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Egypt: Strong EIB Commitment in Support of Renewable Energy – New Eur 115 Million Financing for a Windfarm in Egypt


The EIB and the Arab Republic of Egypt signed today a loan agreement of EUR 115 million for financing a wind farm in the Gulf of Suez to further expand energy generation from renewable resources. The wind farm will contribute to meet growing electricity demand using sustainable wind energy. In the presence of Dr. Sahar Nasr, Minister of Investment and ...

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KRA fights capital gains tax hitch


The Kenya Revenue Authority (KRA) wants the court to suspend an order stopping it from seeking capital gains tax following a verdict that declared its law unconstitutional. In a suit filed Tuesday, the taxman sought the court’s intervention, arguing that it will be forced to delink the iTax payment module and the stamp duty, causing it great losses. The tax ...

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Chase Bank owners to lose control on sale


Chase Bank owners are set to be squeezed out of the industry after the Central Bank of Kenya (CBK) invited bids for a majority stake from local and foreign financial institutions. Bidders have to submit proposals in three weeks, according to a statement issued by the regulator. “Potential strategic investors interested in taking an equity interest in CBL (Chase Bank ...

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Rotich extends tax amnesty for fat cats with cash abroad to June 2018


Wealthy Kenyans who have stashed wealth abroad have an additional six months to file returns on the assets and return them to Kenya. Treasury CS Henry Rotich in the 2017/18 Budget statement Thursday said the fat cats wishing to enjoy the tax amnesty should file their returns by June 30, 2018. The previous deadline was the end of this year. ...

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Ex-CBK governor fights charge over Sh1.2bn deal


Former Governor of Central Bank of Kenya (CBK) Prof Njuguna Ndung’u has urged the Court of Appeal to bar his prosecution over the Sh1.2 billion tender to install a modern security system at the regulator. Prof Ndung’u, who retired in February 2015, is appealing against a High Court order by Justice George Odunga in November 2014 for his prosecution on ...

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Kenya:Rising expenditure affirms economy is growing, Treasury says


Treasury officials have downplayed the perception that despite the much vaunted economic growth, the effects are not being felt by ordinary Kenyans. At a meeting with journalists ahead of the reading of the Budget statement on Thursday, Treasury Principal Secretary Kamau Thugge and Director of Budget, Fiscal and Economic Affairs Geoffrey Mwau also said Kenyans should not expect tax increases. Dr Mwau ...

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Rwanda’s airline to start flights to London


Rwanda’s airline will start three weekly flights to London’s Gatwick airport on May 26 and it expects to exceed one million passengers on all its routes in the next three to four years, Chief Executive John Mirenge said on Monday. The London route, which will be served by two newly acquired Airbus A330s, will be East African airline RwandAir’s 22nd ...

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Kenya:Top bank owners set for dividend windfall


Wealthy owners of public listed banks are set to earn billions in dividends this year, even as their customers continue to face difficulties accessing credit following the coming into force of a law capping interest rates last year. Nine out of the 11 listed banks that have announced 2016 financial results collectively posted a 13 per cent rise in total ...

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Kenyan firms freeze new hiring, suspend pay rise

Enwealth Managing Director  Simon Wafubwa  (centre)  Institute of Human  Resource Management (IHRM) CEO  Dorcas Wainaina (right) and Head of Compliance and Quality Assuarance at IHRM Wyclife Nyakina (left) when they signed an agreement at Nairobi Safari Club. The two agreed to collaborate to undertake periodic surveys on partinent topical issuesffecting one trillion retirement benefits industry in Kenya, social security financial services and employees benefits. February 23 2017 ANTHONY OMUYA (NAIROBI)

Flat or declining sales coupled with growing concern over the August 8 General Election have left dark clouds hanging over the labour market, forcing the majority of employers to freeze plans to hire or raise workers’ salaries, a newly-released report says. The job market survey, commissioned by the Institute of Human Resource Management (IHRM), found that 73 percent of employers across ...

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Treasury’s Sh20bn KQ loan terms alarm MPs


Kenyan taxpayers are facing the prospect of paying a Sh20 billion ($200 million) debt next year when a government-backed short-term loan advanced to national carrier Kenya Airways matures. Members of Parliament have flagged the loan as a big risk to the stability of public finances as it has to be fully repaid in one lump sum. The Treasury guaranteed the ...

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