Category: Business

WINDHOEK: The Ministry of Industrialisation and Trade (MIT) has embarked on setting up infrastructure for informal traders.

Addressing micro, small, and medium enterprise (MSME) owners of the Moses ||Garoeb Constituency in Windhoek on Saturday, Minister of Industrialisation and Trade Lucia Iipumbu said the ministry has identified the need to upgrade and develop infrastructure of MSMEs and has budgeted N.dollars 4 million under the current financial year towards the Informal Economic Traders Platform Infrastructure Development programme.

She said MSMEs makes up 40 per cent of the country’s traders and therefore the ministry has committed towards budgeting for the upgrading of informal trader economic hubs.

‘We think we have done enough with industrial and SME parks, our focus now is on informal traders. We see many people are selling their products on the margins of the street and many of you are street vendors. So our focus is that each financial year we at least envisioned to give three main informal trad
ers space,’ she said.

She indicated that through the Namibia Industrial Development Agency (NIDA) a total of 46 industrial and SME parks were constructed across the country.

Iipumbu further explained that the programme is done in collaboration with local authorities, noting that under the current financial year, infrastructure development will commence in Okalongo in the Omusati Region, Mariental in the Hardap Region and Henties Bay in the Erongo Region.

She explained a ministerial tour in City of Windhoek’s informal settlements during the COVID-19 era in 2020 identified that about 19 informal economic hubs need infrastructure development.

Also, she noted the ministry has the Industrial Upgrading and Modernisation Programme (IUMP) that offers free training on behavioural change, finance and equally assists traders with equipment between N.dollars 50 000 and N.dollars 400 000.

‘Everybody needs training, even you selling fatcakes. We came to realise that we need to train you on how to manage your finances.
We don’t want you to continue selling 20 fatcakes a day which will gain you a profit that is only enough for you to buy a 1kg maize bag, we want you to grow and think in terms of growth,’ she said.

Iipumbu also indicated that the ministry has revived in 2023 the Equipment Aid Scheme which was halted since 2016 due to budgetary constraints, which supports MSME owners with start-up equipment.

Source: The Namibia Press Agency

First National Bank (FNB) Namibia through its FirstRand Foundation donated N.dollars 225 000 for the renovation of the kitchen at the Swakopmund Lions Old Age Home.

The recent unveiling of the renovated kitchen was combined with staff volunteerism and initiatives, during which some helped prepare meals for the elderly while others assisted those in the village’s Frail Care Centre.

FirstRand Corporate Social Investments Manager Revonia Job in an interview with the media said the donation is part of the foundation’s focus area and motto of giving back to the community.

‘It is important for us as a bank to take care of our senior citizens with the wisdom that they have, and we are really very happy to be associated with the Lions Club and the elderly home,’ she noted.

The donation included tiling, replacement of equipment and painting.

Secretary of the Lions Club Jonathan Wilsnach noted that the kitchen had not been renovated for the past 35 years and it had been the club’s long goal to get the renovations
done.

‘We are therefore very grateful that we have managed to accomplish that task with the help of the FNB Foundation. We have been busy with projects to try and raise funds to renovate this kitchen and a lot of work has indeed been put into this renovation and we cannot be more appreciative as we can now focus on other areas to improve at the old age home,’ he expressed.

Head chef at the home’s kitchen, Maria Seibes also expressed gratitude to FNB for the renovations, adding that the new equipment will now make food preparation easier and more efficient for her and the other kitchen staff.

There are currently 90 units at the centre, with over 200 elderly and frail care residents at the old age village.

Source: The Namibia Press Agency

Addis Ababa: Ethio-Djibouti Railway (EDR) disclosed that it has earned close to 3 billion Birr revenue in the first nine months of the current Ethiopian fiscal year.

Approached by the Ethiopian News Agency, CEO of Ethio-Djibouti Railway, Abdi Zenebe revealed that the income has a 67 billion Birr increase compared to the same period last year.

According to him, Ethio-Djibouti Railway has thus generated 2.84 billion Birr income from railway services over the past nine months.

Highlighting the EDR’s impressive financial performance, the CEO stated that it has successfully attained its revenue targets in the stated period with a three percent growth rate compared to the previous year.

