Author: Kang'ethe Njoroge

• 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 …

• Inflation and high prices are the main factors negatively impacting the businesses of  Micro,Small and Medium Enterprises (MSMEs) in Africa according to the latest data from GeoPoll. 
• The report indicates that the next biggest impacts include lingering effects of the pandemic.
• To cope with the impacts of inflation, 36 percent of businesses owners had to chip in their personal savings to support their business.

Inflation and high prices are the main factors negatively impacting the businesses of  Micro, Small and Medium Enterprises (MSMEs) in Africa according to the latest data from GeoPoll.

The data dubbed Africa MSME Pulse Survey conducted in partnership with Africa 118 and The African Talent Company indicates that the next biggest impacts include lingering effects of the pandemic, rising exchange rates and political uncertainty. However, in Ethiopia, the tension in Tigray is creating political uncertainty more than any other factor.

“To cope with the impacts of …

• East African Portland Cement (EAPC) has made $8 million in the six months December 31, 2022 a 11 percent drop in losses. 
• The firm attributed the loss to increased competition, depreciation of the Kenyan shilling against the US Dollar and increased energy costs which countered gains from plant efficiencies and cost containment measures. 
• The firm however registered a $5 million increase in revenues do to improvement in cement production owing to the completion of the first phase of the plant refurbishment completed in September, 2022. 

East African Portland Cement (EAPC) has made $8 million loss in the six months December 31, 2022 a 11 percent drop in losses compared to $9 million loss recorded in the same period in 2021. 

The firm attributed the loss to increased competition, depreciation of the Kenyan  shilling against the US Dollar and increased energy costs which countered gains from plant efficiencies and cost containment …

• Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn. 
• Latest statistics from the Insurance Regulatory Authority (IRA) indicate that the number of claims reported to the insurers were 2,040,600, a 12.6 percent increase compared to 1,811,141 claims reported in Q3,2022. 
• General liability claims paid went up by 16.8 percent to 14,085 claims worth $42Mn from 12,055 claims paid worth $40Mn billion in the previous quarter. Non – Liability claims paid hit 1,714,723 claims worth $170Mn  representing a  1.8 percent from 1,684,698 claims worth $160.31Mn reported in Q3 2022. 

Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3 percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn. 

According to the Quarter 4 of 2022 claims …

• TransCentury Plc’s right issue is set to be reopened following approval from the Capital Markets Authority (CMA) after the initial issue failed to hit a 50 per cent threshold. 
• Unfortunately, the rights issue performed below expectations, and as a result, CMA has invoked its powers under Section 14 of the Public Offers and Listings Regulations to allow TransCentury to reopen the issue. 
• The rights’ issue will be open from March 20 -30 this year with additional information provided in the secondary prospectus to be issued by March 17 as the firm seeks  shareholders’ approval to enable the conversion of shareholder loans to ordinary shares as a mode of payment for rights.

TransCentury Plc’s right issue is set to be reopened following approval from the Capital Markets Authority (CMA)  after the initial issue failed to hit a 50 per cent threshold. 

TC shareholders had until January 23, 2023 to take …

• I&M Group PLC has appointed East African Breweries Limited Group Chief Financial officer Risper Genga Ohaga as an Independent Non-Executive Director of the Company. 
• Ohaga is a seasoned finance professional with over 23 years’ experience in Financial Management, Strategy, Audit and Risk Management spanning multiple countries.
• She holds a Bachelor of Commerce (BCom) from University of Nairobi, is a Certified Public Accountant of Kenya (CPA-K) and a Certified Internal Auditor (CIA). 

I&M Group PLC has appointed East African Breweries Limited Group Chief Financial officer Risper Genga Ohaga as an Independent Non-Executive Director of the Company. 

Ohaga is a seasoned finance professional with over 23 years’ experience in Financial Management, Strategy, Audit and Risk Management spanning multiple countries. She holds a Bachelor of Commerce (BCom) from University of Nairobi, is a Certified Public Accountant of Kenya (CPA-K) and a Certified Internal Auditor (CIA). 

“The Board is pleased to welcome Ms. Ohaga …

• Global deal activity down 27.5 percent Month-on-Month (M-o-M) and 46.7 percent Year-on-Year (Y-o-Y) in January 2023.
• All the deal types under coverage witnessed massive double-digit decline
• According to the data, a total of 3,667 deals* were announced globally during January 2023, which is a decline of 27.5 percent compared to 5,055 deals announced during the previous month and a massive 46.7 percent Y-o-Y (Year on Year) decline over January 2022. 

Mergers and acquisitions, private equity, and venture financing deal activity is off to a slow start in 2023 globally as the first month of the year itself saw a significant contraction in deals volume according to the latest data from GlobalData, data and analytics company. 

According to the data, a total of 3,667 deals were announced globally during January 2023, which is a decline of 27.5 percent compared to 5,055 deals announced during the previous month and a massive 46.7 …