(Bloomberg) – Ethiopia’s decision this week to float its currency unlocked more than $20 billion in financing from the World Bank and International Monetary Fund — money the government desperately needs to tackle the East African nation’s debt burden and open up the economy. Ordinary citizens have begun bracing for the fallout — a surge...
KAMPALA, (Reuters) – A unit of Djibouti-based Salaam Group launched in Uganda on Wednesday as the country’s first Islamic banking-compliant financial institution, the Ugandan president’s office said. The launch of the Salaam Bank Limited’s operations follows a law legalising Islamic banking in the east African country last year. Islamic finance follows Islamic religious principles such...
Business Bay Square mall (BBS) in Nairobi’s Eastleigh has attracted seven banks in under a year, giving it a revenue boost at a time many malls have been struggling with low occupancy. Absa Bank Kenya mid-last month became the latest entrant to the mall in the heart of Eastleigh, one of Nairobi’s most vibrant commercial...
Kenya is asking for more time to seal loopholes that landed it in the Financial Action Task Force’s (FATF) ‘grey list’ last month, even as it promises a “swift exit” ahead of a review in April. Prime Cabinet Secretary Musalia Mudavadi who is also Cabinet Secretary for Foreign and Diaspora Affairs, last week told a meeting...
The World Bank has banned a Swiss boutique advisory firm Africa Enablers GmbH and two of its principals from participating in projects and operations financed by the institution for 10 months over tendering irregularities related to the Somali Core Economic Institutions and Opportunities Programme (Score project). The World Bank, in a statement on Tuesday, said...
Kenya Airways Cargo have recently announced launched new flights between Sharjah and Mogadishu, as demand for their services grow. Flights between Sharjah and Mogadishu through Kenya Airways Cargo began on February 9 and will operate initially on a weekly basis. Then, by April 2024, this will increase to twice weekly through a partnership formed with Global GSA Cargo...
More than a dozen bombings in and around Somalia’s capital, Mogadishu, in November and December 2023 revealed a clear pattern — telecommunications company Hormuud Telecom was being targeted. Bombs killed at least three employees and destroyed offices, communications towers and vehicles. Analysts believe al-Shabaab has targeted the country’s largest telecommunications provider for refusing to pay...
The Central Bank of Kenya (CBK) has made stabilising the rate at which the Kenyan shillings exchange with other major currencies one of its top priorities for the first quarter of 2024. The CBK made this known during its first Monetary Policy Committee (MPC) meeting for the year, which took place on Tuesday at its...
On Wednesday, January 31, Somalia, through its Ministry of Transport and Aviation, officially inaugurated a new Maintenance, Repair, and Overhaul (MRO) facility at Aden Adde International Airport (MGQ) in the capital of Mogadishu. This is the first MRO facility to be opened in Somalia in over 33 years, marking a significant milestone for the East African nation....
Nairobi — Cut rose flowers from Kenya and Ethiopia face more scrutiny in order to access the European Union (EU) market. According to the Fresh Produce Exporters Association of Kenya (FPEAK), local flowers will undergo an increased check of up to 25 percent in the EU starting this May. The new measures follow the review...