The East African
Tuesday February 02 2021
Bottles on a manufacturing line. Kioo Ltd has received funds to improve efficiency of its production. PHOTO | FILE
Summary
IFC said the loan will provide Kioo with working capital as the region s beverage industry faces falling demand due to measures put in place to contain the spread of Covid-19, like closure of bars and restaurants.
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World Bank’s private sector lending arm has granted $10 million to Kioo Ltd to invest in energy efficient machinery to reduce its carbon footprint in Tanzania.
The International Finance Corporation advanced the loan to the Tanzanian glass manufacturer to weather Covid-19 related challenges and invest in the latest modern energy-efficient machinery.
Africa business in brief | issue 382 | 13 dec 2020
Coronavirus (COVID-19)
Africa: Africa is better equipped to deal with a potential second wave of COVID-19, leveraging on measures adopted in tackling the pandemic’s initial adverse health effects, experts affirmed during a special session on the second day of the 2020 Africa Economic Conference. As the world gears up for new COVID-19 vaccines, the World Bank has unveiled a USD12-billion financing package to help developing countries procure the vaccines. Dr Feng Zhao, practice manager of Strategy, Operations and Global Engagement at the World Bank, said Ethiopia is leading Africa’s vaccine initiative. While noting that Africa lags behind other regions in developing COVID-19 vaccines, which some developed countries have begun administering to their citizens, the experts lauded African governments for speedily adopting diagnostic measures against the outbreak. Within a year, at least six countries – Nigeria, Kenya, South Africa
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