“The revenue collection for the past nine months demonstrated an increase of 67 million Birr, representing a three percent growth rate compared to the 2.17 billion Birr collected during the same period last year,”Abdi said.

Given the significant revenue growth of the previous nine months, the CEO is convinced that the income wo
uld play a paramount role in sustaining the company’s operations and contributing to the overall development of the transportation sphere.

Abdi also shared details about EDR’s performance in passenger and cargo transportation, adding that the company managed to transport over 148,600 passengers during the past nine months.

“In the span of nine months, the number of passengers to different destinations has increased by 19,664. This is a 15 percent growth compared to the same period of previous year’s figure of 129,000 passengers,” he said.

Despite facing challenges such as shunting locomotive breakdowns, gantry crane outages, and the security situation in the Red Sea area, EDR successfully transported 1.442 million tons of incoming and outgoing cargo.

Acknowledging the hurdles, Abdi commended the resilience and dedication of the entire team for overcoming these obstacles and ensuring the smooth flow of goods.

Looking ahead, he emphasized EDR’s commitment to addressing key areas of concern, including the a
cquisition of spare parts, foreign currency fluctuations, logistical resource shortages, and the absence of an automated office system.

‘We recognize the hurdles we have overcome, and we are fully dedicated to implementing necessary measures to ensure seamless operations and continued growth,’ the CEO Pledged.

Ethio-Djibouti Standard Gauge Railway Share Company (Ethio-Djibouti Railway /EDR) was established in April 2017, based on the Bilateral Agreement signed between Ethiopia and Djibouti with an initial capital investment 500 Million USD, it was indicated.

The company has embarked on passenger and freight transport services since 1st January 2018.

The Ethio-Djibouti Railway line also extends 756 Kilometers, owned 35 Electric locomotives, 6 diesel shunting locomotives, 30 passenger coaches and 1,100 freight wagons.

Source: Ethiopian News Agency

The annual fish fiesta celebrations go down in Kisumu this weekend with the organisers banking on the event to promote tourism.

Governor Anyang Nyong’o said that the Premiere Signature Event to be held for three days starting on Thursday will celebrate the city’s rich heritage centred around Lake Victoria as the most significant resource.

‘It will not be a mere event but a testament to our collective commitment to environmental stewardship, cultural preservation, and economic empowerment,” Prof. Nyong’o said in a speech read on his behalf by Farida Salim CECM for Tourism, Trade, and Marketing.

The extravaganza, he said, will begin on Wednesday with a symbolic gesture of his administration’s dedication to a clean and sustainable environment through a clean-up exercise.

This exercise, he added, is an expression of the residents willingness to lead by example and show their love and respect for the natural beauty that surrounds us.

One of the key highlights of the extravaganza will be the engagement in tho
ught-provoking plenary discussions to explore the fish value chain, tourism and economic development, and Lake Victoria as a resource.

‘From production to processing, marketing to consumption, every aspect of the fish value chain plays a vital role in tourism development for our visitors, furthermore, in sustaining livelihoods and driving economic growth,’ the county boss explained.

The Fishing Village exhibition stands, he observed, will be a testament to the rich diversity of aquatic life in Lake Victoria and the ingenuity of its fishermen. It is a showcase of tradition meeting innovation, where ancient fishing techniques coexist with modern sustainability practices.

Prof Nyong’o assured the festivalgoers that the cultural entertainment will mesmerise and delight by showcasing the vibrant rhythms, melodies,and dances that are an integral part of our heritage.

Other sumptuous activities lined up to celebrate beauty, talent, and the youth’s resilience will include the adrenaline boat races, Mr and Miss To
urism, Mr and Miss Flex, and Mr and Miss Strong.

To define the local community, Luo Traditional Wrestling will be a marquee showpiece to exhibit the strength, skill, and spirit of sportsmanship.

‘As we marvel at the legendary snake, Omieri, let us remember the ancient tales and wisdom it embodies, connecting to our folklore and environmental heritage,” Nyong’o said adding that it reminds us of the delicate balance between humans and nature, urging us to be mindful stewards of our surroundings.

