The Odum of Ala Igbo
Hail Biafra!
Inflation is creeping, manufacturers and assemblers are shutting down - Buhari's monetary policy is a becoming a disaster.
Essential The Africa the Media Doesn't Tell You About
- Thread starter TommyHilltrigga
- Start date
Misreeya
Pro
Egyptian banks unconcerned with Africa
Limited banking operations mostly in public banks, in Sudan, Uganda, Ethiopia, Libya
Despite Egyptian banks’ dedication to expanding operations in overseas markets, they are still significantly unconcerned with Africa, whether northern or southern countries.
The National Bank of Sudan (NBS) was established by National Bank of Egypt (NBE) as well as two representative offices of NBE in South Africa and Ethiopia.
Suez Canal Bank has a representative office in Libya while Banque du Caire has a branch in Uganda called Cairo International Bank in Kampala.
The Housing and Development Bank (HDB) agreed with Trade and Development Bank of Libya to provide joint banking services and establish a number of joint companies in Libya but the political turmoil in Libya halted this partnership.
HDB also signed a partnership agreement with Banque Marocaine du Commerce Extérieur (BMCE) to utilise the widespread branches of the bank in Africa, as well as financing Moroccan real estate projects in Africa.
According to board member of the Suez Canal and the Arab-Sudanese Bank Mohamed Abdel Aal, there is a severe absence of Egyptian banks in both northern and southern Africa.
He attributed the absence of Egyptian banks in Africa to several reasons, mostly the late foreign colonialism in many African countries, political instability, and the differences between economic and banking systems in Egypt and other African countries.
Most African countries suffer a severe shortage of foreign currency and most of the banks’ operations are based on foreign trade financing. Such business operations do not achieve high revenues and do not attract Egyptian banks to work in these countries. Abdel Aal ruled out that this situation could be changed in the future.
Opening branches of Egyptian banks in African countries or vice-versa depends on the volume of trade exchange between Egypt and these countries, which is very weak.
He said Egyptian banks rely on their corresponding banks to implement their business operations in Africa. The presence of Egyptian banks is not as important as supporting political and economic relations between Egypt and those countries.
Opening branches of Egyptian banks in Africa should follow the boost of economic and trade relations between Egypt and those countries.
Former governor of Central Bank of Egypt (CBE), Hisham Ramez, said before leaving office that the upcoming period will witness the expansion of Egyptian banks in all African countries to promote trade exchange between Egypt and Africa, as well as facilitating the movement of joint investments with African countries.
Under the guidance of CBE Egyptian, banks will open branches in African countries to help businessmen increase trade operations and benefit from the Free Trade Agreement with African economic blocs, Ramez said.
Ezz El-Din Hassanein, a banking expert and general manager of an Arab banks operating in the Egyptian market, believes the Egyptian banking presence in Africa is limited and weak. While many countries are racing to enter Africa because of its economic constituents, Egypt is still not taking advantage of its presence on the continent.
Many banks and international financial institutions started spreading their business in various African countries to finance international companies investing there, as well as financing the infrastructure of many African countries.
He affirmed the presence of Egyptian banks in Africa, namely the state-run banks, is important and vital for Egyptian exports to African countries especially since Egypt has several free trade agreements with a number of African nations.
Egyptian banks operating in Africa can benefit from the large funds provided for Egyptian companies there or those related to Egyptian exports to Africa.
“The Egyptian companies operating in Africa are still modest and the volume of Egyptian-African trade exchange remains weak. We should encourage Egyptian companies to invest in Africa and the Egyptian government should contribute to building the infrastructure of some African countries with joint finances from Egyptian banks,” Hassanein said.
The presence of Egyptian banks in Africa requires the government and Egyptian businessmen to work in the continent.
http://www.dailynewsegypt.com/2016/02/17/egyptian-banks-unconcerned-with-africa/
Limited banking operations mostly in public banks, in Sudan, Uganda, Ethiopia, Libya
Despite Egyptian banks’ dedication to expanding operations in overseas markets, they are still significantly unconcerned with Africa, whether northern or southern countries.
The National Bank of Sudan (NBS) was established by National Bank of Egypt (NBE) as well as two representative offices of NBE in South Africa and Ethiopia.
Suez Canal Bank has a representative office in Libya while Banque du Caire has a branch in Uganda called Cairo International Bank in Kampala.
The Housing and Development Bank (HDB) agreed with Trade and Development Bank of Libya to provide joint banking services and establish a number of joint companies in Libya but the political turmoil in Libya halted this partnership.
