Browsing: Kenya

By Anusha, Anusha Lalani, Communications Fellow at Aga Khan Academies, Mombasa, Kenya.

Since 16 March 2020, the Aga Khan Academy Mombasa has been closed due to the COVID-19 (coronavirus) pandemic. Within two days after the government’s announcement to have all schools closed, the Academy managed to send its 260 residential students back to their home countries, such as Uganda, Pakistan, Tanzania and more. While students were on their way home, Academy teachers underwent extensive professional development within five days in relation to online learning.

One week later, on 23 March 2020, the online ‘doors’ to the Academy opened and all classes were fully transitioned online, ensuring learning was ongoing. Although the shift was challenging for both teachers and students at first, the transition has become much smoother for all.   

“Students’ lives have been turned upside down by the coronavirus pandemic,” said Head of Expressive Arts department Stella Wangu. …

The economies of the East African region have for a long time recorded impressive growths among other African peers. They have been expanding at an average rate of 6.3 percent, with that of Rwanda expected to lead at eight percent from 7.8 percent. This growth, however, is facing one of its biggest challenges with the emergence of the Novel Coronavirus, scientifically referred to as COVID-19 as well as local challenges including political processes and the recent locust invasion. These effects are likely to cut down on any projected growth and gains made over the years. Kenya, the largest economy in the region, will most likely be hit hard with the halting of international flights and tourism. The bourse has already recorded a bear run, similar to other markets in the region. Burundi and Tanzania are preparing for elections, Kenya is seeking constitutional changes and Uganda is looking for ways to …

In anticipation of an extreme business environment brought about by the Coronavirus, various players in the African region are rolling out rescue plans for businesses. Economists have voiced their concerns of an extremely difficult economic situation and have urged players to brace for a rough 2020.

Heeding such calls is EquaLife Capital, the East African based fund managers which has announced plans to roll out a $20MM Africa Venture Debt Relief Fund by April 15th for venture businesses starting with a preliminary focus on the East African region.

“The Relief Fund is created and structured by entrepreneurs for entrepreneurs as we understand the need to act quickly to ensure businesses can survive, and then thrive again, minimizing impact and economic development opportunity lost to unforeseen business cycle pressures,” a statement calling for international venture capitalist read.

“The Relief Fund will provide short-term debt on concessional venture debt terms by utilizing …

The COVID-19 has ravaged the world changing the lives of millions and devastating economies across
the world. With actual infections reaching over half a million people, the focus has now shifted to the
role trade in wildlife contributes to such epidemics.

Just like COVID-19, other previous emergencies in the world can be directly traced to wildlife trade.
From HIV, to Ebola, Rift Valley fever, SARS, pandemic influenza H1N1 2009, yellow fever, avian influenza
(H5N1) and (H7N9), West Nile virus and the Middle East respiratory syndrome coronavirus (MERS-CoV)
reported in the recent past.

World Health Organization (WHO) estimates that globally, about one billion cases of illnesses and
millions of deaths occur every year from zoonosis.

Some 60% of emerging infectious diseases that are
reported globally are zoonosis.

Over 30 new human pathogens have been detected in the last three
decades, 75% of which have originated in animals.

Zoonotic diseases are as …

After three decades of austerity measures on Somalia, the otherwise economically embattled East African nation is now, 30 years later, in good standing with the World Bank.

Well, before we start tipping our hats, let’s put ‘good standing’ in perspective, Somalia is now in good enough standing to receive grants but it is yet to get to economic stability that would warrant it WB loans.

To put it in the words of the World Bank, the international lender is now ready to ‘normalize relations’ with Somalia. The bank credited turning the new leaf with Somalia on its reasonably strong record of fiscal and political reforms over the last few years.

As World Bank’s Country Manager for Somalia, Mr. Hugh Riddell was quoted mid this month, good relations means that “…going forward, Somalia will be able to access grants to finance poverty reduction.”

