Africast Conferences & Exhibitions’ Post

The World Bank has allocated a substantial $270 million grant to Zambia and Tanzania to enhance transportation and trade connectivity along the Dar es Salaam corridor, as announced in a statement on Wednesday. This funding falls under the six-year Transport Corridors for Economic Resilience project, designed to elevate the efficiency, connectivity, and climate resilience of crucial regional transport and trade corridors across eastern and southern Africa. Achim Fock the World Bank country manager for Zambia, emphasized the project's significance in bolstering regional trade and transportation, stating, "By focusing on strategic improvements and climate resilience, we hope this will pave the way for a more robust and sustainable economic future for Zambia and its neighbors. The transport and logistics sectors are expected to experience a boost from targeted activities aimed at institutional and sectoral capacity building." The initiative is expected to directly benefit around 2.5 million individuals in Zambia, with plans to rehabilitate the Serenje-Mpika corridor section and establish a one-stop border post in Nakonde, a town on the Tanzanian border. Additionally, the project aims to tackle challenges related to inadequate trade and transport facilitation systems. #WorldBankGrant #TradeConnectivity #TransportCorridorProject #EconomicResilience #RegionalDevelopment

Somalia 🇸🇴 has emerged as a new source of remittances for Kenya 🇰🇪 and Uganda 🇺🇬, accounting for $180 million and $21.9 million respectively per year, diplomatic sources say. According to data at the diplomatic missions in Mogadishu, there are more than 35,000 Ugandans in Somalia, remitting between $50,000 and $60,000 per day, compared with Kenyans, whose remittances average $500,000 million per day. “We just need to wake our people to add value to the skills that we want to market here in order to get more from this economy,” Nathan Mugisha, Uganda’s Deputy Head of Mission in Somalia said in an interview in Mogadishu. “We have a lot of opportunities here in agriculture, human skilled labour, especially in the construction sector and mining. We just need to get more organised. This mission contributes $50,000–$60,000 per day in remittances, but that’s nothing compared with what Kenyans send home.” Diplomats have recently stated that there are more than 30,000 Kenyans currently employed in Somalia, and this number is expected to grow fivefold in the next five years as a result of the Horn of Africa nation joining the East African Community, guaranteeing free movement of persons within the bloc. Somali's prime minister Hamza Abdi Barre has said that despite its socioeconomic and political challenges, the country has turned a new page into an era anchored on the attraction of foreign direct investment while mobilising, consolidating and streamlining local business processes and environment. ... ... ... [The East African]

Uganda secures $1B in FDI from UAE, boosting its economy. FDI now makes up over 4% of GDP. As Africa's top #investment destination, Uganda's focus on #agriculture and green projects is key. Despite challenges, the nation is set for 6% growth in 2024, marking it as a prime investment hub.Read more at #Culturebanx https://lnkd.in/gPnAWYHG

Rwanda is seeing a surge in her remittances from the diaspora, according to the #NewTimes paper. Accordingly, Rwanda received in excess of $470 Million in 2023. This remittance volume exceeds foreign direct investment, just like a couple of other African countries benefitting from diaspora remittances. The 2023 growth of remittances inflows to Rwanda was 16.8%, compared to 1.9% average growth of African remittances inflows. One of the key propositions to boost remittances inflows to Rwanda is investment in capital markets, investment in local businesses and real estate, citing the secure real estate opportunity presented by Rwanda Social Security Board. As I have always insisted, there is an opportunity for remittances growth in #ssa if the diaspora is afforded secure investment options that guarantee return on investment. #crossborderpayments companies have more opportunity to invest in these emerging markets to facilitate this movement of value, as the figures are becoming more and more attractive. Besides, payment facilitators (companies) create more opportunities for growth of diaspora remittances through ease of transfers, and opening new markets. https://lnkd.in/dzADasRk

