Author: Kang'ethe Njoroge

• Silicon Valley Bank (SVB) was the 16th largest bank in the United States catering for the financial needs of technology companies around the world.
• The risk of a ripple effect impacting the global financial system is high.
• The US government has moved quickly to salvage the bank and safeguard deposits   

US-based Silicon Valley Bank (SVB) was the 16th largest bank in the United States catering for the financial needs of technology companies around the world.

SVB’s woes started when the US reserve bank hiked rates to mitigare inflation pressures. The bank had a significant portfolio of government bonds whose prices fall when interest rates are jerked

The Guardian explains that, “If SVB were able to hold those bonds for a number of years until they mature, then it would receive its capital back. However, as economic conditions soured over the last year, with tech companies particularly affected, many of the …

• Middle East Energy has announced plans to host Africa Energy Expo in February 2024, with Rwanda chosen as the Inaugural host. 
• Scheduled for February 2024, the African Energy Expo is a first-of-its-kind trade show, and an extension of Middle East Energy’s 48-year legacy, aimed at promoting sustainable, innovative energy sources and driving the African energy transition.
• The event will be a unique platform for energy leaders to debate and shape the future of the African energy landscape.

Middle East Energy has announced plans to host Africa Energy Expo in February 2024, with Rwanda chosen as the Inaugural host.

The announcement was made at the 2023 Middle East Energy Exhibition and Conference in Dubai.

Scheduled for February 2024, the African Energy Expo is a first-of-its-kind trade show, and an extension of Middle East Energy’s 48-year legacy, aimed at promoting sustainable, innovative energy sources and driving the African energy transition.

The new …

• Three social groups based in Nairobi, and Makueni counties have emerged as the 2023 winners of the LG Electronics Ambassador Challenge that seeks to promote the growth and self-reliance of local communities.
• The three, Vonde Welfare, Kenya Women and Children Centre, and Little Voice Deep Within, emerged winners beating 52 applicants from across the country.
• The three will each receive $10, 000  which is the main prize that will go towards solving social issues in the communities in which they reside.

Three social groups based in Nairobi, and Makueni counties have emerged as the 2023 winners of the LG Electronics Ambassador Challenge that seeks to promote the growth and self-reliance of local communities.

The three, Vonde Welfare, Kenya Women and Children Centre, and Little Voice Deep Within, emerged winners beating 52 applicants from across the country based on impact, effectiveness, efficiency, concreteness and manageability. This follows a rigorous application and …

• Stanbic Holdings Plc has announced a $91 million after-tax profit for its financial year ended 31 December 2022, a 26 percent increase compared to the previous year. 
• The lender posted a 28 percent revenue growth to close at $320 million in the period under review.
• Shareholders at the Nairobi Securities Exchange (NSE) listed firm will enjoy $49.8 million in dividends.

Stanbic Holdings Plc has announced a $91 million after-tax profit for its financial year ended 31 December 2022 a 26 percent increase compared to the previous year.

Stanbic Kenya and South Sudan’s Chief Executive, Joshua Oigara said the firm’s strategic plan formulated and adopted three years ago continues to facilitate growth and organizational resilience. He noted that the strategic plan founded on digital innovations for service delivery, enhanced consumer experience and increased operating efficiencies had translated to an accelerated balance sheet growth.

“Despite the uncertain and challenging operating environment last …

• The National Bank of Kenya has launched a $70 million new initiative aimed at empowering women entrepreneurs in the country.
• The Nia Offering will provide a range of financial solutions, including business loans, asset financing, and overdraft facilities, to help women entrepreneurs meet their business needs.
• The programme will also offer technical assistance to help them develop their business plans, improve their financial management skills, and enhance their marketing and branding strategies.

The National Bank of Kenya has launched a $70 million new initiative aimed at empowering women entrepreneurs in the country.

Dubbed “Nia” the initiative seeks to provide women owned and women led enterprises with access to financial support, capacity building, and mentorship to enable them sustainability grow their businesses and achieve their full potential while creating new job opportunities and scaling the national economic contribution.

