City Lodge Group sells hotels in Kenya and Tanzania for US$9.6m

TANZANIA –  South Africa’s City Lodge Hotel Group is selling its stakes in three hotels in Kenya, as well as its City Lodge Hotel Dar es Salaam in Tanzania, to subsidiaries of the UK-based investment firm Actis. The Kenyan hotels, 127-room Fairview Hotel in Nairobi, the 171-room City Lodge Hotel at Two Rivers in Runda also in Nairobi and the 84-room Town Lodge Upper Hill in Nairobi, will be sold for almost R141 million (US$9.5 million) while the Tanzanian hotel will fetch R1 million (US$67,366).  The 148-room City Lodge Hotel…

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Cellulant gets nod to become payment solution service provider in Tanzania

TANZANIA – Digital payments company Cellulant, has been given an approval by the Bank of Tanzania (BOT) to operate as a Payment Solution Service Provider having satisfied all the necessary requirements. Payment Solution Service Providers make up the underlying e-Payment infrastructure in Tanzania and Banks, Online Merchants, payment processors, merchants, state governments, and consumers connect to PSSPs to meet their digital payment needs. This approval makes Cellulant one of the top Payment Solution Service Providers (PSSP) in Tanzania endorsed by the BOT to provide digital payments solutions across the nation.…

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IFC invests in bond to support access to affordable housing in Tanzania

TANZANIA – To help increase access to longer-term, affordable mortgages and housing in Tanzania, the International Finance Corporation (IFC), has subscribed to a corporate bond issued by the Tanzania Mortgage Refinance Company (TMRC) as a strategy to make longer-term, affordable mortgages and housing accessible in Tanzania. TMRC was listed on the Dar es Salaam Stock Exchange on July 15th. The TMRC bond will support access to mortgages, helping Tanzanians more easily purchase homes in a country where access to longer-term financing has traditionally been constrained. The listing follows approval granted…

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AGF in pact with TADB to boost agribusiness financing in Tanzania

TANZANIA – The African Guarantee Fund for Small and Medium-sized Enterprises (AGF) and Tanzania Agricultural Development Bank (TADB) have signed a Memorandum of Understanding (MoU) that allows the bank to disburse up to US$20 million worth of loans to agribusinesses in the country. The MoU will enable the bank to guarantee SMEs in the agri-value chain in applying directly for loans at the bank. Gracing the event, the commissioner for financial sector development from Tanzania’s Ministry of Finance and Planning, Dr. Charles Mwamwaja, said the partnership was a boon to…

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Tanzania to revive US$10b Bagamoyo Port

TANZANIA – The government of Tanzania has announced plans to revive the US$10 billion stalled Bagamoyo port project on the country’s eastern coast, in coordination with China Merchants Holdings International and Oman’s State General Reserve Fund. Tanzania signed a deal in 2013 with China Merchants Holdings International to construct the port and a special economic zone (SEZ) that aimed to transform the country into a trade and transport hub to rival its neighbours. The port, to be built in Bagamoyo, 75 km (47 miles) north of Dar es Salaam, would dwarf…

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Tanzania to add Gold to reserves, resume US$3b Iron project

TANZANIA – The government of Tanzania has launched a new gold refinery as its central bank plans to start buying the metal to diversify its reserves. The Mwanza Precious Metal Refinery Limited is able to process 480 kilogrammes of gold per day, and plans to double the capacity in a few months, Tanzanian President Samia Suluhu Hassan said in a televised speech. The East Africa nation’s State Mining Corporation has a 25% stake in the project, while Dubai-based Rozella General Trading LLC and Singapore’s ACME Consultant Engineers PTE Ltd. own…

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Tanzania receives US$166m loan from French Development Agency for 150MWp solar plant

TANZANIA – The Tanzanian government has just signed US$166 million grant agreement with the French Development Agency (AFD) to finance the construction of a 150 MWp solar photovoltaic power plant. The financial arm of French foreign policy’s grant to the Tanzanian government for the implementation of this project is aimed at diversifying Tanzania’s electricity mix. The loan agreement was signed in the Tanzanian capital Dodoma between the Permanent Secretary of the Ministry of Finance and Planning, Emmanuel Tutub, Frédéric Clavier, the French Ambassador to Tanzania and Stéphanie Mouen Essombe, the…

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Airtel Africa sells tower portfolio in Tanzania to SBA Communications led joint venture for US$175m

TANZANIA – Telecommunications company Airtel Africa, has sold its tower portfolio in Tanzania to a joint venture in a transaction valued at approximately US$175 million. In a statement released to the media, the deal is described as the largest strategic divestment of the Group’s tower portfolio as it focuses on an asset-light business model and its core subscriber-facing operations. Airtel Africa provides telecommunications and mobile money services in 14 African countries including DRC, Nigeria, Zambia and Uganda. According to the company, its tower portfolio in Tanzania comprises about 1,400 towers…

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KCB Group shareholders approve the proposed acquisition of BPR and BancABC

EAST AFRICA – Shareholders of KCB Group, the Kenyan financing company, have approved the proposal to acquire up to 100% of the issued ordinary shares in Banque Populaire Du Rwanda (BPR) and a 100% stake in African Banking Corporation Tanzania Limited (BancABC). The twin acquisitions in Rwanda and Tanzania are part of KCB Group’s ongoing strategy to achieve regional relevance and will increase the brand’s footprint while reinforcing existing market capabilities. The transactions follow the offer made by KCB Group late last year and having now received shareholder approval, they…

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Tanzania signs US$140m loan agreement with AfDB for construction of hydropower plant

TANZANIA – The African Development Bank Group (AfDB) and the Government of Tanzania have signed a US$140 million loan agreements for the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements cover a US$120 million sovereign loan from the Bank and US$20 million from the Africa Growing Together Fund (AGTF), administered by the Bank. Emmanuel M. Tutuba, Permanent Secretary at the Tanzania Ministry of Finance and Planning, and Nnenna Nwabufo, Director General of the Bank Group’s East Africa Regional Development and Business Delivery Office, signed the agreements.…

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