Kenya, being one of the first countries to ratify the AfCFTA, President Ruto has called on African leaders to accelerate the realization. The President’s call resonates deeply with our mission at Real Sources. It is evident that AfCFTA holds immense potential to increase intra-Africa trade, creating jobs and wealth across the continent. However, unnecessary visa restrictions and tariffs continue to hinder progress. It's time to break down these barriers and allow goods, services, people, and ideas to move freely across Africa. Real Sources is committed to facilitating this vision by providing a seamless platform for African businesses to connect, trade, and grow. Our technology-driven solutions streamline trade processes, making it easier for entrepreneurs to access markets, source products, and expand their businesses across borders. #Realsources #Tradeseamlessly #AfCFTA Photo credits: Business Daily Africa

Diaspora remittances outgrow FDI in 2023: Time to transform remittances into legacy businesses. The IOM's 2024 report shows diaspora repatriation to Africa hit $831 billion, surpassing global FDI for the first time. This $831 billion represented 53% of cross-border investment, with over 100 million African diaspora workers outpacing multinational corporations' financial impact. After years of foreign capital driving Africa's growth, this $831 billion repatriation milestone allows the diaspora to redefine the economic landscape. By strategically investing in key sectors, incubating diaspora businesses/funds, shaping conducive policies, and unleashing their $831 billion annual firepower, African diasporans can catalyze an era of self-determined prosperity with lasting business legacies at home. The diaspora's economic power has peaked. Harness the momentum with Aropsaid. Aropsaid provides you with market insights, expertise, business partnerships, and guidance to navigate the African market and leverage your remittances into viable businesses. Schedule a free consultation today. To read the full report, visit: (https://lnkd.in/dRksQsR9) #InvestinNigeria #AropsaidTech #Bridgingthegap #diasporarepatriation #letsbuildtogther #InvestNaija #AfricansinDiaspora #InvestinAfrica #Repatriatetoinvest

#RWANDA: Diaspora remittances are quickly emerging as key contributors to African economies. Here is how Rwanda is leveraging its rising diaspora remittances 🔽 https://lnkd.in/dZ9k24em

The Djibouti Economic Monitor is out with some positive news.📊   ✔️Djibouti's economy has achieved a rebound in 2023, outperforming forecasts with a GDP growth estimated at 6.7%. This recovery is driven by several key factors: 🔹The political stabilization in Ethiopia has led to a surge in demand for Djibouti's port and logistics services, significantly boosting the volume of goods and containers handled. 🔹Strong domestic demand, supported by a recovery in private investment and government measures to mitigate inflation effects. 🔹The resumption of livestock exports to Gulf countries has improved the primary sector. 🔹After peaking at 11% in June 2022, inflation stabilized at 3.8% in December 2023. 🔹The Djiboutian government has reached an agreement with China Eximbank for a four-year moratorium starting in 2024, which will help manage the debt situation more effectively. ✔️The medium-term outlook remains positive, with annual GDP growth expected at 5.1% from 2024 to 2026.   Despite these achievements, Djibouti faces challenges such as: 🔻Budgetary challenges marked by a structural decline in revenues, due to the increase in tax exemptions which reached 19% of GDP in 2022. 🔻A study of public spending in the road sector reveals major financing and management challenges 🔻Regional conflicts in the middle east with the disruptions in Ethiopia and the Horn of Africa. 🔻Public debt at 70% of GDP creates high risk of debt distress. 🔻High unemployment, increased poverty, and pressure on urban infrastructure.   A big thank you to the dedicated team behind this report. Read more here: https://lnkd.in/gyM7SAYr #Djibouti #EconomicGrowth #GDP #Inflation #Debt #SustainableDevelopment #WorldBankMENA

Nigeria's excessive presidential fleet of 10 planes is a symbol of the country's misplaced priorities. While other nations' leaders opt for more modest arrangements, Nigeria's leaders continue to squander resources on luxury travel. There are even plans to purchase new planes. This unnecessary expense could be redirected towards addressing the nation's pressing needs, such as improving infrastructure, healthcare, and education. It's time for Nigeria to embrace a more frugal and responsible approach to governance. #Nigeria #BAT #FGN #NigeriaPresidentialFleet #NigeriaDeservesBetter #PutNigeriaFirst #GoodGovernanceMatters https://lnkd.in/eVm2ev9e