Business News Highlights This Week

  • Uganda’s central bank has said foreign-based commercial banks do not need its approval to lend funds originating abroad, bringing relief to Kenyan banks that had been rattled by a court ruling last week that declared some syndicated loans illegal.
  • The Kenya Revenue Authority has been barred from enforcing a KES 2.3 billion (approx. USD 21 million) tax demand against steel manufacturer Doshi Ironmongers until it complies with a court order to return equipment it seized more than a decade ago.
  • Tanzania Startup Association and the Embassy of the Netherlands in Tanzania have signed a Memorandum of Understanding to support a conducive legal and regulatory business environment for the growth of the Tanzanian startup ecosystem.
  • KCB Kenya has received KES 16.3 billion (USD 150 million) funding from the International Finance Corporation to finance climate change projects and increase micro, small and medium enterprises loan book.
  • Troubled Botswana retailer Choppies owed Kenyan banks and suppliers KES 1.2 billion (approx. USD 11 million), regulatory filings show, which it tried to settle through inventory sales before exiting the country’s market.
  • Bank of Uganda has stated that foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities, and it is not mandatory for a foreign bank to establish a representative office in Uganda in order to conduct lending or non-deposit-taking activity.
  • The Finance Ministry auctioned treasury bills at a total value of EGP 23 billion (approx. USD 1.5 billion). In a statement, the ministry said it sold 91-day T-bills worth EGP 8 billion (approx. USD 510 million) with an average yield of 13.212 percent, adding it accepted bids at rates between 13.259 percent and 12.999 percent.
  • The Board of Executive Directors of the World Bank Group has approved a grant (clearance of pre-arrears) of USD 200 million to support the efforts of the transitional government in implementing the government program for economic reforms, in addition to USD 200 million from Sudan’s partners that have already been approved.
  • Mohamed Ali Musabbeh Al Nuaimi, Chairman of Ras al Khaimah Chamber of Commerce and Industry received Emmanuel Hategeka, Ambassador of the Republic of Rwanda to the UAE, to further develop mutual business plans and to increase the efforts to reinforce the cooperation in the economic and investment sectors and to benefit from the available opportunities and explore the investment opportunities offered by both parties.