Connect with us

Business News

€20 million programme for Eritrea – Ethiopia infrastructure upgrade

In July last year, Eritrea and Ethiopia signed a historic peace agreement ending 20 years of conflict.

News Central

Published

on

Eritrea's President Isaias Afwerki (L) and Ethiopia's Prime Minister Abiy Ahmed talk during the inauguration of the Tibebe Ghion Specialized Hospital in Bahir Dar - AFP

The European Union, has announced a €20 million programme to build 
roads linking Eritrea’s port cities and the Ethiopian border.

Commissioner for International Cooperation and Development, Neven Mimica launched the project meant to rebuild the road connection between the two neighbours.

During his visit, Mimica met with the President of Eritrea, Isaias Afwerki to discuss the situation in the region and explore political relations and dialogue for both countries.

In an official statement, Commissioner Mimica said: “The European Union 
is committed to supporting Eritrea and Ethiopia in delivering their historic peace agreement, which ended twenty years of conflict.

“To back this end, we are launching a €20 million programme to rebuild the roads connecting both countries. This will boost trade, consolidate stability and have clear benefits for the citizens of both countries through the creation of sustainable growth and jobs.”

The new project will be financed through the EU Trust Fund for Africa and through the United Nation’s Office for Project Services (UNOPS). It will refurbish road connections between the Ethiopian border and Eritrean ports to boost trade and create jobs.

This is the first phase of a broader support to Eritrea, which is planned to scale up later this year. This cooperation is part of the EU’s new dual track approach of strengthening political dialogue with Eritrea, notably encouraging political and economic reforms and improvement of human rights, as well as pursuing development cooperation to tackle root causes of poverty and to reinforce the peace agreement and economic integration.

In July last year, Eritrea and Ethiopia signed a historic peace agreement ending 20 years of conflict. This provides a major opportunity for economic development and stability in the region.

The rapprochement has already yielded benefits for the Eritrean  population, with re-opened borders, resumed communication and the  reduction in the price of basic commodities.

One of the commitments of the peace agreement is that ‘transport, trade 
and communications links between the two countries will resume.

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.

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

Mali’s new mining rules end tax exemptions

The regulatory change seeks to bring a “substantial increase” in the contribution of the mining sector

Published

on

New Mali mining law removes tax exemption

Mining companies operating in Mali will no longer be exempt from value-added tax during production and will only be protected from fiscal changes for a shorter period.

The regulatory change seeks to redress the “shortcomings” of a 2012 law by bringing a “substantial increase” in the contribution of the mining sector to the economy, the Mines Ministry said in a statement.

However, some industry watchers view the code change as a new instance of so-called “resource nationalism” and will likely spark tensions between the Malian government and mining companies.

Mali is currently Africa’s third-largest gold producer.

The regulation shortens the “stability period” during which mining companies’ existing investments are protected from changes to fiscal and customs regimes.

Changes to regulatory stability clauses have been strongly opposed by international mining companies elsewhere in Africa, most notably in the Democratic Republic of Congo where miners spent months at loggerheads with the government.

Under Mali’s previous law, stability was ensured for 30 years. It was however not made clear what the length of the new stability period would be, but the Economy Ministry said last year that the government aimed to reduce those protections to the lifespan of a mine.

“It’s the reality of the playing field at the moment, a lot of companies in Mali will have looked at what happened in DRC and Tanzania and they will have to be very cautious,” said Warren Beech, partner and head of mining at Eversheds Sutherland in Johannesburg.

Mali’s government had been negotiating with a working group of mining companies to draft a new code but said last year that it would move to implement a new law unilaterally if no compromise was reached.

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.

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

Forbes lists South Africa’s Trevor Noah as world’s 4th-richest comedian

Noah, whose ranking makes him the richest comedian in Africa, earned a whopping $28m in the period between June 2018 and June 2019

Published

on

Forbes lists South Africa's Trevor Noah as world's 4th-richest comedian
U.S-based South African comedian, Trevor Noah. (Comedy Central/AFP)

South African comedian, Trevor Noah is the fourth-highest paid comedian in the world, according to the Forbes Rich List 2019.

This is the first time the 35-year-old star has made it into the magazine’s top 10 since he began his work.

Noah, whose ranking makes him the richest comedian in Africa, earned a whopping $28m in the period between June 2018 and June 2019 from various projects, including his day job as the TV host of Comedy Central’s “The Daily Show”.

Most of his income, however, came from his 70-stop world tour as a stand-up comedian, making him eligible for the list of richest stand-ups.

In the 2019 list, the South African came behind Kevin Hart ($59m), Jerry Seinfeld ($41), Jim Gaffigan ($30m).

Other than his tour, sources of Noah’s 2018 income were his two shows on Netflix, and book sales from his bestselling autobiography “Born A Crime”, which is still ranked No. 1 on the New York Times’ bestseller list for paperback nonfiction.

Forbes lists South Africa's Trevor Noah as world's 4th-richest comedian
Frederick M. Brown/Getty Images/AFP

As a group, the top 10 best-paid comedians raked in $272m, that’s $20m less than the previous period.

The reduction in earnings among the top comedians has been attributed to reduced action among some, including Chris Rock and Dave Chappelle, who came in at $30m and $35m last year, respectively.

Trevor Noah’s ‘The Daily Show’ has become quite popular, with the South African inspiring laughter from topics ranging from politics to daily life events.

Noah joined the show in 2014 as a contributor, some two years after making his U.S. television debut on “The Tonight Show With Jay Leno.”

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.

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

Zimbabwe to issue new currency notes to counter cash shortage

Zimbabwe abandoned the Zimbabwe dollar in 2009, after a bout of hyperinflation in favour of currencies like the dollar and rand

Published

on

Zimbabwe to issue new currency notes to counter cash shortage

Zimbabwe will issue new notes and coins soon to replace the country’s quasi-currency that was introduced three years ago in a failed attempt to counter a crippling shortage of cash.

The return to a fully-fledged local currency exchangeable outside the country’s borders will be backed by an undisclosed amount of foreign-exchange reserves, gold and loans, according to the country’s finance minister, Mthuli Ncube.

Zimbabwe abandoned the Zimbabwe dollar in 2009, after a bout of hyperinflation in favour of a basket of currencies including the US dollar and the South African rand.

In a bid to deal with the subsequent cash shortages, it introduced so-called bond notes and RTGS dollars in their electronic form, which are not accepted outside the country.

Ncube re-introduced the Zimbabwe dollar in June, accompanied by a ban on the use of foreign currencies-leading to a rapid erosion of spending power with the local dollar trading at almost 10 to the greenback.

Bond notes were officially said to be at parity as recently as February.

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.

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