Month: October 2019

The Saudi Fund for Development (SFD) has agreed to invest in Kenya’s Big Four projects, a boost to President Uhuru Kenyatta’s ambitious plan.

Investment by the fund will go a long way in helping realization of the Big 4 which incorporates revamping manufacturing sector, providing affordable housing, universal health care and food security for Kenyans.

READ ALSO:World Bank affirms support for Kenya’s Big 4 

The SFD has undertaken to rally similar organisations in the Middle East to invest in Kenya’s economy.

The announcement was made in a meeting between Treasury Cabinet Secretary Ukur Yattani and the Vice President and Managing Director of SFD, Dr Khalid Bin Sulaiman Alkhudairy.

Mr Alkhudairy said the Saudi Fund was keen in investing in Kenya’s affordable housing projects besides power, roads and education where it has already invested.

READ ALSO:Dubai owned bank expands network in Kenya

Alkhudairy said he appreciates that Kenya has …

Kenya and Jordan are in talks on deepening trade and bilateral ties, in the latest of President Uhuru Kenyatta’s charm offensive to attract investments to the East African nation.

Kenyatta on Tuesday held talks with His Majesty King Abdullah II of Jordan where the two leaders discussed the progress in trade and bilateral relations between the two countries.

The leaders, who want their two countries to establish special status relations, directed their respective ministries to fast track the implementation of bilateral trade agreements.

READ ALSO:Kenya signs 8 treaties spreading wings to remote territories

President Kenyatta and King Abdullah II also discussed the progress by their respective nations in the achievement of the Sustainable Development Goals.

President Kenyatta and the Jordanian King met on the sidelines of the Future Investment Initiative (FII), a global financial conference hosted in Saudi Arabia where 40 countries are taking part.

The two leaders also …

Tanzania Investment Centre (TIC) highlights that the East African fastest growing economy (at 7 per cent rate) keeps soaring as it has seized the golden opportunity to attract viable investments across energy, industrial, construction and services sectors.

With the Gross Domestic Product (GDP) growth at 6.6 per cent, investment in Tanzania remains to be the top-selling point.

On October 28, TIC presented rather crucial numbers to the members of the press, showcasing various strides made by the most vital, development parastatal in the country.

According to TIC, over the past 9 months, —227 investment projects have been registered worth over $ 1.7 million.

Further, the projects register fell under the—industrial sector which is anticipated to attract almost 38,836 jobs for Tanzania.

In that context, Bank of Tanzania (BoT), quarterly report (June 2019) indicated that construction, agriculture and transport and storage were among, the top contributors to economic growth.

On the …

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DIB Bank Kenya Limited, a wholly owned subsidiary of Dubai Islamic Bank PJSC, has opened a new branch in Kenya as it moves to expand its network in the East African nation.

The latest branch was opened in the coastal town of Mombasa, bringing to two, the number of the bank’s branches at the port city.

This comes barely a week after launching a new branch in Nairobi’s Eastleigh suburb.

Located East of the Central Business District, Eastleigh is predominantly inhabited by Somali immigrants. It is described as “Little Mogadishu”, as well as “a country within a country with its own economy” on account of its robust business sector.

The second Mombasa branch is located at Bondeni area which is also largely inhabited by the Muslim community.

According to the bank’s management, the new branches are geared at enhancing the bank’s reach at key business locations to cater for its …

The Overseas Private Investment Corporation (OPIC), the Ford Foundation, and Citi Inclusive Finance have introduced Scaling Enterprise, a $100 million loan guarantee facility, which will enable Citi to provide early-stage financing in local currency to companies that expand access to products and services for low-income communities in emerging markets.

Loans and working capital in local currency and at affordable rates can enable early-stage social impact companies to achieve scale, greater efficiencies, and lower costs. Scaling Enterprise will facilitate vital growth financing to eligible companies that are expanding access to finance, agriculture, energy, affordable housing, water, and sanitation to low-income households in emerging markets.

In addition to enabling companies to scale and expand their impact, the partnership will help these ventures gain a wider array of mainstream financing options in the future.

“For many companies that are working to meet the needs of vulnerable and underserved populations in emerging economies, …

Industries and households in Kenya could soon be out of frequent power interruptions and outages as Kenya Power kicks off live maintenance of power lines.

The programme launched on Monday this week is meant to reduce planned electricity shutdowns, enhance stability of power supply and improve revenue generation.

READ ALSO:How Kenya Power plans to manage electricity tariffs

The launch follows the completion of the pilot phase where more than 70 staff were trained to carry out maintenance of live power lines.

During the pilot phase, eight insulated trucks and three digger derricks were also acquired.

Following the success of the pilot phase, the World Bank has funded the programme to a tune of $20 million (about Ksh2 billion) for procurement of additional insulated trucks, tools and accessories, training of staff in live line maintenance techniques and establishment of a laboratory for testing live line equipment.

READ ALSO:World bank

The African Academy of Sciences (AAS) and the World Health Organization (WHO) have unveiled a strategic partnership that will leverage innovations and sustainably scale them up to guarantee a healthier and more productive future for Africa.

The partnership was sealed with a memorandum of understanding signed by the AAS President Felix Dapare Dakora and WHO Regional Director for Africa Dr Matshidiso Moeti at the 2019 Grand Challenges Annual Meeting.

Speaking after the signing ceremony, Professor Dakora said, “This partnership builds on our shared vision, mission and interest to catalyse science, technology and innovation to promote good health and well-being for the greater good of the African continent.”

The AAS will implement the partnership through its Grand Challenges Africa programme, which promotes Africa-led innovations to help countries achieve the Sustainable Development Goals by awarding seed and scale-up grants to the continent’s most impressive solutions.

“We will support the strengthening of national …

This week, Twiga announced that it has raised $23.75 million in a Series B equity round led by Goldman Sachs, with participation from existing investors, including the International Finance Corporation, TLcom Capital and Creadev. An additional $6 million in debt was raised from OPIC and Alpha Mundi.

Peter Njonjo, CEO and Co-founder at Twiga Foods, says, “This funding enables us to invest in our technology and organization ; a $300bn informal and fragmented market that is estimated to grow to $1trn by 2030. With the supto tackle the inefficiencies in Africa’s domestic food production and distribution ecosystemsport of our investors, we are developing technology-driven commercial solutions and cooperating with existing industry players to solve the challenge of food security in Africa.”

Jules Frebault of Goldman Sachs said, “Twiga’s innovative model combines technology and modern logistics tailored to the local market to re-engineer the food supply chain.  We are delighted to …

The Kenya Power Board of Directors has appointed Bernard Ngugi as the Managing Director & Chief Executive Officer of the Company.

This brings to an end to the short-term leadership of outgoing acting managing director Jared Othieno who has been at the helm of the company since July last year, when he temporarily took over to replace former graft embattled MD Ken Tarus.

READ ALSO:Kenya Power appoints interim management team after arrest of top bosses

Prior to his appointment, Mr Ngugi was the company’s general manager in charge of Supply chain.

The appointment now places a substantial boss in the top office at the Nairobi Securities Exchange listed firm , which has been struggling with dwindling profits in recent times.

Mr Ngugi has over 30 years’ experience in the company with expertise in financial and revenue accounting, internal audit and supply chain management. He holds a Master of Business …