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Week commencing 28 May 2018
Russia and Egypt have signed a deal to build and maintain a $190m Russian industrial zone in the Suez Canal region in Egypt. The 525-hectare zone is earmarked for manufacturing competitive high-tech products using Russian industrial assembly and production schemes. Under the agreement, Egypt will provide residents of the industrial zone with a simplified and stable tax regime. The funding, projected to span a 50-year period, will come from the Russian government.
The New Times 24 May
London-based private equity company Actis will take an 88% stake in the 100MW Kipeto Wind Power project after buying out most of the project’s shareholders. Craftskills Wind Energy, one of the farm’s founding firms, will cede some shareholding to Actis and will be left with 12% of the project from an initial 20%.
Bloomberg 23 May
US confectionary firm Mars Incorporated is set to open a $70m factory in Athi River, as part of the ongoing expansion of Wrigley, its chewing gum subsidiary. Once operational, the Wrigley factory will produce about 7.8-billion pellets of chewing gum annually. Wrigley’s Nairobi subsidiary is the manufacturer of various confectionary brands including Juicy Fruit and Orbit chewing gum.
Daily Nation 23 May
Three Chinese engineering firms have been awarded contracts worth $40m to repair roads in the country’s capital, which were damaged by recent flash floods. Following an agreement with the government, Sinohydro Ltd, China Road & Bridge Corporation and China Wu Yi are set to begin repair works.
Business Daily 25 May
Canadian charity organisation Fig Tree Foundation intends to invest $3m in the next five years in small businesses in Goromonzi District in an effort to uplift people’s livelihoods by improving their ability to generate an income. The foundation has already disbursed $500,000 towards various rural projects in northern Goromonzi. The foundation will target a total of 5,000 people who will receive financial and business assistance. Over 25,000 people are expected to benefit from the funding.
The Herald Zimbabwe 22 May
Italy’s flag carrier, Alitalia, and Morocco’s Royal Air Maroc (RAM) have signed a code-sharing agreement allowing RAM to increase its round-trip flights to 17 Italian destinations. The agreement will see RAM’s clients benefit from Alitalia direct flights between Casablanca and Rome, and various other Italian destinations. RAM will provide 11 new flights to Italy, on top of the six already connecting Morocco with six Italian cities. Alitalia will also expand its route into Morocco to cover 12 cities.
Morocco World News 23 May