Category: East Africa
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World Bank announces $200 billion for Climate Action
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The World Bank Group today announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the…
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Africa needs $621bn to meet UN Sustainable Development Goals
The Global Infrastructure Hub, a G20 initiative, has today published two reports that reveal an urgent need for infrastructure investment in 10 Compact with Africa countries, and highlight the reforms required to encourage greater investment. The first of these reports, Global Infrastructure Outlook: Infrastructure Investment Need in the Compact with Africa Countries, reveals that, unless…
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Mining Firm’s License Renewal Fuels Protests
Demonstrators have taken to the streets in at least a dozen southern Ethiopian towns this week to protest the federal government’s renewal of a license for a mining company that they say jeopardizes local residents’ health and economic well-being. The protesters, in the restive Oromia region, criticize a 10-year license for Mohammed International Development Research…
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IMF endorses crpto currency
IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde…
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Social media users in Uganda to pay tax soon
Uganda plans to slap a new tax on social media users from July to raise revenue, which human rights activists denounced as another attempt by President Yoweri Museveni to stifle freedom of expression and quash dissent to his 32-year-rule. The move is unlikely to go down well in a country where more than 40 percent…
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Private sector operators welcome African Continental free Trade Area Agreement
Intra-African Connect, an organization committed to promoting and enabling Intra-African Trade and investment has lauded the signing of the African Continental Free Trade Agreement. The organization’s founder Mr. Nana Yao Lee was part of a group of private sector stakeholders that were taking part in the African Union Business Forum, held on the 20th of…
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Kenya February private-sector activity strongest in nearly two years
Kenya’s private-sector activity expanded at a rapid pace last month as output rose and orders increased, a survey showed on Monday, news that will cheer investors after months of election-related contraction last year. The Markit and CFC Stanbic Kenya Purchasing Managers’ Index (PMI) for manufacturing and services rose to 54.7, its highest since April 2016,…
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Uganda’s private-sector activity hurt by fewer export orders – survey
Uganda’s private-sector economic activity decelerated in February, slowed by weak exports, delays in customer payments and rising input prices, a survey showed on Monday. The Markit Stanbic Bank Uganda Purchasing Managers’ Index (PMI) declined to 51.1, down from 52.0 last month. A reading above 50 indicates expansion; anything below, a contraction. “February saw a contraction…
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Kenya: Vihiga adopts GIS technology in design of county projects
County governments in Kenya are still grappling with implementation of devolved governance since inception in 2013. One of the challenges is how to automate services to improve efficiency as well as seal loopholes through which billions of shillings are lost to corruption. Again most county managers consider acquisition of fancy devices such as iPads and…
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Kenya: State lenders face probe ahead of merger to mega bank
Parliament wants six State agencies earmarked for a merger probed before they are collapsed into one mega bank. The newly established Special Funds Accounts Committee said it will start investigations into the accounts of the funds to ensure that no public money is lost. “These are different funds that are being managed by various accounting…