Month: November 2019

In March of 2013, the Bill and Melinda Gates Foundation announced the commencement of a grant competition to facilitate innovative companies to develop condoms of the future. The idea was to develop the next-generation condom that significantly preserves or enhances pleasure, in order to improve uptake and regular use,” according to the foundation’s Global Grand Challenges website. The most promising designers would score $100,000 in seed funding, plus a chance at an additional $1 million to further finance their projects.

Years down the line, none of the recipients has come up with a condom worth noting. Only around 5% of men worldwide are estimated to use them — despite their 98% effectiveness at preventing unwanted pregnancy and the spread of sexually transmitted diseases and HIV. The main reason has been explained as lack of “enough pleasure” or reaction to latex-the main material for development of condoms.

As the world marks …

Never in the history of the East African community has there been more funding than now, with the current funding for various social and infrastructural projects reaching US$3 Billion. Most of these funds have gone into inter-states projects as well as projects within a state having a regional impact.

The community has been able to achieve a tenfold increase in grants while still reducing internal expenses and costs by over 40 percent in the last four years.

Documents at our hands show that the EAC has been able to sign projects with different development agencies including Africa Development Bank, USAID, China, EU and Bill and Melinda Gates Foundation worth $547,454, 168.

These documents seem to agree with Amb Libérat Mfumukeko who has been pushing for an effective secretariat that is able to raise financing on key projects while at the same time cutting on costs. This, he has argued in …

The government of Chile was given the right to preside over the United Nations Framework on Climate Change  Convention (UNFCCC) COP25 but along the way, it struck a deal for the event to be held in Madrid, still under its presidency.

The annual event normally held on the first week of December provides the world with a time to reflect, negotiate and strike deals to provide a soft landing for a world suffering from harsh effects of climate change. Of course there are countries who don’t see the need for such a conference, what has come to be labeled as climate change denial, USA leading the pack.

While developing countries are far from getting a relief for a problem they have contributed less about, the developed countries have worked to develop fair means of reducing emissions, and compensation where applicable.

The World Bank argued in a 2016 report that sub-Saharan …

The International Monetary Fund (IMF) has urged Botswana to start a fiscal consolidation programme in 2020 to reduce the budget deficit and contribute to a gradual rebuilding of its buffers.

“While Botswana still has some fiscal space that allows a gradual adjustment, fiscal consolidation should start in 2020, supported by both revenue and expenditure measures,” said the IMF.

IMF said the composition of the adjustment needs to be carefully calibrated to minimise the impact on competitiveness, growth and the most vulnerable in advancing consolidation.

By 2036, Botswana wants to do away with the model its economy being heavily reliant on mining and government expenditure as the country strives to become a knowledge-based economy and gain high-income status through the private sector and exports.

According to the IMF, this switch will spur a need to redo the macro-economic policy frameworks so as to increase the resilience of the economy and accelerate …

Just days after Kenya repealed a rate cap which portends the return of expensive loans for borrowers, the International Monetary Fund (IMF) visited the country to “discuss economic development”.

The IMF has held that the country’s real GDP growth averaged 5.6 per cent in the first half of 2019 and is expected to accelerate in the second half of 2019 and 2020.

It adds, “Inflation has remained within the target band and stood at 5.0 per cent in October (year-on-year).”

The IMF visit to Kenya

A staff team from the IMF led by Benedict Clements, visited Kenya from November 18-22, 2019, to among other things discuss “recent economic developments and the government’s reform plans”.

Another mission is planned in early 2020 to hold discussions on a new precautionary stand-by arrangement and undertake the Article IV consultation discussions.

According to the team, Kenya’s economy has continued to perform well.

At the …

Diamond Trust Bank and Simba Corporation have signed a partnership to enable Small and Medium Enterprises category acquire new Fuso trucks.

The vehicles will be made available with 100 per cent financing under the bank’s motor vehicle financing scheme dubbed ‘Beba Leo’.

The SMEs will be financed to acquire FUSO trucks with a flexible repayment period that enables customers to gradually pay for them without disrupting their cash flow or working capital.

Approval from DTB

Simba Corporation is the largest and sole representative for the distribution and service for a range Fuso trucks including the new FUSO FI and the popular Fuso Canter.

Kennedy Nyakomitta, General Manager in charge of Asset Finance at DTB, said the scheme was developed in a way that would allow the customer to cater to their most pressing needs without any capital outlay.

“This partnership cements our commitment to grow the SME sector.  Our decision …

Some of the challenges being addressed include the use of intelligent controls to ensure reduced energy consumption or electric cars to reduce greenhouse gases and air pollutants.…

Deutsche Investitions- und Entwicklungsgesellschaft mbH is supporting African small and medium-sized enterprises and start-ups to gain access to long-term financing more easily. It has committed EUR30mn to the AfricaGrow fund of funds, managed by Allianz Global Investors. KfW Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), together with Allianz Global Investors, has set up this fund of funds that will invest into African private equity and venture capital funds.

The AfricaGrow Fund is designed as a fund of funds for promoting small and medium-sized enterprises (SMEs) and start-ups primarily in countries associated with the G20 Compact with Africa (CwA). The AfricaGrow Fund aims to have a catalytic effect on the emerging and dynamic SME and start-up ecosystem and thus promote jobs and income across the CwA countries.

David Weiss, lead investment manager for DEG’s investment in the fund, explains: “DEG specializes in mobilizing …

Africa’s largest e-commerce platform—Jumia has closed its operations in Tanzania.

According to Reuters, the company gave out the news of its exodus which noted: “We have to focus our resources on our other markets. It is more important now than ever to put our focus and resources where they can bring the best value and help us thrive,” the statement reads.

The company which as of today has its operations in twelve countries out of 54 in Africa, has been experiencing a rather stiff challenge which includes significant losses for the past two years.

According to Jumia’s financial report, the company’s operating loss increased from $ 46 million in the second quarter of 2018 to $ 73 million in the second quarter of 2019.

The company shut down in Tanzania comes after 10 days whereby the Cameroon market lost Jumia as well.

Jumia came in Tanzania five years ago …

Uganda Tourism Board (UTB) is set to host the 5th annual Pearl of Africa Tourism Expo (POATE 2020); a tourism and travel trade exhibition which brings together regional and international tour operators, travel agents, destination agencies and various players in the tourism trade to network and facilitate tourism business.

Uganda, famous for its green and equatorial national parks. These include Queen Elizabeth National Park -Uganda’s most-visited National Park, Murchison Falls National Park -Uganda’s largest national park, Bwindi Impenetrable National Park famous for its mountain gorillas and Rwenzori Mountain, a UNESCO World Heritage Site.

The three-day expo will run from 4-6 February 2020 and will be held at the Speke Resort in Munyonyo. POATE 2020 will integrate business to business (B2B) and business to consumer (B2C) trade event format under the theme “Inspiring high-value engagement to promote Intra Africa travel for leisure, business and adventure”. It aims to raise Uganda’s profile …