Connect with us

VenturesNow

Kenya’s $3bn show-piece railway project makes $100m loss in first year

Kenya’s flagship railway project registered losses of $100m (£76m) in its first year of operation, according to the transport ministry

Published

on

Kenya’s flagship railway project registered losses of $100m (£76m) in its first year of operation, according to the transport ministry.

The BBC reports that the China-funded standard gauge railway – which links the coastal city of Mombasa to the capital, Nairobi, – was funded by a $3bn loan from China’s Exim bank, to be repaid over 15 years.

Kenya dismissed concerns that the railway project was overpriced, unsustainable and economically unviable.

The railway line was central to President Uhuru Kenyatta’s re-election strategy, launched only months before the presidential poll last year.

Read Also: World’s largest refinery to cost $10bn; Dangote secures $650m loan

While passenger trains get fully booked regularly, the minister said it was hard convincing businessmen to switch cargo transportation from road to rail.

Transport Minister James Macharia told a parliamentary committee that the state was now discussing with major private industries on how to make rail transport more viable.

The repayment begins next year, and if the railway doesn’t break even by then, Kenyan taxpayers will have to foot that bill.

Economists estimate that China now owns 70% of Kenya’s debt. However, the government hopes the railway will start making a profit in the next financial year.

VenturesNow

Mozambique President Filipe Nyusi, TotalEnergies, discuss over gas project

Published

on

Discussion on the humanitarian situation in the Cabo Delgado area in Mozambique is ongoing between The head of TotalEnergies and Mozambique President Filipe Nyusi.

TotalEnergies’ chairman and chief executive Patrick Pouyanne had visited the Cabo Delgado area to review the security and humanitarian situation, and Pouyanne had met the Mozambique President during his trip.

The multinational revealed that it has engaged Jean-Christophe Rufin, whom it said was an expert in humanitarian action and human rights, with an independent mission to assess the humanitarian situation in Cabo Delgado province.

Pouyanné said, “since 2021, the situation in Cabo Delgado province has improved significantly, thanks in particular to the support provided by the African countries that committed themselves to restore peace and security.”

“The mission entrusted to Jean-Christophe Rufin should enable Mozambique LNG’s partners to assess whether the current situation allows for a resumption of activities while respecting human rights,” he added.

A force majeure’ was declared in 2021 on TotalEnergies’ Mozambique LNG project, valued at $20 billion, due to regional unrest after an insurgent group linked to Islamic State attacked the northern town of Palma.

Continue Reading

VenturesNow

Sierra Leone, Liberia, 2 others, receive $311 million from World Bank for renewables

Published

on

Four West and Central African countries are set to receive aid worth $311 million from the World Bank after signing an agreement that would improve renewable energy projects.

The countries, Sierra Leone, Liberia, Togo, and Chad will receive funds will finance around 106 megawatts (MW) of solar power generation capacity with battery energy and storage systems, and a 41 MW expansion of hydroelectric capacity.

Commenting on the development, Sierra Leone President Julius Maada Bio, who presided over the signing ceremony on Wednesday, said the deal was the beginning of a revolution in energy supply and access in the respective countries.

“We are paying far more for energy now than we were 18 months ago. Very high and rising energy prices continue to have an adverse impact on other sectors of our economies,” Maada Bio said.

The World Bank’s Director for Regional Integration, Boutheina Guermazi said the project was the first time four countries had been brought together for a regional energy approach.

“It is a continental approach to make sure that we reach universal access to clean affordable energy by 2030,” Guermazi said, adding that the project would be completed in four years.

The West and Central sub-regions of Africa have one of the lowest electrification rates coupled with some of the highest electricity costs in Sub-Saharan Africa.

Under a new World Bank Regional Emergency Solar Power Intervention Project, the West Africa Power Pool, a regional approach to improve electricity in the sub-region, will also receive some funds approved in December.

Continue Reading

EDITOR’S PICK

Musings From Abroad20 hours ago

Russia’s African influence grows as envoy claims 1,890 ‘instructors’ in Central African Republic

The Russian ambassador to the Central African Republic, Alexander Bikantov has revealed that the country’s military presence in the insurgency-plagued...

Culture20 hours ago

Nigerian first class traditional ruler, Ooni of Ife, makes Hollywood debut

Nigerian first class traditional ruler, the Ooni of Ife, Oba Adeyeye Ogunwusi, has made an incursion into the movie world...

Metro21 hours ago

66-yr-old South African man sentenced to 18 years for forcefully marrying, raping 13-yr-old girl

A 66-year-old South African man, Bheki Nxasana, has been sentenced to 18 years in prison by a Gqeberha High Court...

Metro21 hours ago

Former Kenyan policeman, three others sentenced to death for murder of human rights lawyer

A former Kenyan police officer, Frederick Leliman, alongside three accomplices, were on Friday, sentenced to death by a Nairobi High...

Tech22 hours ago

Ghana’s agrotech startup, FLUID, launches platform to help small scale farmers access to credit

Ghana’s agrotech startup, FLUID, has successfully launched a new platform that will help small scale farmers access to loans, according...

Sports22 hours ago

Kenya’s Edwin Kibet wins 2023 Lagos City Marathon

Kenyan long distance runner, Edwin Kibet Koech, has won the 8th edition of the Access Bank Lagos City Marathon held...

Politics22 hours ago

Burkina Faso’s junta leader, Ibrahim Traore, assures France of relations amidst recent tension

Amidst recent diplomatic tension between Burkina Faso and France, the military leader of the West African country, Ibrahim Traoré has...

Strictly Personal1 day ago

TID Samia does not proclaim her tigritude but she pounces, By Jenerali Ulimwengu

Here goes another nostalgic musing of days gone by, when intense intellectual exchanges would take place long-distance across the African...

Metro2 days ago

Egyptian Crocodile Museum celebrates 12th year anniversary

The Egyptian Crocodile Museum, the first ever museum in Africa devoted exclusively to crocodiles, has marked the 12th year anniversary...

Metro2 days ago

Ethiopia’s ancient Orthodox Church accuses PM Ahmed of interference over rebel bishops

A recent crisis that rocked Ethiopia’s ancient Orthodox Church where a group of “rebel bishops” broke away to form a...

Trending