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NIC Bank Kenya has signed a Loan Portfolio Guarantee agreement amounting to Ksh 515,900,000 (USD5.1 million) with the African Guarantee Fund for Small and Medium-sized Enterprises (SMEs).
The partnership aims to unlock financing intended to facilitate the promotion, growth and development of SMEs in Kenya.
This comes in the wake of a continued credit crunch in the market, occasioned by the interest rate cap law in the country.
Since the law came into place in 2016, banks have been lending more to the government, shunning the private sector and individuals whom they term ‘high risk borrowers’.
Speaking during the partnership launch, AGF Group Deputy CEO Jules Ngankam noted that the objective is to provide partial credit guarantees and capacity development to NIC Bank to stimulate financing of SMEs, thereby unlocking their potential to deliver exclusive growth in …
The East and Southern Africa Breeding Network (ESABN) on 4th May, 2018 launched the accelerated genetic gain in rice (AGGRI) project aiming at the empowering women involved in rice value chain in the region.
The launch of the project was on the sideline of the just- concluded three-day 11th East and Southern Africa Breeding Network meeting held in Dar es Salaam.
Speaking soon after launching the initiative, representative of International Rice Research Institute (IRRI) for Eastern and Southern Africa, Abdelbagi Ismail said that the beneficiaries will be unified by a set of standards developed to make breeding decisions consistent with the demand of regional farmers, consumers and processors.
Funded by Bill and Melinda Gates Foundation (BMGF), the Initiative is also aimed at expanding International Rice Research Institute (IRRI) `s variety testing network into a globally aligned, modernized, rice breeding `community of practice`
In another development, IRRI`s targets …
How Kenya is banning gambling advertising
The Kenyan government has banned outdoor advertisement of gambling as it moves to introduce a raft of new measures to tame growing addiction and expansion of the lucrative multi-billion industry, which has found a strong foothold in Africa.
Advertisement of gambling on all social media platforms has also been banned in Kenya, dealing a blow to gambling firms which have been spending billion—cumulative—on adverts to lure millions into their businesses.
In a notice to betting, lotteries and public gaming license holders dated April 30, the Betting Control and Licensing Board (BCLB) has also banned adverts between 6am and 10pm, which means all adverts on television and radio will run during watershed hours(after 10pm), a move it says is intended to protect consumers from effects of gambling.
“We wish to remind you that gaming is a demerit good and all demerit goods have the potential …
Fuel, personnel and cost of aircraft remain top drivers of the airline’s costs
Kenya’s national carrier-Kenya Airways has posted a Ksh7.558 billion (USD74.6 million ) net loss for the year ended December 2018, as higher operating costs continue to eat into its improving revenues.
The airline which has changed its reporting period (end year) from March 31 to December 31, had a Ksh6.418 billion (USD63.5 million) loss in the 9-month period between April 1, and Dec 31, 2017.
This is despite the airline’s growth in total revenue for the 12 months which increased to Ksh114.45 billion (USD1.13 billion), compared to Ksh80.79 billion (USD789.7 million) for the nine month period ended December 31, 2017.
According to the management, fuel, personnel and the cost of aircraft remain the top three drivers of the airline’s costs, contributing to about two thirds of total operating costs.
“Fuel price volatility remains a major challenge for …
It has been by AviaDev event, in conjunction with partners, MIDAS Aviation and Futureneers Advisors, that the estimated potential revenue from new African aviation routes could yield $29 billion in direct revenue.
This revenue, which is more than the individual GDP’s of 70% of the countries in Africa, could be realized if the largest airports in each African country are connected with one another. Currently, only 33.7% of this huge market is served, meaning that there is over $19 billion in untapped annual revenue.
Now in its fourth year, AviaDev, brings together airports, airlines, tourism bodies, and suppliers and customizes one-to-one meetings so that new partnerships and routes can be created. AviaDev’s managing director, Jon Howell, unveiled the event’s mission: to connect the largest airports in each African country with one another. He stated: “AviaDev aims to challenge the status quo through encouraging disruptive thinking. We believe our new mission …
That will be decided during the forthcoming African Union meeting slated to take place in the next three months, according to the officials who gathered in Arusha on Thursday 25th April, 2019.
