Author: Khusoko

The African Development Bank has announced a new accountability index tool to track the level of lending to women in Africa. The Women’s Financing Index will be important for ensuring women get the critical financial help they need, African Development Bank president Akinwumi Adesina said at the sidelines of the United Nations General Assembly. The Women’s Financing Index, currently under development, will rate banks and financial institutions who apply for loans from the African Development Bank, against the amounts they have lent or are lending to women. “Institutions will be rated by their development impact: the rate and volume at…

Adelle Onyango, a media personality ranks top in a list that includes fellow journalist Larry Madowo named by Africa Youth Awards in its 2019 list of the ‘100 Most Influential Young Africans. Others include: Nandi Governor Stephen Sang, Runner Beatrice Chepkoech, Chandaria industries CEO Darshan Chandaria, Shirlene Nafula CEO Crystal River Products, Natalie Robi Tingo, Founder of Msichana Empowerment Kuria, Elizabeth Ntonjira Senior Corporate Communications Manager, Amref Health Africa, Elizabeth Wanjiru Wathuti – Founder Green Generation Initiative. Prince Akpah, founding president of Africa Youth Awards said the 2019 list features 52 females and 48 males from 32 countries and is…

Oil marketer OLA Energy Kenya (formerly OiLibya) hopes the government will lower unnecessary charges and requirements imposed to lower the cost of doing lubricant business. OLA Energy which runs an ISO Certified Lubricant blending plant in Mombasa says that raw materials for the manufacture of lubricants – base oils and additives are charged an import duty of 10% while in other African markets the materials are duty-free. The only levies charged are on the finished product when sold in local markets or exported. According to OLA Energy, Global Chief Executive Officer, Mazin Binramadan: “It has been very difficult and expensive…

Kenya’s first green bond has raised Ksh 4.3 billion from a target od Kshs 4.26 billion to finance sustainable and climate-resilient student accommodation.  The bond was issued by Acorn Project (Two) Limited Liability Partnership following the launch of the Policy Guidance Note on Green Bonds in February 2019.  The amounts received by Acorn were at a fixed rate of 12.25% and rated B1 Global.  “The market sentiment for corporate bonds has been very bearish so the fact that we have been able, in the first round, to raise 4.3 billion shillings has exceeded our expectations,” Acorn’s chief executive officer, Edward…

Besides cash flow problems, Kenya’s private sector is gradually regaining momentum, after posting 54.1 in September 2019 from 52.9 in the previous month, signaling optimism for the business.  “Sales growth accelerated to 13-month high, leading firms to expand their output at a quicker, albeit modest pace. Workforce numbers also increased, as firms remained highly optimistic for future activity. At the same time, cost pressures weakened to a near two-year low, while output price inflation also eased,” reads the Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) survey findings. Any reading above 50 indicates growth. Source: tradingeconomics.com “Private sector activity is…

The United States of America has decided to re-establish its embassy in Mogadishu since its closure in 1991 during the Somali Civil War. Tibor Nagy, Assistant Secretary for US Department of State’s Bureau of African Affairs said, “The reestablishment of the US Embassy Mogadishu today (Wednesday) is a sign of our commitment to partner with Somalia in its efforts to build a stable, credible and democratic country.” The US government re-established a permanent diplomatic presence in Mogadishu in December 2018 with the US Mission in Somalia. Ambassador Donald Yamamoto who officiated the transition said: “It is a significant and historic…