BUSINESS BRIEFS: FEBRUARY 2019

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Tanzania finally protecting its ‘unique’ endangered rainforest

Tanzania’s government has announced it will protect a tropical forest long recognized for its high biodiversity value and as home to numerous endangered primates and plants. The government said it would protect the 6,463-acre Magombera Nature Reserve at the foot of the Udzwunga Mountains after researchers showed the forest was at risk of being wiped out from poaching and logging. Described as “globally unique,” Magombera hosts several diverse and threatened tree and animal species, including monkeys and galagos. The area is also considered an important wildlife corridor for African elephants and hippos.

Investment in irrigation is paying off for Ethiopia’s fast-growing economy

Ethiopia has seen the fastest growth in irrigation of any African country, propelled by at least two factors: the prioritisation of agriculture as a key contributor to development and the fast-paced adoption of new technologies to boost the sector. After rapid economic growth averaging 10 percent every year between 2004 and 2014, Ethiopia emerged as an engine of development in Africa. A third of its GDP is generated through agriculture the area under irrigation increased by at least 52% between 2002 and 2014.

India’s central bank to open up the payments ecosystem to avoid monopoly risks

The spectre of a “too-big-to-fail” moment in India’s retail payments sector has the central bank worried. And this may soon open the doors to many new players in the sector. In a consultation paper published on the Reserve Bank of India’s (RBI) website late yesterday (Jan. 21) evening, the banking regulator signalled its worry over the current clout of the National Payments Corporation of India (NPCI)—the umbrella body that processes around half of all payment requests in India.

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