Author: Wanjiku Njugunah

• EIB has committed EUR 95 million to support companies that were most affected by the COVID-19 pandemic in Rwanda
• Bank of Kigali and KCB Bank Rwanda have been picked to manage the funds

The European Investment Bank has announced that it will support companies that were most affected by the COVID-19 pandemic in Rwanda, to a tune of EUR 95 million.

In a statement, the bank said it had picked Bank of Kigali (BK) and KCB Bank Rwanda to manage the funds, as well as provide new credit lines for Rwandan companies.

Commenting on the development, the Minister of Finance and Economic Planning Uzziel Ndagijimana welcomed EIB’s latest private sector engagement in Rwanda and the launch of its EUR 175 million East Africa COVID-19 Response Facility in the country.

Rwanda becomes the first country in East Africa to benefit from the new streamlined financing programme that will provide long term …

In addition to the Best Bank CEO in Africa award to Muriuki, the EMEA Awards also awarded the Best Bank in Kenya Award to the Co-operative Bank, and the Best Asset Manager award to Co-opTrust Investment Services Limited, a wholly-owned subsidiary of Co-op Bank.

With Kshs 181billion in assets under management, Co-op Trust is one of the largest and most successful locally-owned asset management firms in Kenya.…

• Bar and restaurant operators in Kenya have pledged to abide by the protocols to limit the spread of Covid-19
• They have also offered to have their establishments become vaccination centres following the reopening of their establishments 

Bar and restaurant operators in Kenya have pledged to abide by the protocols to limit the spread of Covid-19 and offered to have their establishments become vaccination centres following the reopening.

The operators’ associations have also asked revellers to abide by the rules to avoid a resurgence of infections that would force the Government to come up with the restrictions that have hampered operations since March 2020.

“The hospitality sector has gone through one of the darkest periods in the history of Kenya,” said Frank Mbogo, the chairman of the Nairobi branch of the Pubs, Entertainment and Restaurants Association of Kenya.

The operators said the lifting of the curfew by President Uhuru Kenyatta and …

• The eight agreements cover broad areas of cooperation between Kenya and Malawi including politics, diplomacy, defence, fisheries and aquaculture among others 
• Kenyatta said collaboration and consolidation of ties between the two countries would guarantee socioeconomic growth of their citizens
• Previously, Kenyan industrialists have said they are seeking trade linkages that will allow them to establish joint ventures with Malawians

Kenya and Malawi have entered into new bilateral relations by signing eight new agreements designed to strengthen socioeconomic bonds between the two nations.

The agreements were signed on October 22 at State House, Nairobi at the end of bilateral talks between Kenyan and Malawian delegations led by President Uhuru Kenyatta and his Southern Africa counterpart Lazarus Chakwera.

The eight agreements covered broad areas of cooperation between Kenya and Malawi in politics, diplomacy, defence, fisheries and aquaculture as well as cooperative development. Others are technical cooperation in health and tourism.

Earlier, President …

• The Foundation has announced a commitment of up to $120 million to accelerate access to the investigational antiviral drug molnupiravir 
• The Foundation said the funding will be allocated based on consultations with partners

The Bill & Melinda Gates Foundation has announced a commitment of up to $120 million to accelerate access to the investigational antiviral drug molnupiravir for lower-income countries as part of its COVID-19 response effort.

In a statement, the Foundation said the funding will be allocated based on consultations with partners, and will support the range of activities required to develop and manufacture generic versions of the drug, which is being developed by Merck & Co in collaboration with Ridgeback Biotherapeutics.

The commitment builds on the foundation’s ongoing efforts, including $1.9 billion in funding, since the start of the pandemic to increase access to COVID-19 vaccines, treatments, and tests by supporting R&D, regulatory work, at-risk manufacturing, and product …

• Kenyatta said the interventions would help an economy that was already recording remarkable recovery
• The new programme targets the key product and service sectors in thirteen strategic intervention

Kenya’s President Uhuru Kenyatta has announced the rolling out of the country’s third financial stimulus programme, designed to accelerate the pace of economic growth and to sustain the gains already made.

Speaking during the Mashujaa Day celebrations on Wednesday, October 20, Kenyatta said the interventions would help an economy that was already recording remarkable recovery.

“This rebound is as a result of the gradual reopening of the economy especially the services sector coupled with stronger global demand. This recovery is reflected in the strong revenue performance for the Quarter ending September 2021,” he said.

The new programme, which will be effective 1st November 2021, targets the key product and service sectors in thirteen strategic interventions as listed below.

The first intervention is

• Kiva will oversee the disbursement of the low-interest loans to help SMEs
• Last week Google announced a plan to invest $1billion over 5 years to support Africa’s digital transformation

Google Kenya has announced a disbursement of $10 million to support the economic recovery of small and medium enterprises across Kenya, South Africa, Ghana, and Nigeria during their virtual Google Kenya event.

A non-profit organisation, Kiva, will oversee the disbursement of the low-interest loans to help the SMEs get through the economic hardship created by COVID-19.

This follows the announcement made at the Google for Africa event last week where CEO of Google and Alphabet, Sundar Pichai, announced the plan to invest $1billion over 5 years to support Africa’s digital transformation.

The investment is expected to focus on enabling fast, affordable internet access for more Africans; building helpful products; supporting entrepreneurship and small business; and helping non-profits to improve lives across …

• The centre was built through a partnership between the locally-owned GE Healthcare’s entity and Kenyatta University Teaching, Referral & Research Hospital (KUTRRH)
• In Kenya, cancer is the third leading cause of death, after infectious and cardiovascular diseases

In a major milestone for the fight against cancer in Kenya, the President of the Republic of Kenya, Uhuru Kenyatta, has inaugurated the first publicly-owned comprehensive Integrated Molecular Imaging Centre for the diagnosis and treatment of Cancer in Sub Saharan Africa.

The centre was built through a partnership between the locally-owned GE Healthcare’s entity and Kenyatta University Teaching, Referral & Research Hospital (KUTRRH). The Center will provide lifesaving equipment along the cancer care pathway – from screening and diagnosis to staging, to determining the correct treatments.

This will support the improvement of cancer survival rates and serve patients across Kenya. Critically, it will also enable more cancer research to be carried out, offering …

At the same time, KEPSA said the initiative will provide a unique platform to facilitate U.S. and Kenyan SME partnerships.

It will also help in supporting women and youth to run Kenyan entrepreneurs as well as U.S. women, minority, and diaspora owned businesses, and help SMEs in both countries address the current challenges many faces to access the two markets.

The agreement was signed by CCA President & CEO Florizelle Liser and KEPSA CEO Carole Kariuki and witnessed by President Uhuru Kenyatta in New York, U.S.A.…

• Morocco’s car sales exceeded 160,000 units in 2021 and creating over 220,000 direct jobs
• The auto industry is also set to contribute as much as 24% to the Moroccan GDP by 2022
• Despite the consequences of the COVID-19 crisis, the industry has gradually recovered this year, selling around 400,000 cars to Europe

Morocco has surpassed South Africa as the biggest exporter of passenger cars on the continent with $7 billion (MAD 65.1 billion) exports made in the car industry at the end of 2018.

New data indicates that the country’s automotive industry is growing exponentially each year with car sales exceeding 160,000 units in 2021, and creating over 220,000 direct jobs.

According to several international experts, Morocco’s auto industry is set to contribute as much as 24% to the Moroccan GDP by 2022.

As of 2021, new passenger vehicles (PCs) recorded an increase of +10.77% with 115,611 units sold, transforming …