Category: East Africa
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Kenya:AfDB approves Sh26bn for key roads in Kenya, Uganda
The upgrade of a 118 km road section connecting Kenya and Uganda has gathered momentum after the African Development Bank Group (AfDB) approved Sh26.1 billion ($253 million) for the project. The Kapchorwa-Suam-Kitale Road project comprising a dual carriageway is expected to be completed in 2021. “The project road has been receiving periodic maintenance but due…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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Kenyan firms freeze new hiring, suspend pay rise
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…