March 2023 / Focus Africa

March 30 2023

Africa in Review by the Numbers (March 2023)

$15.3 million Grant secured by animal health company Zoetis from the Bill and Melinda Gates Foundation to expand its work to advance the health and productivity of livestock and aquaculture producers across seven more countries in sub-Saharan Africa. (Business Wire)

20 million People living in underserved areas to be connected to the internet under a new collaboration between Liquid Intelligent Technologies and Microsoft Corp. As well as an initial focus on DRC, Tanzania and Zambia, the partnership will also increase high-speed connectivity in the farthest parts of South Africa, Nigeria and Kenya. (Africa Business Community)

14% Increase in net profit recorded by Kenyan carbon dioxide producer Carbacid Investments in the half year period that ended in January on the back of expansion into new regional markets. The firm hopes to conclude its acquisition of industrial gas maker BOC Gases to create the country's largest gases firm. (Business Daily)

$210 million Investment initiative by EIB and Afreximbank to enhance healthcare and pharmaceutical investment in sub-Saharan Africa. The new financing scheme aims to support the region's health resilience. (Africa Market Trends)

8 million tonnes Green hydrogen to be produced in Mauritania under a $34 billion agreement between German project developer Conjuncta, Egypt's energy provider Infinity and UAE's Masdar. The first phase of the project is set to come on-line in 2028, producing 400 MW of green power. (Reuters)

20,000 hectares Zambian farmland to be allocated to Kenyan farmers to grow maize for export to their country. Zambia will also supply Kenya with its surplus maize as short-term measure to boost local supplies and stabilise prices. (Food Business Africa)

$618 million Investment fund launched by the Nigerian government under the Digital and Creatives Enterprises Program to promote entrepreneurship and innovation in the digital technology and creative industries in the west African country. (Get Funded Africa)

2,000 tonnes Daily production capacity projected by a new Algerian sugar processor after investment group Madar Holding injected $73.5 million into its newly formed subsidiary specialising in sugar refining, production and marketing. (Food Business Africa)

300 MW Green ammonia plant to be constructed in Kenya by Australian firm Fortescue Metals to produce fertiliser and boost the East African nation's shift to clean energy. This multi-billion plant will be Kenya's first green ammonia energy production. (Business Daily)

$55 million Extension of financial facility issued by Afreximbank to Nigeria's Fidelity Bank to scale up and accelerate its activities and programmes in trade activities, bringing the total financing package to $180 million. (Africa Market Trends)

20,000  Female entrepreneurs targeted by new trading platform aimed at easing market and information access for women traders in East Africa. iSOKO, was launched by TradeMark Africa after receiving $2 million in donor funds. (Business Daily)

600% Projected growth in avocado exports eyed by Rwanda, totalling about 16,000 tonnes yearly. With 33% of the country's GDP coming from agriculture, more efforts and strategies are being put in place to increase shipping out high-value horticultural goods. (Food Business Africa)

March 28 2023

Egyptian Tax Authority Issues Guidelines for Non-Resident Digital and Remote Services

The Egyptian Tax Authority (ETA) has provided detailed guidance to support, design and implement a VAT reform targeting taxable supplies of services from non-resident suppliers. The guidance covers the essential elements of a comprehensive VAT strategy targeting the main types of digital trade and e-commerce, in particular online sales of services (intangible goods) to private consumers by foreign companies and digital platforms that often do not have a physical presence in Egypt (non-resident vendors).

For non-resident suppliers and electronic distribution platforms (EDPs) selling services to Egyptian consumers at a distance, the Egyptian tax authorities have simplified the VAT registration and compliance framework. This system aims to help non-resident suppliers and EDPs comply with Egyptian VAT requirements.