Author: David Indeje

Kenya and TradeMark East Africa (TMEA) have inked a KSh1.31 billion grant agreement to support infrastructure projects in Mombasa, Busia, and Malaba. National Treasury said the money will pay for construction of Busia Jumuiya market, the road linking Busia One-Stop Border Post (OSBP) to Busia Town, and construction of Magongo Road in Mombasa. TradeMark East Africa (TMEA) is an aid-for-trade organisation funded by development agencies of Belgium, Canada, Denmark, EU, Finland, Ireland, Netherlands, Norway, the UK, and the USA. Part of the funds will also be used to complete the pending works at Malaba OSBP. The four financing agreements were…

The recovery in Kenya’s private sector activity extended into its ‘greatest extent’ in October, an industry survey showed on Wednesday as lockdown restrictions, associated with the COVID-19 pandemic eased in the month. The headline PMI rose from 56.3 in September to 59.1 in October, signaling the sharpest improvement in business conditions since the survey began in January 2014. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. Commenting on the October survey findings, Jibran Qureishi, Head of Africa Research at Stanbic Bank said, “Business confidence has been on the…

Kenya and the United Kingdom on Tuesday said they have concluded talks on a new Trade Agreement which will formally be signed after review. According to the UK, the agreement will ensure all companies operating in Kenya, including British businesses, will continue to benefit from duty-free access as they export products including vegetables and flowers to their customers back in the UK. International Trade Minister Ranil Jayawardena said: “I’m delighted we’ve reached a trade agreement with Kenya. This deal gives businesses the certainty that they’ll be able to continue trading as they do now, supporting jobs and livelihoods in both…

“Kenya isn’t ‘broke’”, Razia Khan, Chief Economist for Africa and the Middle East, says as the country seeks more financial support from the International Monetary Fund (IMF). According to The Business Daily, Kenya is seeking another loan after it received Ksh 79.3 billion ($739) in May to respond to the economic shocks caused by the coronavirus pandemic. “Following up on the support provided by the IMF in May under our Rapid Credit Facility (RCF), the Kenyan authorities have expressed interest in a Fund arrangement. IMF staff is in discussions with the authorities toward such an arrangement,” IMF resident representative Tobias…

Kenya’s small and medium businesses are among the hardest hit by the COVID-19 pandemic. To address these challenges, Absa Bank Kenya PLC says it provided relief to small businesses affected by the pandemic to the tune of KSh 60 billion to enable business recovery. “Our ambition as Absa Group is to become a leading, purpose-orientated, African bank that is deeply rooted in the countries it serves,  which recognises that our own sustainability is directly linked to the sustainability of the communities in which we operate,” Absa Bank Kenya Managing Director Jeremy Awori said during the launch of the banks’ Sustainability…

NCBA bank plans to shed off some of its staff commencing November through a voluntary exit program beginning November. NCBA Group Managing Director John Gachora through a memo to staff says the redundancies have been attributed to the tough and uncertain operating environment. The lender is undergoing a consolidation process after the CBA, NIC merger creating Kenya’s third-largest bank by asset base. “The COVID-19 pandemic, which is the most harrowing health and economic crisis of our lifetime, has affected the execution of our growth plans. We have had to defer our plans to scale our branch network and have taken…