Monday, May 31, 2021

Kenya, Burundi sign deals to boost economic ties


President Uhuru Kenyatta (second from right) gifted visiting Burundi President Evariste Ndayishimiye with 50 high-grade cows in Kisumu on May 31, 2021. PHOTO | PSCU

Kenya and Burundi have signed bilateral agreements on trade and investment to strengthen economic ties between the two East African Community member states.

Safaricom makes Sh314m loss in M-Pesa Africa JV


Safaricom headquarters on Nairobi’s Waiyaki Way. PHOTO | DIANA NGILA



  • The telco made the disclosures in a conference call with analysts.
  • The loss, caused by initial setup costs and lower M-Pesa revenues in the Covid-19 pandemic era, reversed a Sh3.3 billion profit Safaricom booked in the joint venture the year before.
  • The profit in the first year arose from the discount at which Safaricom and Vodacom acquired the M-Pesa brand and platform from their UK parent firm Vodafone Plc.

Ndayishimiye on charm offensive to put Burundi back on the map


Burundi President Evariste Ndayishimiye (left) with his host Uhuru Kenyatta in Kisumu, Kenya on May 31, 2021. PHOTO | PSCU

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  • President Ndayishimiye has reversed some of his predecessor’s isolationist policies that saw the country become something of a pariah, a move that has endeared him to his peers in the East African Community.

StanChart to offer mobile loans after CBK approval


StanChart Kenya CEO Kariuki Ngari. PHOTO | DIANA NGILA



  • Standard Chartered Bank Kenya is set to enter the mobile lending business in search of growth in the mass market where it has been absent.
  • The lender has received an approval from the Central Bank of Kenya (CBK) to venture into the digital microlending space, according to sources familiar with the matter.

Kenya, Ethiopia border post yet to open 5 months after inauguration

President Uhuru Kenyatta and Ethiopian Prime Minister Abiy Ahmed opened the Moyale one-stop border post (OSBP) in December 2020 in efforts to boost economic ties between Kenya and her northern landlocked neighbour.


Micro and small enterprise loan accounts up 42pc


The Central Bank of Kenya headquarters. FILE PHOTO | NMG

The number of loans accounts held by medium, small and micro enterprises (MSMEs) increased by 41.7 per cent in three years, amid scramble by lenders for a share of the key market segment.

Burundi President in Kenya to boost ties

President Ndayishimiye has made his first state visit to Kenya this week, on May 31 to June 1, as the chief guest at Kenya’s Madaraka Day celebrations in the lakeside city of Kisumu.


Treasury to wind up idle colonial era funds


Treasury Cabinet Secretary Ukur Yatani. FILE PHOTO | NMG

The Treasury is set to wind up dormant funds including those created in the colonial era which Parliament sanctioned their closure eight years ago.

Cement consumption up 24pc on State projects

Nairobi Expressway

The Nairobi Expressway is under construction. The contractor, China Road and Bridge Corporation, has employed more than 2,000 local workers. PHOTO | NMG

Cement consumption rose by 24 percent in the first quarter of this year compared to the corresponding period in 2020, helped by improving demand from the private sector as the economy continues to

Tanzania allows sale of Kenya juices, wheat flour


Kenya President Uhuru Kenyatta (right) and his Tanzania counterpart President Samia Suluhu Hassan having a word during Kenya-Tanzania Business forum at Serena Hotel on May 5, 2021. NMG PHOTO

Tanzania will allow Kenyan juices and wheat flour into its market, following a bilateral meeting that has resolved the trade barriers that had caused clearance hurdles at the border.

President Uhuru Kenyatta challenges civilian institutions to emulate KDF's efficiency

President Kenyatta commended the multi-agency team led by KDF for restoring Kisumu Port and its enabling facilities, adding that the launch of KSL will create new high-value jobs and business opportunities for Kenyans. [PSCU]

President Uhuru Kenyatta has challenged civilians institutions to emulate the Kenya Defence Forces (KDF) efficiency in public service delivery.

