- African chief executives have picked Kenya as one of the top five most attractive countries for investment on the continent. The new Africa CEO Survey 2020 stated that 37% of business leaders polled identified Cote d’Ivoire, Ghana, Kenya, Rwanda and Senegal as the top African countries that are best for investment. In 2019, the survey highlighted Kenya as a top destination for foreign companies seeking expansion into Africa.
- The horticulture industry in Kenya is optimistic of quick recovery as countries open up after the Covid-19 disruption. Export earnings registered 72 BN KES (663.59 MM USD) between January and May 2020 compared to 65 BN KES (599.07 MM USD) for the same period last year, translating to an 11%
- Bank of Uganda stated that Covid-19 related borrowing has increased public debt by 5% between June 2019 and June 2020. The bank reported that the stock of public debt (in nominal value) stood at 56.52 TR KES (520.97 BN USD) as of June, which translates to 40.8% of Gross Domestic Product (GDP) and an increase of 20.5% relative to June 2019.
- In Uganda, the National Water and Sewerage Corporation (NWSC) is phasing out the prepaid water metering system to ensure affordable and accessible clean water across the country. It is worthy to mention that the system is mainly targeting income maximization instead of ensuring water accessibility.
- The five-acre site located next to Entebbe International Airport's new cargo center shall be developed by the National Enterprise Corporation, the business arm of the Uganda It was handed over by Uganda Free Zones Authority (UFZA). The free zone is expected to benefit different sectors like agro-processing, mineral processing, warehousing, storage, and simple assembly.
- The World Bank approved 80 MM USD grant from the International Development Association (IDA) to support the government of Ethiopia boost agricultural productivity and enhance market access for smallholder farmers.
- Ethiopia calls for Africa to promote digital financial services to boost women's economic opportunities. In a panel discussion of G-7 and African countries during the 75th UN General Assembly, Sate Minister of Finance Eyob Tekalign emphasized the importance of focusing on financial inclusion, which he said plays an important role in women's and girls' economic empowerment.
- Prince Faisal bin Bandar received the ambassador-designate of Sudan to Saudi Arabia, Adel Bashir Hassan Bashir, at his office in Riyadh. Recently, Saudi Arabia stressed the importance of stability in Sudan and the unity of the country. Prince Faisal also said that the Kingdom appreciated US efforts to remove Sudan from a list of state sponsors of terrorism.
- Uganda and Tanzania are locked in a dispute over road user fees for trucks headed to the Dar es Salaam port, with Kampala threatening to retaliate against “unfair” charges imposed on its transporters that are higher than those applicable to Rwandan shippers.
- The Nairobi Securities Exchange (NSE) has launched an instant messaging application that responds directly and automatically to inquiries from investors to enhance their participation. The Artificial Intelligence powered mobile application, ChatBot, will support investors in buying and selling stocks, tracking stock prices, generating statements and making funds transfers.
- The Nigerian stock market sustained its positive trend leading to a growth of 79% in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to close at 25,987.14, while market capitalization added 106.7 BN NGN (280.42 MM USD) to be at 13.6 TR NGN (35.74 BN USD).
Note: Weekly values are calculated on Friday of each week.
- Mastercard has launched Fintech Express in the Middle East and Africa (MEA), a program designed to facilitate emerging fintech’s launch and expansion. Leveraging the power of partnerships and Mastercard’s expertise, technology, and global network, startups will now be able to focus on innovation that drives the digital economy.
- The World Business Angels Investment Forum announced the African Development Bank (AfDB) as its newest Board Member. In this capacity the Bank will represent Africa’s early-stage equity markets, entrepreneurship and startup ecosystems, small and medium enterprises and high-growth businesses, angel investors, and private equity funds.
- Regional low-cost carrier JamboJet has partnered with various hotels to promote domestic travel. The airline resumed operations on July 15 with three daily flights to Mombasa, two to Kisumu, two to Eldoret, one to Malindi, and four weekly flights to Diani.
- The Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration and Energy Production Company (SEEPCO) have signed an agreement for the development and commercialization of gas from the Oil Mining Lease (OML) that could help reduce gas flaring in the country.
- Skyway Aviation Handling Company Plc (SAHCO), reported revenues of 1 BN NGN (8 MM USD) in Q2-2020 compared with 3.5 BN NGN (9 MM USD) in Q2-2019. This represents an 11.9% decrease relative to the same period last year.
- Gebeya, a Pan African Education Technology and Online Job Placement Company and the International Finance Corporation (IFC), signed 500,000 USD advisory services agreement to implement the Digital Gender-Ethiopia Program aimed at solving the issues of gender disparity in the areas of technology and innovation.
- The Management of Africa’s largest cement producer, Dangote Cement Plc (DCP), announced during a virtual event, that the cement producer will start exporting to other African countries within the next few weeks.