East Africa Business News Weekly Roundup

KENYA: 

The European Union on Wednesday unveiled a KES 6.62 billion (approx. USD 65.3 million) package for onward lending to farmers and agro-processors servicing demand-driven contracts. European Union delegation to Kenya Charge’ d’Affairs Walter Tretton said KES 5.7 billion (approx. USD 56.2 million) will be lent out on a long-tenure basis of seven years on a collateral-free basis and will be managed by Equity Group. (Read the full article here) http://bit.ly/2INrVj0 

French-based investor Creadev has pumped USD 5 million into Kenya’s mobile-based food delivery firm Twiga Foods in a deal that will also see the Mulliez family, one of the richest in the world and which controls the private equity firm, acquire a stake in the company. (Read the full article here) (http://bit.ly/2ZtNyvJ) 

The cost of idle capacity is set to wipe out nearly all the gains made as cheaper energy sources come on to the national grid, the energy regulator has said, dashing hopes for lower rainy season power bills. Senior renewable energy officer at Energy and Petroleum Regulatory Authority Nixon Bukachi said the cost of power may not come down soon despite the high proportion of renewable energy sources. (Read the full article here) (http://bit.ly/2INrVj0) 

ETHIOPIA 

The Government of Ethiopia plans to create 3 million new permanent jobs in the upcoming fiscal year 2019/20. Out of the total number, it plans to generate 1.51 million jobs in urban areas and the remaining 1.49 million in rural areas, according to the Ministry of Urban Development and Construction. (Read the full article here) (http://bit.ly/2FaQZj2) 

 Equity Group Holdings plans to set up a representative office in Ethiopia as the East African nation opens up its financial sector, according to a person with knowledge of the matter. (Read the full article here) (https://bloom.bg/2WPE94A) 

TANZANIA  

The Dar es Salaam port is set to accommodate large vessels with the capacity to carry between 4000-6000 tonnes after the construction of a new berth. (Read the full article here) (http://bit.ly/2XTbwjm) 

The NMB Bank has opened a window for a three-year bond welcoming people to invest as it eyes to raise USD 11 million to beef up its capital. The move is as a result of the Capital Markets and Securities Authority granting approval to issue the first tranche of the NMB Medium Term Note programme. (Read the full article here) (http://bit.ly/2KnmmLm) 

UGANDA  

A new framework is set to determine which telecom lists on the Uganda Stock Exchange. According to the telecommunication licensing consultation paper drafted by Uganda Communications Commission in April, only telecoms holding a national telecom operator will be required to list. (Read the full article here) (http://bit.ly/2MTOl7L) 

RWANDA  

Swedish entrepreneurship hub Norrsken has announced its entry into the Rwandan market, in a move expected to boost the country’s entrepreneurship ambitions. (Read the full article here) (http://bit.ly/2FcL5xW) 

* Parliament has passed a draft law prohibiting the manufacture, importation, use and sale of single-use plastic items in Rwanda. (Read the full article here) (http://bit.ly/2WLyQTG)