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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 …
A new report has revealed that ICT and Agriculture are the leading host sectors for Micro, Small and Medium-sized Enterprises (MSMEs) in Kenya.
The 2021 MSMEs Survey Report by Kenya Bankers Association also ranks manufacturing and construction among the dominant hubs for the enterprises that collectively create an estimated 15 million employment opportunities in the economy.
The study, conducted by the KBA Centre for Research on Financial Markets and Policy in collaboration with the Japan International Cooperation Agency (JICA) in May this year, further indicates over 90 percent of the 279 MSMEs sample analyzed were registered, signaling a high level of formalization.
The Findings
Based on entrepreneur characteristics, majority of MSMEs owners are males at 77 percent, highly educated with 54.5 percent having a bachelor’s degree level of education.
In addition, close to two-thirds or 63 percent of enterprise owners had been in employment for more than six years before …
After facing unprecedented changes in the wake of the COVID-19 pandemic, Small and Medium Enterprise (SME) confidence in Sub-Saharan Africa is on the rise, according to the latest research by Mastercard.
The inaugural Middle East and Africa (MEA) SME Confidence Index found 74 percent of SMEs in Sub-Saharan Africa are optimistic about the next 12 months. In fact, 68 percent of SMEs in Sub-Saharan Africa are projecting revenues that will either grow or hold steady. Almost half at 48 percent are projecting an increase.
Upskilling, training, development support and access to credit for future growth
As many regional economies gradually enter the normalization and growth phase, and social restrictions continue to ease, small and medium sized businesses in Sub-Saharan Africa have identified upskilling staff for the future (73%), access to training and development support (69%), and easier access to credit (69%), as the top three drivers for growth.
Among all …
The East African Community has tabled before the East African Legislative Assembly the budget estimates for the 2021/2022 Financial Year totaling US$91,784,296.
The Chairperson of the Council of Ministers and Kenya’s Minister for EAC, Adan Mohamed, in the Budget Speech read on his behalf by Chief Administrative Secretary, Ken Obura, said that the 2021/2022 budget was coming at a time the COVID-19 pandemic had ravaged economies through lockdowns and economic shutdowns that had affected economic performance in the entire region negatively.
The 2021/2022 Budget is themed Economic Recovery through Industrialization and Inclusive Growth.
On priorities for the 2021/2022 FY, Mohamed said that the EAC would focus on 10 priority areas.
These are private sector development, peace and security, health/covid-19 response and trade development.
Others are infrastructure development, EAC digitalization agenda, agriculture, nutrition, biodiversity, environment and circular economy AMONG OTHERS.
Here is how the monies were allocated for EAC Organs and …
Kenya’s national carrier Kenya Airways PLC has announce the resumption of flights to Heathrow, London from Nairobi’s Jomo Kenyatta International Airport (JKIA) after a three-month break.
The direct flights, which begun on 26th of June 2021, follows the lifting of the suspension of flights to from the United Kingdom by the Government of Kenya.
The ban was effected on April 9, in retaliation of a similar move by the UK, when they placed Kenya in a list of its prohibited destination.
According to the airline, flights from London will include a one-stop connection through Nairobi to the rest of Kenya and Africa’s key destinations.
Commenting on the development, the airline’s Chief Commercial and Customer Officer Julius Thairu said the the resumption of flights to London, United Kingdom is in line with KQ’s plans to grow and expand their routes even as restrictions related to COVID-19 lift.
“The move will positively …
Kenya’s Capital Markets Authority (CMA) has issued the first set of licenses to five coffee brokers in line with the Capital Markets (Coffee Exchange) Regulations, 2020.
In a statement, the Authority says the licenses will allow the brokers to carry out the role of coffee brokerage services at the Nairobi Coffee Exchange (NCE) with effect from 1 July 2021.
Meru County Coffee Marketing Agency Limited has been granted a full coffee broker licence, while others, which include Kipkelion Brokerage Company Limited, and Murang’a County Coffee Dealers Company have been granted conditional licences.
According to the Authority, they are expected to come into full compliance with the requirements of the Coffee Exchange Regulations within the next three months.
“The Authority is mandated to regulate the spot commodity markets in Kenya and in particular, the coffee commodity market according to Section 11(3) of the Capital Markets Act,” CMA said in a statement.…
Nairobi-based real estate developer Fusion Capital Limited has raised over US$8 million towards the completion of Greenwood City Mall, in Meru County in Kenya.
The company, which doubles up as a private equity firm, had previously structured the financing of the mall as a Development Real Estate Investment Trust (D-Reit) which achieved a 38 percent subscription against the set threshold of 50 percent subscription, but the Shareholders of Meru Greenwood Park dropped the DREIT in favor of private funding for the development.
According to the firm, the construction of the mall has now fully been funded privately by investors from the United Kingdom and Finland to a tune of USD. 8 Million of new cash as well as local land partners.
Fusion Group’s Chief Executive, Daniel Kamau said, “We have a first-mover advantage in Meru and hence the decision to proceed with the circa 12,000 sqm shopping mall which we …
