Motor vehicle dealer Isuzu East Africa has crossed100,000th production milestone since the commencement of operations in 1977, the company said on Monday. The commercial vehicle assembler in the region celebrated the milestone at a ceremony to unveil the vehicle held at its Nairobi assembly plant. Isuzu EA Managing Director Rita Kavashe said the 100,000th vehicle was a demonstration of the huge vote of confidence that customers have in Isuzu products. “As our way of saying Asante, we shall be announcing a raft of rewards for our customers over the next three months so that we can celebrate this milestone together,”…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Atlas Mara Limited, the sub-Saharan African financial services group, says it has secured regulatory approvals to sell its banks in Rwanda and Botswana. Kenya’s KCB Group Plc signed a definitive agreement with Atlas Mara to acquire Banque Populaire du Rwanda Plc (BPR) and African Banking Corporation Tanzania (BancABC). In the agreement, KCB will acquire a 62.06% stake in Banque Populaire du Rwanda Plc (BPR) and a 100% stake in African Banking Corporation Tanzania Limited (BancABC) from ATMA in Rwanda and Tanzania, respectively. However, the financial institution listed on the London Stock Exchange still waits for approvals from Tanzania. “The Company…
Kenya’s foreign exchange reserves increased by $31 million to a high of $9,621 million (Ksh.1.04 trillion) in the week ended July 16, CBK data showed on Friday. This represents 5.87 months of import cover. This is compared to the previous week where the reserves surged $9,550. “This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover,” the CBK said. The increase in forex reserves was on account of the diaspora remittances of Ksh.33 billion ($305.9 million) in the month of June. …
Sidian Bank has secured KSh500 million ($5 million) from African Guarantee Fund (AGF) to support the growth of Kenyan SMEs. The Guarantee line will be in place for a period of 4 years commencing 2021. AGF Loan Portfolio Guarantee will enable Sidian Bank to scale up its lending activities to Small and Medium-sized enterprises through the provision of credit facilities. Speaking at the signing ceremony the CEO of Sidian Bank Mr Chege Thumbi said, “This last year (2020) has been particularly difficult for SMEs, having to grapple with a lot of uncertainty. We expect that this guarantee facility and our…
Carrefour, owned and operated by Majid Al Futtaim, Monday announced its plans to make a foray into the western Kenya market and will open two stores in the first year in Kisumu city. Franck Moreau, Country Manager of Carrefour Kenya said the stores — which are located at the Market MEGA and the United Mall — will open in July and August respectively. The stores will offer a convenient assortment, focusing on fast-moving consumer goods (FMCG) at Carrefour prices. “Our continuous commitment to contribute towards the Kenyan economy is reflected in the increase of job opportunities for local communities where…
Manufacturers from Kenya and Tanzania on Friday called for the speedy resolution of non-tariff barriers and the review of the East African Community Common External Tariff (EAC CET) emphasising that they have hampered trade in the region as exports decline. Confederation of Tanzania Industries (CTI) chairman, Paul Makanza, said the two countries have enjoyed good relationships but trade between them had slowed down due to barriers. “We hope to leverage on this renewed collaboration between the two countries to grow our economies. Both Kenya and Tanzania must eliminate non-trade barriers, and conclude the review of the EAC common external tariff,”…