Africa News Highlights This Week

  • The value of investor wealth on the Nairobi Securities Exchange hit a 34-month high of KES 2.62 trillion (approx. USD 24.5 billion), lifted by a rally of the share prices of Safaricom, East African Breweries, and banks.
  • Kenya’s repayments towards Standard Gauge Railway line-related loans will more than double in the financial year starting July on the back of increased payment of principal sums to Chinese lenders for the mega infrastructure project.
  • The recovery of tourism will be hinged on a combination of factors, among which will include the appointment of representatives in key source markets, according to the Uganda Tourism Board.
  • Egypt’s plans to put digitalization at the heart of its efforts to drive post-pandemic growth in the financial services sector and boost inclusion are explored in a new Covid Response Report, produced by Oxford Business Group in partnership with the Financial Regulatory Authority.
  • Kenya has scrapped work visa and permit requirements for Tanzanian nationals in an effort to boost trade and tourism between the two countries, fast-tracking implementation of the East African Common Market Protocol allowing workers to move freely in the region.
  • Payroll taxes fell short of the revised target for April by 1.5 percent, signalling jobs underperformed government projections ahead of tighter COVID-19 containment measures imposed on five counties to stem the deadly third wave of infections.
  • Commercial activity surrounding the recent signing of key agreements related to the 1,445km East African Crude Oil Pipeline Project and a surge in oil explorers’ procurement budgets have increased hopes of recovery in the country’s real estate industry that has been hit hard by the COVID-19 pandemic.