HDB also signed a partnership agreement with Banque Marocaine du Commerce Extérieur (BMCE) to utilise the widespread branches of the bank in Africa, as well as financing Moroccan real estate projects in Africa.
According to board member of the Suez Canal and the Arab-Sudanese Bank Mohamed Abdel Aal, there is a severe absence of Egyptian banks in both northern and southern Africa.
He attributed the absence of Egyptian banks in Africa to several reasons, mostly the late foreign colonialism in many African countries, political instability, and the differences between economic and banking systems in Egypt and other African countries.
Most African countries suffer a severe shortage of foreign currency and most of the banks’ operations are based on foreign trade financing. Such business operations do not achieve high revenues and do not attract Egyptian banks to work in these countries. Abdel Aal ruled out that this situation could be changed in the future.
Opening branches of Egyptian banks in African countries or vice-versa depends on the volume of trade exchange between Egypt and these countries, which is very weak.
He said Egyptian banks rely on their corresponding banks to implement their business operations in Africa. The presence of Egyptian banks is not as important as supporting political and economic relations between Egypt and those countries.
Opening branches of Egyptian banks in Africa should follow the boost of economic and trade relations between Egypt and those countries.
Former governor of Central Bank of Egypt (CBE), Hisham Ramez, said before leaving office that the upcoming period will witness the expansion of Egyptian banks in all African countries to promote trade exchange between Egypt and Africa, as well as facilitating the movement of joint investments with African countries.
Under the guidance of CBE Egyptian, banks will open branches in African countries to help businessmen increase trade operations and benefit from the Free Trade Agreement with African economic blocs, Ramez said.
Ezz El-Din Hassanein, a banking expert and general manager of an Arab banks operating in the Egyptian market, believes the Egyptian banking presence in Africa is limited and weak. While many countries are racing to enter Africa because of its economic constituents, Egypt is still not taking advantage of its presence on the continent.
Many banks and international financial institutions started spreading their business in various African countries to finance international companies investing there, as well as financing the infrastructure of many African countries.
He affirmed the presence of Egyptian banks in Africa, namely the state-run banks, is important and vital for Egyptian exports to African countries especially since Egypt has several free trade agreements with a number of African nations.
Egyptian banks operating in Africa can benefit from the large funds provided for Egyptian companies there or those related to Egyptian exports to Africa.
“The Egyptian companies operating in Africa are still modest and the volume of Egyptian-African trade exchange remains weak. We should encourage Egyptian companies to invest in Africa and the Egyptian government should contribute to building the infrastructure of some African countries with joint finances from Egyptian banks,” Hassanein said.
The presence of Egyptian banks in Africa requires the government and Egyptian businessmen to work in the continent.
http://www.dailynewsegypt.com/2016/02/17/egyptian-banks-unconcerned-with-africa/
Misreeya
Pro
World
Egypt's president opens Africa investment conference
MARAM MAZEN,Associated Press 22 hours ago
CAIRO (AP) — Egyptian President Abdel-Fattah el-Sissi opened an Africa-focused investment conference on Saturday with government and private sector representatives, part of Cairo's efforts to strengthen ties with sub-Saharan African countries amid tensions over sharing the Nile.
Egypt's private sector investment in Africa exceeds $8 billion, and Cairo hopes to double its trade with other African nations in the next five years to $10 billion, he said in a televised speech at the conference, which is being held in the Red Sea resort of Sharm el-Sheikh.
The World Bank expects average economic growth in sub-Saharan countries to reach 4.4 percent in 2016 and 4.8 percent the following year.
In 2014, el-Sissi established the Egyptian Agency of Partnership for Development to provide assistance and promote development in sub-Saharan Africa. The agency has brought 2,500 people to Egypt over the agency's first 18 months for medical, agricultural and diplomatic training, and has sent medical convoys to the region.
Egypt has voiced fears that Ethiopia's $4.2 billion hydroelectric project, announced in 2011, will diminish its share of the Nile, which provides electricity and almost all of the desert nation's water.
Both Egypt and Sudan have expressed concerns the dam will violate their rights -- as outlined in a colonial-era agreement -- to the lion's share of the river. Ethiopia is nevertheless pressing ahead with construction of the massive new dam, which it hopes will help alleviate its own power shortages.
"The issue of the water and Ethiopia, of course it's a tense issue," said Ambassador Hazem Fahmy, who heads the Egyptian development agency.
