Author: Kanyali Muthui

The World Bank says Countries in Sub-Saharan Africa are showing strength in social policies on inclusion and structural reforms, but economic woes and wars are slowing progress. In terms of regional disparities, 2022 witnessed a widening gap between Western and Central Africa and Eastern and Southern Africa. These findings are contained in the World Bank’s Country Policy and Institutional Assessment (CPIA) latest report.  Economies in Africa are making significant steps in structural economic reforms as well as social policies on inclusion, but wars and persistent economic woes threaten to wipe out the gains. Last year, a survey by the World…

Afreximbank and Nigeria’s Anambra State have partnered to advance the state’s “Smart Mega City” vision and foster economic growth in Africa. The partnership involves an MOU that seeks to offer project preparation and advisory services for state development. The collaboration opens the door to a potential debt financing of up to $200M, which could support the realization of transformative projects. The African Export-Import Bank (Afreximbank) and Nigeria’s Anambra State have entered into an agreement to accelerate the region’s vision of becoming a “Smart Mega City”. In an agreement signed during the Anambra Investment Summit, the partnership also underscores Afreximbank’s commitment…

AfDB’s Africa Climate Risk Insurance Facility for Adaptation will insulate the agricultural sector against losses.  The product will boost countries’ preparedness, adaptation, and resilience against flooding, drought, and famine. The facility will contribute to building the data needed for robust early warning systems across Africa. In a world gripped by the urgent need to address climate change, Africa stands out as a continent that emits the least carbon yet bears the brunt of its consequences. The recently concluded Africa Climate Summit shed light on this paradox and ignited a crucial initiative by the African Development Bank: the ‘Africa Climate Risk…

Kenya has bagged three green investment deals at the recently concluded Africa Climate Summit. The sustainable trade investment deals will see the East African nation partner with Sweden, South Africa and Hong Kong to enhance food security and air travel in the country. The parties involved announced the three deals during a sideline event of the 2023 Africa climate summit in Nairobi.

UK’s $18.86M investment  will support healthcare workers recruitment and retention efforts in Kenya, Nigeria, and Ghana. Financing is seen as a boost to achieving universal health coverage while bolstering global pandemic preparedness. The three countries were selected for the financing due to their evident need for workforce support. In a significant move to address pressing healthcare workers’ challenges in Africa, the UK government has allocated $18.86 million in funding to boost healthcare staffing levels in Kenya, Nigeria, and Ghana. This investment is geared towards supporting healthcare staff recruitment and retention efforts. Overall, the investment seeks to fortify these nations against…

The first index which comes into effect immediately is the NSE 10 Index. This will monitor the performance of Safaricom, and lenders Co-op, Equity and KCB. It will also monitor KenGen, EABL, Kenya Re, Absa, Centum and NCBA Group stocks, which complete top ten listed firms.  The bourse has also unveiled the NSE-BI which is set to launch on October 1. The new index will focus on the bond market. The Nairobi Securities Exchange (NSE) will track the performance of its top ten listed firms and monitor the bond market using two new market indices. The first index, which comes into…

Youth leaders, entrepreneurs and policymakers presented the Africa Youth Climate Assembly Declaration to Kenya’s President William Ruto, and African Development Bank Group President Akinwumi Adesina. The declaration advocates for the accelerated establishment of a Global Green Bank and a New Global Financial Pact, aiming to prioritise young people and their interests in climate financing.  During the Africa Youth Climate Assembly, a wide range of issues emerged including youth access to finance, Africa’s energy transition, the plight of millions displaced owing to the impacts of climate change and mobilisation of resources for sustainable development. As the Africa Climate Summit draws to…

AFC and CPF Financial Services will collaborate in identifying, developing, and co-financing infrastructure projects aligned with Kenya’s growth plan.  Globally, infrastructure development is recognized as a critical pathway to any country’s economic take-off.  Kenya boasts one of the best infrastructure networks in the South of Sahara.   Kenya’s infrastructure is set for a huge boost following a partnership between the Africa Finance Corporation and CPF Financial Services. The agreement signed during the opening of the ongoing Africa Climate Summit is aimed at increasing infrastructure investments in the East African nation.  Under the new partnership AFC and CPF Financial Services will collaborate in…

For millions of households in Uganda, remittances play a vital role in safeguarding food security, healthcare, savings and investment opportunities.  IFAD data shows 75% of money sent to Uganda is used to fight poverty and improve access to nutrition, health, housing and education.  The remaining 25 percent is used to support small businesses and facilitate access to financial products.  The UN’s International Fund for Agricultural Development (IFAD) has partnered with Stanbic Bank Uganda (SBU) in a plan to reduce the cost incurred by Ugandans sending money back home by half through a digital payment platform dubbed FlexiPay.  The partnership will…

Currently, East Africa is reeling from the effects of the worst drought on record; extreme heat is ravaging northern Africa while flash floods remain a constant threat.   This is despite the continent contributing the least to global warming and having the lowest carbon emissions on record. According to the African Development Bank (AfDB), Africa is the most vulnerable continent to climate change impacts under all climate scenarios above 1.5 degrees Celsius.  Over the past few years, the frequency and intensity of adverse effects of climate change in different African nations has been on the rise. Rising temperatures, floods, and droughts…