Souray Investments Limited https://sourayltd.com Shipping, Brokerage, Trading Thu, 30 Jan 2025 09:22:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.2 Kenya, Uganda, Tanzania named joint hosts of 2027 AFCON https://riqriq.online/sou/kenya-uganda-tanzania-named-joint-hosts-of-2027-afcon/ https://riqriq.online/sou/kenya-uganda-tanzania-named-joint-hosts-of-2027-afcon/#respond Thu, 28 Dec 2023 10:31:46 +0000 https://companyhub.liquid-themes.com/elementor/?p=10009 The 2027 Africa Cup of Nations will be jointly hosted by Kenya, Uganda and Tanzania, while Morocco will stage the 2025 edition, the Confederation of African Football (CAF) announced on Wednesday.

Morocco last hosted the AFCON in 1988 and was chosen in 2015 but asked for the tournament to be postponed because of the Ebola virus, although CAF later decided to strip the north African nation of the hosting rights.

While Morocco were hot favourites to host the 2025 edition of the premier African sport event, the shock last-minute withdrawal of Algeria from the 2027 race on Tuesday threw it wide open.

“This withdrawal can be explained by a new approach from the FAF (Algerian football federation)related to its strategy for developing football in Algeria,” it said.

The Kenya-Uganda-Tanzania bid then got the nod from the CAF executive committee, taking the biennial tournament back to east Africa for the first time since Ethiopia staged the 1976 finals.

“I am very proud of Morocco,” said CAF president Patrice Motsepe after naming the successful hosts in Cairo.

“Morocco’s competing countries (for 2025 tournament) — Algeria, Zambia and Nigeria-Benin — announced their withdrawal, even if these countries still made their presentation,” he said.

“The main reason is to support Morocco in its candidacy for the 2030 World Cup,” jointly with Spain and Portugal, explained Motsepe.

Morocco boast many world-class stadiums and have successfully hosted numerous African and world football tournaments.

But Kenya and Tanzania have only one international-standard venue each and Uganda none, which forced their national team to play 2023 Cup of Nations qualifiers at neutral venues.

“One of the key objectives is that the decision that was taken today (promotes) the development of infrastructure and stadiums (and) be a source of enthusiasm among young people,” said Motsepe.

– ‘Timing not ideal’ –

Taking the tournament to east Africa follows a statement this year by Motsepe that he did not want successive tournaments in the same region.

“We cannot assign the organisation of the CAN successively to the same region,” he said at a press conference before the African Nations Championship (CHAN) in Algeria last January.

However, several months later, CAF secretary general Veron Mosengo-Omba said regional rotation may not always be possible.

“Today, only five or six countries out of the 54 CAF members are able to apply to host the African Cup. Consequently, it will not be possible to make this alternation ,” he said.

Ivory Coast will host the 2023 Cup of Nations, which has been put back to January and February 2024 due to the rainy season in west Africa.

“The timing is not ideal,” Motsepe has said, referring to the tournament falling in the middle of the European club season.

“But we could not risk the tournament being disrupted by inclement weather,” added the South African billionaire, who was appointed CAF president in 2021.

Stars who will have to leave their clubs for the African tournament include Mohamed Salah of Liverpool, Andre Onana of Manchester United and Victor Osimhen of Napoli.

The Cup of Nations has grown from a three-team tournament in Sudan in 1957 to a 24-team event since 2019, and attracts a worldwide TV audience.

Egypt have been the most successful country with seven titles, including three in a row from 2006. Cameroon triumphed five times and Ghana are four-time champions.

The line-up for the next edition in five Ivorian cities includes the top 16 African countries in the latest FIFA rankings, led by 2022 World Cup semi-finalists Morocco.

