In 2019, construction projects across Africa will begin, continue or reach their conclusions, bringing to various countries and cities important economic stimulators, updated infrastructure and new opportunities.
Here’s a look at some of the largest and most important construction projects happening around the continent, including notes on how they will impact local populations.
1. Bourgreg Valley Development (Rabat, Morocco)
Morocco’s $1 billion Bourgreg Valley Development project will bring new neighborhoods, commercial real estate and public spaces to 14,826 acres in the capital of Rabat. At the center of this project will be the Bank of Africa tower, which will stand 820 feet tall — second tallest in Africa only behind The Pinnacle tower in Nairobi, Kenya.
The Bourgreg Valley Development project is more than just residential and commercial real estate, though. It will also include a house of arts and culture as well as the creation of natural ecological spaces and the preservation of cultivated land. If everything goes as planned, construction on Rabat’s Grand Theater, which is part of the project, will be finished by early 2019.
The project aims to transform the urban landscape on both sides of the Bouregreg river and to enhance its attractiveness. According to Zarrou, the Director General of the Agency for the Development of the Bouregreg Valley, construction works of the project are “going well.”
2. Konza Technology City (Nairobi, Kenya)
The Kenyan government is making an enormous investment ($14.5 billion) to create a large technology hub just 64 kilometers south of Nairobi. Not only will this hub include data centers and facilities for light manufacturing and software development, it will also include neighborhoods, schools, shopping malls, hospitals and hotels.
3. Modderfontein New City (Johannesburg, South Africa)
Chinese firm Zendai Property Limited has started development activities for Modderfontein New City, an $8 billion project that will bring affordable housing, education facilities and a financial trade center to nearly 4,000 acres northeast of Johannesburg.
Zendai is offering an ambitious vision for Modderfontein New City’s future, suggesting that it can become the New York City of Africa and that it will someday serve as the capital city of the entire continent.
4. Maputo-Katembe Bridge (Maputo Bay, Mozambique)
The Maputo-Katembe Bridge became Africa’s longest suspension bridge when the $750 million project reached completion in late 2018. In 2019, this bridge will provide an important route across the Maputo Bay, reducing the travel time between Mozambique and South Africa and providing a more direct route for trade activity.
The project includes more than just a suspension bridge, though. The overall development also included 200 kilometers of roads and five smaller bridges located around Maputo Bay. During construction, this project also generated more than 3,000 jobs for the local population.
5. Walvis Bay Port Container Terminal (Walvis Bay, Namibia)
Namibia’s Walvis Bay serves as an important port and safe haven for sea vessels. In 2018, construction of a new Walvis Bay Port container terminal began. This new terminal will eventually broaden Namibia’s access to international markets, stimulate economic activity and provide new jobs to the local population.
This project also calls for new and modern port equipment, as well as training programs for those interested in becoming pilots and operators at the new container terminal. Completion of the project is expected in summer 2019.
6. Bridge Jinja (Kampala, Uganda)
In late 2018, Ugandan President Yoweri Museveni cut the ribbon on Bridge Jinja, a 525-meter, $112 million cable-stayed bridge that creates an important connection between the capital city of Kampala on the west bank and other Ugandan cities and the Kenyan border on the east bank.
Given that Uganda is a landlocked country, this new bridge will provide an important import-export route through Kenya in 2019 and beyond.
7. Worker Training Academy (Cairo, Egypt)
Work is underway on Egypt’s New Administrative Capital, located 50 kilometers east of Cairo. One of the centerpieces of this new development is a worker-training academy that will occupy about 50 acres.
The academy will focus on training Egyptians construction workers on the latest and most advanced techniques and systems in the industry. Including this academy as part of the New Administrative Capital will help citizens gain jobs while also creating a workforce for future development in Egypt.
8. Caculo Cabaca Hydroelectric Plant (Dondo, Angola)
In 2017, Angolan officials broke ground on the Caculo Cabaca hydroelectric plant in the city of Dondo. Construction of the plant could last up to five years, but, once finished, it is expected to deliver electricity access to between 30% and 60% of the nation’s population.
The project is expected to create jobs for Angolans, and it will also serve to stimulate the economy as the country will be able to export some of the plant’s electricity to the nearby nations of Namibia and South Africa.
9. Pointe-Noire Special Economic Zone (Pointe-Noire, Republic of Congo)
The Pointe-Noire Special Economic Zone in the Republic of Congo is an in-development project that will cover nearly 9,000 acres near a strategically important port that also serves as a hub for the oil industry. It will bring vital infrastructure and manufacturing facilities to this key area that serves as the backbone of the country’s economy.
