Author: Kang'ethe Njoroge

The meeting will share lessons and experiences on strategies deployed to catalyse the development of insurance sectors for inclusivity and innovation.. Delegates will also explore client value and viability dimensions of national health insurance schemes in Africa. Insights and lessons from trends and business models on inclusive digital insurance solutions; taking stock of what has worked and what has not worked will be shared. Kenya is preparing to host the Eastern and Southern Africa regional conference on inclusive insurance, which is part of a series of regional learning sessions aimed at contributing to the development of inclusive insurance markets in…

Growth in sub-Saharan Africa is expected to slow to 3.6 percent in 2023, as a “big funding squeeze” tied to the drying up of aid and access to private finance hits the region.  If no measures are taken, the funding shortage may force countries to reduce fiscal resources for critical development areas of health, education, and infrastructure, the IMF warned. Persistent global inflation and tighter monetary policies have led to higher borrowing costs for sub-Saharan African countries, placing huge pressure on exchange rates. Economic growth in sub-Saharan Africa is projected to slow to 3.6 percent in 2023, as a “big…

Telco giant Safaricom is the most valuable Kenyan brand, estimated at $648 million. It also has the highest Sustainability Perceptions Value at $93 million. Equity Bank and Kenya Commercial Bank rank second and third most valuable brands and top-two strongest brands with impressive AAA+ ratings. Crown Paints Kenya is the fastest-growing Kenyan brand, up 70 percent  Safaricom’s value went up by 14 per cent to $648 million over the past year maintaining its position as Kenya’s most valued brand even as lenders Equity and KCB regional expansion drive also paid dividends as measured by consultancy Brand Finance. Brand Finance East…

Insurance firms in Kenya registered 12.2 percent jump to $2.3 billion in premiums attributable to continued economic recovery from the negative effect of COVID-19 in 2020 and 2021. Long-term insurance business premiums grew by 13.8 per cent  to $1 billion compared to $921 million in 2021 with life assurance accounting for 25.2 per cent. General insurance premiums amounted to $1.2 billion with medical and motor insurance classes maintaining a leading position in terms of contribution at 32.5 percent and 31.9 percent respectively. Insurance companies in Kenya reported a 12.2 per cent increase in premiums to $2.3 billion in the three…

The International Monetary Fund (IMF) says global economic growth is set to decline marginally as ongoing banking industry turmoil raises uncertainties. IMF’s World Economic Outlook for April 2023 update indicates that global output will fall to 2.8 per cent in 2023 from 3.4 per cent last year, before rising to 3 per cent in 2024. Advanced economies to experience a slowdown to 1.3 per cent in 2023 from 2.7 per cent  in 2022 as the world economy recovers from the unprecedented upheavals of the last three years. Global economic growth is likely to decline marginally as the US banking turmoil…

The European Investment Bank (EIB) and the City Climate Finance Gap Fund (Gap Fund) will support the municipality of Chefchaouen, Morocco to optimize municipal waste management services. The technical assistance implemented by the Gap Fund will make it possible to carry out a pre-feasibility study to assess, develop and organize waste management, in accordance with the city’s master plan. This project will contribute to the achievement of local and national environmental and climate objectives, while improving the quality of life of the inhabitants. The European Investment Bank (EIB) has announced plans to assist Morocco improve management, treatment and recovery of…

Power tools maker STIHL East Africa has lined up $1 million every year for investment in local equipment manufacturing. The company has partnered with Proteq Automation Ltd and Tippers and Trailer Ltd, who have been tasked to make accessories for all STIHL East Africa products in the region. Company Managing Director Francois Marais says the move will see the firm lower accessory costs, create jobs and inject $1 million every year into the Kenyan market. Power tools maker STIHL East Africa is set to invest $1 million every year in initiatives that enhance the manufacturing of various equipment part as…

The Kenyan Government has partnered with ZEP-RE (PTA Reinsurance Company), Kenya Development Corporation (KDC), and the World Bank, to launch the De-Risking, Inclusion, and Value Enhancement of pastoral economies (DRIVE) project. Over 250,000 households are expected to benefit from the World Bank-backed project representing 1.6 million pastoralists and their dependents across Kenya, Ethiopia, Somalia, and Djibouti over a five-year period. DRIVE project seeks to de-risk pastoral systems through insurance, savings, and financial education while de-risking private sector investments that provide reliable markets to millions of pastoralists including women and youth. In drought-stricken Kenya, millions of dead livestock tell of lost…

The African Development Bank (AfDB) has exceeded its mobilisation target for the Just Green Transition (JGT) initiative, raising $2.3 billion to help address Egypt’s climate woes. Initially, AfDB had set a target of $1.4 billion for the programme aimed at building the resilience of vulnerable systems and promoting sustainable development. JGT initiative has a pipeline of investment-ready projects worth $14.8 billion to tackle the water-food-energy nexus.  The African Development Bank (AfDB) has surpassed its mobilisation target for The Just Green Transition (JGT) initiative after raising $2.3 billion which will be invested in tackling climate change-related challenges in Egypt.  The…

The global tourism industry is set for a huge boost, with major investments expected following a partnership between United Nations World Tourism Organisation (UNWTO) and Middle East Based Annual Investment meeting (AIM).  Under the partnership, UNWTO and AIM have committed to jointly support  the effective implementation of the Agenda 2030 and the 17 Sustainable Development Goals through tourism investments, and the promotion of innovation and technology.  The MoU will also see UNWTO spearhead the “Tourism Investment Forum” to be held on the framework of the upcoming AIM Global 2023 in Abu Dhabi, United Arab Emirates on May 8-10, 2023. The…