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Uganda gold exports jump more than 10-fold in 2023, says central bank https://riqriq.online/sou/uganda-gold-exports-jump-more-than-10-fold-in-2023-says-central-bank/ https://riqriq.online/sou/uganda-gold-exports-jump-more-than-10-fold-in-2023-says-central-bank/#respond Thu, 21 Dec 2023 10:32:04 +0000 https://companyhub.liquid-themes.com/elementor/?p=10011 KAMPALA, March 19 (Reuters) – Uganda’s gold exports surged more than 10-fold in 2023 despite U.S. sanctions on a major processor in the East African country, data from the central bank showed on Tuesday.

Uganda, which has emerged as a major hub of gold trade in the region, exported gold worth $2.3 billion in 2023, compared with $201 million over the previous twelve months, Bank of Uganda data showed.

The huge increase was likely driven by exports from some new processors including a Chinese plant, Wagagai Mining Ltd, in eastern Uganda, said Stephen Turyahikayo, who researches the mining sector in the Great Lakes region.

“It was likely a result of the new capacity from that Chinese plant and possibly smaller others,” he told Reuters.
Exporters have also been taking advantage of a suspension of tariffs on gold exports last year, said an official from the ministry of energy and mineral development who asked not to be named because he was not authorised to speak publicly.

In 2022, the United States imposed sanctions on Belgian businessman Alain Goetz and a network of companies connected to him, including African Gold Refinery, one of Uganda’s biggest gold refiners.

The U.S. accused Goetz of being involved in the illicit movement of gold from Democratic Republic of Congo. Goetz denied the accusation.

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Tanzania’s Standard Gauge Railway readies launch of new line https://riqriq.online/sou/tanzanias-standard-gauge-railway-readies-launch-of-new-line/ https://riqriq.online/sou/tanzanias-standard-gauge-railway-readies-launch-of-new-line/#respond Mon, 18 Dec 2023 10:31:56 +0000 https://companyhub.liquid-themes.com/elementor/?p=10010 Tanzania’s Standard Gauge Railway (SGR) project is progressing towards a significant milestone with the upcoming launch of the 300km section connecting the port city of Dar es Salaam to Morogoro. After successful trials in February, full operations on the newly built electrified line are set to commence by July, according to chief government spokesperson Mobhare Matinyi.

The SGR electric trains are expected to cut the travel time between Dar and Morogoro to about two hours from the current four-hour journey by bus and five hours by train on the old metre-gauge railway. This development is particularly welcome given the project’s history of persistent delays since 2017. Now, attention has turned to the government’s ability to swiftly advance the remaining phases of the project. Ultimately, the SGR aims to connect Tanzania with neighbouring Burundi, fostering regional trade and integration.

Funding secured
The financing required to move the SGR project forward has been secured. The African Development Bank in December approved $696.41m of financing for Burundi and Tanzania to build the 651km line. AfDB will provide $98.62m to Burundi in the form of grants and $597.79m to Tanzania by way of loans and guarantees.

The entire project spanning Tanzania and Burundi carries an estimated price tag of $3.93bn. The AfDB is poised to play a pivotal role in mobilising funding from various financial institutions to support the endeavour. The bank will structure and mobilise financing of up to $3.2bn from commercial banks, development finance institutions, export credit agencies and institutional investors,” it notes.

The SGR will facilitate smoother trade and bolster manufacturing by connecting strategic locations such as industrial parks, inland container depots, and major population centres. This connectivity is expected to reduce reliance on the current road trucking system, which is more prone to accidents and largely to blame for high road maintenance costs. The anticipated reduction in road traffic may also lead to a decrease in transportation-related emissions, contributing to environmental conservation efforts.

Spurring additional investments
Churchill Ogutu, an economist at IC Group in Mauritius, believes the SGR will transform Tanzania by spurring additional infrastructure investments along the railway corridor.

“Over and above the rail project, Tanzania will be required to ramp up infrastructural investments in roads and inland waterway channels, in addition to improving the port efficiency, for it to capture the gains that are to accrue,” he tells African Business.

Ogutu says that the project is beneficial for the wider East African region because it will help stimulate more trade and investment along the so-called Central Corridor.

“This will be a game changer as Tanzania sits front and centre of the Central Corridor transport system that links it with three landlocked countries.”