Kenya and Burundi to strengthen bilateral ties, pursue common agenda on global stage

President Uhuru and Burundi’s Evariste Ndayishimiye sign agriculture, foreign affairs and trade deals to strengthen cooperation between Nairobi and Bujumbura. [PSCU]

Kenya and Burundi on Monday signed several agreements aimed at strengthening cooperation between the two East African nations.


Power utilities in Africa: A woeful tale of losses and poor governance

Kenya Power employees repair a transformer.

Kenya Power employees repair a transformer in Nairobi. The cost of inefficiency in Africa’s power and water sectors valued at $4.5 billion annually. PHOTO | FILE | NMG


African households and industries have been pushed into a life of unreliable and expensive power as a result of inefficient, loss-making state-owned power utility firms with questionable governance structures.

Angolan President sacks minister, head of security service

Angolan President João Lourenço.

Angolan President João Lourenço. PHOTO | FILE | NMG


Angolan President João Lourenço Monday sacked the security minister and head of security and intelligence service over a financial scandal.

“A New Deal for Africa” – Op-ed article by President Charles Michel, and more than 30 European and African leaders

In one year, the pandemic has halted a quarter-century of steady economic growth in Africa, disrupted value chains, and caused an unprecedented increase in inequality and poverty. As a result, the entire world is at risk, because the global economy could lose one of its future drivers of growth.

Gbagbo plans to return home to Ivory Coast on June 17 after acquittal

LONDON, (The Southern African Times) – Former Ivory Coast President Laurent Gbagbo plans to return home on June 17 following his acquittal on charges of crimes against humanity at the

Doug McMillon, Walmart CEO to deliver Keynote Message on The Power of Trade at 2021 Trade with Africa Business Summit

It is an honor to share with you that Keynote message by Doug McMillon, President and CEO of Walmart and Chairman of the Business Roundtable (BR) titled THE POWER OF TRADE, will be presented on Monday May 31st during the 4th edition of the Trade with Africa Business Summit.

20+ Speakers from around the world will share the virtual stage including H.E. Ambassador Albert Muchanga who will deliver keynote address on: “The Clarion Call to Accelerate Economic Recovery for Africa Post-Covid”. 

Ambassador Albert Mudenda Muchanga is African Union (AU) Commissioner for Economic Development, Trade, Industry and Mining. In addition to these broad areas, his portfolio also

Rwanda: African Development Bank extends $84 million in financing to boost electricity access

LONDON, (The Southern African Times) – The Board of Directors of the African Development Bank Group has approved  $84.22 million in loans and grants to electrify nearly 80,000 rural households in south Rwanda. The project will advance the country’s goal of universal electrification and benefit small businesses and youth.  

Italy, Libya to work together on migration, renewable energy: PMs

ROME, (The Southern African Times) – Italy and Libya will work together on illegal immigration and renewable energies, Prime Minister Mario Draghi and Libyan Prime Minister Abdul Hamid Dbeibah told reporters at a joint press conference after meeting here on Monday.

African countries urged to prioritise domestic resource mobilisation amid COVID-19

NAIROBI, (The Southern African Times) – A World Bank official on Monday urged African countries to prioritise domestic resource mobilisation as compared to debt in financing their response to the

Tanzania: Boost Economic Diplomacy-Amb Mulamula

THE Minister for Foreign Affairs and East African Cooperation, Ambassador Liberata Mulamula has ordered all heads of departments in the ministry to come up with strategic plans on how they can help the country promote economic diplomacy.

Tanzania Is Safe, Gen Mabeyo

PichaTHE Chief of Defence Forces (CDF), General Venance Mabeyo yesterday maintained that Tanzania is safe and that both social and economic activities are on good course.

Tanzania: President Samia Appoints New Dci, Two Others

President Samia Suluhu Hassan has appointed Dar es Salaam Special Police Zone Commander Camilius Wambura as new Director of Criminal Investigations (DCI).

Tanzania: Information Ministry Tables 54.7bn/ - Budget, Seeks Parliament Approval

PichaThe Ministry of Information, Culture, Arts and Sports has requested the Parliament to approve its 54.7bn/- budget proposal for the 2021/21 fiscal year.

IGP Simon Sirro makes changes in the police command

IGP Sirro pic


By Bethsheba Wambura