Uganda signs rail construction agreement with Turkey’s Yapi Merkezi
The rail section will run from the capital Kampala to Malaba at the border with Kenya, connecting landlocked Uganda to its neighbour’s rail network and on to the Indian Ocean seaport of Mombasa.
Kariba Dam: World’s largest man-made lake strips Zambia of electricity, grounds economy to a halt
Less than half of Zambia’s 20 million people had access to electricity before Kariba’s problems. Millions more have now been forced to adjust as mothers find different ways to cook for their families and children do their homework by candlelight. The most damaging impact is during the daylight hours when small businesses, the backbone of the country, struggle to operate.
How tamperproof blockchain technology is positioning crowdfunding to upstage traditional lenders in money market
Until 2016 when crowdfunding was deemed an online-based networking for social initiatives such building schools, churches, resource centres or roads, this method of fund-raising lacked legal basis to commute it to a source of investment capital for startups. Today, crowdfunding has kick-started a shift from traditional lenders and donors and pooling resources for economic investment for marginalised societies, non-governmental organisations and institutions devoid of political, cultural, religious or social rigidities that occasion a high a failure rate for even worthy causes.
How Kenyan farmers’ demand for fast, reliable insurance positioned blockchain as next big thing in financial world
People stand in front of the Blockchain Hub Davos 2023 at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, on January 18, 2023. Credit: Reuters
Kenya and IMF nearing $3.6 billion loan deal as the lender awaits Nairobi’s staff layoff proposal
Kenya’s government has asked the IMF to conduct an official assessment of corruption and governance issues. While not directly linked to the next disbursement, the assessment is an attempt to build goodwill with the Fund as it tries to get finances back on track.
Central Bank of Kenya slices main lending rate to 12 per cent to stimulate credit to private sector
The bank cut its growth forecast for 2024 to 5.1 per cent from 5.4 per cent following slower growth in the second quarter, which came in at 4.6 per cent year-on-year from 5.6 per cent in the same quarter a year earlier. But it expects the economy to grow 5.5 per cent in 2025.
How farmers in Burundi banded, transformed avocado cultivation into ‘green gold’ for export
he participation of the cooperatives is an important step toward regulating the country’s avocado exports, said Ferdinand Habimana, vice president of Green Gold Burundi’s administrative board. Although the government is promoting avocado farming to diversify exports, avocados grown in Burundi are yet to be trademarked as coming from there, he said.
Senegal’s budget deficit, weaker fiscal and debt position prompts Moody’s to lower it to B1 rating
Ratings agency Moody’s on Friday downgraded Senegal’s long-term ratings to B1 from Ba3, citing significantly weaker fiscal and debt position than expected. Senegal is in talks with the International Monetary Fund (IMF) for corrective measures after an audit ordered by newly elected President Bassirou Diomaye Faye revealed the 2023 budget...
Solar power companies are growing fast in Africa, where 600 million still lack electricity
The International Energy Agency, in a report earlier this year, said small and medium-sized solar companies are making rapid progress reaching homes but more needs to be invested to reach all African homes and businesses by 2030.
Kenya asks IMF to review corruption issues after Western push, sources say
The countries themselves must request the IMF’s so-called “governance diagnostic”, which investigates whether corruption and governance vulnerabilities are draining revenue or creating other problems in state finances.
