Author: Wanjiku Njugunah

• Kenya has started the documentation processes for the dualling of the 40 Kilometre Mtwapa-Kilifi Road
• The project is part of the 460 Km Malindi-Tanga-Bagamoyo East African corridor development project, which is a transnational highway between Kenya and Tanzania
• Once completed, the project will create demand for hospitality facilities at the border entry points and cater for travellers 
• It will also promote property values in Mtwapa and Kilifi, attributed to increased demand and ease of accessibility

Kenya road project Mtwapa Kilifi

Kenya national government has begun the documentation processes for the dualling of the 40 Kilometre project Mtwapa-Kilifi Road.

The project is part of the 460 Km Malindi-Tanga-Bagamoyo East African corridor development project, a transnational highway between Kenya and Tanzania.

The project is estimated to cost KSh 41.7 billion. The primary source of funds is the African Development Bank (AfDB), which approved a KSh 38.4 million financing package for the project …

Diop said he was holding roundtable discussions with stakeholders in the pharmaceuticals and housing sectors to deliberate on how to collaborate in the areas of affordable healthcare and housing for the Kenyan people.

President Kenyatta and Diop also discussed a plan that Kenya is keen on implementing to manufacture vaccines.

Kenyatta noted that the Big 4 Agenda had opened opportunities for increased collaboration through the country’s Public-Private Partnership programme.…

• Standard Chartered Bank has found that health and fitness, retirement planning and leaving a family legacy have been on the minds of future-focused, affluent individuals worldwide, including Africa, for some time
• The top three goals the report uncovered were improving personal health at 44 per cent of those who set goals and setting aside more money for their children’s futures at 39 per cent
• The pandemic has also caused many affluent consumers to lose confidence in their financial management, making them increasingly averse to risk

A new survey by Standard Chartered Bank has found that health and fitness, retirement planning and leaving a family legacy have been on the minds of future-focused, affluent individuals worldwide, including Africa, for some time.

According to the bank’s Wealth Expectancy Report, these priorities have evolved into new goals, prompting changes to how they manage their finances amid the ongoing global pandemic.

The 20-minute online …

• Kenya’s continued recovery trajectory in 2022 would be supported by several factors, among them, improved business recovery
• According to Cytonn, there will be a recovery of businesses from the adverse effects of the pandemic, owing partly to the continued reopening of external trading partners
• The gradual increase in access to affordable credit will also support the economy’s continued recovery

The Kenyan economy may continue its recovery trajectory with the projected GDP growth expected at a range of 4.3 per cent – 4.7 per cent.

A report by Cytonn Investments indicates that the growth will be on the back of gains made in 2021. Using data from the Kenya National Bureau of Statistics, the investment firm says the average GDP growth rate for the three quarters in 2021 is 6.9 per cent, an increase from the 0.8 per cent contraction recorded during a similar review period in 2020.  The average GDP …

• The banking sector in Kenya was stable and resilient in the third quarter of 2021
• The Quarterly Economic Review for the period ending 30th September 2021 indicates that the sector’s total assets increased by 2.4% to KSh 5.8 trillion in September 2021, from KSh 5.7 trillion in June 2021
• Loans and advances accounted for 54.8% of total assets in the third quarter of 2021, a 0.1% point increase from 54.7% of total assets in the second quarter

Kenya’s banking sector remained stable in the third quarter of 2021, said freshly released data by the Central Bank of Kenya (CBK).

In its Quarterly Economic Review for the period ending 30th September 2021, CBK indicates that the sector’s total assets increased by 2.4% to KSh 5.8 trillion (US$ 51 billion) in September 2021, from KSh 5.7 trillion (US$ 50 billion) in June 2021.

CBK said the increase was mainly because of a …

• EAC Secretariat Secretary-General Peter Mathuki has hailed the governments of the Republic of Rwanda and the Republic of Uganda for their efforts ahead of the reopening of the Gatuna-Katuna border post
• He said the reopening would strengthen bilateral ties between the two EAC Partner States, which will revitalise social, economic and political relations
• Mathuki added that the border would also promote peace and security across the region

The EAC Secretariat has lauded Rwanda and Uganda for their efforts to reopen the Gatuna-Katuna border post on 31st January 2022.

In a statement seen by The Exchange Africa, EAC Secretary General Peter Mathuki hailed the move terming it as a boost to regional integration.

The move, he added, would strengthen bilateral ties between the two EAC Partner States, which will revitalise social, economic and political relations.

“Reopening this strategic trade route is in line with the EAC Common Market Protocol and will …

• EABL’s Group net sales grew 23% to KSh 54.9 billion, realised through strong organic growth across East Africa
• Profit after tax improved by 131% to KSh 8.7 billion, driven by margin expansion, prudent cost
  management, and volume recovery mainly in Kenya
• Cash and cash equivalents up 185% to KSh 7.2 billion, driven by increased net sales and robust working capital management

East African Breweries PLC (EABL) has reported KSh 54.9 billion in net sales for the half-year ended 31 December 2021, representing a 23% growth compared to the same period last year.

During the period, volumes grew strongly at 23%, driven by investment behind brands and innovation in the route to market in response to consumer behaviour shifts.

The continued investment in the capacity of KSh 6.2 billion enabled EABL to rapidly respond to the increased consumer demand.

The Group’s profit after tax grew 131% to KSh 8.7 billion, primarily …

• The Bill & Melinda Gates Foundation appoints a board of trustees, bringing independent and diverse perspectives to help strengthen the foundation’s governance
• The governance change comes after the death in late 2020 of Bill Gates Sr., Bill Gates’ father, an honorary co-chair, and a long-time guiding voice at the foundation
• It is also on the back of the decision by Warren Buffett last year to step down as a trustee after nearly 15 years
• It also represents an explicit recognition by Gates and French Gates, especially in the wake of their recent divorce, that the foundation will be well served by the addition of independent voices to help shape its work in the future

The Bill & Melinda Gates Foundation has appointed a board of trustees, with Strive Masiyiwa, Baroness Nemat (Minouche) Shafik, Thomas J. Tierney, and Gates Foundation CEO Mark Suzman joining co-chairs Bill Gates and Melinda French Gates …

• Somalia’s drought conditions have worsened, with experts warning that over 1 million people by April 2022 if urgent action is not taken
• The International Organization for Migration (IOM) said water scarcity is currently the worst in 40 years in some parts of the country, and boreholes and shallow wells are running dry
• Over 3.2 million people are affected, including nearly 245,000 people forced to abandon their homes in search of food, water and pasture, especially in the central and southern regions of the country
• UK’s Foreign, Commonwealth and Development Office estimated that the over 90% of the country’s population is experiencing drought conditions

A new analysis has noted that worsening drought conditions in Somalia could displace over 1 million people by April 2022 if urgent action is not taken.

On Tuesday, January 2022, the International Organization for Migration’s (IOM) said the widespread drought in the Horn of Africa has severely …

In a related story, Standard Chartered Bank has scooped the 2022 Best Trade Finance Provider in Kenya award for its trade innovation in product capabilities and stellar focus on client-centricity.

The bank was awarded for first-class services and products that aptly addressed key client challenges brought about by the pandemic.

The editorial review board of Global Finance selected the best trade finance providers based on entries from banks and other providers, as well as input from industry analysts, corporate executives, and technology experts. Criteria for choosing the winners included transaction volumes, global coverage, customer service, competitive pricing, and innovative technologies.…