First Independent Mena Newspaper
Commercial International Bank Egypt (CIB) is set to proceed with the complete takeover of Kenya’s Mayfair CIB, after obtaining approvals from authorities, in a deal valued at $40 million. The Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) have just granted their consent for CIB to acquire the remaining 49% of […]
Uganda has switched from a Chinese to a Turkish company to build a proposed $2 billion railway line linking its capital to the border with Kenya but analysts say Chinese investors poured doubt on the viability of the project. The proposed railway is designed to link up the capital city Kampala with one being built […]
Trading in Kenya Airways shares has been suspended for another year, as the indebted national carrier battles to return to profitability and the country’s president says he wants to sell the government’s stake. Stocks in the troubled airline have not been traded since July 2020 in the midst of the Covid-19 pandemic, which devastated global […]
Kenyan President William Ruto’s recent diplomatic overtures to the West are prompting analysts to ask whether the days of close Chinese engagement are coming to an end. Since taking office in August, Ruto has embraced Kenya’s economic and diplomatic relationships with the United States, United Kingdom and other Western countries, causing onlookers to wonder whether […]
Morocco’s OCP group, which elaborated a program to support African farmers as the continent faces a food security crisis, has donated 5,000 tons of fertilizers to smallholder farmers in Mauritania and struck a partnership with Kenya’s Ministry of Agriculture to launch soil mapping exercises for over 100 participants. The fertilizers donated to Mauritania will benefit […]
Kenyan president William Ruto is looking for a deal between Kenya Airways and Delta Air Lines to turn around the fortunes of the country’s national carrier which last recorded profits 10 years ago. During the Washington US-Africa Business Summit, one of Ruto’s major goals was to get investors to help the struggling Kenya Airways. The […]
Kenya’s President William Ruto has officially launched his “resourceful fund”, the flagship measure of his campaign intended to give the poorest access to credit and revive the economy of this African country “from below“. Since taking office in September, Ruto has endeavored to deliver on his campaign promises in a country struggling with historic drought, […]
The government in Kenya, where about 8.5% of the population owns cryptocurrencies, has drafted a bill to tax crypto transactions in all exchanges in the country, even as the global crypto market undergoes a mass meltdown. The Capital Markets (Amendment) Bill, 2022 would allow for the taxation of crypto exchanges, digital wallets and transactions. Crypto […]
The East African Community Regional Force (EACRF), led by Kenya, has vowed to protect the city of Goma, which is home to one million people, in the east of the Democratic Republic of Congo (DRC) from the advancing M23 rebels. Kenya sent recently hundreds of troops to Goma to quell the violence after M23 rebels […]
International Finance Corporation (IFC) will invest 12.18 billion shillings ($100 million) in Nairobi-listed Diamond Trust Bank (DTB) to support small and medium enterprises (SMEs) impacted by Covid-19, Zawya reports, citing Kenyan Wall Street newspaper. The investment will be in senior debt under its Covid-19 emergency response working capital solutions scheme (WCS FIGE). IFC initiated the […]