New support for private sector to boost Kenya power

New support for private sector to boost Kenya power

New support for private sector to boost Kenya power

The World Bank has approved a $180m International Development Association guarantee to mobilise private sector financing. It hopes the private sector investment will strengthen the financial position of Kenya Electricity Generation Company Limited and build energy security for all Kenyans. The Bank said the project will “build on Kenya’s gains that have diversified the energy mix and significantly improved electrification…

Kenya struggles for tourism numbers

Kenya struggles for tourism numbers

Kenya struggles for tourism numbers

East Africa is another hugely popular tourism destination but, as Steve Mbogo explains, 
Kenya has been struggling In 2007, Kenya registered a historic number of tourist arrivals of 1.8 million in total – a number the country, sadly, is struggling to reach this year. The 2007 fete was seen as a foundation for the country’s target of at least four…

Kenya open for UK investment

Kenya open for UK investment

Kenya open for UK investment

Political risks should not be deterring UK investors from doing business in Kenya, according to Kenya’s President Uhuru Kenyatta, who has assured UK investors that Kenya is open for business and that the business environment is stable and conducive for investment. Mr Kenyatta said the country had withstood the immense burden of going through two presidential elections within two months in 2017.…

Kenya to boost private sector

Kenya to boost private sector

Kenya to boost private sector

Kenya’s GDP growth is projected to recover to 5.5% in 2018, up from an estimated 4.8% in 2017. According to the World Bank’s 17th Kenya Economic Update (KEU), in the medium term economic activity should gain momentum, steadily rising to 6.1% by 2020. The positive outlook is underpinned by recovering agricultural output (thanks to favourable rains), the easing of political uncertainty…

Kenyan insurer sees surge in income, but profit down

Kenyan insurer sees surge in income, but profit down

Kenyan insurer sees surge in income, but profit down

Britam Holdings Plc reported a 143% hike in total comprehensive income to KES1.9bn in 2017. However, profit before tax dropped to KES865.8m compared to the KES4.2bn reported in 2016. The group’s total income grew by 24% to KES27.8bin, from KES22.4bn in 2016, attributed to a 15% increase in gross earned premium to KES23.3bn and a strong performance in equities. The…

Digital options could cost African jobs

Digital options could cost African jobs

Digital options could cost African jobs

Hiring workers in Kenya could be more expensive than using robots in US factories by 2033, warns the Overseas Development Institute (ODI). A new report, Digitalisation and The Future of Manufacturing in Africa, raises fears that African countries could miss out as manufacturers move back to richer economies due to falling automation costs. In the report, experts warn that African countries…

Kenyans log on

Kenyans log on

Kenyans log on

At any gathering of insurance industry players in Kenya these days, the online sale of insurance products is always among the topics discussed. In the last two years, at least ten online insurance comparison web portals and mobile applications have been launched in east Africa’s largest economy, adding yet another distribution outlet for insurance services just after bancassurance came to…

Call to boycott companies as Kenyan political risk intensifies

Call to boycott companies as Kenyan political risk intensifies

Call to boycott companies as Kenyan political risk intensifies

Leading local and international businesses may be boycotted by some Kenyans after opposition leader Raila Odinga put his weight behind a newly formed National Resistance Movement (NRA). The NRA is calling for Odinga supporters to boycott businesses, which it says “continue to support the disenfranchising of the will of the people”. On the list are multinational companies such as Shell…

Kenyans left in limbo after election re-run

Kenyans left in limbo after election re-run

Kenyans left in limbo after election re-run

Kenyan risk managers and businesses have been left in limbo by the presidential re-run, marred by a low turnout and closed polling stations. Now, predictions are that there will be another legal challenge to the result. Results are still trickling in but sitting President Uhuru Kenyatta is expected to be the clear winner. However, the turnout was about 35% –…

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