$600m safety net for Ethiopia farms

$600m safety net for Ethiopia farms

$600m safety net for Ethiopia farms

The World Bank has approved a $600m International Development Association (IDA) grant to support the Ethiopian government’s vision of a national safety net system to provide effective support in chronically food insecure rural areas, particularly during droughts. The Rural Productive Safety Net Project supports the evolution of the government’s umbrella Productive Safety Net Program (PSNP), which has been in operation…

Opening up trade links vital to east African success

Opening up trade links vital to east African success

Opening up trade links vital to east African success

Greater integration and new trade links will be key to east African economic success – something that the banking sector recognises and is working towards, as David Kaye reports Regional integration offers an opportunity for African countries to promote trade among themselves, to realise the structural transformation that they seek and to better prepare themselves to step up to the…

Financial services developing but yet to harmonise

Financial services developing but yet to harmonise

Financial services developing but yet to harmonise

Steve Mbogo takes a look at the financial services sector across east Africa and sees signs of growth, but still few indications of east Africa emerging as one bloc The tortoise-paced initiative to harmonise insurance regulatory laws in east Africa risks being a non-starter because of inconsistency of reforms in member countries’ regulatory regimes, experts have said. The initiative by…

Rwanda gets vote of confidence from ratings agency and World Bank

Rwanda gets vote of confidence from ratings agency and World Bank

Rwanda gets vote of confidence from ratings agency and World Bank

S&P Global Ratings has affirmed its B/B long- and short-term foreign and local currency sovereign credit ratings on Rwanda. The outlook is stable. The move came just two days after the World Bank said it expected growth to peak in the second half of 2017. S&P Global ratings cites Rwanda’s moderate pace of real economic growth in the near-term due…

UK promises economic boost for Tanzania

UK promises economic boost for Tanzania

UK promises economic boost for Tanzania

The UK government has pledged £350m to help develop Tanzania’s economy. The news came as the UK’s minister of state for Africa, Rory Stewart MP, visited Tanzania to see how the UK is helping to improve education and health services and boost jobs and prosperity in Tanzania. The promised funds, to be delivered during the next three years, will help…

Risk manager move to Resolution

Risk manager move to Resolution

Risk manager move to Resolution

Resolution Insurance has appointed Mary Mueni as group head of risk and compliance, with responsibility for the east African region. The company expanded beyond purely medical insurance in 2013, moving into general insurance and operating across Kenya, Uganda and Tanzania. The group grew organically by starting resolution credit. The company’s shareholders include Leapfrog Capital Ventures. Ms Mueni has spent the…

Political risk on increase in Tanzania as government acts against mine

Political risk on increase in Tanzania as government acts against mine

Political risk on increase in Tanzania as government acts against mine

Fuelling concerns around political risk in the country, the Tanzania government has sent Acacia Mining a tax bill equal to almost two centuries worth of the gold producer’s revenue, in the latest in a series of actions against the mining house. Acacia, which mines all its gold in Tanzania, said the government issued the company with a $40bn tax bill and…

Lights go on in Burundi thanks to solar project

Lights go on in Burundi thanks to solar project

Lights go on in Burundi thanks to solar project

A new project has just delivered street lighting to downtown Bujumbura, extending commercial hours and personal safety. The switch-on is part of a deal between the capital of Burundi’s Mayor Freddy Mbonimpa and Gigawatt Global, a founding member of US Power Africa’s Beyond the Grid programme. Solar-powered ‘light islands’ began appearing in the heavily-trafficked central bus station and nearby marketplace.…

Rwandan President calls for more intra-African trade

Rwandan President calls for more intra-African trade

Rwandan President calls for more intra-African trade

Rwandan President Paul Kagame has called for greater intra-African trade to help African economies out of economic difficulties. He suggested the problems facing many countries “should drive us to urgently increase trade with each other, invest more within our countries and regions, and build joint infrastructure, in order to better facilitate the movement of people and goods within Africa.” Speaking…

Piracy attacks increase in first quarter 2017

Piracy attacks increase in first quarter 2017

Piracy attacks increase in first quarter 2017

Marine piracy increased in the first quarter of this year compared to the same period of 2016, as piracy hotspots continued off Nigeria and around the southern Philippines, according to statistics from the ICC International Maritime Bureau (IMB). Piracy and armed robbers targeted a total of 43 ships in the first quarter of 2017, up from 37 incidents during the…

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