Treasury Cabinet Secretary Henry Rotich has said the government is facing difficulties financing some of its development projects. Mr Rotich also revealed a proposal to slash the billions allocated to counties by between Sh15 billion ($150m) and Sh17 billion ($170m). While appearing before the Senate committee on Finance and Budget Wednesday, Mr Rotich blamed the […]
Category: East Africa News
Kenyan continues to build frontier market reputation
Seven Kenyan firms have been listed among 100 companies in frontier markets that investors should watch keenly this year. The guide by Citi Research, a division of Citigroup Global Markets Inc, lists KCB Bank, Equity Group, British American Tobacco (BAT) Kenya, Bamburi Cement, Centum, East African Breweries Limited (EABL), and Safaricom among the 100 firms’ […]
Rwanda predicts 6.5% in 2018 after big rise in exports
Rwanda’s central bank on Tuesday said it predicts Rwanda’s economy to grow 6.5% in 2018. The inflation rate is expected to be around 5.0% in 2018, slightly up from 4.9% last year, said John Rwangombwa, governor of National Bank of Rwanda, in Rwanda’s capital city Kigali. Rwanda’s total formal export receipts grew by 57.6% in […]
Uchumi closes 24th branch in three years
Uchumi Supermarkets’ closure of its prime Sarit Centre store has seen the retailer’s branch count drop by two thirds to 16 in just three years, reflecting its dwindling fortunes. The struggling retailer, which has operated the Sarit store for over three decades, said it resorted to shutting it down as part its cost-cutting and restructuring […]
KCB invests $47k in Rwanda youth employment
KCB Rwanda and National Youth Council Officials Kenya Commercial Bank (KCB) Rwanda has launched a new youth employment programme that will help school drop-outs get vocational skills and their project ideas funded with free capital. Today the bank signed a memorandum of understanding with the National Youth Council (NYC), to officially kick start the youth […]
Uganda to plug sugar deficit in Tanzania
President Yoweri Museveni and his visiting Tanzanian counterpart, President John Joseph Pombe Magufuli have discussed areas of cooperation between their two countries at a meeting held at State House, Entebbe. Uganda’s Minister of Foreign Affairs, Mr. Sam Kuteesa, his Tanzanian counterpart, Mr. Augustine Mahiga and Uganda’s Minister of Public Service, Mr. Muruli Mukasa, attended the […]
Rwanda Share Index Drops 1.06%
The benchmark for local index closed 132.13 points on Friday lower than 133.53 recorded on February 16. The All Share Index was also down at 133.02 compared to 133.21 points, according to the Rwanda Stock Exchange (RSE) market report. The decline can be attributable to drop in Bank of Kigali share price that closed at […]
Rwanda: East African Science and Technology Commission Begs for Funds
Officials at the Kigali-based East African Science and Technology Commission (EASTECO) on Friday implored visiting members of the East African Legislative Assembly (EALA) to help with its inadequate funding challenge. They requested the lawmakers’ advocacy in strengthening the Commission and for more investments in science, technology and innovation (STI) as the key drivers and enablers […]
Tanzanian Govt stalls acquisition of petroleum partner by Mauritian company
PanAfrican Energy Tanzania (PAET) has responded to comments made by Tanzania Petroleum Development Corporation (TPDC) saying its contracts with the government will not be affected by the transaction between Swala Oil, Gas Tanzania and Orca Exploration Group Inc. Swala agreed with Orca to acquire up to 40 per cent of Orca’s wholly-owned Mauritius subsidiary, PanAfrican […]
Kenya comes under pressure from IMF to repeal rate cap
Kenyan Treasury secretary Henry Rotich told the Financial Times on Friday that he will review the cap on bank lending rates that has resulted in a massive fall in loans to the private sector. This is part of the contentious reforms demanded by the IMF to extend a frozen Sh153 billion ($1.5bn) emergency standby facility […]