Author: Caroline Muriuki

Uganda’s Central Bank appointed seven banks to compete at its auctions of treasury bonds and bills, reforming the primary dealership system in a bid to bolster the country’s economy. At each auction, the primary dealer banks will bid above $54,040.08 and then resell the bonds to other investors on the secondary market. The primary dealer banks include Centenary, ABSA, bank of Baroda, Development Finance Company of Uganda (DFCU), Stanbic Bank, Housing Finance Bank and Standard Chartered Bank. Experts in Uganda say that the move will improve the attractiveness of the country’s treasuries to investors at home and overseas. These investors…

Egypt’s Balance of Payment (BOP) declined by 8.6 per cent in June 2020 compared to the same month in 2019 according to the Central Agency for Public Mobilization and Statistics (CAPMAS). According to CAPMAS, Egypt saw a trade deficit of $3.30 billion the same period. This was majorly caused by the fall of exports by 7.8 per cent to $2.26 billion down from $2.45 billion causing a decrease in the BOP to $3.3 billion instead of $3.61 billion. The downturn has been attributed to the decreased value of some commodities, including fresh fruits at 10.5 per cent, ready-to-wear clothing at…

The government of Uganda and Tanzania sign $3.5 billion pipeline project agreement that will see the construction of 1,445 km (898 miles) crude oil pipeline. The signing ceremony was presided by Uganda’s President Yoweri Museveni and John Pombe of Tanzania, With Uganda’s energy minister Mary Goretti Kitutu and Tanzania’s energy minister Medad Kalemani jointly signing the agreement between the two countries. (Uganda and Tanzania Sign $3.5bn Oil Pipeline Project) The pipeline will transport crude oil from Uganda’s oil fields in Hoima to the port of Tanga. Speaking at the event, Museveni said that for the people of the two countries…

The government of Uganda made a deal with Total that will guide the involvement of Uganda National Oil Company (UNOC) in the crude oil export pipeline. According to the agreement, Uganda National Oil Company (UNOC) will hold a 15 per cent stake in the project. It also shows in detail how the National Oil Company will finance its operation and participation of the over 1,400km Uganda-Tanzania pipeline. In a press statement issued by Total, the company said that the agreement to allow the participation of UNOC in the pipeline project was reached between President Yoweri Museveni and Patrick Pouyanne, Total’s…

The AfDB hosted discussions on how it can strengthen support of Public-Private Partnerships (PPP) and channel greater investment towards economic and social infrastructure. The bank’s digital workshop was under the theme “Designing the African Development Bank’s PPP Framework”. The economic slowdowns caused by the pandemic have sharpened the already urgent need for investment into the African continent. In his opening remarks, Solomon Quaynor, the bank’s Vice President noted that infrastructure in Africa is already struggling to structure projects made for the private sector which balanced value for money for the public sector against affordability for the user, before COVID-19. “It is…

The World Bank board of directors approved a $104 million in support of skills development programmes for youths in Mozambique. The grant came from the bank’s International Development Association (IDA) and will invest in Technical Vocational Education and Training (TVET) and Higher Education (HE) subsystems. In response to Mozambique’s priorities and economic sectors,  the project seeks to improve quality and access of educational curriculums and skills development training. The project is targeting to help increase access to quality education and training at the institutions in priority areas relevant to future economic development, focusing on engineering, science, technology, mathematics and climate…

The African Development Bank’s Board of Directors approved $27.33 million in grants to help the African Union (AU)  to mobilize a continental response to control the spread of COVID-19 pandemic. (Canadian Pharmacy) African Development Bank This approval follows a pledge to support the AU’s COVID-19 initiative by the Bank’s president Akinwumi Adesina, during a meeting of the extended Bureau of the Conference of Heads of State and Government with Africa’s private sector in April 2020, chaired by the President of South Africa and chairperson of the AU, Cyril Ramaphosa. The meeting called for contributions towards the African Union’s COVID-19 Response…

Uganda’s Micro, small and medium enterprises (MSMEs) that have been greatly affected by the COVID-19 pandemic are going to access affordable credit to help them get back into business. This is after the launch of the COVID-19 recovery and resilience programme by Brac Bank and Brac Uganda, a non-governmental Organisation, with support from Mastercard Foundation. The program aims at supporting the recovery of Uganda’s MSMEs that have been greatly affected by the pandemic. Speaking during the launch of the programme in Kampala, Jimmy Onesmus Adiga the managing director Brac Uganda Bank, said the programme is intended to improve economic access…

Kenya Airways (KQ) net loss for the first six months ended June 2020 widened by 67.3 per cent to $132 million due to grounding of flights as a measure to curb the spread of the COVID-19pandemic. According to Kenya Airways, passenger numbers dropped by 55.5 per cent to 1.1 million compared to 2.4 million recorded over the same period in 2019, affecting its revenues. According to KQ’s chairman Michael Joseph, the national carrier operations were severely affected by the pandemic resulting in depressed half-year results. “The network activity from April to June was minimal due to travel restrictions and lockdowns…

The 8th Angel Fair Africa (AFA) will feature a panel of all-female investors and entrepreneurs building on the organisation’s  2016 all-female investors panel according to a press release from the organisation. The 8th Angel Fair Africa (AFA) will be held on 5th November 2020 under the theme “doing deals in a virtual environment.” According to the statement, the investor’s panel will host Hannah Subayi, Partner of Dazzle Angels, Evelyne Dioh, CEO of WIC Capital, Lelemba Phiri, Partner of Enygma Ventures and Maya Famodu, CEO of Ingressive Capital moderated by Salimatou Diallo, Partner of SD Avocats. While the Entrepreneurs panel will…