- The World Bank has approved a 750 MM USD (75 BN KES) loan to Kenya for budget support. The loan marks the first time in years, the World Bank is putting cash straight into the treasury to be used at the discretion of the government as opposed to the recent trend where it has channeled funds straight into projects.
- The Central Bank of Kenya (CBK) will open a currency center in Kisii to ease the distribution of cash to financial institutions. The currency unit will be opened in partnership with Barclays Bank of Kenya, which will act as an agent for CBK.
- Kenyan National Treasury has re-opened the sale of 250 MM KES (2.4 MM USD) mobile-based infrastructure bond M-Akiba. The sale of the tax- free three-year bond started last Monday and will run up to June 10 with investors being offered 10% in interest on investments starting from 3,000 KES (29.63 USD).
- Kenya sugar imports in the first four months of 2019 grew 144% reaching 150,302 tons compared to 61,516 tons in the same period of 2018 following a decline in local production.
- Kenya petroleum product imports reached 344.8 BN KES (3.41 BN USD) in the 12 months to April 2019, compared to 299.6 BN KES (2.95 BN USD) in the same period of 2018.
- In Uganda, the Ministry of Finance announced that the country traded at surpluses with the East African community, the Middle East and the rest of Europe reaching 10.1 MM USD, 187.3 MM USD and 111.6 MM USD, respectively, in March 2019.
- The yield on Zambia 750 MM USD 2024 bond increased last week, peaking at 22%, a 20% point spread over US treasuries. This is more than double its margin in early 2019. Such levels imply that investors assume a significant degree of capital write-off.
- The World Bank approved 200 MM USD Renewable Energy Guarantees Program to support the Government of Ethiopia ongoing power sector reforms and leverage private sector financing for renewable energy generation.
- South Africa recorded a trade deficit of 3.43 BN RWF (3.79 MM USD) in April 2019 compared to a 4.71-BN RWF (5.2 BN USD) surplus in March 2019.
- Kenya has accused Somalia of attempting to sell oil and gas blocks in a disputed maritime area whose boundaries have been under consideration by the International Court of Justice (ICJ) since bilateral negotiations between the two countries failed.
- FUFA President Eng. Moses Magogo will be the highest ranked football figure from Uganda in Cairo when the total AFCON gets underway in Egypt on 21st June 2019.
- Kenya Re the Nairobi Securities Exchange-listed firm is planning to inject 5.25 BN KES (51.8 MM USD) from its cash reserves by issuing to existing owners an additional 2.099 billion bonus shares.
- Airtel Africa Ltd, a subsidiary of Indian telecoms group, Bharti Airtel Ltd, indicated its interest to list on the Nigerian Stock Exchange (NSE). Airtel will become the second telecommunication company in Nigeria to be so listed.
- Banking group I&M Holdings' net earnings in Q1-2019 increased by a third, backed by reduced expenses and higher income from lending and transactions. The company net profit reached 2.2 BN KES (21.7 MM USD) in Q1-2019 compared to 1.7 BN KES (16.7 MM USD) in Q1-2018.
- National Bank of Kenya (NBK) made a net profit of 106.3 MM KES (1 MM USD) in Q1-2019, reversing a net loss of 278.5 MM KES (2.7 MM USD) in Q1-2018. The improved performance was driven by higher interest income and a drop-in interest expense.
- Jamii Bora Bank sold its 412 MM KES (4 MM USD) Kenya Airways loan to rival NIC Bank after sidestepping the national carrier's debt-to-equity transactions.
- Diamond Trust Bank (DTB) Group has acquired an additional 16.34% stake in its Burundian subsidiary after buying out International Finance Corporation (IFC) for 152.2 MM KES (1.5 MM USD).
- Safaricom has been named as one of the most admired listed brands alongside other African and international brands during the 7th annual Brand Africa, an independent non-profit organization registered in South Africa.
- In Namibia, Platinum Equity has completed the acquisition of a majority stake in Grupo Ibérica de Congelados, S.A. (Iberconsa) from Portobello Capital and affiliates of the company's founding families. Portobello Capital and members of the Iberconsa management team are co-investing, alongside Platinum Equity.