Author: David Indeje

China, Kenya’s largest bilateral lender, has granted Ksh.27 billion ($245 million) debt relief to the country which was due from January through June.   Kenya has received over US$300 million in debt relief from the Paris Club, an informal group of creditors that aids borrowers in distress, under the G20-led Debt Service Suspension Initiative (DSSI).   “We are happy to announce that our engagement with China where we held about Ksh.27 billion in payments falling due between January and June,” Treasury Cabinet Secretary Ukur Yatani said in an interview with Spice FM.  “The net impact of this relief is an opportunity and break on…

Kenya’s horticultural exporters and Kenya Airways on Monday inked an agreement to boost the country’s exports by leveraging on the national carrier’s network.  The Fresh Produce Exporters Association of Kenya (FPEAK), Kenya Flower Council (KFC), the Fresh Produce Consortium said in Nairobi that the deal will ensure that KQ is part of the horticulture supply chain.  “Kenya Airways currently handles between 18 and 20 percent of the country’s fresh produce exports. We hope that through this agreement the figure can expand to 30 percent in the next year,” Clement Tulezi, CEO, KFC said.  “In order to grow the horticulture industry every…

The Central Bank of Kenya (CBK) is likely to keep the benchmark interest rates unchanged in 2021 according to market analysts.  According to the analysts, the central bank is likely to continue with the accommodative monetary stance keeping the hope alive for a rate cut as and when needed.  In its last MPC meeting in November, the CBK kept policy rates unchanged at 7.00 percent with Dr Patrick Njoroge disclosing that “Additional measures to strengthen the fiscal performance are under consideration.”  The CBK projected the country’s GDP to contract 3.1 per cent in the current financial year due to the pandemic from the…

Working from home (WFH) is now a reality for many companies and employees.   Companies and industries have adapted themselves to a revamped way of working.  The ripple effect was how parents would balance taking care of their children, longer working hours, and psychological stress.  In an April survey administered remotely through GeoPoll’s mobile-based research platform, it was found that 80 per cent of respondents were frightened about coronavirus spreading in their countries, but 71 per cent said they were also ‘very concerned’ about its economic impact.   The survey which reached more than two-thirds of over 4,500 Africans across 12 countries…

Co-operative Bank of Kenya has secured $75 million long-term funding from the International Finance Corporation (IFC) for onward lending to the micro, small and medium-sized enterprises (MSMEs).  The bank’s chief executive Gideon Muriuki said the funds would be used to support businesses to better cope with the disruptions brought about by the Covid-19 pandemic. “The funding has come at a most opportune time as it boosts our ability to better support our MSME customers to stabilise and turnaround their businesses to meet the challenges brought about by the pandemic,” said Mr Muriuki. The seven-year loan will be benefit MSMEs undertaking climate-smart projects including agricultural…

Kenya will resume the US-Kenya trade negotiations under President Joe Biden’s administration, Trade and Industrialization Cabinet Secretary Betty Maina said Monday.    The Kenya-US trade deal has already completed two rounds with hopes a deal will be signed ahead of the expiry of the African Growth and Opportunity Act (AGOA) in 2025.    “We expect to get into more rounds of negotiations as the new administration settles down having already had two rounds,” the CS said on Monday.    In his congratulatory message to Joe Biden, the President elect, President Uhuru President Uhuru Kenyatta said Biden is a friend of Kenya whose last visit to the country while…