Category: Africa
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East Africa: World Bank private lender to fund Good life Pharmacy growth
The International Finance Corporation (IFC) is providing a $3 million (Sh309.8 million) loan to fund the expansion of Goodlife Pharmacy in Kenya and Uganda. In a notice, the institution says the loan was part of the funding needed for the pharmacy to grow its footprint from the current 32 to 100. IFC estimates that the…
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Agency tips Kenya as top hospitality investment spot
A global hotels, tourism and leisure consulting firm has named Kenya East Africa’s hottest investment spot, where 24 multi-billion five-star hotel projects are currently underway. The just released ‘TopHotelProject’ analysis by Horwath HTL South Africa said Kenya was ahead of Africa’s richest country, South Africa (16), Ethiopia (23), Algeria (12), Cape Verde (12), Tanzania (11)…
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Zim retailers raise alarm on food shortages
Retailers in Zimbabwe want the central bank to put a speedy end to foreign payment bottlenecks for suppliers of goods and commodities to shops in the country. This comes as shortages have started to emerge, owing to a foreign currency crunch. Pick n Pay, in partnership with Zimbabwe’s TM Supermarkets and OK Zimbabwe, are the…
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BLSA wants details on Hawks investigation against Gordhan
Business Leadership South Africa (BLSA) aired its concern on Wednesday about former finance minister Pravin Gordhan’s alleged victimisation by the Hawks. It called on the Hawks to confirm whether they are indeed investigating Gordhan. “The business community has lost confidence that the SA Revenue Service (SARS), the Hawks and the National Prosecuting Authority (NPA) are…
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Nigeria seeks to diversify from oil with $41bn of rail
Nigeria has started a $41bn railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. “The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi, 52, said in an interview in the…
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South Africa aims to pass delayed mining law by December: minister
Amendments to South Africa’s mineral resources law are expected to be passed by December and provide greater investor certainty, Mines Minister Mosebenzi Zwane said on Thursday. Changes to the Mineral and Petroleum Resources Development Act were initially passed by parliament three years ago but were then sent back to lawmakers by President Jacob Zuma in…
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Kenya Airways in Sh2.6bn plane sub-lease losses
Kenya Airways has reported a Sh2.61 billion loss on the sub-lease of its aircraft, indicating the heavy burden that the national carrier continues to shoulder from previous years of rapid expansion that was not matched by proportionate growth in customer demand. KQ, in its freshly released annual report for the year ended March 2017, says…
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South Africa’s business confidence at lowest in over 30 years
South Africa’s business confidence index fell to its lowest in more than three decades in August as merchandise import and export volumes fell, a survey showed on Wednesday. The business group said South Africa’s economic performance was sub-optimal despite an positive global outlook, and improved business confidence was needed to revitalise domestic growth. The South…
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Kenya: Foreign bank rep office deals rise to Sh240 billion
The value of transactions facilitated by representative offices of foreign banks in Kenya doubled to Sh239.7 billion last year, indicating they are taking a larger role in arranging financing deals in the country. The banks’ offices mainly facilitated deals in syndicated lending, specialised, project and trade finance, Central Bank of Kenya says in the 2016…
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Kenya: Remittances rise to Sh90bn, lend muscle to the shilling
Cash sent home by Kenyans living abroad rose by 4.1 per cent in the first half of the year to $887.6 million (Sh91.6 billion) compared to a similar period last year, helping support the shilling against major global currencies. Latest Central Bank of Kenya (CBK) data shows that the remittances rose markedly in the second…