The Nia Offering will provide a range of financial solutions, including business loans, …

• The Kenya Association of Air Operators (KAAO) has urged the government to review the increasing number of taxes in the aviation sector as they are negatively impacting the sector in Kenya
• KAAO Chief Executive Officer Liz Aluvanze said Kenya is the only country regionally and globally levying several taxes on aircraft, spare parts and aviation fuel.
• This has led to a worrying decline in the development and growth of the sector resulting in job losses and migration of maintenance activities to neighbouring states.

The Kenya Association of Air Operators (KAAO) has urged the government to review the increasing number of taxes in the aviation sector as they are negatively impacting the sector in Kenya. 

KAAO Chief Executive Officer Liz Aluvanze said Kenya is the only country regionally and globally levying several taxes on aircraft, spare parts and aviation fuel making the industry uncompetitive and unsustainable amid a surge in global …

• EIB Vice President confirms EIB support for green hydrogen engagement with President Ruto
• New agreement to develop and unlock investment to produce green hydrogen using renewable energy
• EIB and Kenya to identify potential green hydrogen investment projects

The European Investment Bank (EIB) has committed to support and strengthen green hydrogen investment in Kenya.

Thomas Östros, European Investment Bank Vice President and Professor Njuguna Ndung’u, Cabinet Secretary, National Treasury and Economic Planning signed the Joint Declaration on Renewable Clean Hydrogen following discussions on green hydrogen investment with Kenya’s President  William Ruto.

“Kenya has some of the best renewable energy sources in the world if the storage components were equally developed. The route to storage has the potential to develop green hydrogen to deliver sustainable, green and inclusive growth. Today’s agreement builds on decades of close cooperation with the European Investment Bank to support renewable energy across Kenya. Together we will develop …

• Villgro Africa has made a significant impact on the healthcare sector in Kenya and Africa by investing in startups with the potential to create positive change and drive growth.
• Opportunities for African and local investors to fund promising startups include a Biotech Innovation Hub and a $30 million fund.
• This decision is informed by reports that estimate Africa’s healthcare market will be worth $259 billion by 2030

Villgro Africa has set its eyes on launching an Incubator-Fund Platform in partnership with Jaza Rift Fund, with a target fund size of $30 million, aimed at supporting startups graduating from the incubator.

This decision is informed by reports that estimate Africa’s healthcare market will be worth $259 billion by 2030; Africa will present 14 percent  of health and wellbeing business opportunities, only second to North America which currently holds 21 percent of the opportunities.

“Since inception, Villgro Africa has enabled access to …

• Europe has announced plans to invest $340 million in upgrading Dakar’s Public Transport Network in Senegal.
• The financial support will be focused on the restructuring of the Dakar bus network.
• It covers 14 priority lines and includes the acquisition of 380 buses.

Europe has announced plans to invest $340 million in upgrading Dakar’s Public Transport Network in Senegal aimed at helping the country tackle environmental challenges by providing cleaner, safe and affordable public transport.

The project dubbed Global Gateway will be conducted by the European Investment Bank (EIB) with the support of the European Commission, the French Development Agency (AFD) and the KfW development bank (Germany) on behalf of the German federal ministry for economic cooperation and development.

The financial support will be focused on the restructuring of the Dakar bus network. It covers 14 priority lines and includes the acquisition of 380 buses, the construction of two depots, the …

• IFC and Viva Technology have announced the second edition of the AfricaTech Awards.
• Founders are invited to apply for the awards in three categories – climate tech, fintech, and health tech 
• The winners of the awards will gain access to leaders and top executives in the tech industry and increased visibility among global investors.

IFC and Viva Technology have announced the second edition of the AfricaTech Awards, an initiative to spotlight Africa-focused companies with innovative solutions addressing key development challenges linked to climate change, health care, and financial inclusion.

Founders are invited to apply for the awards in three categories – climate tech, fintech, and health tech – on the awards’ website from February 27 to March 12, 2023.

The winners of the awards will gain access to leaders and top executives in the tech industry and increased visibility among global investors, including IFC, one of the largest venture capital …