Browsing: East Africa

Kenya is keen to boost its trade with Ethiopia through the One Stop Border Post initiative, even as Lamu Port South Sudan-Ethiopia Transport (LAPSSET) corridor starts to take shape.

Acting Cabinet Secretary for National Treasury and Planning Ambassador Ukur Yatani has called on residents of the upper eastern region at the Kenya-Ethiopia border to take advantage of recently established One Stop Border Point (OSBP) in Moyale to boost trade between Kenya and Ethiopia.

READ ALSO:Ethiopia beats Kenya in Foreign investments

The CS said that the modern facility which is among other six in the country was underutilized.

“We should see more trade volumes passing through the OSBP at Moyale- an indication of a robust business activity between Kenya and Ethiopia. Unfortunately, we are not witnessing this. I wish to urge residents in this region to make use of this exemplary facility for their good and the good of both …

Renault Trucks has opened a local assembly plant in Thika, an industrial town in the outskirts of Kenya’s capital of Nairobi, as it seeks to cement its business in Kenya and expansion in the East Africa region.

The move follows the establishment of a long-term partnership with the local exclusive importer CMC Motors and unveiling of their new C and K ranges in Mombasa and Nairobi.

READ:Renault taps CMC Motors to distribute its heavy commercial trucks

The plant, which was commissioned by Industrialization Principal Secretary Dr. Francis Owino in the presence of Renault Trucks President Bruno Blin and Al-Futtain Group Senior Managing Director Colin Cordry, will see the company and CMC Motors create over 200 new jobs with additional opportunities set to be generated across the value chain.

In alignment with the 2030 Kenya industrialization vision, Renault Trucks vehicles count with a guaranteed French origin, but are assembled locally. …

The African Export-Import Bank (Afreximbank) has signed a deal with Uganda to open its East African branch in Kampala.

Uganda’s President Yoweri Museveni and Benedict Oramah, Afrexim bank president signed the deal which will see Uganda as its fifth branch.

Afrexim bank which is a pan-continent investment lender has other branches in Abuja, Cairo, Abidjan and Harare.

Prof Oramah said that the opening of an East Africa branch would deepen the bank’s involvement with the region’s institutions.

The Kampala branch will start operating end of October 2019 and will serve 11 countries: Uganda, Sudan, Kenya, Tanzania, Eritrea, Djibouti, Ethiopia, South Sudan, Rwanda, Burundi and Comoros.

Kudakwashe Matereke Afrexim East Africa chief operating officer said it is in talks with Uganda’s  National Social Security Fund (NSSF) to have it join others in the region like Rwanda’s social board to become one of the lender’s institutional investors.

Also Read: New bank

While most African countries are bearing the brunt of the US-China trade war as well as a slump in commodity prices which is greatly affecting exporters, East Africa economies have remained resilient.

This is on the region’s economic diversity which is playing a key role in cushioning the region from shocks, the latest report from ICAEW – the Institute of Chartered Accountants in England and Wales – Economic Update: Africa Q3 2019 indicates.

The report provides GDP growth forecasts for various regions including East Africa which is set to grow by 6.3 per cent, West and Central Africa at 3.4 per cent, Franc Zone at 4.7 per cent and Southern Africa at 1.3 per cent.

The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, outlines how East Africa’s growth is mainly driven by strong performances in the two major economies, Kenya and Ethiopia.

READ ALSO:How

Jumia Food Kenya has announced the launch of Jumia Prime – a subscription package that allows customers pay a standard one, three or six months fee.

This also guarantees unlimited free deliveries on all orders placed on the Jumia Food app or website.

The service, is a first of its kind in Africa, and was introduced to Kenyans aimed at enhancing customer experience and loyalty without having to worry about paying any delivery fees. 

Managing Director East Africa On-Demand Services, Shreenal Ruparelia says the service is not only limited to food but also on alcohol, groceries, shopping or pharmacy needs.

READ ALSO:Jumia’s listing at New York Stock Exchange was long coming

Ruparelia noted the introduction of Jumia Prime is part of the company’s objective to develop innovative ways to help customers order online without having to pay additional delivery services.

