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• World Bank foresees $12 billion in support for Kenya between 2023 and 2026.
• This financing is subject to approval as East Africa’s economic powerhouse continues to depend on borrowing to bridge budget gaps in the wake of high recurrent expenditures and revenue shortfalls.
• The World Bank said it is fully committed to support Kenya in its journey to become an upper-middle-income country by 2030.

Kenya stands to benefit from up to $12 billion in financing from the World Bank over the next three years, as indicated by the global lender, ensuring continued support for the debt-saddled country.

This is subject to approval, the World Bank noted on Monday, as East Africa’s economic powerhouse continues to depend on borrowing to bridge budget gaps in the wake of high recurrent expenditures and revenue shortfalls. The World Bank stated that it is fully committed to supporting Kenya in its journey to become an …

• Tanzania is significantly scaling up regional integration through cross-border trade.
• The East African country is also banking on a rebound in the tourism industry with receipts doubling to $2.7 billion in February 2023.
• Overall the number of investments powering Tanzania economy increased by 128 percent by February 2023.

Tanzania is poised to emerge as a premier investment destination not only in East Africa but across the entire continent, driven by its robust economic growth. The recent International Monetary Fund (IMF) report underscores this positive trajectory, indicating that the nation’s GDP is expected to grow from the current 5.2 per cent to an impressive 6.1 per cent next year.

Remarkably, Tanzania’s economy is resilient, overcoming the challenges posed by the global COVID-19 pandemic that hindered growth in various regions. The World Bank’s economic overview for Tanzania reflects a notable GDP growth rate of 4.6 per cent in 2022, with expectations of …

• The Kenya Tourism Board has developed a five-year (2023-2028) strategic plan to propel the growth of tourist arrivals.
• It aims to increase the tourism sector’s contribution to Kenya’s economy to $6.6 billion annually by June 2028.
• Public-private sector collaboration in destination marketing is one of the strategies being employed, incorporating ideas that will shape the industry’s performance within the review period.

Kenya aims to increase annual international tourist arrivals to 5.5 million in the next five years, a goal that would more than triple the current numbers. The ambitious plan is spearheaded by the country’s primary marketing unit, the Kenya Tourism Board (KTB), which is seeking collaboration with private sector players to effectively market the country.

According to KTB Chairperson Francis Gichaba, the sector is experiencing a full recovery, and he anticipates that arrivals by the end of the current financial year will surpass the slightly over 1.9 million visitors …

• Africa’s infrastructure gaps hinder populations from accessing healthcare, education, trade hubs, and economic opportunities.
• Africa has only 53 per cent of paved roads, isolating millions of people from access to essential services.
• AfDB President says the development of regional corridors should be complemented with one-stop border posts to stimulate trade.

Across Africa, the continent’s road infrastructure deficit creates high production and transaction costs. A new report notes that these persistent bottlenecks in the vast continent must be addressed to scale opportunities envisaged under the Africa Continental Free Trade Area (AfCFTA).

The “Cross-Border Road Corridors Expanding Market Access in Africa and Nurturing Continental Integration” report states that while roads are the primary mode of transport, carrying 80 per cent of goods and 90 per cent of passenger traffic, only 43 per cent of Africa’s main population have access to an all-season road. According to the International Monetary Fund, Africa’s …

Global climate negotiators have reached a framework for climate financing to deal with loss and damage in the run-up to the COP28 in Dubai.…

The African Growth and Opportunity Act (AGOA) has played a pivotal role in the economic relations between the US and Africa. Since its enactment by the US Congress in 2000, Agoa has offered African nations preferential access to American markets, promoting trade and economic growth. In recent years, however, AGOA has become a focal point in the intensifying competition between the US and China for influence in Africa.…

According to John Howkins, the orange economy incorporates industries whose goods and services arise from intellectual property. These include research and development, radio and TV, visual and performing arts, publishing, advertising, music, software, gaming, design, film, crafts, architecture, fashion, and design. Artists, cultural non-profits, and creative businesses can produce and disseminate goods and services that generate jobs, revenue, and quality of life.…

South Africa is set to topple Nigeria and Egypt as Africa’s biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF’s World Economic Outlook, South Africa’s gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria’s GDP will reach $395 billion, with Egypt’s GDP reaching $358 billion.

South Africa, the continent’s most industrialised nation, is expected to maintain the top spot as Africa’s biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF’s World Economic Outlook, a report released last week.…

Africa has taken giant strides to become a global pharmaceutical manufacturing hub, with the sector catching the eye of international investors. For Africa, achieving medical security has become a priority. This is especially so following the painful lessons the continent picked when tackling the COVID-19 pandemic. As other continents got vaccines on preference, Africa was vulnerable due to her overreliance on foreign support.…

The Kenyan government has revoked 1,546 licenses in the mining sector as it gradually resumes licensing, marking the end of nearly four years of a standing moratorium. Principal Secretary Elijah Mwangi, from the State Department for Mining, confirmed that the ministry has undertaken a thorough audit of all mineral rights holders to identify non-compliant rights.…