"The more you have integration of interests and a common vision toward the future, the less the size of these problems."
Egypt's president opens Africa investment conference
Egypt's president opens Africa investment conference
MARAM MAZEN,Associated Press 22 hours ago
CAIRO (AP) — Egyptian President Abdel-Fattah el-Sissi opened an Africa-focused investment conference on Saturday with government and private sector representatives, part of Cairo's efforts to strengthen ties with sub-Saharan African countries amid tensions over sharing the Nile.
Egypt's private sector investment in Africa exceeds $8 billion, and Cairo hopes to double its trade with other African nations in the next five years to $10 billion, he said in a televised speech at the conference, which is being held in the Red Sea resort of Sharm el-Sheikh.
The World Bank expects average economic growth in sub-Saharan countries to reach 4.4 percent in 2016 and 4.8 percent the following year.
In 2014, el-Sissi established the Egyptian Agency of Partnership for Development to provide assistance and promote development in sub-Saharan Africa. The agency has brought 2,500 people to Egypt over the agency's first 18 months for medical, agricultural and diplomatic training, and has sent medical convoys to the region.
Egypt has voiced fears that Ethiopia's $4.2 billion hydroelectric project, announced in 2011, will diminish its share of the Nile, which provides electricity and almost all of the desert nation's water.
Both Egypt and Sudan have expressed concerns the dam will violate their rights -- as outlined in a colonial-era agreement -- to the lion's share of the river. Ethiopia is nevertheless pressing ahead with construction of the massive new dam, which it hopes will help alleviate its own power shortages.
"The issue of the water and Ethiopia, of course it's a tense issue," said Ambassador Hazem Fahmy, who heads the Egyptian development agency.
"The more you have integration of interests and a common vision toward the future, the less the size of these problems."
Egypt's president opens Africa investment conference
World
Egypt's president opens Africa investment conference
MARAM MAZEN,Associated Press 22 hours ago
CAIRO (AP) — Egyptian President Abdel-Fattah el-Sissi opened an Africa-focused investment conference on Saturday with government and private sector representatives, part of Cairo's efforts to strengthen ties with sub-Saharan African countries amid tensions over sharing the Nile.
Egypt's private sector investment in Africa exceeds $8 billion, and Cairo hopes to double its trade with other African nations in the next five years to $10 billion, he said in a televised speech at the conference, which is being held in the Red Sea resort of Sharm el-Sheikh.
The World Bank expects average economic growth in sub-Saharan countries to reach 4.4 percent in 2016 and 4.8 percent the following year.
In 2014, el-Sissi established the Egyptian Agency of Partnership for Development to provide assistance and promote development in sub-Saharan Africa. The agency has brought 2,500 people to Egypt over the agency's first 18 months for medical, agricultural and diplomatic training, and has sent medical convoys to the region.
Egypt has voiced fears that Ethiopia's $4.2 billion hydroelectric project, announced in 2011, will diminish its share of the Nile, which provides electricity and almost all of the desert nation's water.
Both Egypt and Sudan have expressed concerns the dam will violate their rights -- as outlined in a colonial-era agreement -- to the lion's share of the river. Ethiopia is nevertheless pressing ahead with construction of the massive new dam, which it hopes will help alleviate its own power shortages.
"The issue of the water and Ethiopia, of course it's a tense issue," said Ambassador Hazem Fahmy, who heads the Egyptian development agency.
"The more you have integration of interests and a common vision toward the future, the less the size of these problems."
Egypt's president opens Africa investment conference
Interesting is what I have to say...
Sumitomo Corp builds power station in Mozambique
FEBRUARY 18TH, 2016
HOME
The Sumitomo Corporation has joined another Japanese heavy industry company IHI to build a natural gas-fired power plant in Mozambique, reported Japanese newspaper Nihon Keizai Shimbun (Nikkei).
Construction of the thermal power plant, under a contract awarded by state-owned power company Electricidade de Moçambique (EdM), has an estimated cost of US$149 million and will be built in Maputo province in the south of Mozambique.
The plant, with a production capacity of 110 megawatts of electricity, or about one-fifth of the country’s consumption should start to be built soon and is expected to come into operation in the summer of 2018.
This project in Mozambique is the first in sub-Saharan Africa south by the IHI group, which under the contract will provide the electricity production equipment.
