Trade and Financial Services Round-Up

  • 11 Sep 2023
  • 2 Mins Read
  • 〜 by Naisiae Simiren


Inside the multi-million dollar deals at the Nairobi climate summit

Kenya and other African countries struck climate-related financing deals worth $23 billion (Sh3.36 trillion) at the just-ended inaugural climate summit held in Nairobi, giving the continent’s green investments plans a shot in the arm.

President William Ruto said the three-day Africa Climate Summit had lived up to its billing and offered a springboard for take-off for the continent’s climate action plans.

“During this action-focused summit, various stakeholders, including governments, the private sector, multilateral banks, and philanthropists have made substantial commitments totalling a remarkable $23 billion for green growth, mitigation, and adaptation efforts across Africa,” said the President.

(Source: Business Daily)



Lake Energies moves to boost clean cooking

Lake Energies has embarked on a special project that seeks to discourage the use of solid biomass energy for cooking in a deliberate move to play an important role in the realization of the government’s environmental conservation drive. Known as the Kumtua Mama Kuni Kichwani campaign, the drive aligns well with the goal of President Suluhu’s administration to boost usage of clean cooking energy to 80% in 10 years.

(Source: The Citizen)


EAC standards national agencies agree on new measures for smooth trade

The East African Community partner states have through their standards regulators agreed on 11 measures aimed at improving the standard of food products on the market. The move is also aimed at ensuring the protection of local consumers against food-borne diseases and a smooth flow of trade within the region.

For years, the EAC has been debating the need for the harmonisation of product standards but a concrete outcome is yet to be realised. This in turn continues to play as an advantage for individual states to restrict the flow of products from one to another.

Presiding over the “high-level East EAC regional meeting” for policy and decision makers on Food Safety and Codex activities in the EAC, Minister for Health Jane Ruth Aceng said food-related illnesses account for a big portion of health expenditure, yet they are easily preventable. Speaking after the meeting, the minister emphasized the need for harmonisation of regulatory mechanisms to ensure safe food for consumers and smooth trade flow in the EAC region.

(Source: The Independent)


Tanzanian billionaire to invest $100m in Rwandan companies

Tanzanian billionaire Mohammed Dewji has expressed interest in investing in Rwanda through his company MeTL Group, which has operations in more than 10 African countries.

On Wednesday, September 6, the Dar es Salaam-based tycoon with $1.5 billion net worth met with Ildephonse Musafiri, the Minister of Agriculture and Animal Resources and Rwanda Development Board (RDB) deputy chief executive Nelly Mukazayire.

Their discussions, held in Dar es Salaam, focused on collaboration and ways of speeding up investments of the group in Rwanda, the ministry said in a post on X.

(Source: NewTimes)


Norway announces 25 million USD in funding to support Ethiopia’s forestry endeavours

The Government of Norway has announced 25 million USD in funding to support Ethiopia’s ambitions, prolonging its decade-long forest partnership with the East African nation.

The Norwegian government announced the funding at the Africa Climate Summit in Nairobi to support Ethiopia’s undertakings to avert the impacts of climate change, according to Minister of Planning and Development.

It is noted that forest protection and restoration play a vital role in Ethiopia’s efforts to reduce emissions.  The Ethiopian government has pledged to ensure sustainable use or protection of all remaining forests in the country and to double the forest cover by 2030.

(Source: ENA)