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Monday, 27 May 2019

The World Bank has approved 25 BN KES (250 MM USD) to help Kenya set up a mortgage refinancing company


Insights Africa

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Economic Outlook

Economic Outlook

  • The World Bank has approved 25 BN KES (250 MM USD) to help Kenya set up a mortgage refinancing company that will make it easier for banks to access long-term finance for cheaper home loans.
  • Kenya is gearing up for bigger loan repayments to China as a five-year grace period that Beijing extended to Nairobi for the standard gauge railway (SGR) funds ends.
  • Uganda is in the process of amending colonial laws that forbid production of cannabis, to allow a new line of investors that could potentially change the country's economy.
  • Rwanda intends to spend 2.8 TR RWD (3 BN USD) in 2019/2020, with 56.9% of the budget going into economic transformation programs, including job creation. While the Government's target is to create over 214,000 decent and productive jobs every year.
  • The African Development Fund approved 11.1 MM USD to support Zambia public finance and economic management as part of efforts to restore fiscal stability and improve livelihoods in the middle-income Southern African nation.
  • The Tanzania Chamber of Commerce in Ireland is calling on Irish businesses to look east towards Tanzania which is considered as the fastest growing economies on the African continent.
  • In Tanzania, the Minister for Agriculture, Natural Resources, Livestock and Fishing Mmanga Mjengo Mjawir has joined farmers' groups to call on farmers to adopt organic farming to improve their health and soil fertility.
  • South Africa (SA) economy has contracted in Q1-2019. In January the World Bank lowered SA's projected growth rate to 1.3% from 1.8%. In April the International Monetary Fund cut its estimated SA GDP expansion from 1.4% to 1.2%.
Political Events

Political Events

  • Kenya and Tanzania have disagreed over a joint plan to build two dams on the Mara River, amid warnings that the Serengeti-Mara ecosystem faces serious threats from increased human activity.
  • The Minister of Islamic Affairs of Saudi Arabia, Sheikh Dr. Abdul Latif bin Abdulaziz Al-Sheikh received the Grand Mufti of Tanzania Sheikh Abu Bakr Al-Zubeir to discuss several issues of common interest, ways to enhance moderation, and anything that serves Islam and Muslims.
Stock Market

Stock Market

  • Foreign investors at the Nairobi Securities Exchange (NSE) in April recorded a net buying position, extending the trend to the third straight month. The foreign investors closed April with net foreign portfolio inflow of 0.35 MM USD (35.39 MM KES).
  • Trading at the Dar es Salaam Stock Exchange (DSE) improved last week, as the equities market recorded a turnover of nearly 1.5 BN TZS (645,000 USD).
Companies Transactions

Companies Transactions

  • Equity Group Holdings is set to acquire four banks in Rwanda, Zambia, Tanzania and Mozambique from London-listed Atlas Mara (ATMA) in a share swap deal valued at 10.7 BN KES (106 MM USD).
  • Rai family-owned Menengai Group is set to acquire water bottler and beverages firm Aquamist, giving it a footprint in the business by acquiring the entire issued share capital of Aquamist through Aquapani Limited.
  • US hotel chain Marriott has debuted in Kenya with the finalization of the rebrand of Sankara Hotel. Both have signed a franchise agreement that would see the Westlands hotel trade under its independently operated premium brand.
  • Mauritian fund manager has acquired Kenyan audit firm Livingstone Associates, a local affiliate of one of "Big Four" accounting firms Deloitte Kenya.
  • The National Hospital Insurance Fund (NHIF) has increased its principal contributors by 13% reaching 7.7 million, with most new members coming from the informal sector.
  • Kenya biggest lender by assets, KCB Group, plans to buy a bank in Rwanda and one in the Democratic Republic of the Congo (DRC). KCB is also planning to open a representative office in China, to take advantage of growing trade links between East Africa and China.
  • Safaricom and Airtel subscribers will start using a new mobile number prefix after finishing the existing ones, including 0722, 0723, 0733 and 0734. The new prefix that starts with 01 has the capacity to handle 100 million subscribers, which is more double the current mobile phone users.

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