In his media brief, the WB country executive …

Based in Ethiopia’s capital of Addis Ababa, Coop Bank is growing by leaps and bounds, with profits up 29 percent in the 2018/19 financial year closing the year with USD 20.4 million under lock and key.

More than profit, the Bank also enjoyed huge growth if it’s total assets which shot up by 40 percent, a sector high for Ethiopia’s banking industry. Likewise, its loans and advances also went up an impressive 56 percent representing more than double its performance in the previous year.

The bank has credited the asset growth to deposit mobilisation which pushed up loans and advances. The bank had yet an impressive growth this time in deposits which increased 40 percent.

Coop Bank mustered its investment in NBE bonds which it increased to more than double (53%) of what it had in the previous financial year. Further still, this immense investment represents 20 percent of its …

Mauritius based Tembo Power a limited liability company developing power generation projects across sub-Saharan Africa has reached out to South Africa based PE financier Metier for the construction of Kaptis project, a 14.7 MW run of a river hydropower project in Kenya.

This agreement now allows the partners to appoint lenders and prepare for financial closing, expected this year, and to start construction.

“Tembo Power is delighted to partner with Metier, a reputable and experienced infrastructure fund manager in Sub-Saharan Africa, supported by the main development finance institutions active in the renewable energy field, ” noted Raphael Khalifa, Founder, Tembo Power.

“Such agreement demonstrates the thoroughness of Tembo Power’s development approach, its compliance with the most stringent international standards, and paves the way for extended collaboration with Metier and other key players in the industry.”

Tembo Power started the development of Kaptis (14.7 MW), in Western Kenya, in 2013 after …

As the rest of the country shuts down all entry ports, heavily reliant on tourism, the spice Isles of Zanzibar are allowing charter flights to land but with strict conditions.

Isles authorities have permitted charter flights bringing tourists to the island to land but on condition that all persons on board enter a 14 days quarantine stay, at their own expense.

This surprising turn of events happens in the backdrop of ongoing global threat of the spread of coronavirus. Even leading sports leagues have been cancelled and regional high profile meetings are been held on conference calls.

Across Africa, the tourism industry has come to an almost complete shutdown. It is time immemorial since a disease stopped people from touring and going for holidays, at least not since the deadly World War I and II power viruses.

With most all African countries eventually succumbing to the threat and finally closing …

The East Africa Tea Trade Association, the organization that runs the famed Mombasa tea auction has announced that it was postponing indefinitely the planned auction of regional teas, sending the industry into chaos.

With the suspension, 600,000 small-scale farmers and employees. of factories across the region will not be processing tea leaves unless those destined for alternative markets rather than the Mombasa auction.

The postponement comes amid reports that key buyers have failed to turn up for trade at the auction resulting in massive price drops.

“Further developments have come to light with respect to the spread of COVID-19 virus. It is due to this that the East African Tea Trade Association has taken the decision to postpone auction-12, the secondary auction of Monday 23rd and Primary auction of Tuesday 24th April,” noted a statement by Edward Mudibo, the Managing director of EATTA.

According to the figures from the auction, …

Infections in Africa have been steadily rising after initial indications had shown the continent was not affected by Coronavirus compared to other regions. What started with a few cases in Nigeria and Egypt has risen to over 500 cases and a dozen deaths.

Now, the World Health Organisation (WHO) says there could be more cases that what is officially documented. The explanation according to Ethiopian born and head of WHO is that the tests being conducted by the local governments are not as robust.

“I think Africa should wake up. My continent should wake up,” said WHO chief Tedros Adhanom Ghebreyesus.

WHO reports that there are over slightly over 591 coronavirus patients in Africa and the numbers are rising each day.  Egypt reported the largest number of positive cases (196), followed by South Africa (116), Algeria (72), Morocco (49), Senegal (31), Burkina Faso (20), Cameroon (10), Rwanda (8), Democratic Republic …