Browsing: Uganda

• Most African countries are set to increase their economic growth next year compared to 2023, with East Africa leading the charge.
• Countries will be powered by their travel, tourism, transport, logistics, financial, and telco sectors.
• However, some African countries will not enjoy this fastest-growing economy wave as they will be under severe financial stress in 2024 due to their huge debt obligations.

The most recent analysis from the Economist Intelligence Unit (EIU) predicts that by 2024, Africa will have the world’s second-fastest expanding major area, behind only Asia. According to the EIU’s African Economic Outlook, Africa’s amazing growth trajectory is evidence of the continent’s resiliency and its enormous unrealized economic potential.

Most African countries are set to increase their economic development compared to 2023, with East Africa leading the charge, as noted by the EIU’s Africa Economic Outlook. Powered by their thriving travel, tourism, and hospitality industries as well …

United States officials and politicians have shown much interest and support for renewing the African Growth and Opportunity Act (AGOA) as its expiration date approaches in September 2025. The fate of this landmark legislation, which provides duty-free access to the US markets for some African countries, remains uncertain for the next 22 months but has significant implications for trade between the United States and Africa.…

Bamburi Cement PLC has announced plans to sell its Ugandan business to Sarrai Group, pending regulatory approvals. The Board of Directors of the cement maker has approved the sale of its stake in Hima Cement Limited, Uganda, amid declining profits.…

• Tanzania will export liquified natural gas through the pipeline to Uganda
• Tanzania will build several plants along the route for domestic use of the gas
• Uganda plans to use the gas for power generation, especially for its iron mining projects

Tanzania and Uganda signed a deal finalising the 2018 MoU on joint natural gas pipeline construction. Tanzania’s Deputy Prime Minister Doto Biteko and his Ugandan counterpart, Minister of Energy and Mineral Development Ruth Nankabiriwahe, signed the deal on November 9

The 1800-kilometre pipeline will run from Tanzania’s southern regions of Lindi and Mtwara to Uganda’s capital, Kampala. This will be the first trans-border gas pipeline in East Africa and is expected to boost economic growth in both countries significantly. The multimillion-dollar project will create jobs along the construction route in both countries.

No official figures have been made public regarding the project’s total value or where the funding will come …

Four African countries are staring at huge losses running into billions of dollars starting January 2024 following their expulsion from the African Growth and Opportunity Act (AGOA). The move will further worsen the unemployment crisis in the affected countries. Agoa offers thousands of jobs in apparels industry, especially to the youth.…

• Uganda has issued first Islamic Banking License after a 20-year wait. On its part, Kenya has issued the first Islamic Bond to finance affordable housing agenda.
• The performance of Sukuk bonds in the continent is revealing untapped demand that could finance development projects.
• Estimates show global Islamic finance assets could reach $3.8 trillion by 2024.

Islamic Finance is on an exponential growth trajectory across Africa, garnering momentum by the day broadening the continent’s financial landscape. African countries are making significant steps towards bolstering access to shariah-compliant financial instruments and services, to cater to the largely financially, excluded Muslim population. This comes as figures from the Islamic Development Finance Corporation (IDFC), forecast that global Islamic Finance assets could reach $3.8 trillion by 2024.

Large swathes of African populace still remains unbanked, pertinently those shifting stance from the conventional system driven by their religious beliefs, thereby unlocking an untapped pool of investments.…

The Confederation of African Football (CAF) has selected Kenya, Tanzania, and Uganda to host the 2027 Africa Cup of Nations (AFCON) over bids from Morocco, Algeria, Senegal, Botswana, and Egypt. The East Africa joint bid, commonly called the “Pamoja AFCON Bid,” has won the hosting rights for the 2027 AFCON as Morocco takes the rights for the 2025 showpiece.

CAF president Patrice Motsepe announced the news on Wednesday morning, 27 September, shortly after the body held an executive committee meeting in its headquarters in Cairo, Egypt. Recommendations from several nations boosted the East Africa Pamoja AFCON Bid. In a move that will elate East African sports enthusiasts, the CAF Executive Committee chose the Pamoja Afcon Bid.…

• 4G Capital joins US Ambassador to Kenya Meg Whitman on the US-Kenya Business Roadshow in San Francisco.
• The Roadshow is an initiative with the US Government’s Prosper Africa programme.
• Over the past decade, 4G Capital has disbursed loans exceeding $390 million to SMEs in Kenya and Uganda.

4G Capital, a pioneering neobank at the forefront of fostering micro and small business growth in Kenya and Uganda, has been selected as one of the companies to accompany US Ambassador to Kenya, Meg Whitman, on the US-Kenya Business Roadshow.

This roadshow, is an initiative with the US Government’s Prosper Africa, is going down on September 15th at the Mission Bay Centre, San Francisco.

Ambassador Whitman, a former CEO of eBay and Hewlett Packard, aims to highlight the significant and burgeoning investment opportunities in Africa. The continent is poised for significant growth, with projections indicating that 25 per cent of the global …

• Kenya’s appeal comes at a moment when East Africa has seen only one exit through an IPO in the past decade.
• 2022 marked the highest level of exit activity in the region in the past decade. Projections show that 2023 is poised to surpass 2022 performance.
• Private Equity investors typically opt for one of three main methods to exit their investments: selling to industry competitors, conducting secondary buyouts, or engaging in Management Buyouts (MBOs).

Kenya is urging private equity firms and venture capital companies to turn to the Nairobi Securities Exchange (NSE) as a platform to realize their deal exits.

The move is part of the Kenyan government’s broader strategy to deepen its capital markets and attract more private investments. “Once you are in, exit through our capital markets,” said Mr. Abubakar Hassan Abubakar, the Principal Secretary of the State Department of Investment Promotion in the Ministry of …

• Eight out of the ten finalists in the Ashden Awards’ Global South categories hail from Africa.
• The Ashden Awards recognize innovative initiatives that contribute to a greener, more resilient planet.
• From powering smallholder farms to providing energy in camps for displaced people, these pioneers are redefining the accessibility and sustainability of energy resources.

The Africa Climate Summit kicked off today in Nairobi with a focus on harnessing innovative climate solutions to address the pressing environmental challenges facing the continent.

As the summit commences, the spotlight shines on the groundbreaking efforts of climate pioneers who are making strides toward a more inclusive and sustainable future. Leading the charge is climate charity Ashden, which has unveiled the finalists for its prestigious 2023 Ashden Awards.

Eight out of the ten finalists in the Ashden Awards‘ Global South categories hail from Africa, showcasing the remarkable breadth of climate innovation emerging from the continent. …