The Grand Fiesta will offer a breathtaking display of fireworks, illuminating the sky and symbolising the spirit of hope and unity.

He thanked the organisers, sponsors, participants, and volunteers who have worked tirelessly to make the festival a reality. He further urged all media representatives to cover this exciting event and help in sharing the stories, experiences, and achievements that will unfold.

‘Through the Grand Fish Fiesta, we aim to not only celebrate Lake Victoria and the Fish Value Chain but also
promote sustainable tourism, economic empowerment, and culture within our community and beyond,”Prof Nyong’o clarified.

Source: Kenya News Agency

Elgeyo Marakwet County has commissioned a Sh50 million fresh produce market in Iten town. This milestone project aims to boost economic activities in the area and accommodate the burgeoning business community.

The newly constructed market, boasting multiple stories, will not only be a hub for fresh produce but also offer convenient parking space capable of accommodating at least 60 vehicles simultaneously.

Speaking at the ground-breaking ceremony, Elgeyo Marakwet Governor, Wisley Rotich, emphasised the significance of the market in the context of the ‘Presidential bottom-up economic model.’

‘This is part of the presidential bottom-up economic model. Every hustler doing business will be accommodated in this market,’ Governor Rotich declared, addressing the gathered residents.

The Iten new market is designed to host up to 600 business operators, providing them a conducive environment to ply their trade.

Additionally, Governor Rotich announced plans by the Ministry of Housing to replicate similar modern mar
kets in Chepkorio, Kapcherop, and Kapyego centres, further stimulating economic growth across the county.

Highlighting the broader vision for Iten, Governor Rotich underscored the town’s potential beyond commerce. ‘Iten Town, a sports powerhouse, will realise other development projects, including establishing an information technology (ICT) centre,’ he stated.

However, Governor Rotich also pointed out challenges hindering development, urging conservative plot owners to embrace change and relinquish possession to facilitate progress.

‘This town has stagnated because of some individual plot owners who have decided to make land so dear to their hearts,’ Governor Rotich remarked, urging for a generational transition in property management.

Moreover, Governor Rotich directed attention to the need for improvement in the management of Matatu Transport Saccos in Iten, calling for enhanced services to uplift the town’s reputation.

‘The only embarrassment that we have in town is the management of Matatu Stage,’ he
stated, urging for professionalism and competitiveness among transport providers.

County Woman MP Caroline Ng’elechei emphasised the importance of community amenities within the market.

‘I hope the modern market will not only have a mothers’ space for breastfeeding but will also have a shower room where market women can enjoy a hot shower after work,’ she remarked, emphasising inclusivity and convenience.

Local representatives, including Keiyo North MP Adams Kipsanai and Kapchemutwo MCA Stephen Cheruiyot, echoed the sentiment of community involvement in the project.

MP Kipsanai urged the project contractor to prioritise local employment and sourcing of materials, while MCA Cheruiyot advocated for consolidation of markets and public transport stages for efficiency.

Source: Kenya News Agency

WINDHOEK: Bank of Namibia (BoN) Governor, Johannes !Gawaxab embarked on a diplomatic visit to foster enhanced collaboration and cooperation with central banks in Botswana, Zimbabwe and Ghana in March 2024.

This was stated in a media statement issued by Naufiku Hamunime from BoN’s Strategic Communications and International Relations department on Wednesday.

‘He went on a diplomatic visit to strengthen ties with regional central banks. He visited the Bank of Ghana, the Reserve Bank of Zimbabwe, and the Bank of Botswana and engaged in discussions that highlighted areas of interest, which include financial inclusion, digital innovation and sovereign wealth management. The visit served as a platform for sharing insights and best practices, to foster deeper ties among the participating institutions,’ noted Hamunime.

Furthermore, BoN expressed enthusiasm for exploring new avenues for cooperation and innovation which highlighted areas which include leveraging Ghana’s successful digital currency called eCedit, le
arning from the establishment of Ghana’s Central Securities Depository, and exchanging insights on sustainable banking principles.

‘!Gawaxab, emphasised the importance and strength of the partnerships forged, expressing confidence in advancing shared objectives and driving positive change,’ noted Hamunime.

Source: The Namibia Press Agency