Home > Insights > The number of Kenyans who will benefit from the Tony Elumelu Foundation (TEF) Entrepreneurship Forum has reached 113 in 2019
Tuesday, 13 Aug 2019

The number of Kenyans who will benefit from the Tony Elumelu Foundation (TEF) Entrepreneurship Forum has reached 113 in 2019


Insights Africa

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Economic Outlook

Economic Outlook

  • The number of Kenyans who will benefit from the Tony Elumelu Foundation (TEFEntrepreneurship Forum has reached 113 in 2019 compared to 74 in 2018. The entrepreneurs who are among 3,000 selected from across 54 African countries will receive 500,000 KES (5,000 USD) in seed capital for their ventures and training.
  • Kenya is seeking about 150 BN KES (1.5 BN USD) in tranches of 600 MM USD (62.1 BN KES) and 250 MM EUR (29 BN KES), which may be increased by an equivalent of 250 MM EUR. The new loan will be charged at a rate of about 8.65%, yet the syndicated debt is to be paid back in six years.
  • In Kenya, the outstanding stock of external debt reached 3.02 TR KES (29.17 BN USD) in June 2019, while domestic debt stood at 2.79 TR KES (26.9 BN USD). This was an increase of 488.4 BN KES (4.7 BN USD) compared to March 2019, and 770 BN KES (7.4 BN USD) compared to the debt levels in June 2018.
  • Kenya top milk processors have cut producer prices following an increase in supply among outcry from farmers because they will earn an average of 3 Kenyan Shilling less a litre compared with what they were getting in the last couple of months during a severe drought.
  • The value of deals settled through mobile phones in H1-2019 rebound from 2018 slowdown to grow by 215.29 BN KES (2.08 BN USD). Mobile payments in H1-2019 reached nearly 2.14 TR KES (20.7 BN USD), a growth of 11.21% compared to the 6% increase reaching 1.92 TR KES (18.6 BN USD) in H1-2018.
  • Namibia newly inaugurated container terminal is set to boost the country's trade prospects for both local and international clients once commissioned and open for business.
  • Affordable Human Needs (AHN), a for-profit organization based out of the United States, announced that it is looking to invest up to 13 MM USD in Rwanda for a medium to long term period in order to boost water access, affordable housing, and clean energy.
  • Petrol is now cheaper than diesel in Zimbabwe due to the government's blending policy. Diesel is usually cheaper than petrol and after the latest fuel prices adjustments, motorists were surprised to see the opposite.
  • Zimbabwe has obtained three separate loans around 108.3 MM USD from the Export-Import Bank of China and Export-Import Bank of India to be used for power generation projects and broadband expansion. Government tied a loan agreement with the Export-Import Bank of China of 65.85 MM USD on June 26, while the Export-Import Bank of India released two loans of 23 MM USD and 19,5 MM USD.
Political Events

Political Events

  • Kenya and Jamaica have promised to deepen bilateral and people ties for the benefit of the two countries. The commitment came as President Uhuru Kenyatta, who is in Jamaica for a historic state visit, held talks with his host Jamaican Prime Minister Andrew Holness.
  • Sixty people died while 70 were seriously injured in Morogoro town, Tanzania, when a fuel tanker burst into flames. Reports indicated that the victims included motorcyclists who rushed to the scene in Msamvu to collect leaking fuel after the vehicle overturned.
Stock Market

Stock Market

  • BANGI, Inc. (OTC Pink:BNGI), a diversified investment vehicle that acquires and leases specialized real estate assets in the cannabis, hemp and CBD industries, announced that its Board of Directors has approved an initiative to cross list its common stock as Depository Receipts on the Nairobi Securities Exchange (NSE), the leading stock exchange in Kenya.
  • The prices of blue-chip companies that make up the NSE 20-share index have declined to a 10-year low, reflecting the investors' expectations of depressed earnings for the listed firms.
Companies Transactions

Companies Transactions

  • NISSAN Motor Co, BMW AG and Volkswagen AG are among carmakers in talks to bring the electric car revolution to South Africa, as the country's vehicle factory risk being left behind in the global switch to greener vehicles. Among the goals is persuading lawmakers to decrease a 23% import tariff on electric vehicles to attract an increase in domestic sales.
  • Investment bank SBG Securities recorded a 150% increase in net profit in H1-2019 on the back of higher revenue from advisory services and cost cutting. The firm, a subsidiary of Stanbic Holdings, reported a net profit of 82.1 MM KES (795,388 USD) in H1-2019 compared to 32.8 MM KES (317,767 USD) in H1-2018.
  • Media and marketing services firm WPP Scangroup's net profit rose by 27.18% in H1-2019 reaching 249.85 MM KES (2.4 MM USD), helped by a rise in sales. The media firm linked the increase in expenses to the acquisition of a 70% stake in rival Kantar TNS.
  • Chinese pay-TV firm StarTimes Media injected 200 MM KES (1.9 MM USD) towards developing Kenyan content for its newly unveiled channel, Rembo TV, that is mainly targeting women with local programs.
  • Logistics solutions firm Pewin Group has inked a 7.3 BN KES (70.5 MM USD) deal with a Belarusian agricultural machinery maker Afttrade DMCC to put up a local tractor assembly plant.
  • China Merchants Port Group Company Limited (CMPort) is looking for the proposed 250 BN KES (2.4 BN USD) Lamu Special Economic Zone (SEZ) project that could cement the Asian nation's dominance on Kenya infrastructure deals.
  • The U.S. Trade and Development Agency (USTDA) awarded a grant to Upepo Energy Zambia Limited, a Zambian energy solutions company, to fund a feasibility study for a 150 MW wind, solar and energy storage hybrid power plant project in northern Zambia.
  • First City Monument Bank (FCMB) has introduced an enhanced agro-commodity trade finance facility for agribusiness operators. The development marks another bold step by the bank to expand and deepen its support to the agricultural sector, its value-chain and the overall growth of the Nigerian economy.
  • Amsterdam-based impact enterprise NOTS Solar Lamps has signed a deal with the Government of Rwanda to accelerate the provision of electricity to the lowest income families in the country.

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