The Central Corridor is a vital artery for trade and transportation in East and Central Africa. It connects the port city of Dar es Salaam to the interior of Tanzania and extends its reach to the landlocked nations of Rwanda and Burundi, as well as to the eastern regions of DR Congo. This corridor leverages Tanzania’s colonial-era railway infrastructure and a network of roads, offering a strategic alternative to the busier Northern Corridor, which runs through Uganda and Kenya to the port of Mombasa. The Central Corridor serves as a less congested route for Rwandan, Burundian, and Congolese traders to access the Indian Ocean.

Mining set to benefit
While it will be a few more years before the SGR line gets to Burundi, there is optimism that the new railway will be a game-changer for the landlocked nation’s fledgling mining sector. Burundi’s mining sector shows promise but poor transport infrastructure has hindered the full realisation of the country’s mining potential. This will change with the new SGR, according to the AfDB.

“The construction of this railway will allow Burundi to intensify the exploitation of nickel, of which the country has the 10th largest deposit in the world in the Musongati mining fields,” says the lender. “The country also has resources such as lithium and cobalt, which are expected to generate significant revenue for the country through the rail link with the port of Dar es Salaam.”

Burundi currently relies on the port of Dar es Salaam for roughly 80% of its import and export trade, underscoring the utility of the SGR project.

The new SGR is not the only Tanzanian transport infrastructure project that is set to boost the fortunes of miners in the region. The Tazara railroad connecting Zambia’s copper-rich heartland with Tanzania’s port of Dar es Salaam is also set to undergo a massive overhaul in coming years at a cost of more than $1bn. China built and financed the 1,860km railway in the 1970s, but the line has over time fallen into disrepair and currently operates far below its original capacity. China, Tanzania and Zambia will undertake the revitalisation of Tazara using a public-private partnership model, according to Beijing’s ambassador to Zambia, Du Xiaohui.

China has stepped up its involvement in infrastructure development and financing in Africa over the past decade. It has done this in part to counter Western influence in Africa, but also to gain access to critical minerals that are found in plentiful supply on the continent. Ogutu expects this trend to continue in coming years due to the Belt and Road Initiative (BRI), a vast Chinese infrastructure project aimed at connecting multiple continents across land and sea.

“The overarching theme has been China’s BRI project that has been in place since 2013 and has seen close to $200bn in financing to sub-Saharan African countries.”

Uganda and Kenya join the fray
Meanwhile, Uganda and Kenya are moving forward with their own efforts to integrate their countries by connecting their respective SGRs. Uganda recently announced plans to build its first-ever SGR connecting Kampala with Malaba along the Kenya border, while Kenya is determined to extend its SGR – the first to be constructed in East Africa – to the Uganda border.

“Kenya’s SGR Phase 2B from Naivasha to Malaba is to coincide with the development of Uganda’s Kampala to Malaba phase,” remarks Ogutu. “The benefit should be immense and increase trade between both countries as landlocked Uganda transports a significant chunk of its imports through the Mombasa port.”

As construction of the multiple SGR projects in Uganda, Tanzania and Kenya commences, the challenge for governments will be to stick to project timelines and contain cost overruns. The completion of the Mombasa-Nairobi section of Kenya’s SGR in less than four years (2013-2017) is a testament to the potential for efficient project execution. Drawing from this experience, experts say it is crucial for officials overseeing the ongoing projects in the region to adopt a proactive approach to project management. This includes anticipating and mitigating common obstacles such as funding issues, technical challenges, and land acquisition delays. By doing so, these projects can adhere to their timelines and budgets, ensuring they contribute effectively to the region’s connectivity and economic growth.

Ultimately, rail transportation is just one piece of the puzzle when it comes to stimulating cross-border trade and enhancing regional integration in the East African Community (EAC). Ogutu argues that there’s a need for a holistic approach that addresses all the barriers to trade, including non-tariff barriers. “Elimination of non-tariff barriers and smooth cross-border payments will go a long way in growing trade volumes.”

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