Chinese ride hailing startup DiDi launches in Egypt, a month after South Africa

EGYPT – DiDi, a Chinese transportation technology platform, has officially launched its services in Middle East and will begin providing Waslny, Waslny Plus and Didi Express services in Egypt. The entry of the Chinese intelligent transport giant should increase competition in the Egyptian market, especially after the recent entry of the Russian application, InDriver, which limits control of Uber after the acquisition of Careem. “We are bringing a global experience and the best technology to ensure safety for our passengers and drivers,” Carina Smith-Allin, DiDi head of public relations and…

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China to provide US$130m to Ghana for development of Technical universities and institutions

GHANA – The government of Ghana has secured US$130 million facility from China to upgrade five technical universities and 10 technical institutions in the country. The facility, under the Ghana-China project, a joint initiative, between the government and China aimed at enhancing vocational training by growing talent for industries through the establishment of advanced training. Under the project, the beneficiary institutions would see an upgrade in the construction of State-of-the-Art training workshops for mechanical, automobile, civil and welding engineering, among others. Madam Justina Owusu-Banahene, the Bono Regional Minister, who disclosed…

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Nasr Automotive partners China’s Dongfeng for reconstruction of its factory to produce electric cars

EGYPT – Nasr Automotive Manufacturing Company, of the Ministry of Public Enterprise, has signed two agreements with China’s Dongfeng Motor Corporation to reconstruct its factory to produce the first electric car in Egypt. In a press conference, El Nasr Automotive CEO and Managing Director Hany El Kholy said that the first electric vehicle will be produced in Egypt at the beginning of 2022. El Kholy said that the percentage of local components in Egyptian electric vehicles will reach 58%. He added that El Nasr has contracted with the Chinese company…

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China’s LONGi solar appoints Maryzad to be distributor and partner in Africa

EGYPT – LONGi, a Chinese manufacturer of photovoltaics and a developer of solar projects, has announced the appointment of Maryzad, a Saudi-Egyptian company founded in 2012, as a new major distributor and partner, leveraging its strengths in the field of solar, alternative and renewable energy as it expands its presence in Africa. Water requirements in Egypt have grown over recent years due to an increase in population, improving living standards and agricultural expansion, agriculture currently accounting for the largest share of the country’s total water consumption. “Solar energy is the…

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China extends ban on Ethiopian Airlines flights till end of the year

ETHIOPIA – China has extended the ban on Ethiopian Airlines flight from Addis Ababa to Shanghai Pudong until the end of 2020, citing the increased number of passengers on the flights who have tested positive for COVID-19. In August this year, Ethiopian Airlines received its first temporary suspension after six people tested positive for the virus. However, the ban lasted only one week, and China has now enforced the second ban after five passengers on flight ET684 on 6th October 2020 tested positive for the virus. On 13th October, another…

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IMF to give Angola $6.2 billion 3-year debt relief.

ANGOLA – The International Monetary Fund (IMF) has revealed that Angola will receive $6.2 billion in debt relief over the next three years following agreements lined up with three of its major creditors. According to a report, the IMF mentioned that although Angola’s debt is sustainable, significant vulnerabilities remain while “debt dynamics are highly sensitive to further oil-price volatility.” The government, however, said that it would further seek debt relief as much as possible. In a lettered comment, the government said, “to the extent that unforeseen risks to achieving the medium-term…

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AFD and TDB partners to open US$150m line credit to finance infrastructure in East Africa

AFRICA – The French Development Agency (AFD), a public financial institution, has recently signed a partnership with the Trade and Development Bank (TDB) of Eastern and Southern Africa, a commercial bank owned by the member states of the Common Market for Eastern and Southern Africa (COMESA), the World Bank and China. The two development banks have just signed an agreement to open a US$150 million line of credit to finance the construction of sustainable infrastructure in East Africa. The agreement was initiated by Admassu Tadesse, Chairman and CEO of the…

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China opens first African cocoa trading center to meet rising demand

GHANA – An African cocoa trading center has been opened in Hunan Province, Central China to connect the world’s leading cocoa producing region to China’s fast-growing appetite for chocolate. The marketing center, according to CGTN Africa, will start by selling cocoa mainly from Ghana before bringing in products from more African countries. “I am confident that every tasty chocolate enjoyed in China has some quantity of Ghana’s premium cocoa as part of its ingredients,” said Edward Boateng, Ghana’s ambassador to China, adding that the West African country is working with the Asian…

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Kunlum agrees to sell popular social app Grindr for US$608m

CHINA – Chinese gaming company Beijing Kunlun Tech Co Ltd has said that it has agreed to sell Grindr LLC, a popular gay dating app it acquired in 2016, to San Vicente Acquisition LLC for about $608.5 million. Based in West Hollywood, California, Grindr has over 4.5 million daily active users, and describes itself as the world’s largest social networking app for gay, bisexual, transgender and queer people. The app, originally developed in Los Angeles, raised national security concerns after it was acquired by Beijing Kunlun in 2016 for $93…

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Coronavirus exposes Nigeria’s reliance on China, spells doom for an already strained economy

NIGERIA – The raging Coronavirus has ravaged economies through out the world, the worst hit being China which has been forced to effect far-reaching containment measures that have not only hurt its economies but those of others that rely on China for exports and imports. Nigeria is among some of the major economies in Africa that heavily rely on China and it is expected to be among the worst hit in the continent. According to a Punch Nigeria report, China accounts for around a quarter of Nigerian imports, greasing much…

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