Trending
- Kenyan Farmers Receive $2M Boost from Africa Fertiliser Financing Mechanism
- Brace for High Interest Rates for a Longer Period World Bank Warns Kenya
- Kenya-Ethiopia Trade Relations: Legislators Advocate for Policy Alignment to Boost Ties
- Visualising the state of debt in Africa 2024
- Abu Dhabi radiates optimism as over 300 startups join AIM Congress 2024
- TLcom Capital Raises $154 million in Funding to Boost Its African Growth
- Africa’s $824Bn debt, resource-backed opaque loans slowing growth — AfDB
- LB Investment brings $1.2 trillion portfolio display to AIM Congress spotlight
Africa
- AfDB asks policymakers to put in place an orderly and predictable way of dealing with Africa’s $824Bn debt pile.
- According to AfDB, Africa’s ballooning external debt reached $824 billion in 2021.
- AfDB president says there is urgent need for increased concessional financing, particularly for low-income countries.
Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank (AfDB) President Dr Akinwumi Adesina has said.
Adesina at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings, highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65 per cent of their GDP to servicing these obligations.
He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010. “I …
- Meg Whitman, US Ambassador to Kenya, highlights key investment opportunities in Kenya, particularly in the creative industry and clean energy.
- She noted that Kenya has the potential to become the Singapore of Africa through vertical business integration, job creation, innovation, and foreign direct investment.
- AmCham Business Summit 2024 seeks to strengthen bilateral trade and investment between the US, Kenya, and East Africa.
The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, has officially kicked off in Nairobi, Kenya, under the theme, ‘Catalyzing The Future of US-East Africa Trade and Investment’.
This year’s forum underscores AmCham Business Summit as the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa.
Hosted by the American Chamber of Commerce (AmCham), the two-day Summit has brought together delegates from the United States of America, East and Sub-Saharan Africa in efforts to deliberate and …
- UN faults UK-Rwanda asylum treaty citing concerns on potentially harmful impact on global responsibility-sharing, human rights, and refugee protection.
- Spearheaded by Prime Minister Rishi Sunak, the legislation mandates judges to deem Rwanda as a safe third country.
- With deportation flights slated to start in July, the move is sparking weighty debates over the ethical implications of outsourcing asylum responsibilities.
This week’s passage of the “Safety of Rwanda” Bill by the UK Parliament has triggered alarm bells within the United Nations (UN), with two prominent leaders, Filippo Grandi, the UN High Commissioner for Refugees, and Volker Türk, the UN High Commissioner for Human Rights, raising concerns over its potentially harmful impact on global responsibility-sharing, human rights, and refugee protection.
Spearheaded by Prime Minister Rishi Sunak, the legislation mandates judges to deem Rwanda as a safe third country, paving the way for the deportation of thousands of migrants who have sought refuge …
Kenyan and Tanzanian manufacturers have called for the expedited resolution of non-tariff barriers (NTBs) and the review of the East African Community Common External Tariff (EAC CET).
This was said during the trade investment forum held on Thursday, hosted by Kenya Association of Manufacturers (KAM) and Confederation of Tanzania Industries (CTI) in Dar Es Salaam, Tanzania, to discuss trade promotion between the two states.
Kenya’s exports to Tanzania declined from US$342.9 million in 2016 to US$294.9 million in 2020 while its exports to the rest of the world grew from US$5.7 billion in 2016 to 6.02 billion in 2020.
On the other hand, Tanzania’s exports to Kenya grew from US$126.2 million in 2016 to US$258.2 million in 2020, while her exports to the world grew from US$4.4 billion in 2016 to US$5.2 billion in 2020.
Speaking during the forum, the High Commissioner of Kenya to Tanzania, Dan Kazungu noted that …
Observed every 7 July, Tanzania’s Saba Saba annual trade fair has this year climaxed with a three day meeting by traders and government officials from Kenya and Tanzania.
The event lasts about a week before the apex on the 7th of every July. This year, the end of the fair has marked the start of a meeting on trade promotion and market access between the two countries. The meeting comes in the wake of Presidential commitments made by Kenya’s President Uhuru Kenyatta and Tanzania’s President Samia Suluhu Hassan and the just concluded bilateral negotiations on trade between the two States.
Hosted in partnership between Tanzania’s Confederation of Tanzania Industries (CTI) and Kenya’s Kenya Association of Manufacturers (KAM), the meeting brings together manufacturers from various sectors of the economy. They include Food and Beverage, Edible Oils, Chemicals, Automotive, Leather to mention but a few.
The firm has undertaken assignments in 50 of the 54 African countries and employs more than 500 people in its network of over 20 local offices.
This latest partnership comes at a time when the firm’s latest London sales and lettings reports show that June was a record-breaking month for sales transactions, lettings, viewings and new prospective tenants registering.…
5G mobile subscriptions will exceed 580 million by the end of 2021, driven by an estimated one million new 5G mobile subscriptions every day.
This is according to the latest Ericsson Mobility Report which confirms the expectation that 5G will become the fastest adopted mobile generation.
The report indicates that 5G is expected to surpass a billion subscriptions two years ahead of the 4G LTE timeline for the same milestone.
It features breakout statistics from Sub-Saharan African markets where around 15 percent of mobile subscriptions were for 4G at the end of 2020.
“4G will remain the dominant mobile access technology by subscription over the forecast period,” the report says.
During 1Q21, 4G subscriptions increased by approximately 100 million, exceeding 4.6 billion, equaling 58 percent of all mobile subscriptions.
It is projected to peak during the year at 4.8 billion subscriptions before declining to around 3.9 billion subscriptions by the …
EAC Partner States have begun the 2021/2022 financial year with a focus on economic recovery through industrialization and inclusive growth.
This comes at a time when the coronavirus pandemic has had adverse effects on economies across the region and worldwide.
Data by Deloitte indicates that the outbreak led to disruption in the various sectors, most notably the financial industry and the tourism and hospitality sectors.
Additional data by UNECA adds that the effect of the pandemic on growth in Eastern Africa has been heterogeneous. The organization added that the impact has been more severe for countries dependent on tourism.
Kenya’s Principal Secretary for EAC, Dr. Kevit Desai, said that the region was putting in place strategies to ensure economic recovery in all Partner States from the destructive effects of the COVID-19 pandemic.
“As a region, we have witnessed the devastation created within the economies of the Partner States, including the …
Kenya Revenue Authority has reached a new record of revenue collection to hit Sh1.669 Trillion in the 2020/21 financial year, compared to Sh1.607 Trillion collected in FY 2019/20.
In a statement, the Authority’s Director-General Githii Mburu says that this is in spite of the challenging operating economic environment brought about by the COVID-19 Pandemic.
“Kenya Revenue Authority (KRA) has defied all odds to surpass its revenue target after eight (8) years, since FY 2013/14,” the Authority said.
The FY 2020/2021 revenue target as reflected in the 2021 Budget Policy Statement was Sh1.652 Trillion which KRA says it surpassed with a surplus of Sh16.808 Billion.
This represents a performance rate of 101 percent and revenue growth of 3.9 percent compared to the last Financial Year.
KRA says the performance is consistent with the prevailing economic indicators, especially the projected GDP growth of 0.6 percent in 2020.
During the period under review, …