The Japanese group is also involved in building a similar plant on the outskirts of Dar es Salaam, Tanzania, costing US$308 million and a 240 megawatt production capacity, which will be the largest in the country. (macauhub/MZ)
Sumitomo Corp builds power station in Mozambique | Macauhub English
FEBRUARY 18TH, 2016
The Sumitomo Corporation has joined another Japanese heavy industry company IHI to build a natural gas-fired power plant in Mozambique, reported Japanese newspaper Nihon Keizai Shimbun (Nikkei).
Construction of the thermal power plant, under a contract awarded by state-owned power company Electricidade de Moçambique (EdM), has an estimated cost of US$149 million and will be built in Maputo province in the south of Mozambique.
The plant, with a production capacity of 110 megawatts of electricity, or about one-fifth of the country’s consumption should start to be built soon and is expected to come into operation in the summer of 2018.
This project in Mozambique is the first in sub-Saharan Africa south by the IHI group, which under the contract will provide the electricity production equipment.
The Japanese group is also involved in building a similar plant on the outskirts of Dar es Salaam, Tanzania, costing US$308 million and a 240 megawatt production capacity, which will be the largest in the country. (macauhub/MZ)
Sumitomo Corp builds power station in Mozambique | Macauhub English
The Odum of Ala Igbo
Hail Biafra!
Some dude made a Chinese style script for the Igbo language
joeychizzle
光復香港，時代革命
The Odum of Ala Igbo
Hail Biafra!
That looks incredibly hard to memorize
Yeah, I agree. I admire his efforts but it may be harder to learn for a child than the Alphabet. I'll try to find his explanation as to how people will learn it. Here's the first lesson.
joeychizzle
光復香港，時代革命
On the upside though, kids that manage to learn this will have a head start on learning.
Cape Verde: AFC Completes Cape Verde Energy Acquisition
19 FEBRUARY 2016
Tagged::Business Cape Verde Company Energy West Africa
By Okoro Chinedu in Lagos, Nigeria
Lagos — AFRICA Finance Corporation (AFC), the Lagos-based group, has completed the purchase of InfraCo Africa's stake in the Cabeólica Wind Farm in Cape Verde.
The deal follows the share purchase agreement signed in May 2015 when AFC agreed to purchase InfraCo Africa's remaining stake in the project.
Andrew Alli, President and Chief Executive Officer of AFC, expressed excitement at taking a larger part in this ground-breaking project.
"The additional share purchase will allow further expansion and other uses of wind energy in Cape Verde. We are very proud of our growing work in addressing Cape Verde's energy needs though sustainable measures, all the while seeking a competitive return on investment for our shareholders," said Alli.
Cabeólica is the first privately-financed sustainable wind farm on a commercial scale in sub-Saharan Africa.
It provides access to electricity for 360 000 people, which is about 72 percent of the Cape Verde population.
The project is staffed entirely by skilled Cape Verdean employees and with sustainability at its core; it has avoided an estimated 55,000 tonnes of carbon emissions a year and averted the need to import 15 million litres of diesel a year.
Operating across four of Cape Verde's islands (Boa Vista, Sao Vincente, Sal and Santiago) and consisting of over 30 wind turbines, it has a total installed capacity of 25,5 megawatts, equivalent to around 20 percent of Cape Verde's energy needs.
To date, Cabeólica has generated over 300,000 MWh of clean wind power.
The project has transformed Cape Verde's access to electricity.
Prior to becoming operational, the islands suffered from chronic power shortages and were heavily dependent on imported oil, with only 2 percent of the country's energy needs being sourced from wind power. Today, Cape Verde benefits from a reliable and extended electricity grid.
http://allafrica.com/stories/201602221907.html
19 FEBRUARY 2016
Tagged::Business Cape Verde Company Energy West Africa
By Okoro Chinedu in Lagos, Nigeria
Lagos — AFRICA Finance Corporation (AFC), the Lagos-based group, has completed the purchase of InfraCo Africa's stake in the Cabeólica Wind Farm in Cape Verde.
The deal follows the share purchase agreement signed in May 2015 when AFC agreed to purchase InfraCo Africa's remaining stake in the project.
Andrew Alli, President and Chief Executive Officer of AFC, expressed excitement at taking a larger part in this ground-breaking project.
"The additional share purchase will allow further expansion and other uses of wind energy in Cape Verde. We are very proud of our growing work in addressing Cape Verde's energy needs though sustainable measures, all the while seeking a competitive return on investment for our shareholders," said Alli.
Cabeólica is the first privately-financed sustainable wind farm on a commercial scale in sub-Saharan Africa.