“This is also our way to expand …

Presidents Uhuru Kenyatta and Yoweri Museveni (Uganda) have agreed to promote sustainable peace and development along the two countries’ borders, in a latest pact signed by the two East Africa states.

The programme dubbed Cross-Border Sustainable Peace and Development seeks to end hostilities among the three neighbouring communities and enhance development in the region by promoting non-violent interactions and collaborations.

The three communities are Turkana, Pokot and Karamojong which live along the Kenya-Uganda border.

The UN-supported intervention that will be led by a ministerial committee co-chaired by Kenya and Uganda will be implemented in the region to reduce tensions resulting from access to shared resources such as water and pasture.

Speaking during the launch ceremony in Moroto town, President Kenyatta welcomed the agreement saying it will help spur development in the region which has for many years suffered unnecessary communal conflicts.

“This programme, in cooperation with the UN, is a …

The insurance industry in Kenya has recorded an increase in the premiums underwritten between April and June 2019.

The premiums underwritten during this period amounted to Ksh117.28 billion (US$1.13 billion), a 4.4 per cent increase from Ksh112.39 billion (US$1.08 billion) recorded over the same period in 2018.

READ ALSO:New ecosystem to disrupt Kenya’s insurance sector

The Insurance Regulatory Authority (IRA) has attributed this development largely to a 2.9 per cent growth recorded by the general business segment and 6.9 per cent by the long term insurance business segment.

“The increase in general business was mainly contributed by medical and motor private insurance classes of business which accounted for 66.8 per cent of the gross premium income,” IRA notes in its latest (Q2) industry report.

READ ALSO:Why Kenya’s insurance sector is “rotten”

During the same period, the claims incurred amounted to Ksh28.84 billion. This was a decrease of 1.3 …

Kensington Distillers & Vintners (KDV) London, a premium drinks business with a growing foot-print in Africa, has made an entry into Kenya as it seeks to tap into the lucrative alcoholic drinks market.

READ ALSO:This is what alcohol manufacturers in Kenya want

The London-based firm has made an entry with a subsidiary  called Monument Distillers Kenya, a move that now brings competition to current market players among them  world’s largest producers of spirits and beers-Diageo.

Following this development, Sazerac, the leading US spirits company, has granted Monument Distillers the distribution rights for its portfolio in Kenya – the most prominent brands of which are Popov Vodka, Southern Comfort, Myers Rum, Paddy’s Irish Whisky, Firewater, and Buffalo Trace Bourbon.

As part of this transition, Monument will be distributing these products through their distribution partner-Maxam Limited, a local liquor distributor in Kenya and East Africa.

The entry of Kensington Distillers into …

Tanzania has opened up its borders for an alcoholic drink from Kenya which had been barred entry since March this year.

This is in the wake of the ongoing Public- Private Dialogue(PPD) with trade facilitation agencies at One-Stop Borders across the East Africa Community, aimed at adressing cross-border barriers.

READ:Kenyans lament trade discrepancies with Tanzania

The initaive is under a TradeMark East Africa(TMEA) and East African Business Council (EABC) programme which scrutinizes if EAC agreements and practices are easing doing business across borders.

The PPDs focus is on the extent to which partner states are translating the EAC Common Market and Customs Union Protocols into policies that support the actualization of free movement of goods and people.

The debut EABC Public-Private Dialogue with Trade Facilitation Agencies at Namanga One-Stop Border Post brought together officials from Ministries of EAC Affairs, immigration, bureaus of standards, plant and animal health, sanitary and …

KCB Bank Kenya has signed a pact with Japan based giant lender Sumitomo Mitsui Banking Corporation (SMBC) to drive cross-border trade and deepen financial inclusion.

The agreement between the two largest banks in their respective regions, signed in Yokohama last week, will see the two lenders expand their financial offerings provided to clients in both East Africa and Japan, effectively enabling more cross border trade flows.

Under the deal, KCB will provide banking services—including banking accounts and cash management, trade finance, export credit agency finance and treasury related products— to customers introduced by SMBC to KCB.

“We believe that new business opportunities will arise from the rapid economic development in Kenya and therefore seek to areas of mutual partnership to support such development, utilizing the product capabilities and global and local network of both banks,” said Paul Russo, the KCB Group Director Regional Businesses during the signing ceremony on …