- Kenya got an additional 8 BN KES (73.37 MM USD) shilling grant from the European Union (EU) that will go towards addressing the socio-economic impact of Covid-19 in the country.
- The Central Bank of Uganda stated that the economy will expand between 5% and 3.5% in 2019/2020, a drop from an earlier projection of to 4% growth. Adding that the economy will get back to 4% growth in 2021 and go to 6% in 2022.
- Uganda Development Bank has launched its five-year strategic plan with a focus of supporting the productive sectors of the economy with long-term loans. The bank will support financing of the agricultural sector, manufacturing/industrialization mineral-based industries, health and education among others.
- Rwanda and the European Union (EU) signed 87 MM EUR (55 BN RWF) grant agreement to support social protection in response to the Covid-19 crisis. The grant is part of the EU’s 460 MM EUR package of support to Rwanda signed in September 2014 with the European Commission.
- The National Bank of Rwanda has issued guidelines on disbursement of bailout funding meant for businesses hit hardest by the novel coronavirus pandemic. The total value of the fund is estimated to be 200 MM USD with the government injecting an initial 100 MM USD to support local businesses to recover from the economic effects of the pandemic.
- The World Bank projected a 2% contraction for Nigeria economy due to the Covid-19 outbreak. Moreover, this collapse will be due to the decrease in oil prices, which represent 80% of the country’s exports, about a third of banking sector credit, and half of the government revenues.
- The African Development Bank (AFDB) has approved 5 MM USD loan to help Nigeria tackle the Covid-19 pandemic and mitigate its impact on the economy. The loan will boost the government’s plans to improve surveillance and response to the pandemic emergencies, ease the impact on workers and businesses and strengthen the social protection system.
- Nigeria foreign reserve has increased to 57 BN USD as of May 5 compared to 33.42 BN USD as of April 29. The increase may be attributed to the recent rise in prices of crude oil in the international market. According to the latest data, the increase shows a gain of 3.15 BN USD dollars in 33 days.
- South Africa (SA) and Zambia could emerge as key maize suppliers in Africa with both countries expecting their second-largest maize harvests on record. The SA government sees agriculture as a key sector for pushing growth and addressing unemployment, while increased agricultural exports are seen as a potential boost for local industry. SA, Zambia, Kenya, Zimbabwe, Malawi and Tanzania are among Africa’s main maize producers.
- For the first time in the history, Tanzania has been honored to host 2020 Africa Kabaddi Competition. The annual competition that brings together top African teams is scheduled to be held from December 11th to 13th this year in Dar es Salaam.
- Calls to reopen the country are growing in Uganda and politicians are stressing on this matter in order to be able to begin their general elections campaigns in February 2021. The pandemic struck the world while the country was preparing for an open political season. Thus, there are concerns about whether the election calendar and roadmap as set by the National Electoral Commission in December 2018 is still viable or not.
- Rwanda reported 11 new coronavirus cases last Sunday recording the highest number in two weeks, leading the country to cancel some plans to reopen the economy. The plan of reopening the country was expected to resume on June 1, however, now it has been put on hold.
- The stock market opened the new month on positive note, maintaining the bullish trend from the previous month. The Nigerian Stock Exchange (NSE) All-Share Index increased by 21% to close at 25,316.15, while market capitalization added 25.2 BN NGN (65 MM USD) to close at 13.2 TR NGN (34 BN USD). A total of 28 stocks appreciated compared with 10 that depreciated.
- The Dar es Salaam Stock Exchange (DSE), equity market turnover plunged yet to another lowest level which was against some analysts' expectation for a week ending last Friday. The low turnover affects the total market capitalization to decrease by 91% to 14.94 TR TZS (6.45 BN USD) and domestic market cap dropped slightly to 9.7 BN TZS (4.18 MM USD).
Note: Weekly values are calculated on Friday of each week.
- Tanzania has produced two companies on the list of Africa's 100 most valuable firms. South Africa-based African Business disclosed in a ranking of the continent's top 250 firms that TBL Plc and Vodacom Tanzania Plc are the two most valuable firms in the country.
- At the continental level, TBL Plc has been ranked 75th while Vodacom Plc comes at position 98.
- Tanzanian glass manufacturer Kioo Company Ltd has taken the Kenya Revenue Authority to the East African Court of Justice following the introduction of a 25% excise duty imposed on imported glass.
- Nairobi Security Exchange listed Insurance and investment firm, CIC Group has appointed Patrick Nyaga as a new chief executive officer. The Group comprises three subsidiaries and an associate company namely CIC Life Assurance, CIC General Insurance Limited, CIC Asset Management Limited and Takaful Insurance of Africa Limited, respectively.
- Konkola Copper Mines (KCM) stated that the debt it owes to the Copperbelt Energy Corporation (CEC) is a result of a lack of investment from its parent company, Vedanta Resources, and that the best solution is for it to be sold to another investor.
- Kenya Railways and Africa Star Railway Operation Company (Afristar), the operator of the Standard Gauge Railway (SGR) have come up with innovative ways to operate cargo while ensuring the safety and reliability of passenger coaches and freight wagons.
- NCBA Bank is rationalizing its branch network following the successful conclusion of the merger between NIC Bank Kenya PLC and Commercial Bank of Africa Limited. The rationalization will see 14 branches that are co-located or in close proximity merged into another branch.
- KCB Group PLC has announced a 1 BN KES (104.41 MM USD) total dividend payout to shareholders for the 2019 financial year, signifying a sustained return to shareholders amid a tough operating environment.
- Africa airlines lost approximately 103 BN USD in revenue in 2020. The Covid-19 impact assessment analysis further shows a 90.3% y-o-y passenger traffic reduction for the month of May with recovery expected to start from Q3-2020 with domestic operations, followed by regional and intercontinental flights.
- Depressed valuation of publicly listed real estate company Home Afrika’s land and housing assets has contributed 391 MM KES (3.6 MM USD) to the firm’s loss. The loss comes despite the company reporting 233% growth in gross revenue, adjusted for the percentage of completion, growing from 109 MM KES (1 MM USD) in 2018 to 363 MM KES (3.4 MM USD) in 2019.