• The funding is designated for the construction of a bridge spanning the River Nile in northwest Uganda and the enhancement of roads stretching over 105 kilometers.
• Uganda has encountered obstacles in accessing financial support from international institutions like the World Bank, primarily due to policy differences.
• The loan holds the potential to stimulate job creation, foster entrepreneurship, and spur innovation

Uganda has finalized an agreement with the Saudi Islamic Development Bank (IDB), securing a $295 million loan to bolster infrastructure development, particularly road construction projects across the country. This landmark agreement, signed by Uganda’s Finance Minister, Matia Kasaija, and IDB President Muhammad Al Jassar in Riyadh, underscores Uganda’s strategic shift towards diversifying its sources of external funding amidst ongoing negotiations with traditional lenders such as the World Bank.

The financing agreement, which was formalized during Minister Kasaija’s attendance at the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, marks …

• The urgency to transform African food systems is not solely an agricultural or economic imperative but a moral, social, and ecological one.
• Africa is confronted with a heavy crisis of malnutrition, poverty, inequality, and unemployment. Food affordability and access are unevenly distributed, and gaps widen even further.
• Improving the performance of the food system is critical if we are to sustainably feed nearly 10 billion people by 2050 while raising farmer incomes, protecting them from climate change, and helping them to thrive.

Africa, a continent of great potential, stands at a crossroads. Africa has most of the world’s most fertile lands, immense resources, and a growing young population. However, it remains paradoxically entangled in the danger of food insecurity and malnutrition.

Challenges such as climate change, post-harvest losses, poor farming technologies, and inadequate supply chains persist. The urgency to change African food systems is not solely an agricultural or economic …

• 19 African Heads of State seek to triple IDA’s financing capacity to $279 billion by 2030.
• IDA remains [Africa’s] most dependable source of capital, with every dollar of donor financing enabling an additional $3.5 in capital market leverage to amplify development impacts: President Ruto
• We are united by a shared vision for the future of Africa—a continent rich in diversity, culture, and potential, thanks to its young people and natural resources: The World Bank Group President Ajay Banga.

In a historic gathering of 19 African Heads of State and government in Nairobi, Kenya’s President William Ruto has ramped up calls for increased concessional financing from the World Bank’s International Development Association (IDA).

The rallying call, which was made during the International Development Association (IDA21) for Africa Heads of State Summit held at the Kenyatta International Convention Centre (KICC) in Nairobi, reverberated with urgency and determination.

President Ruto’s plea sought …

• Starlink, has introduced a significant price reduction of 55.6% for its installation hardware kit in the Kenyan market.
• This promotional offer is valid until May 15, providing Kenyans the opportunity to purchase the hardware equipment at $292.36 (KSh39,500), a substantial discount from the usual asking price of $658.04 (KSh89,000).
• An analysis in October 2023 highlighted Kenya and Mozambique as the top markets with the highest charges for internet installation compared to other African countries where Starlink has a presence.

Billionaire Elon Musk’s satellite internet firm, Starlink, has introduced a significant price reduction of 55.6 percent for its installation hardware kit in the Kenyan market. This promotional offer is valid until May 15, providing Kenyans the opportunity to purchase the hardware equipment at $292.36 (KSh39,500), a substantial discount from the usual asking price of $658.04 (KSh89,000).

The promotional message displayed on the firm’s website states, “SpaceX’s Starlink kit has an offer …

• Data from the World Bank’s Global Findex Database 2021 indicates significant strides in female financial inclusion over the past decade.
• In the 10 years leading up to 2021, the share of women in Africa who owned a financial account doubled to more than 49 per cent.
• This surge in women’s account ownership in many developing countries is largely attributed to mobile money platforms.

Data from the World Bank’s Global Findex Database 2021 indicates significant strides in female financial inclusion over the past decade. The gender gap in ownership of formal financial accounts in developing countries has decreased from 9 to 6 per cent, signifying a move towards financial parity for women.

The increase in account ownership among women has outpaced that of men, with 68 per cent of adult women in developing nations now participating in formal financial systems. This surge in women’s account ownership in many developing countries is …

• AIM Congress promises to be a melting pot of insights, strategies, and opportunities aimed at shaping the future of global investment.
• The congress has carved a niche for itself as a premier investment platform dedicated to fostering collaboration and driving innovation.
• The Innovation and Technology Track will delve into the latest trends and innovations across various domains, including artificial intelligence, the Internet of Things, smart agriculture, and bockchain technology.

