Browsing: East Africa region

Commercial International Bank (CIB)

Commercial International Bank (CIB), the leading private-sector bank in Egypt has announced its plan to increase its presence in the East African region.

This will be achieved by acquiring more banks in the region, which the lender says will help finance Egyptian investors looking for opportunities in Africa’s fastest growing region.

CIB offers a broad range of financial products and services to its customers, which include more than 500 of Egypt’s largest corporations, enterprises of all sizes, institutions, and households.

CIB’s strong brand and growth in retail and Small and medium-sized enterprises (SME) banking segments has continued to introduce new customers to the bank, making it the most profitable commercial bank operating in Egypt for more than 40 years.

Mayfair Bank

CIB, which has over $27.24 billion worth of assets acquired a 51 per cent stake in the Kenyan Mayfair Bank, its initial buyout in the African continent last year, …

LG

In response to the growing demand for home appliances, entertainment and air conditioning solutions in East Africa, LG Electronics has announced its plan to expand the region’s market.

The South Korean firm is opening new shops in four East African countries namely Tanzania, Ethiopia, Sudan and Kenya.

According to LG Electronics East Africa Managing Director Sa Nyoung Kim, the company will refurbish 20 shops and launch additional ones targeting an increasingly tech-savvy, an environmentally-conscious consumer seeking premium products to match their lifestyle.

Enhance customer experience

Nyoung Kim said the planned shops across the region will be high footfall, high-sales stores designed to enhance customer experience for the new technologies and products the company has to offer.

LG Electronics is also keen on the growing market for wearables, driven by lifestyle changes due to the Covid-19 pandemic.

These include OLED TV, InstaView refrigerator, TWINWash washing machine, Neochef microwave and Vivace AI-powered …

www.theexchange.africa

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 …