Connect with us

Business News

Kenya’s Lamu Island gets investment ready with infrastructure projects worth $27 billion2 minutes read

Construction and rehabilitation works of some of the projects have already commenced

News Central

Published

on

Houses built with coral blocks - Sheba Lamu Kenya - AFP

Over the past couple of years, the Kenyan government has pumped billions of shillings in undertaking several infrastructural projects aimed at boosting both road and sea transport not only in Lamu County, but the whole country and the region.

Construction and rehabilitation works of some of the projects — ranging from port berths, roads, jetties and airports — have already commenced while others are in the pipeline.

Lamu has also become a magnet for big national and regional infrastructure projects whose total cost add up to about Sh2.7 trillion.

The bulk of this cost is taken up by the Sh2.5 trillion Lamu Port South-Sudan Ethiopia Transport (Lapsset) Corridor Project.

The Lapsset project, which kicked off in 2012, when former President Mwai Kibaki visited Lamu and laid the foundation stone, is being set up in Kililana area in Lamu West. Work commenced in mid 2016.

The project plan includes a 32-berth port, transportation hubs for rail, highway and international airports in Lamu, Isiolo and Lodwar, an oil pipeline from South Sudan, Uganda and Ethiopia to Lamu Port, an oil refinery and three resort cities in Isiolo, Lamu and Turkana.

So far, construction of the first three berths is 70 per cent complete and will cost Sh48 billion. 

The cost includes the physical construction of the three Lapsset terminals plus other activities such as preparation of the turning bay, dredging and reclamation works as well as navigation of sea waves.

During his recent tour to the Lamu Port site, Lapsset Corridor Development Authority Chairman Titus Ibui said the first berths will be ready by June this year with first ship expected to dock in Lamu Port for the first time in November. The two other berths are expected to be complete by the end of 2020.

Completion of the Lamu Port is expected to open up the region for trade and industrialisation as well as improve the general transportation of goods and services in Lamu, Kenya, East Africa, the Middle East and the world at large.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

Tell your story the right way

Have you witnessed a news worthy event? Want to become our citizen journalist and tell your own stories?

Send your stories to us or contact us via:
Email: Click to email us
Social media: Twitter and Facebook @NewsCentralTV
WhatsApp: Text or call +234 901 190 0000 .

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading
Click to comment

Leave a Reply

Business News

Ethiopia to divest 40% of Ethio Telecom

Published

on

The Ethiopian government is finalizing plans to sell a 40 percent stake in Ethio Telecom- the country’s sole telecommunication provider . The plan was announced by Ethiopia’s State Minister of Finance, Eyob Tekalign Tolina.

Ethiopia’s telecommunication industry is considered one of the last closed markets. It has been one of the government’s plans to liberalize the country’s economy launched by Prime Minister Abiy Ahmed. Ethio Telecom has a large market serving a population of around 110 million.

The government will retain ownership of the remaining 60 percent.

Foreign firms in the telecom sector will be invited to bid and a percentage of the minority stake will be sold to Ethiopian citizens. South Africa’s MTN and Kenya’s Safaricom have shown interest in expanding into Ethiopia in the past.

Ethiopia’s communications regulator says the country would proceed with the privatisation of the telecommunications sector despite the novel coronavirus outbreak.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

Tell your story the right way

Have you witnessed a news worthy event? Want to become our citizen journalist and tell your own stories?

Send your stories to us or contact us via:
Email: Click to email us
Social media: Twitter and Facebook @NewsCentralTV
WhatsApp: Text or call +234 901 190 0000 .

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Business News

Zambia’s Zesco, Chinese firm enter $548 man deal

Published

on

Zesco Limited, Zambia’s state-owned electricity company, has signed contracts worth $548 million with Power China to develop three solar power plants that will add 600 megawatts (MW) to the national grid.

The three contracts are a step towards diversifying renewable energy for the country, which relies heavily on hydropower and has faced electricity shortages partly due to droughts.

“The three-grid solar PV projects will have a capacity of 200 MW each,” Zesco Managing Director, Victor Mundende said in the statement, adding that the power plants will boost access to electricity and enhance industrial development. A generating date is yet to be disclosed.

Zambia’s power supply deficit has grown by nearly 20% since September, State power utility, Zesco announced in March, despite hefty price hikes and the government’s fast-tracking of support for green energy projects. 

Zesco’s Director of Corporate Services Patrick Mwila said in March the electricity deficit had grown to 810 megawatts (MW) from a 690 MW gap in September last year. E

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

Tell your story the right way

Have you witnessed a news worthy event? Want to become our citizen journalist and tell your own stories?

Send your stories to us or contact us via:
Email: Click to email us
Social media: Twitter and Facebook @NewsCentralTV
WhatsApp: Text or call +234 901 190 0000 .

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Business News

Algeria to invest $3 billion in solar power, free up gas export

Published

on

The Coronavirus pandemic is proving to be the motivator for more economic diversification. An example of this, is Algeria’s plan to invest further in renewable energy and generate more electricity. The country intends to invest at least $3 billion dollars in this endeavor.

These new photovoltaic solar plants will generate a combined production capacity of 4000 mega watts (MW). The electricity will be consumed locally and excesses sold. The move will enable more gas to be sold externally.

Recently, Algeria lost its main gas supply destination due to cheaper alternatives with more supplies.

Currently, gas is used in generating about 98% of total electricity production in Algeria. But recent development has been encouraging Algiers to increase its exports of gas and crude oil, which are the main sources of Algeria’s revenue. Solar generated electricity makes up the remaining 2%.

Algeria’s Prime Minister, Abdelaziz Djerrad’s office announced the development on its website following a meeting of the government.

“In addition to meeting national demand for energy and preserving our fossil resources, this project will allow us to position ourselves on the international market,” it said in a statement.

It gave no details on where the electricity might be sold abroad or how much the proposed plants would contribute to domestic supply.

The COVID-19 pandemic and subsequent global movement restriction has influenced the drastic drop in crude oil and gas sales affecting countries like Algeria. The past two weeks has seen a gradual rise in price but Algeria like many other OPEC members have announced plans to seek foreign loans in 2020 for the first time in years to fund what they called “strategic projects”.

Copyright News Central

All rights reserved. This post and other digital content on this website may not be reproduced, published, broadcasted, rewritten or redistributed in whole or in part without prior express written permission from News Central.

Tell your story the right way

Have you witnessed a news worthy event? Want to become our citizen journalist and tell your own stories?

Send your stories to us or contact us via:
Email: Click to email us
Social media: Twitter and Facebook @NewsCentralTV
WhatsApp: Text or call +234 901 190 0000 .

New stories delivered to your phone

Click here to have news stories delivered to your phone or mail. You can also share your stories with us. Join our mailing list here.

Continue Reading

Trending