Once completed, the Pointe-Noire Special Economic Zone is expected to stimulate economic activities within the Republic of Congo, while also creating more than 100,000 jobs for Congolese citizens. The project is expected to generate $1.12 billion by 2022, $2.18 billion by 2026 and $3.57 billion by 2031.
10. North-South Corridor Project (Multiple Countries)
Africa’s population is expected to explode in the 21st century, doubling from its current 1.2 billion to 2.4 billion by 2050. All those people will need significant infrastructure improvements and upgrades to traverse the continent and create economic activity that leads to jobs.
The North-South Corridor Project is perhaps Africa’s most ambitious infrastructure project, including roads and railways that span 6,000 miles across seven countries (Tanzania, Zambia, Malawi, Mozambique, Zimbabwe, Botswana and South Africa) at a cost of $1 billion.
Rwanda’s Rise 2.5 Decades After The Devastating Genocide
Rwanda is emerging as an economic powerhouse in East Africa just 2.5 decades after a very dark and devastating genocide. So good is the economic progress that the country has reduced its reliance on foreign donations. Currently, Rwanda domestically funds 84 percent of its budget. Two decades ago, the country could afford to fund only 36 percent of its budget.
In addition to the reduced reliance on foreign aid, several indicators demonstrate Rwanda’s rapid growth. Major indicators are the rate of growth, decline in inequality, diversification, and decline in rates of poverty.
Between 2001 and 2014, the average economic growth was 8 percent. The IMF projected Rwanda’s economic growth at 7.2 percent in 2018. The projections were based on favorable rains and strong industrial activity. In the first quarter of 2018, Rwanda registered a 10.6 percent growth in economy.
Equality in Rwanda
The country’s growth is also characterized by a decline in rates of inequality. The decline is largely due to improved healthcare, school enrollment, literacy, and life expectancy.
Greater equality is exhibited in the country’s parliament, where women make up 68 percent of parliament. This is one of the highest rates globally, putting Rwanda up in the ranks of countries with highest female representation in parliament.
Farming is an important sector in Rwanda’s economy. A majority of the population still live in rural areas and depend on subsistence farming. The government plans to shifts this focus to include more economic and investment opportunities. Specifically, the country is moving towards becoming more of a service-oriented and knowledge-based economy.
Decline in Poverty
The economic growth has translated into reducing poverty levels across the country. In 2005, 57 percent of Rwandese lived below the poverty line. By 2010, this number had reduced to 45 percent. In 2017, the poverty level was registered at 38.2 percent, according to the National Institute of Statistics of Rwanda.
Kagame’s Transformative Leadership
At the centre of the country’s rapid growth is President Paul Kagame. Kagame adopted and pursued policies that have transformed Rwanda to a prospective middle economy. The President continues to implement development plans for the country, as outlined in the country’s vision 2020. Also, under Kagame, Rwanda’s ease of doing business has significantly improved.
Vision 2020 is Rwanda’s blueprint to continued economic progress. The vision is based on several pillars that include good governance, human resource development, infrastructure development, and private sector-led development. Other pillars are regional and international integration and market-oriented agriculture. With only one year left on the Plan, the government is still optimistic it will hit the targets.
Rwanda will be moving from Vision 2020 to Vision 2050, which heightens the growth prospects of the country by targeting a high income economy status by 2050. In order to reach this target, the country needs to achieve an average growth rate of 10 percent.
This Pan African, Mentor-Driven And Corporate-Backed Accelerator Is Rewarding the 10 Most Promising Startups in Africa 2019
The process of selecting 10 most promising startups in Africa 2019 is soon starting. A Pan African, mentor-driven and corporate-backed accelerator, aimed at empowering innovators is looking for the best startups in Africa to support so they can grow and realize their potential. Have you heard of Startupbootcamp Afritech 2019 Fasttrack Tour? This is a tour that will involve pitching events, mentoring and networking as well as hackathons in select cities in Africa. These tour activities are lined up in order to ensure that the selected startups in Africa 2019 taste the goodies that the corporate giants can provide.
Startupbootcamp AfriTech Accelerator
Startupbootcamp AfriTech is the accelerator behind this exciting opportunity for startups. The team has assembled a powerful squad of sponsors in order to make sure that the selected startups reap maximum benefits. These sponsors include PWC, BNP, RCS, Nedbank, Paribas and Old Mutual. In this way, the accelerator empowers these innovative and promising startups in Africa in order to connect them with the best corporate players on the continent. Pan African, mentor-driven and corporate-backed accelerator, aimed at empowering innovators
Philip Kiracofe, Sebekedi Motlhabane Koloi and Zachariah George make the team behind this South African Startup accelerator. In order to make this opportunity best fitting to startups, the team will visit 15 countries in Africa. There will be 19 events in total so that each selected city gets the best attention. During these events, 10 most promising startups in Africa 2019 will be selected for rewards. In addition to startups, the accelerator is also inviting the corporate world, investors, mentors and other thought leaders to join in the events.