It provides access to electricity for 360 000 people, which is about 72 percent of the Cape Verde population.
The project is staffed entirely by skilled Cape Verdean employees and with sustainability at its core; it has avoided an estimated 55,000 tonnes of carbon emissions a year and averted the need to import 15 million litres of diesel a year.
Operating across four of Cape Verde's islands (Boa Vista, Sao Vincente, Sal and Santiago) and consisting of over 30 wind turbines, it has a total installed capacity of 25,5 megawatts, equivalent to around 20 percent of Cape Verde's energy needs.
To date, Cabeólica has generated over 300,000 MWh of clean wind power.
The project has transformed Cape Verde's access to electricity.
Prior to becoming operational, the islands suffered from chronic power shortages and were heavily dependent on imported oil, with only 2 percent of the country's energy needs being sourced from wind power. Today, Cape Verde benefits from a reliable and extended electricity grid.
http://allafrica.com/stories/201602221907.html
newworldafro
DeeperThanRapBiggerThanHH
Kiira Motors' chief executive Paul Isaac Musasizi told BBC News that he had been "humbled" by the large and positive reaction to the test drive.
Image copyrightKiira Motors
Image captionSolar panels on the roof of the bus will top up the vehicle's battery
People have been excited by the idea that Uganda is able to produce the concept vehicle, or prototype, and Mr Musasizi said he wanted it to help the country "champion the automotive, engineering and manufacturing industries" in the region.
He also hopes that it will generate employment, predicting that by 2018, more than 7,000 people could be directly and indirectly employed in the making of the Kayoola.
But backing from international companies, which make vehicle parts, is essential for the project to take off.
The vision is that by 2039 the company will be able to manufacture all the parts and assemble the vehicle in Uganda.
The 35-seat bus is intended for urban areas rather than inter-city use because of the restrictions on how far it can travel.
If it is mass produced, each bus would cost up to $58,000 (£40,000), which Mr Musasizi says is a a competitive price.
Kiira Motors grew out of a project at Uganda's Makerere University, which is now a shareholder in the company, and it has also benefitted from government funding.
Yoooo! Solar panels on top of the bus
.... innovative tech coming out of an African country 
: ..I've thought about that long time ago as to why it wasn't being done....even Japanese, European, and American corps don't do this.
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newworldafro
DeeperThanRapBiggerThanHH
World
Egypt's president opens Africa investment conference
MARAM MAZEN,Associated Press 22 hours ago
CAIRO (AP) — Egyptian President Abdel-Fattah el-Sissi opened an Africa-focused investment conference on Saturday with government and private sector representatives, part of Cairo's efforts to strengthen ties with sub-Saharan African countries amid tensions over sharing the Nile.
Egypt's private sector investment in Africa exceeds $8 billion, and Cairo hopes to double its trade with other African nations in the next five years to $10 billion, he said in a televised speech at the conference, which is being held in the Red Sea resort of Sharm el-Sheikh.
The World Bank expects average economic growth in sub-Saharan countries to reach 4.4 percent in 2016 and 4.8 percent the following year.
In 2014, el-Sissi established the Egyptian Agency of Partnership for Development to provide assistance and promote development in sub-Saharan Africa. The agency has brought 2,500 people to Egypt over the agency's first 18 months for medical, agricultural and diplomatic training, and has sent medical convoys to the region.
Egypt has voiced fears that Ethiopia's $4.2 billion hydroelectric project, announced in 2011, will diminish its share of the Nile, which provides electricity and almost all of the desert nation's water.
Both Egypt and Sudan have expressed concerns the dam will violate their rights -- as outlined in a colonial-era agreement -- to the lion's share of the river. Ethiopia is nevertheless pressing ahead with construction of the massive new dam, which it hopes will help alleviate its own power shortages.
"The issue of the water and Ethiopia, of course it's a tense issue," said Ambassador Hazem Fahmy, who heads the Egyptian development agency.
"The more you have integration of interests and a common vision toward the future, the less the size of these problems."
Egypt's president opens Africa investment conference
Have mixed feelings about damz in general. In article a few posts up about the maasivw Congo dam, they say building it there will alleviatw tensions further north on the Nile...
China-Liberia relationship heighten
Heritage Newspaper - Liberia - China-Liberia relationship heightens
China donates equipment to Liberian military
Proud of Liberia...
China donates equipment to Liberian military | defenceWeb
Proud of Liberia...