Category: East Africa

Members of Parliament (MPs) in the Lower Chamber have given a six-month deadline to officials at the Ministry of Agriculture (MINAGRI) to recover more than Rwf11bn worth of fertilisers that was loaned to farmers over the last five years. The decision is one of the recommendations endorsed by the Chamber of Deputies yesterday as MPs…

Dividend from Kenya’s infrastructure projects will help keep the country’s debt sustainable, ratings agency Moody’s has said. The World Bank last week cautioned that Kenya’s borrowing from China for infrastructure projects risks straining the economy on huge repayment burden, noting that the loans from the Asian economic giant — some non-concessional — have been growing…

Mombasa joins the growing list of smart African cities to offer Uber Kenya,Uber (www.Uber.com) launches in Mombasa and brings Uber’s growing global network to 399 cities. With the launch of Uber, an innovative technology platform, Mombasa joins the list of smart transportation hubs in Africa. Following the success of Uber in many other cities, Uber…

National carrier Kenya Airways (KQ) has rescheduled a number of its flights starting this Sunday following the reopening of a runway at Jomo Kenyatta International Airport (JKIA). All the airline’s arrivals have been moved to Terminal 1A for international arrivals after repairs to the tarmac were completed last week, including KQ flights from Africa, Europe…

Kenyan legislators were pushing a law through parliament aimed at capping commercial banks’ lending rates at 4 percentage points above the central bank’s benchmark rate, the MP leading the initiative said on Monday. Businesses complain that high commercial lending rates, often 18% or more, stifle corporate investment. Individuals say high rates put borrowing for home…

NSE-listed Atlas Africa Industries has inked an agreement with Ethiopian Raya Brewery for supply of beer bottles which will be made at Atlas’ upcoming glass plant near Addis Ababa. Atlas said Tuesday that it has signed a memorandum of understanding (MoU) with Raya with the full agreement set to come into force once the firm…

A Saudi prince has sued three Kenyans he accuses of forging his signature and transferring ownership of a multi-billion shilling food security company to themselves without his consent. Prince Sultan Bin Nasser Bin Abdul Aziz Al Saud claims in court documents that his majority shareholding of 900 out of 1000 shares of the Arafco Agriculture…

Kenya’s domestic debt has hit Sh1.6 trillion after rising by Sh85.5 billion since the beginning of February, mainly driven by a rise in the stock of Treasury bills. Data from the Central Bank of Kenya (CBK) shows the stock of debt in form of Treasury bills has gone up since February 1 to stand at…

NAIROBI — Kenyan legislators were pushing a law through parliament aimed at capping commercial banks’ lending rates at 4 percentage points above the central bank’s benchmark rate, the MP leading the initiative said on Monday. Businesses complain that high commercial lending rates, often 18% or more, stifle corporate investment. Individuals say high rates put borrowing…

The Sh153bn stand-by loan from the International Monetary Fund (IMF) has significantly boosted Kenya’s defence against external shocks, analysts at ratings firm Moody’s Investors Service said Monday. While noting that the opinion was not a rating upgrade, Moody’s said the precautionary loan will provide an important buffer while the accompanying IMF programme will boost Kenya’s…