The program is already underway and will end on 22nd May. The 10 selected most promising startups in Africa will have various rewards lined up for grabs. Why should your startup apply and strive to be among the selected few? You should apply because the 10 selected most promising tech startups in Africa will get an opportunity to present their ideas to the accelerator team and fellow innovators. Additionally, you will also get an opportunity to get mentor feedback and network with the corporate world. You will also get to know more about this accelerator program.
What Awaits The 10 Most Promising Startups in Africa 2019?
The selected 10 most promising startups in Africa will receive the following:
- Be invited to present their innovative ideas to the Startupbootcamp team and fellow entrepreneurs
- Have the opportunity to receive mentor feedback, network with corporates and learn more about the Cape Town-based Startupbootcamp accelerator program
- Get in the accelerator program watch list in order to get a better chance to get into the program or get opportunities to do pilots with corporate sponsors.
- Get exposure to worldwide entrepreneurship and business opportunities in order to develop.
- Meet with the industry best executives in order to learn even more.
Countries, Cities, and Dates for the Events
Select your nearest city and the best date for your startup in order to submit an application. Additionally, the earlier a startup applies, the better the chances it will have to become one of the 10 most promising startups in Africa.
For a startup to be among the 10 most promising startups in Africa, it will need to be in at least one of the following sectors;
- Water, sanitation, and hygiene
- Transport and logistics
- Retail and wholesale
- Leisure and travel
- Information Communication Technology
- Financial services
- Creative, media and entertainment
- Construction and manufacturing
- Clean technology and energy
- Business services
This Is The Most Attractive Country For Investment In Africa For The Second Time In A Row
Are you looking for the best country for investment in Africa? Look no further because the Rand Merchant Bank (RMB) in South Africa has released a new study report. It shows exactly where you should be thinking about for 2019. However, the study shows that the most attractive country for investment in Africa is not in the south of the continent.
According to this report by RMB, Where to Invest in Africa 2019, the business and investment environments in the continent has improved since 2017. However, the report singles out a few hurdles that continue to hinder more accelerated development in Africa. These issues include frail governance, reduced access to financing services, problems of infrastructure, rampant corruption in some countries as well as political unrests in some places. But generally, Africa, according to the report, has made important milestones that seek to attract and retain both local and foreign investments in the continent.
Investment Attractiveness Index for Most Attractive Investment Destination
The RMB uses an appropriate Investment Attractiveness index in order to make an assessment and rank the country. The index takes a look at the operating circumstances and economic environments of a country to gauge its potential to attract and retain local, international, and foreign investments. And Viola! Just like that and for the second year in a row, Egypt is the most attractive investment destination in Africa for 2019.
As expected, Egypt got a run for its money from the usual archrivals in the continent. Coming in second position from Cairo all the way down to Cape Town, was South Africa. But following closely in third position was Morocco, while Ethiopia and Kenya came in that order to complete the list of the top five most attractive investment destinations in Africa.
Why Is Egypt the Most Attractive Country of Investment in Africa?
The RMB report associates Egypt’s top rank in Africa with very important milestones. In order to have Egypt as the best, the report singles out the following reasons;
- A diversified economic environment.
- Escalating consumer market,
- Growing availability of hard currency.
- Stability in exchange rates.
- Stable improvement in business and investment environments, predominantly in investment-related legal reforms.
Additionally, Egypt is the largest beneficiary of direct foreign investment in Africa. It also has the largest consumer market not only in North Africa, but also in the Middle East.
“Egypt’s economic gain keeps on dominating that of South Africa,” the report says “as South Africa’s growth projections and the size of its economy are lower than those of Egypt and this weighed down its investment ranking.”
Top Ten Countries for Investment in Africa
In addition to the top five most attractive investment destinations in the continent, other usual contenders in African development were named. In a consecutive order from fifth to ten position, the countries are as follows;
- South Africa
- Ivory Coast
Countries with the Easiest Business and Investment Environments
The country that has the easiest business environment is Mauritius. This is followed by Rwanda while Botswana comes in third. In order to complete the best five countries where doing business is the easiest, the list includes South Africa and Seychelles in that order.
In conclusion, Egypt, Nigeria, and South Africa are the 2018’s three most dominant countries in Africa in terms of GDP. The combined market in these three countries makes up almost half of the approximated $7 trillion market in Africa. In order to maintain this investment attractiveness, Africa expects to improve individual business operating environments.
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