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Jun
25
2024
By BONFACE ORUCHO, BIRD STORY AGENCY
Foreign investment interest in Africa’s booming clean energy soared in 2023 – report

Foreign investment interest in Africa’s booming clean energy soared in 2023 – report

NEWS
FOREIGN investment in Africa's clean energy sector remained robust in 2023, fueling the continent's growing sustainability momentum, according to a new report. The report, 'The World Investment Report by the UN Trade and Development,' unveiled on June 20, shows a growing share of global greenfield megaprojects, particularly in clean energy, announced in Africa in 2023. This is despite overall FDI inflows into the continent falling by 3% to US$53 billion, consistent with global trends where FDIs declined by 2% to US$1.3 trillion, with the impact felt most in developing economies, which suffered a 7% drop. “The value of greenfield projects…
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Apr
17
2024
By SETH ONYANGO, BIRD STORY AGENCY
AGOA-AfCFTA to offer a trade highway to the US until 2041

AGOA-AfCFTA to offer a trade highway to the US until 2041

NEWS
FORTY African nations could have duty-free access to U.S. markets until 2041, as Congress considers a bipartisan bill extending the African Growth and Opportunity Act (AGOA). Senators Chris Coons (D-Delaware) and James Risch (R-Idaho) tabled a revised AGOA Renewal and Improvement Act of 2024 in Congress, which now explicitly integrates it with the African Continental Free Trade Agreement (AfCFTA). This alignment incentivises more African countries to join the regional trade agreement by linking AGOA's trade benefits directly to membership. "The President is authorized to designate a country as an eligible AfCFTA country if — that country has signed and ratified…
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Apr
15
2023
By CONRAD ONYANGO, BIRD STORY AGENCY
Electric trains boost for intra-Africa trade

Electric trains boost for intra-Africa trade

NEWS
TANZANIA and Burundi have floated a tender for designing and constructing an electrified railway that will initially connect the two countries and pass through the Democratic Republic of Congo (DRC), as the countries look to tap AfCFTA, the world's largest single market, and create the continent's second multinational electrified railway. The African Continental Free Trade Agreement is set to combine Africa's population of nearly 1.4. billion people and markets with a current combined GDP of over US$ 3 trillion, in a single market. About 282 Kilometer of an electrified Standard Gauge Railway (SGR) line will be built from Uvinza in…
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