Business & Economy News Highlights | Africa

  • The Capital Markets Authority has admitted Standard Investment Bank owned firm FourFront Management to its fintech innovation and incubating hub, where it will test new products for possible rollout in the local capital markets. https://www.businessdailyafrica.com/bd/markets/capital-markets/standard-investment-bank-unit-joins-cma-fintech-hub-2371578
  • Kenya’s plans to raise USD 1 billion through the sale of a stake in the National Oil Corporation of Kenya face longer delay, with the government remaining non-committal on the expected conclusion date of the deal whose proceeds are meant to acquire a stake in the Turkana oil blocks. https://bit.ly/2GdxZDU
  • TTCL has signed an agreement with the Zanzibar Information Communication Technology Infrastructure Agency to connect the National Broadcast Broadband Backbone with the Zanzibar communication backbone to enhance the efficiency of communication services of the two sides of the country. https://bit.ly/337j86X
  • Ministry of Finance revealed that it will issue an invitation for bid to international telecom companies to award two bidders that take over 40 percent stakes of Ethio Telecom in October 2020. https://bit.ly/3i9jQFd
  • The investor intending to provide Tuskys with a KES 2 billion (approx. USD 1.14 million) loan seeks to secure the debt using all of the supermarket operator’s shares, putting the ownership of the existing shareholders at risk in the event of default. https://bit.ly/3i8Q82Q
  • Investors at the Nairobi Securities Exchange have gained KES 123.4 billion (approx. USD. 1.14 million) over the past month, riding on increased demand for Safaricom and bank shares by high-net-worth individuals that have cut the coronavirus-driven losses. https://bit.ly/3mXHCrm
  • SMEs in horticulture lack of adequate financial records, skills, and other requirements have hindered them from accessing the EUR 16.2 million (approx. USD 19 million) Investment in Horticultural Development in Rwanda, a four-year project funded by the Embassy of the Kingdom of the Netherlands and Government of Rwanda. https://bit.ly/36ePhvk
  • RwandAir has announced that it is to resume flights to London and Brussels from its hub in Kigali, Rwanda on 3 October as the African airline works towards rebuilding its passenger network, Simple Flying reports. https://bit.ly/30eO0k2
  • The State-backed mortgage firm will cap cheap home loans at KES 4 million (approx. USD 36,917.40), kick-starting operations after the Central Bank of Kenya granted it the permit to start lending at an annual subsidized interest of seven percent or nearly half the prevailing market rates. https://bit.ly/3kOPCZK
  • The Petroleum Ministry’s integrated strategy to develop Egypt’s natural gas resources has resulted in the highest rates of natural gas production in Egypt’s history and self-sufficiency in gas, Petroleum Minister Tarek al-Molla announced on Sunday. https://bit.ly/3j6WUHO