Home > Insights > Kenyan banks plan to issue a green bond by the end of 2019 to raise money in the war on climate change.
Tuesday, 12 Feb 2019

Kenyan banks plan to issue a green bond by the end of 2019 to raise money in the war on climate change.


Insights Africa

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Economic Outlook

Economic Outlook

  • Kenyan banks plan to issue a green bond by the end of 2019 to raise money in the war on climate change. Kenya needs about 2.4 TR KES (23.8 BN USD) to support green economic activities in areas such as afforestation, renewable energy and public transport.
  • The Central Bank of Kenya has notified all buyers of Treasury debt papers to submit their PIN and contact details afresh for forwarding to the taxman in a renewed effort to map the wealth of individuals and companies that lend to the government.
  • Motorcycle assembling industry is part of President Uhuru Kenyatta's wider plan to help create targeted 800,000 new decent jobs in local auto sector under the manufacturing pillar of the "Big Four Agenda".
  • Prime Minister Abiy Ahmed stated that Ethiopia would focus on irrigation projects and the tourism sector as a measure to reduce the rate of unemployment.
  • The Ugandan economy is now on a path of rapid and sustained growth. However, the number of new jobs arising from this growth has been disappointingly low.
  • The President Edgar Lungu stated that Zambia has embraced the digital revolution "Smart Zambia" in recognition that information and communications technology would contribute to economic growth and job creation.
  • In Tanzania, the speed of price change for commodities for the year ended January 2019 has decreased, triggering a drop in annual headline inflation rate in January 2019 to 3.0% compared to 3.3% recorded in December 2018.
  • Tanzanians will soon start accessing new health insurance packages designed by the National Health Insurance Fund (NHIF) to attract more people to join the scheme depending on their financial ability.
Political Events

Political Events

  • Ugandan President Yoweri Museveni has promoted his sonMuhoozi Kainerugaba to the second highest army rank of Lieutenant General.
  • New medical equipment worth 550,000 NAD (40,381 USD) donated by the United Nations Office on Drugs and Crime (UNODC) to Namibian Correctional Service (NCS) aiming to improve the health of Namibian prison patients.
Stock Market

Stock Market

The Nigerian stock market closed in positively last week. The NSE Banking Index, NSE Insurance Index, NSE Consumer Goods Index and NSE Oil/Gas Index closed in positive territory as they increased by 8.10%, 4.00%, 4.10% and 2.54% to 428.72 points, 126.86 points, 725.31 points and 286.18 points respectively.
Companies Transactions

Companies Transactions

  • Toyota Kenya has entered into a partnership with Suzuki Motor Corporation to distribute seven Suzuki cars models in Kenya. The cars on offer range from between 800,000 KES (7,952 USD) to 3.8 MM KES (37,773 USD)This deal will make the company the second Suzuki distributor in the country.
  • Facebook has unveiled a Content Review Centre in Nairobi; the firm is planning to increase language support for its users that include Somali, Oromo, Swahili and Hausa.
  • The Competition Authority of Kenya (CAK) has approved acquisition of chemical distributor Desbro (Kenya) Limited by Brenntag (Holding) B.V., a unit of Germany-based Brenntag Group on condition that Brenntag retains 80 employees who currently work at the firm for a period of one year.
  • Dubai-based fast food Chain, Grill Shack has made its debut into the Kenyan market through the launch of its first restaurant in Africa at the Westgate Mall.
  • Key Microfinance Bankformerly known as Remu, plans to raise 500 MM KES (4.9 MM USD) in fresh capital over the next five years to fund expansion.
  • The African Export Import Bank (Afreximbank) has nominated Kenyan banker Philip Kamau to head its newly created 100 MM USD (10 BN KES) Fund for Export Development in Africa (Feda).
  • The Kenya-Tanzania Power Interconnection Project is being implemented by the Tanzania Electric Supply Company (Tanesco) through a 258.82 MM USD loan from the African Development Bank and the Japanese International Co-operation Agency.
  • The French gas and oil company, Total, announced a gas discovery off South Africa southern coastline. Deep drilling in the Outeniqua Basin revealed natural gas deposits at depths of 3,633 meters beneath the ocean, known as the Brulpadda discovery.
  • A new deal between Rwanda government and a local company, Gasmeth Energy, to extract and process methane gas from Lake Kivu. This deal is seen as a solution to the country rising bill of importing cooking gas.

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