The anticipation is building as the AIM Investment Summit 2024 gears up to host over 450 dialogue sessions, featuring 900 speakers and experts from around the globe. In collaboration with over 330 local, international, and global partners, this event promises to be a melting pot of insights, strategies, and opportunities aimed at shaping the future of global investment.

Twenty-four of these partners step forward as supporting sponsors of the main conference, lending their expertise to provide participants with invaluable insights, best …

• AIM Congress will be hosted by Abu Dhabi, with the support of the UAE Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development (ADDED) as lead partners.
• The Gold Sponsors for the event are Saud Bahwan Group, Jordan’s Ministry of Investment, and Moroccan Investment and Export Development Agency.
• The Silver Sponsor for the event is Ajman Chamber of Commerce and Industry.

As the Annual Investment Meeting (AIM) Congress 2024 draws even closer, the spotlight is on the outstanding partnership efforts that have fueled its success over the years. With the event slated to take place between May 7 to 9 in Abu Dhabi, the United Arab Emirates, AIM Congress highlights its long-standing partnerships with esteemed organisations.

In partnership with over 330 local, regional, and international partners, the 2024 AIM Congress is committed to enhancing global economic growth by promoting investment opportunities and facilitating meaningful communication …

• Africa Fertiliser Financing Mechanism will avail 8000 tons of fertiliser.
• 5.533 million Kenyan farmers are registered for the government’s subsidised fertiliser programme.
• African Development Bank granted Kenya $67 million in 2022-2023 through its African Emergency Food Production Facility.

The Africa Fertiliser Financing Mechanism has launched a project to help deliver 8,000 tons of fertilisers to 100,000 smallholder farmers in Kenya to boost harvests and incomes.

Through its Fertiliser Financing for Sustainable Agriculture Management Project, the Mechanism will provide a $2 million partial trade credit guarantee and a grant of $219,000 to Apollo Agriculture Limited, a Kenyan corporation, to facilitate the company’s fertiliser sales.

The Norwegian Agency for Development Cooperation, through a contribution of $10.15 million to the Africa Fertiliser Financing Mechanism, is also supporting the project.

Representatives of the African Development Bank, which manages the Mechanism, Apollo Agriculture and the Kenyan and Norwegian governments attended the launch event in Nairobi.…

• Kenya’s high-interest rates hit 13 per cent in the last review by the Central Bank of Kenya.
• Since mid-2023, however, the World Bank’s index of commodity prices has remained essentially unchanged.
• World Bank reiterates that between mid-2022 and mid-2023, global commodity prices plummeted by nearly 40 per cent.

Kenyan consumers will have to bear the high cost of borrowing for much longer as Central Banks will not loosen their monetary policies any time soon, the World Bank has said.

The lender says the continued tightening will be a result of the prevalent global economic shocks, such as the Middle East conflict, which is threatening to halt the inflationary decline that has occurred in the past two years.

“Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year,” the World Bank says in its latest commodity markets outlook. “However,

• Kenya-Ethiopia trade relations have been on the rise in the past 27 years, with Kenya having the upper hand. 
• Ethiopia, on the other hand, recorded an increase at an annualised rate of 23.7 per cent.
• During the Meeting Kenyan investors also undertook exhibitions showcasing some of their products.

Kenya and Ethiopia have renewed the push to streamline the bottlenecks that are hampering trade growth between the two states. A delegation of the National Assembly to the Kenya-Ethiopia Trade and Investment Mission held in Addis Ababa, Ethiopia, has rooted for the speedy removal of bottlenecks hampering cross-border trade between both Nations.

Kenya and Ethiopia have engaged in bilateral trade across multiple sectors, including agriculture, manufacturing, energy, and services, with the balance of trade hugely in favour of Kenya. In 2022, Kenya exported $95.1M (Sh12.8billion) to Ethiopia, mainly Palm Oil $12.4M (Sh1.7billion), Metal Stoppers $7.95M (Sh1.1billion), and Yeast $6.92M (Sh934million).

This compares …