Month: June 2024

Strait of Malacca becomes oil market’s largest transport artery

Mr Mohammed

The transit of oil and petroleum products through the Strait of Malacca, which is located between the Malay Peninsula and the Indonesian island of Sumatra and connects the Indian and Pacific oceans, rose by 800,000 barrels per day (bpd) in 2023, reaching 23.7 million bpd. According to the U.S. Energy Information Administration (EIA), the Strait of Malacca has surpassed the Strait of Hormuz in terms of transit volume of raw materials, as the amount of oil and petroleum products transported via the Strait of Hormuz last year totalled 20.9 million…

Webb Fontaine Unveils Sourcemind Academy in Guinea

Mr Mohammed

CONAKRY, Guinea, June 28, 2024/ — Webb Fontaine (www.WebbFontaine.com), a leading provider of solutions for trade facilitation, is pleased to announce the launch of Sourcemind Academy in Guinea. This innovative educational venture, backed by Webb Fontaine, is set to transform the tech education landscape by offering high-level training, cutting-edge pedagogical design and experienced professional trainers to future software engineers and technology enthusiasts. The launch of Sourcemind Academy in Guinea marks a significant milestone in Webb Fontaine’s ongoing commitment to corporate social responsibility, and to promoting educational development in emerging markets.…

BRICS countries back grain exchange idea, Russia says

Mr Mohammed

The BRICS group of countries have supported an initiative to set up a grain exchange, Russian Minister of Agriculture Oksana Lut said on Friday. The exchange would allow buyers to purchase directly from producers and has been backed by Russian President Vladimir Putin ahead of a BRICS summit to be held in Russia in October. “We will work together with our colleagues on creation and development of this platform and the development of the possibility of settlements in national currencies of the BRICS countries,” Lut said after a meeting of…

African Development Bank expands urban support program to six new cities

Mr Mohammed

TUNIS, Tunisia, June 26, 2024/ — The African Development Bank’s (www.AfDB.org) Urban and Municipal Development Fund (UMDF) (https://apo-opa.co/4exYmAh) has expanded its African Cities Program to cover six new cities across the continent. The expansion, approved by the Fund’s 13th Oversight Committee, will help bolster urban development and address critical challenges faced by rapidly growing African cities. The newly included cities are: Kolwezi, the Democratic Republic of Congo: mining town grappling with rapid urban growth and environmental issues. Grand Nokoué, Benin: an economic hub with over two million inhabitants. Buffalo City, South Africa:…

Afreximbank signs two deals totaling US$80 million for Zimbabwe’s CBZ Bank

Mr Mohammed

NASSAU, The Bahamas, June 25, 2024/ — In two deals signed at the recently concluded Afreximbank Annual Meetings, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is providing a US$60 million line of credit and a US$20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility to CBZ Bank Limited, Zimbabwe’s largest bank. The line of credit facility will strengthen financial intermediaries’ capacity to support SMEs through financing product and capacity building, indirectly support export-oriented Zimbabwean businesses and enable them to generate much-needed foreign exchange, thus easing the pressure on foreign currency in the country.…

Africa Finance Corporation (AFC) invests in Africa’s largest copper complex, driving mineral beneficiation on the continent

Mr Mohammed

KINSHASA, Democratic Republic of the Congo, June 26, 2024/ — Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, is pleased to announce the closing of a US$150 million senior loan with Kamoa Copper to support the expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo. The loan by AFC, who acted both as lender and arranger, aligns with the Corporation’s commitment to support the local beneficiation of Africa’s abundant mineral resources to unlock the continent’s economic prosperity. Kamoa-Kakula is a world-class, high-grade, low carbon-intensive,…

Bringing Finance to African Energy Projects: AEC to Host Energy Players in Europe’s Financial Capital

Mr Mohammed

Global investment in upstream oil and gas is set to reach $570 billion in 2024, showing a 7% rise compared to 2023 expenditure. Of this, 33% is expected to be directed towards frontier fields, presenting a strategic opportunity for undeveloped oil and gas markets in Africa. With lack of investment representing one of the biggest challenges to project development across the continent, the African Energy Chamber (AEC) will host a networking reception on July 11 in London – Europe’s financial capital. Taking place at the Four Seasons Hotel London at…

Canon enters recycling system business with innovative technology, promoting circular economy with high-speed, accurate plastic sorting equipment capable of measuring even black plastic waste

Mr Mohammed

DUBAI, United Arab Emirates, June 26, 2024/ — Canon Inc. (https://en.Canon-CNA.com/) announced today that it will launch new plastic sorting equipment with innovative material identification technology. The equipment applies Raman spectroscopy technology to moving objects with a tracking mechanism to collectively detect the material types of plastic fragments with high accuracy, even when black plastic pieces are mixed with other colors, which has been conventionally challenging. Today, the company will begin widely accepting orders from the market for the “TR Series” which includes the “TR-S1510.” Currently, roughly 20%[1] of plastic waste generated in…

14th Meeting of the Open-ended Working Group of the Basel Convention:

Mr Mohammed

Science every day identifies more hazardous constituents in waste. Recycling operations are also changing as new ways are found to recover valuable content from waste. These changes raise new questions for parties to the one of the oldest multilateral environmental agreements, the Basel Convention, as to how the waste trade can be better monitored and regulated. The Fourteenth Meeting of the Basel Convention’s Open-ended Working Group (OEWG-14) is the only occasion for all parties to meet face-to-face before the next meeting of the Conference of the Parties, COP 17, takes place…

Artificial Intelligence (AI) and the future of work – the opportunity for Africa

Mr Mohammed

JOHANNESBURG, South Africa, June 24, 2024/ — Africa has a unique opportunity to influence what the future of work looks like in these early days as large language learning models (LLMs) are evolving, and the environment for applications is still new. This is according to the AI and the Future of Work in Africa whitepaper produced by Microsoft (www.Microsoft.com) and a collective of industry experts from across the continent. Nearly one billion people in Africa are currently under the age of 35 with the continent projected to be home to almost…