Afternoon business highlights – May 9, 2018

Afternoon business highlights – May 9, 2018

Africa Investment Forum endorsed as a game changer for financing Africa’s infrastructure

By 2050, just 32 short years from now, Africa’s growing population will tip the scales at a whopping 2 billion, with a youth of 840 million. In the process, the continent will overtake the populations of China and India combined.Financing Africa’s development needs will require an estimated US $600-700 billion per annum. According to the African Development Bank’s African Economic Outlook 2018, of this, about US $130-170 billion a year in infrastructure will be needed.To address these challenges, the African Development Bank has launched the Africa Investment Forum, a platform to mobilize private equity funds, sovereign wealth funds and the private sector to facilitate infrastructure projects with the capacity to transform the continent.

Maximus International to set up subsidiary in Nairobi

Maximus International, an India-based consultancy, has announced the incorporation of its wholly owned subsidiary (WOS) in Nairobi Kenya. The Company added that the said WOS has plans, amongst others, to distribute and market products of the Manufacturers from India, Africa and other countries. These products would be marketed in East as well as the rest of Africa.

Kenya Railways to increase SGR freight charges in two months’ time

The Kenya Railways Corporation (KRC) is set to review the promotional freight charges on the standard gauge rail (SGR) upwards in the next two months as the State continues to woo shippers to embrace the multi-billion shilling investment. The organisation’s business, commercial and operations team leader James Siele told Shipping and Logistics that the rates will be adjusted again in July once the promotional tariff which was introduced in January comes to an end next month.

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