African Development Bank (AfDB) kicks off the creation of four green banks in Africa
The AfDB is spearheading the creation of four green banks across Africa as part of the African Green Bank Initiative. The goal of this initiative is to mobilize up to $1.5 billion by 2030 for green financing, in response to the insufficient availability of climate finance observed at successive UN Conference of the Parties (COP) meetings on the climate crisis.

COP28: Why Africa must take a bold stance on loss, adaptation
Africa is facing climate-related catastrophes that are causing irreversible losses and damages. Urgent action is required to tackle adaptation and Loss and damage. The Paris Agreement highlights the importance of conducting adaptation initiatives alongside emission reduction efforts. However, the global efforts in 2023 to address adaptation, finance, and Loss and damage were disappointing as major summits and meetings failed to agree on ambitious commitments.

EAC
Somalia officially admitted into the East African Community (EAC)
Somalia has been granted admission to the East African Community as its eighth member. The approval was given during the 23rd ordinary summit of the heads of state held in Arusha, Tanzania. Mogadishu’s entrance into the bloc was made possible after nearly a year of successful negotiations. This comes over a year after the Democratic Republic of Congo was admitted into the regional bloc.

Kenya
Airbus picks Kenya for first drone hub
Airbus, the European aerospace giant, has chosen Kenya as the location for its first earth station dedicated to high-altitude communication drones.

The operational hub of Airbus subsidiary AALTO, responsible for the development of the solar-powered Zephyr High Altitude Platform Station (Zephyr HAPS), is set to be established in Laikipia County early next year, subject to regulatory approvals in Kenya.

Kenya to engage Uganda on setting up a dry port in Kampala.
The Kenya Ports Authority (KPA) is planning to collaborate with the government of Uganda to establish an inland port in Uganda. This joint venture aims to reduce transportation costs from Mombasa to Kampala by shortening the distance.

Tanzania
Tanzania to Increase Investment in Priority Sectors: Education, Health, and Agriculture
Tanzania plans to increase investment in key sectors like education, health, and agriculture to promote sustainable economic growth and reduce poverty, according to the President of Zanzibar, Hon. Dr. Hussein Ali Mwinyi. He made the announcement at the IDA20 Mid-Term Review, a World Bank initiative to help the world’s poorest countries by providing zero to low-interest loans and grants.

Tanzania’s President Signs Universal Health Insurance Bill into Law
President Dr. Samia Suluhu Hassan of Tanzania has signed the Universal Health Insurance Bill into law. The aim of the landmark legislation is to improve healthcare accessibility for all Tanzanians, particularly those from lower-income brackets. This development marks a historic moment in the country’s healthcare sector.

Tanzania to boost fuel storage capacity, aiming for stability and savings
Tanzania is preparing for a substantial increase in its petroleum product storage facilities to cater to the rising demand for fuel. The country aims to ensure fuel security despite the volatile global prices. The Petroleum Bulk Procurement Agency has disclosed plans for a large warehouse expansion project due to the current capacity struggling to keep up with Tanzania’s growing fuel consumption.

Uganda
Uganda targets to earn $700m from birding by 2030
Uganda aims to generate $700 million annually from birding by the year 2030. This will be done by taking advantage of its rich bird species diversity. Uganda has more than 1,100 bird species, which accounts for about 11% of the world’s total bird population, and more than 50% of Africa’s bird population.

However, Uganda has not yet taken full advantage of this potential, and it is necessary to take urgent action to turn this sub-sector into a cash cow for the country.

Rwanda
Rwanda secures $250 million from the African Development Bank to improve access to water and sanitation
The African Development Bank Group’s Board of Directors has granted loans worth almost USD 250 million to Rwanda in Abidjan. The loans will be used to improve the community’s access to water and sanitation services, while also enhancing the management of water resources and the operational efficiency of water and sanitation service providers in the designated regions.