Financially battered Kenya Airways will get government support to survive the coronavirus pandemic and remain afloat. Treasury Secretary Ukur Yatani plans were revealed through the International Monetary Fund report published Thursday. “The authorities are developing plans to restructure Kenya Airways and anticipate providing significant financial support over the medium term,” the IMF said. “Much of the projected $1 billion costs for KQ’s restructuring is unavoidable as the government had previously guaranteed Ksh.84.8 billion ($750 million) in debt owed by the airline, and KQ has run large arrears.” According to the proposed plan, the government will take over Ksh.93.5 billion ($827…
Author: David Indeje
David Indeje
David Indeje is the Community Engagement Editor at Khusoko, East Africa’s leading digital business news platform. He shapes editorial content, drives audience engagement, and amplifies diverse voices. Beyond journalism, he consults on digital strategy across agriculture, governance, technology, and health, while examining AI’s role in the future of media. He also serves as Communications Officer at KICTANet, advancing digital inclusion and policy dialogue.
A law that allows for the licensing and supervising of digital lenders came into effect on December 23 following the signing of the Central Bank of Kenya (Amendment) Act, 2021, into law by President Uhuru Kenyatta on December 7. The Central Bank of Kenya in a statement Thursday said “this is a significant milestone” while announcing the draft Digital Credit Providers Regulations. “With the recent advances in technology and ongoing innovations, lending through digital channels, particularly mobile phones, has grown significantly in Kenya. However, concerns have been raised by the public about the predatory practices of the unregulated digital credit…
The Democratic Republic of Congo (DRC) is the newest member of the East African Community (EAC) increasing the community’s population by 46 per cent from 195 million to 285 million. DRC will be the largest in the EAC bloc after Tanzania which has 947,000 square kilometres. DRC’s admission was approved Wednesday during the 18th- Extra-Ordinary heads of state summit held virtually. The summit was themed “Deepening Integration, Widening Cooperation,” chaired by President Uhuru Kenyatta, received and considered the report of the Council of Ministers on the verification mission on the admission of the DRC to join the East African Community. The…
Sarrai Group has a strong presence in the sugar industry in Uganda but not in Kenya. The Group’s sugar production includes Kinyara Sugar, Hoima Sugar, and Kiryandongo Sugar, all based in Uganda.
The world celebrates Christmas on 25 December as a religious holiday marking the birth of Jesus Christ, the son of God, for the Christian faithful.
Two Rivers Lifestyle Center, the holding company of the Two Rivers Mall on Monday said it has inked a Ksh 4.5 billion deal that will see it convert part of their loans into equity as part of debt restructuring. The Two Rivers Lifestyle Center, which encompasses Two Rivers Mall and Two Rivers Office Towers, is co-owned on a 50:50 basis by Old Mutual Properties and the Two Rivers Development Ltd where the Nairobi Securities Exchange-listed Centum Investment Company, AVIC and Kenya Development Corporation (KDC) are shareholders. “The financing arrangement will see the replacement of a substantial portion of the existing…