East Africa

Kenya to supply Uganda with power after floods shut the key plant.

Uganda will make an emergency purchase of power from neighboring Kenya to stabilize supply after floods forced the shutdown of its 183-megawatt Isimba plant last week. Energy Minister Ruth Nankabirwa Ssentamu said “Uganda will purchase 60 megawatts from Kenya and will restart an idled 50-megawatt thermal plant in Kampala. An additional 20 megawatts will be …

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IMF

IMF Grants Tanzania a $372.4 million Zero Rated Loan

The International Monetary Fund (IMF) has approved a zero-rated $372.4 million loan for Tanzania, aimed at supporting the country’s COVID-19 pandemic relief measures. President Suluhu this week hosted the World Bank’s Managing Director for Development Policy and Partnerships Mari Pangestu at State House in Dar es Salaam, in what officials described as a follow-up to …

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MTN Uganda

CMA Grants MTN Uganda Consent to Market its IPO to Kenyan Investors

Capital Markets Authority (CMA) has granted  MTN Uganda permission for its Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and Retail Investors following the opening of the offer in Uganda on 11th October 2021. The marketing in Kenya is spearheaded by SBG Securities, and Dyer …

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The AfDB

AfDB Forecasts East Africa’s Economic Growth to Rise to 4.1% in 2021.

East Africa’s economic growth is projected to rise to 4.1 per cent in 2021, up from 0.4 per cent in 2020, the African Development Bank (AfDB) said on Thursday. According to the East Africa Regional Economic Outlook 2021, the economic performance will be boosted by the ongoing global economic recovery. “However, the slow rollout of …

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Image of Allianz flag

Allianz Completes Acquisition of Majority Stake in Jubilee Insurance Uganda

Allianz, one of the world’s leading insurers and asset managers, has completed the acquisition of a majority stake in Jubilee Insurance Company of Uganda Limited. Allianz became the majority shareholder in Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (JHL), East …

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Kenya and Uganda border point

Kenya and Uganda Set to Establish a 3RD Point of Entry and Exit to Enhance Trade

Kenya and Uganda have expressed interest in the establishment of the third point of entry and exit (PoEE) at their shared border to enhance trade. Currently, the two East African countries have two major points at the busy Busia and Malaba towns which serve as entry and exit points along the Northern corridor. However, delegations …

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USE

Uganda Securities Exchange (USE) Partners With MTN to Launch digital platform

The Uganda Securities Exchange (USE) has partnered with MTN to provide a digital platform for opening securities accounts, making it easier and cheaper for retail investors to participate in the securities market. The MTN MoMo platform, which can be used to open a Securities Central Depository (SCD) account, went live on September 15, 2021. MTN …

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Ethiopia kenya trade deal

Ethiopia, Kenya Sign Operation Manuals for Cross-border Trade Deal

Ethiopia and the Government of Kenya through the Ethiopia Customs Commission and the Border Control and Operation Coordination Committee have signed the Moyale-Moyale One-Stop Border Post (OSBP) operational procedure manual. The signing ceremony was held in Addis Ababa and attended by key private and public sector players from both countries. This follows the inauguration launch …

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Resolution Insurance Linkham Group

Linkham Group Completes Resolution Insurance Buyout- Peter Nduati Appointed Company CEO

Global insurance solutions firm Linkham Group based in the UK has officially confirmed completing a deal that will see them acquire a significant stake in Resolution Insurance Kenya. The deal that was undertaken at an undisclosed consideration will see Resolution Insurance gain access to Linkham Group Ltd’s financial network in Africa and globally. The Group …

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Mobile Money Uganda

Here is what Separation of Mobile Money from Telco’s Means for Uganda

Uganda has completely separated mobile money services from the regulation of the Uganda Communications Commission to the Bank of Uganda (BOU). Under the new regulations, three companies were licensed to conduct mobile money services despite the questions and fears from the customers. Airtel Mobile Commerce Uganda Ltd and MTN Mobile Money Uganda Ltd are the …

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total gas station

Total Assigns $1.9 Billion Uganda Oil Project Deal to Chinese and British Firms

Total SE has awarded the $1.9 billion deal to construct its Lake Albert oil production Tilenga project in Uganda to a consortium led by British and Chinese firms. Total, the lead investor in Uganda’s oil projects, said it signed contracts for the main surface facilities Engineering, Procurement, Supply, Construction and Commissioning (EPSCC) contracts and five …

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Tanzania LNG Project

Tanzania Calls for Resumption of Negotiations of $30 Billion LNG Project

Tanzania is looking forward to signing for a $30 billion Liquefied Natural Gas (LNG)  project within six months after the country’s president Samia Suluhu Hassan called for a resumption of negotiations that had stalled for more than a year. The Liquefied Natural Gas (LNG) project is expected to add another 2% points to the annual …

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