Browsing: Africa business

• The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative aims to close the $42 billion financing gap faced by women entrepreneurs, demonstrating that investing in women fosters gender-inclusive economic growth.
• By securing over $1.5 billion in investments for women-led SMEs and providing gender-smart banking training, AFAWA is changing financial institutions’ perceptions and practices, demonstrating the viability and profitability of supporting women entrepreneurs.
• AFAWA’s partnerships and educational programs build a more inclusive financial ecosystem, showcasing the initiative’s commitment to empowering women entrepreneurs and driving sustainable, inclusive economic development across Africa.

The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) aims to invest in women and close the significant financing gap they face. Women entrepreneurs in Africa confront a daunting $42 billion disparity in financing compared to their male counterparts, largely due to misconceptions about their creditworthiness and a lack of collateral. Despite these challenges, …

• Funding aimed at increasing the efficiency of domestic resource mobilization and public expenditure. 
• The move will enable the government to have more resources to finance public services and respond to economic shocks. 
• The program targets more inclusive access to e-declaration and performance-based management in customs administration.

In order to assist Benin in improving the effectiveness of domestic resource mobilization and public expenditure, the World Bank has granted financing from the International Development Association (IDA) totaling $150 million.

The Economic Governance for Service Delivery Program for Results (PforR) will support projects aimed at increasing the effectiveness of domestic resource mobilization and public expenditure. This will to provide the government with greater funding to support public services and react to economic shocks.

The program aims for performance-based management in customs administration and more inclusive e-declaration access.

Additionally, it encourages the creation of a setting favorable to citizen scrutiny of public finances and …

• Newly appointed directors on the board of KEPSA take charge and embrace new strategies.
• Change of leadership also seen at KEPSA’s Governing Council where new sector chiefs will steer industry boards.
• KEPSA, which is celebrating its 20th anniversary later this year, has made a significant contribution to Kenya’s economic growth.

Jaswinder Bedi of Bedi Investment is now the Chairperson of the Board of Directors of the Kenya Private Sector Alliance (KEPSA), ushering in a new era at the head of guiding the role of private investments in the nation’s economy.

American Chamber of Commerce

On the occasion of the organization’s 19th Annual General Meeting, Brenda Mbathi of the American Chamber of Commerce, Kenya, was also elected as Vice-Chairperson. Bedi, who has served as the Vice-Chairperson of the Board since 2021 will be succeeding Flora Mutahi after her two-year tenure at the helm of KEPSA Board.

The KEPSA Board also received …

Africa’s youth unemployment is one of the many “poly-crises” destabilising many countries and impeding economic recovery following recent disruptions and challenges. According to the just-released International Labor Organization’s (ILO) annual Monitor of the World of Work study, low-income African nations are unlikely to return to pre-pandemic levels of unemployment this year.…

• Dubai-based logistics giant DP World will be given berths five to seven in the Port of Dar es Salaam to manage. The move comes as rising number of ports in Africa go private as governments seek to boost import/export trade.
• Tanzania plans to increase the port’s revenue collection by 233.7 per cent over the next 10 years under the DP World deal.
• The port handles various types of cargo, including containers, bulk cargo, and petroleum products for Tanzania, Rwanda, Burundi, DRC, and Uganda.

The port of Dar es Salaam, which the World Bank has labelled East Africa’s busiest and most modern, could see its fortunes rise following a deal by Tanzania with DP World to manage and develop it even further.

The Dubai-based logistics multinational DP World has entered into an Intergovernmental Agreement with Tanzania for the development of one of the vital harbours in East Africa.

Private sector infusing

• Kenya’s President William Ruto is urging Africa to shift from exports of raw materials to industrial processing of goods. He says African economies must change tact to revamp import/export trade.
• Comesa bloc has a combined GDP of $805 billion and a global export/import trade in goods worth $324 billion. 
• In a radical move, Dr Ruto calls for merging of Comesa, the East African Community, and the Southern African Development Community. 

Kenya’s President William Ruto is calling on the Common Market for Eastern and Southern Africa (COMESA) member-state to embrace industrial processing of to boost the value of exports and in turn enhance Africa’s share of global trade. 

In a radical shift that is also seeking to boost trade across Africa, Dr Ruto is also calling for the consolidation of trading blocs Comesa, the East African Community, and the Southern African Development Community.

Industrial processing to boost Africa trade

By joining …

A total of six banks from the Middle East and Asia have raised a combined $625 million in syndicated loan to finance Africa’s infrastructure under the African Finance Corporation (AFC). 

Through the AFC, Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank and Industrial Bank of Korea Limited joined the syndicate as first-time lenders throwing their weight behind the leading infrastructure solutions financier in Africa. …

Business people in the East African Community are now set to benefit through prompt resolution and intervention of issues disrupting trade, following the launch of the EAC-EABC Technical Working group (TWG).

Based in Arusha Tanzania, the Technical Working Group launched by the East African Community (EAC) and East African Business Council (EABC) – the umbrella body bringing together private sector associations in East Africa- is tasked with receiving and synthesizing issues received from the private sector at various levels and advise on appropriate solutions.

A statement by the EAC-EABC has revealed that the team will be chaired by EAC Director General for Customs and Trade, Kenneth Bagamuhunda and co-chaired by EABC CEO John Bosco Kalisa. It will also entail members from the national apex private sector associations in the EAC region.

The team will be responsible for following up on challenges disrupting intra-EAC trade raised by businesses and support their …

The private sector in the African continent is set to receive US480 billion in investments over the next five years.

The investments will be made by a consortium of organizations under the G7 Development Finance Institutions (G7 DFI) which includes the European Investment Bank and the private sector arm of the African Development to support sustainable economic recovery and growth in Africa.

The proposed investments come at a time when the Covid-19 pandemic has caused a severe global economic and health crisis, including in the African continent.

The IMF estimates that sub-Saharan Africa needs additional financing of around $425 billion between now and 2025 to help strengthen the pandemic response spending and reduce poverty in the region.

This marks the first time the G7 DFIs have come together to make a collective partnership commitment to the African continent.

The G7 DFI group consists of CDC, Proparco (France), JICA and JBIC …

NAIROBI, Kenya, Jun 14 – Kenyan businessman and industrialist Dr. Chris Kirubi, is dead. 

His death was confirmed by his family in a statement quoted by Capital Group, one of the many businesses under his portfolio.

He was 80 years old.

“It is with great sadness that we announce the passing of Dr. Christopher J. Kirubi (1941-2021) who passed away today, Monday the 14^thof June 2021 at 1 pm at his home after a long battle with cancer fought with fortitude, grace, and courage. He was surrounded by his family,” the statement by his family said.

Dr. Kirubi had invested in the Manufacturing, Media, Real Estate, Insurance, and Investment Sectors. Kirubi chaired several companies among them Haco Industries Limited, Kiruna International Limited, International House Limited, Nairobi Bottlers Limited, Sandvik East Africa Limited, and DHL Kenya.

He was also a director at the region’s most successful investment companies Centum …