Trending
- 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
- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
East Africa
- Tanzania has offered the Uganda National Oil Company (Unoc) to use the Dar es Salaam port for oil importation.
- This presents a strategic alternative amid the ongoing importation stalemate between Uganda and Kenya.
- The legal dispute between Uganda and Kenya over oil importation policies is pending before the East African Court of Justice (EACJ), with indications that Uganda may withdraw the case.
Tanzania has stepped forward with an enticing proposition that Kampala finds hard to ignore, especially regarding the ongoing deadlock in Nairobi-Kampala oil imports.
Tanzania has extended an offer to the Uganda National Oil Company (Unoc) to utilise the Dar es Salaam port for its fuel importation needs. This development comes as Uganda explores alternatives in response to Kenya’s steadfast position on Kampala’s oil importation demands.
Uganda’s grievance at the East African Court of Justice (EACJ) remains pending amid these unfolding events, casting a shadow of uncertainty over …
- In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
- Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
- This is the Group’s newest subsidiary in the Democratic Republic of Congo.
- It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.
Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.
In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …
- 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 …
Regional bank Equity Group Holdings has announced a 98 percent growth in half year profits to Sh17.9 billion up from Sh9.1 billion registered the previous year.
The Group’s Managing Director and CEO Dr James Mwangi said attributed improved performance to the defensive and offensive strategy, which they adopted at the onset of the COVID-19 pandemic.
As such, deposits registered a 51 percent growth to Sh820.3 billion up from Sh543.9 billion, while long term borrowed funds grew by 78 percent to Sh102.3 billion up from Sh57.6 billion.
Net Loans and advances grew by 29 percent to Sh504.8 billion up from Sh391.6 billion, while investment
in Government securities grew by 46 percent to Sh315.5 billion up from Sh216.4 billion resulting in 50 percent
growth in Total Assets to Sh1.12 trillion up from Sh746.5 billion.
The CEO also revealed that the strategy led to a 33 percent growth in topline Total Income to …
A new report now indicates that women entrepreneurs and in the Middle East and Africa (MEA) are leading the way in tapping into the power of the digital economy to succeed and grow.
According to the inaugural Mastercard MEA SME Confidence Index, women-owned small and medium enterprises (SMEs) believe there are huge benefits of a cash-free economy to their businesses.
As such, 81 percent of the region’s women entrepreneurs have a digital presence for their businesses, compared to 68 percent of their male counterparts.
In terms of a digital footprint of the region’s women entrepreneurs, social media (71 percent) leads the way, followed by a company website (57 percent).
In the Middle East and North Africa, more women entrepreneurs had a website (71 percent) than a social media presence (55 percent).
It also found that over 80 percent of women entrepreneurs have digital readiness for their business compared to their …
Stakeholders of agriculture on the continent have urged governments to work with the private sector to build resillient food systems to bridge the widening gap in production.
Speaking during the Alliance for a Green Revoluton in Africa (AGRA) organized Africa Green Revolution Forum (AGRF) Summit last week, speakers reiterated that food security cannot be achieved without a gvernment facilitated enabling environemnt for agribusiness to thrive.
The summit was held ahead AGRF , slated for September in Nairobi, where leaders, while celebrating the milestones the agriculture sector has made over the years, called on enhanced collaboration in transforming the continent’s food systems amid rising concerns over global food shortages owing to increasing population, shrinking land and climate change.
“As we look at innovative ways of producing food to feed our people, assist our farmers and bolsters agribusinesses, we must explore ways of working together to actualize this commitment. The partnership between …
Listed real estate is also expected to continue performing poorly in 2021 with the Fahari I-Reit having opened the year at a relatively low trading price of Sh5.8 per share.
This is coupled with the expected negative performance of the office sector and lack of investor appetite in the instrument due to negative investor sentiments.…
African Development Bank Group has approved two grants worth $83.6 million to boost cross-border trade in electricity between Ethiopia and Djibouti and to deepen integration in the Horn of Africa sub-region.
In a statement, the bank’s board said the funds comprise a $69.65 million grant to Ethiopia and a second grant of $13.93 million to Djibouti.
Both have been sourced from the African Development Fund, which is the African Development Bank’s concessional financing window.
The Ethiopia–Djibouti Second Power Interconnection project will entail the construction of nearly 300 km of interconnector line, 170 km of transmission lines, and new construction or renovation of substations in the two countries.
Commenting on the approval, Bank’s Director of Power Systems Development Batchi Baldeh said the first interconnection line is reaching its power transfer capacity limit due to several developments in both countries, such as the industrial development in the eastern part of Ethiopia, the …
Stopping an increasing trend of COVID-19 cases in Africa will require additional funding.
This was announced by the International Federation of Red Cross and Red Crescent Societies (IFRC), amid a worrying surge of cases in Uganda, Rwanda, DRC, Namibia, Zambia, Mozambique, and South Africa.
National Red Cross teams in these seven countries are stepping up surveillance, testing, healthcare and hygiene activities.
They have also scaled up their COVID-19 awareness campaigns in public places such as markets and border points.
However, efforts like these ones, aimed at containing the spread of the virus, have been strained by insufficient funding. With a third wave looming large, there are increasing concerns that the impact will be more devastating, especially if the shortage of funds persists.
Mohammed Mukhier, IFRC’s Regional Director for Africa said that since the outset of this pandemic, not enough attention has been paid to the evolution of this virus on …
