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Tuesday, 21 May 2019

The Central Bank of Zimbabwe has secured a 500 MM USD loan from unspecified international banks

Insights Africa

Economic Outlook

Economic Outlook

  • The Central Bank of Zimbabwe has secured a 500 MM USD loan from unspecified international banks to support interbank currency trading and ease the dollar crisis that has caused shortages of fuel and medicine. Dollars have been scarce on the official market, reaching 3.4 RTGS dollars compared to 6.3 RTGS dollars on the black market.
  • The World Bank is set to release 350 MM USD to boost infrastructure development in eight more municipalities across the country; under the Uganda Municipal Support Infrastructure Development (USMID) Project.
  • In Uganda, the Finance Ministry has stated that the size of Uganda economy will increase to 110.024 TR KES (1.087 TR USD) by the end of 2018/2019 due to a pickup in economic activities.
  • The World Bank agreed on a 10 BN KES (98.8 MM USD) fund for Development Response to Displacement Impacts project in 3 countries (Garissa, Wajir and Turkana) in Kenya. The initiative aimed at improving access to water, healthcare, education and building resilience of communities in northern Kenya.
  • The Central Bank of Kenya (CBK) and the Bank of Mauritius held a brainstorming session with a view to enhance the cooperation between the two central banks. The central banks exchanged views on banking sector matters, fintech developments, AML/CFT issues, and challenges of relevance to Kenya and Mauritius.
  • President Uhuru Kenyatta of Kenya unveiled a blueprint for his country's digital economy, which will be a guiding tool for the adoption of digital technologies for Africa's transformation by focusing on the "value-added ICT". Moreover, the government should be at the forefront in offering tax incentives to domestic companies for investments in technology.
  • The Zambian Government and the European Investment Bank have signed a water and sanitation agreement worth 5 MM EUR for the Zambia Water and Sanitation Project.
  • Zambia President Edgar Lungu announced a new non-refundable sales tax in place of VAT, despite criticism from mining companies. This tax change aimed to keep a greater share of mineral resource profits for the country and tackle its debt despite criticism that it is discouraging new investment.
  • The Ministry of Finance and Economic Planning has unveiled a massive plan for the recapitalization of Development Bank of Rwanda (BRD) in a move aimed at increasing the lender's ability to fund the country's ambitious development program.
Political Events

Political Events

  • Kenya launched e-passport centers in six countries to serve Kenyans in the diaspora. The centers are in Washington DC, China, France, UAE, the UK and South Africa. The application, renewal and replacement of passports are done online. The passport type determines the amount you'll pay.
  • The Zambian Embassy in Ethiopia has partnered with the Addis Ababa Chamber of Commerce and Sectoral Associations to accelerate the work of the Zambia-Ethiopia Business Forum in fostering trade and business between the two countries.
Stock Market

Stock Market

  • Kenol Kobil (KENOhas finally been delisted from Nairobi Securities Exchange following its acquisition by the French firm, Rubis Energie. The exit leaves Total Kenya (TOTL) as the only oil marketer whose shares are trading at the stock market.
  • Africa's largest mobile phone operator, MTN, listed shares on the Nigerian Stock Exchange (NSE) last Thursday in a 6 BN USD flotation reflecting its increasing presence in the Nigerian market.
Companies Transactions

Companies Transactions

  • Google has mapped 178 public health centers offering emergency care services across Kenya, a move that will see locals access detailed information about hospitals promptly through the company's search engine and maps. The technology firm collaborated with Emergency Medicine Kenya Foundation (EMKF), BPS Systems Online and the Ministry of Health to digitize the information.
  • The parent company of Kenya tier-two lender Bank of Baroda Kenya has merged withtwo other banks to become the second-largest public sector bank in IndiaThe combined entity now has a customer base of 120 million customers served via a 9,500-branch network and 13,000 ATMs.
  • Bahamas-based Heritour Limited has received approval from the Competition Authority of Kenya (CAK) to complete its full buyout of the local subsidiary of Luxembourg-based tour firm, Abercrombie & Kent (A&K).
  • The Capital Markets Authority (CMA) has licensed SBM Bank Kenya, which recently took over the collapsed Chase Bank, to operate as an authorized security depository and authorized dealer.
  • West Kenya Sugar Company has extended its industry leadership in production as the firm widened its market share to 22% reaching 31,000 metric tons in Q1-2019.
  • Electrical and communications wires manufacturer East African Cables signed a deal with Kenya Power to supply electrical wires worth 48 MM KES (474,965 USD).
  • Safaricom has partnered with UNICEF to launch a mobile information platform which will be accessible to the more than 31 million of the telco's mobile subscribers for free.
  • China-based publicity and international events company Mie Group has initiated talks to buy a stake in Kenya events planner and business consultancy Global Exhibitions Inc (GEX).


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