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VA Tech Wabag wins INR 700 cr wastewater treatment order in Zambia

VA Tech Wabag wins INR 700 cr wastewater treatment order in Zambia

VA Tech Wabag, an Indian water technology company, has secured a significant INR 700 crore Design, Build, and Operate (DBO) contract from the Lusaka Water Supply and Sanitation Company in Zambia. This project, funded by the European Investment Bank and Germany’s KfW, involves the construction of two state-of-the-art wastewater treatment plants in Ngwerere and Chunga, with capacities of 54 MLD and 19 MLD. The project timeline includes a 36-month construction phase, followed by a two-year operation and maintenance period.

In a notable commitment to sustainability, these plants will incorporate innovative energy solutions such as biogas and solar power to meet the majority of their energy requirements. Guhan Kandasamy, Head of Sales & Marketing (Africa) at Wabag, emphasized the transformative impact this project will have on Zambia’s water infrastructure and its potential to enhance the quality of life for local citizens. Wabag’s success in securing this contract was attributed to its competitive pricing and advanced technical proposal, further solidifying its presence in the African market.

This project aligns closely with Zambia’s ongoing efforts to improve its water and sanitation systems, addressing critical needs within the community. It also serves to reinforce Wabag’s reputation as a leader in providing sustainable water solutions. By undertaking this significant infrastructure development, Wabag is committed to contributing to Africa’s water management capabilities and improving public health through enhanced sanitation facilities.

Read the original article here: https://www.businessworld.in/article/va-tech-wabag-wins-rs-700-cr-wastewater-treatment-order-in-zambia-543261

Gabon’s junta gets direct access to $620 million timber industry

Gabon’s junta gets direct access to $620 million timber industry

Gabon’s military junta has assumed full control of the country’s national timber company, Société Nationale des Bois du Gabon, taking over from the Gabon Special Economic Zone, which was jointly managed by Dubai-based Arise IIP and the Gabonese government. This move gives the junta direct access to a $620 million industry in one of the world’s most forested nations.

Gabon’s timber sector, contributing approximately 3.2% to the $19.4 billion economy, has been tightly regulated, with logging controlled and timber exports banned since 2010. The decree transfers 600,000 hectares (1.5 million acres) of forest under the junta’s authority. Military leader Brice Oligui Nguema stated that this decision reflects the government’s commitment to protecting and responsibly managing natural resources as a driver of national development. The junta has also expanded its economic control, invoking preemptive rights to purchase shares in Assala Energy, and blocking a sale to Etablissements Maurel & Prom SA by the Carlyle Group.

Read the original article here: https://www.livemint.com/companies/news/gabons-junta-gets-direct-access-to-620-million-timber-industry-11735619985651.html

Ghana approves visa‑free travel for all African passport holders

Ghana approves visa‑free travel for all African passport holders

Ghana’s outgoing President Nana Akufo-Addo, in his final State of the Nation Address on 5 January, announced a landmark visa-free travel policy for all African passport holders, effective from the start of 2024. The initiative, aimed at enhancing trade, tourism, and cultural exchange, aligns with Ghana’s role as host of the African Continental Free Trade Area (AfCFTA) Secretariat and its broader Pan-African vision.

Akufo-Addo highlighted economic achievements during his tenure, including a rise in Ghana’s Gross International Reserves to $8 billion and projected GDP growth of 6.3% in 2024, despite challenges like the COVID-19 pandemic. As he prepares to hand over power to President-elect John Mahama, Akufo-Addo expressed pride in leaving behind a nation he described as secure, democratic, and poised for continued progress.

Read the original article here: https://www.theafricareport.com/372886/ghana-approves-visa-free-travel-for-all-african-passport-holders/

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How does Sharia banking work?

How does Sharia banking work?

The Commonwealth’s Muslim caucus is over 730,000,000 strong, around 40% of the world’s Muslim population – here’s an overview as to how Sharia banking works! The Commonwealth is projected to have a Muslim population of nearly 900 million by 2030 and Islamic Finance...