Tunis: African Heads of State on Monday endorsed the launch of the Programme for Infrastructure Development in Africa (PIDA), a multi-billion dollar initiative that will run through 2040. In a statement at their 18th summit held in the Ethiopian capital, Addis Ababa, the Heads of State approved the implementation of the recommendations in the study on PIDA presented to the summit.
Nairobi: Customs agencies could soon be forced to compensate traders for losses arising from slow clearance of goods in an effort to open up trade within the East African Community. EAC officials said an agreement had been reached on a legally binding framework to eliminate non-tariff barriers (NTBs) while imposing sanctions on offenders.
Nairobi: The economies of East African Community member states grew by more than five percent last year making the region one of fastest growing in world. Danish Minister for Development Cooperation Christian Friss Bach said “an average growth of more than five percent is indeed impressive in a world where economic headlines are dominated by words such as crisis, regression, negative growth etc.”
Johannesburg: Coega - the deep-water port outside Port Elizabeth - and the industrial development zone (IDZ) to which it is attached have since their inception struggled to shake off the white elephant tag. Without a large anchor tenant and lurching from one financial crisis to the next, Coega has been a problem that the government has been unable to solve. But it might turn out that Coega was a visionary idea — if the government breathes new life into its IDZ policy, and the zones flourish into what was intended, becoming magnets for new industrial development.
Kampala: The growing gap between imports and exports standing at $3 billion (about Shs7 trillion) has tilted Uganda’s balance of payments (BoP) casting doubt on the country’s sustainable growth, according to the central bank. Central bank’s data released yesterday indicate that Uganda’s import bill has been growing by about $5 billion (about Shs11 trillion) compared to export earnings of $2.4 billion (about Shs5 trillion) annually.
Juba-Lamu pipeline set to transform structure of oil industry in the region3 February 2012, 12:00 pm
Nairobi: When South Sudan became independent in July last year, there was no apparent urgency for Juba to immediately embark on development of an alternative oil export pipeline to the Eastern African coast. It was expected at that time that mutual economic interests between it and Khartoum would drive the two countries to cooperate and continue production of oil and transit it through Port Sudan for exports. This of course pre-supposed political goodwill between the two states which has evidently not been the case.
Mozambique's Maputo hot spot for South African coal3 February 2012, 12:00 pm
London: Mozambique capital Maputo is hotting up as a magnet for companies aspiring to be significant South African coal exporters, following a Vitol joint venture deal, industry sources said on Wednesday. The port has been used on a small scale for coal exports which shippers were unable to move from the main export hub, Richards Bay Coal Terminal (RBCT), but is now the centre of major expansion plans for South African coal.
UAE and India beat China to top trading position with Kenya3 February 2012, 12:00 pm
Nairobi: The United Arab Emirates (UAE) has reclaimed its position as the largest exporter of goods to Kenya, relegating China to third spot. The value of UAE exports to Kenya rose to Sh177.8 billion or 23.3 per cent of Kenya’s total imports in the first 11 months to November compared to China’s Sh132.9 billion or 17.4 per cent of imports, according to the Kenya National Bureau of Statistics (KNBS). The increase was helped by petroleum exports.
Use SACU E7bn to repay domestic arrears - IMF3 February 2012, 12:00 pm
Mbabane: The International Monetary Fund has advised government to use part of the E7 billion windfall from the Southern African Customs Union revenue to repay domestic arrears. At the end of last September, government arrears had reached E1.5 billion; 5.3% of gross domestic product. Since then, a source revealed, the arrears have accumulated to an estimated E2.5 billion (8.8% of GDP). As at December 2010, government’s unpaid bills only amounted to E900 million, which was 3.2% of GDP.
AfDB/AU/Nepad: PIDA study synthesis2 February 2012, 12:00 pm
This report summarizes the findings of the Study of the Programme for Infrastructure Development in Africa (PIDA), a programme dedicated to facilitating continental integration in Africa through improved regional infrastructure. Designed to support implementation of the African Union Abuja Treaty and the creation of the African Economic Community, PIDA is a joint initiative of the African Union Commission (AUC), the New Partnership for Africa’s Development Planning and Coordination Agency (NPCA), and the African Development Bank (AfDB).
