percent last Friday compared to 3.37 percent on the previous day. The last time the interbank rate stood at lower than this level (3.20 percent) was on 19 November last year.
  • Zanzibar Ports Corporation (ZPC) says it is investing about TZS 8 billion (approx. USD 3.5 million) to enhance service efficiency in passenger and cargo handling at its ports. Infrastructure, Communication and Transport Minister Dr. Sira Ubwa Mamboya told the House of Representatives that as of March 2020, ZPC had spent over TZS 2 billion (approx. USD 863,931)  procurement of one Reach Stacker, one 16-ton Forklift and 55-ton Mobile Crane.
  • A new oil discovery was made in Egypt after drilling a well in the Western Desert that would produce massive amounts of crude oil and natural gas, an Egyptian petroleum company said in a statement on Wednesday. The discovery was achieved by Borg Al Arab Petroleum Company at Abu Sennan concession after drilling Al Salemia Well-5 in the Western Dessert, according to the statement.
  • Kenya’s Chandaria Capital has joined equity investors in raising KES 250 million (approx. USD 2.35 million) that will enable game developer Carry1st to launch commercial operations in Kenya and across Africa. Without revealing the amount raised by the Kenyan firm, it said the fundraising round led by CRE Venture Capital included Perivoli Innovations, Lateral Capital, Transsion’s Future Hub and Kam Kronenberg III, among others, now brings the total seed capital raised to KES 400 million (approx. USD 3.8 million).
  • The Rwandan cabinet on Tuesday approved resumption of transport between provinces and motorcycle passenger service, which had been banned previously as COVID-19 preventive measures. However, cross-province transport to and from districts of Rusizi and Rubavu in western Rwanda and motorcycles carrying passengers in the two border towns are still prohibited, said a statement on cabinet decisions issued on early Wednesday. Nationwide cross-province transport and motorcycle passenger service should have resumed on Monday as stated in a statement on 18 May, but the government halted the resumption after reassessing the situation.
  • The Moroccan Foundation for Advanced Science, Innovation and Research, a Rabat-based research and development institution, has designed the first 100 percent Moroccan diagnostic kit for COVID-19 testing. The new product was tested and validated by the Royal Armed Forces, the Royal Gendarmerie as well as the Paris Pasteur Institute.