The proposed African Continental Free Trade Area is not simply a `Free Trade Agreement` it is about establishing a unified continental market with 1.2 billion potential customers and where the private sector is the major engine to make it happen.
This was the tone from the discussions of the meeting held in Arusha about how the East African Private Sector including Small and Medium Enterprises (SMEs) could benefit from the African Continental Free Trading Area (AfCFTA)
The one-day meeting, organized jointly by the East African Business Council (EABC) and the United Nations Economic Commission for Africa (ECA), convened close to 40 key players from the region`s private sector. The office for Eastern Africa of ECA estimates large …
China dominates as Kenya’s top import source globally
Uganda is Kenya’s biggest trading partner within the East Africa Community (EAC), latest data show, with China dominating the global scene.
The Economic survey (2019) shows total trade volumes (import and exports) between Kenya and Uganda in the year 2018, were valued at Ksh111.3 billion (USD1.09 billion).
Tanzania comes in a distant second with a total trade value of Ksh47.6 billion (USD468.9 million) while Rwanda is third with Ksh19 billion (USD187.2 million).
Trade with DR Congo, South Sudan and Burundi, mainly export markets for Kenya, were valued at Ksh15.2 billion (USD149.6 million), Ksh12.9 billion (USD127.1 million) and Ksh6.6 billion (USD65.02 million) respectively.
During the year under review, Uganda increased the value of its exports to Kenya by 17.6 per cent to close at Ksh49.4 billion (USD486.7 million), from Ksh42 billion (USD413.8 million) in 2017.
It has invested Ksh100 million to grow its fleet
Pewin Cabs has officially rebranded to PTG Travel in a bid to increase its market share by offering diversified service in the Kenyan market.
The firm, which is now moving beyond cabs after 10 years, was among the first to launch its cab-hailing App in 2013, a move that contributed significantly to corporate transport solutions in Kenya.
Speaking at the launch of PTG Travel, Managing Director Justus Kirigua, said: “We are excited about the opportunities the new brand offers us. The transition to PTG Travel is anchored on a three-year growth strategy which includes a Ksh100 million investment to grow our fleet and increase our services to include Bus services, VIP Services and Charter Flight.”
The sum invested translates USD986,232.
Mr. Kirigua has since assured the existing customers that even with the identity change, the firm will continue to deliver greater …
Nigeria’s Minister of State for Aviation, Hadi Sirika, and other Africa transport ministers have rallied other countries on the continent behind the Single African Air Transport Market (SAATM).
Sirika, at the ongoing Second Ordinary Session of the African Union Specialised Technical Committee in Transport, Transcontinental and Inter-regional Infrastructure, Energy and Tourism in Cairo Egypt, made the resolution of the ministers known via his twitter handle.
The ministers, in the resolution concerning transport in Africa, “urge all remaining member states to join the Single African Air Transport Market (SAATM), ratify the African Road Safety Charter, the Revised Maritime Transport Charter and the Africa Civil Aviation Commission (AFCAC) Constitution.” Presently, only 28 African countries have so far shown interest in the SAATM, even as the African Union awaits the decision of others to join the train.
According to African Union, SAATM is “Promoting intra-regional connectivity between the capital cities of Africa …
The venture is keen to achieve food security, income generation, healthy living and environmental awareness
It is early morning in the outskirts of Kenya’s capital, Nairobi. A group of three young people are working in a field, using hoes to remove plastic bags and other solid waste from the soil in preparation for crop planting.
Together with other youth, they are raising seedbeds of vegetables such as kale, cabbage, spinach, carrots, onions, green peppers, tomatoes, and other commonly consumed vegetables in Kenya.
The seedlings will later be transferred to gardens and irrigated for several weeks before the vegetables are supplied to clients in households and restaurants within Nairobi.
The trio are Mastercard Foundation Scholars, selected for their academic talent, social consciousness, and leadership qualities.
Mutoni Shadadi from Rwanda, and her colleagues Laetitia Mukungu and JacquilineMaina, from Kenya, are pursuing their studies in agricultural sciences at EARTH University in Costa Rica.…