The interest by Ethiopia and Uganda in importing goods through Lamu could be the lifeline that the largely moribund port needs even as it continues to register growth in business. Last week Ethiopia received the first shipment of 60,000 tonnes of fertiliser imported through the Port of Lamu from Morocco. And this week Uganda signalled...
KIGALI, Rwanda– Kenya’s President William Ruto Friday called for reforms of international financing institutions to ensure a more inclusive approach. Speaking at the Africa CEO Forum 2024 in Rwandan capital Kigali, Ruto stressed the need to democratize the boards of multilateral development banks, ensuring that all members have an equal say in their management. Ruto...
Senior Safaricom executives focused on progress in building its business in Ethiopia along with a group wide transformation effort in fiscal 2024 (the year to end-March), a period when it booked gains in key earnings. Chiefs asserted the company is on track to meet an Ethiopian coverage commitment of 55 per cent of the population...
African heads of state convened in Nairobi for the International Development Association (IDA) summit, with a focus on favorable lending terms and strategies to bolster sustainable development across the continent. Established in 1960 as part of the World Bank, the IDA’s mission is to combat poverty by providing grants and low-interest loans to support programs...
The African Union peacekeepers in Somalia say they will not cede the security of the strategic commercial infrastructure yet, even as they hand over more responsibilities to the Somali National Army. The Mogadishu seaport remains key to securing the capital and intercepting supplies that sustain Al-Shabaab warfare. The port is where national, regional, global —...
PANAMA CITY (AP) — Eight years after 11 million leaked secret financial documents revealed how some of the world’s richest people hide their wealth, more than two dozen defendants are on trial in Panama for their alleged roles. The repercussions of the leaks were far-ranging, prompting the resignation of the prime minister of Iceland and...
APA-Addis Ababa (Ethiopia) Africa has seen increasing debt, financial and climate challenges amid remarkable resilience against a series of shocks, Claver Gatete, Executive Secretary of the United Nations Economic Commission for Africa (UNECA) has said. A press statement issued by the UNECA on Thursday quoted Gatete as saying that poverty and hunger have been rising over the past...
In a move that may reflect a political backlash, Kenya has replaced Caroline Mwende Mueke, the nominee for East African Community (EAC) secretary-general, just two days before her expected swearing-in. Instead, Nairobi said on Monday that it would unveil Veronica Mueni Nduva as the regional bloc’s next secretary-general ahead of an extraordinary meeting of the...
KAMPALA, (Reuters) – A unit of Djibouti-based Salaam Group launched in Uganda on Wednesday as the country’s first Islamic banking-compliant financial institution, the Ugandan president’s office said. The launch of the Salaam Bank Limited’s operations follows a law legalising Islamic banking in the east African country last year. Islamic finance follows Islamic religious principles such...
Business Bay Square mall (BBS) in Nairobi’s Eastleigh has attracted seven banks in under a year, giving it a revenue boost at a time many malls have been struggling with low occupancy. Absa Bank Kenya mid-last month became the latest entrant to the mall in the heart of Eastleigh, one of Nairobi’s most vibrant commercial...