Author: David Indeje

Kenya’s Department of Immigration Services has appealed to foreigners in the country to utilize the 14 days window to apply for permits to regularise their status or leave. This is after the department lifted the six-month stay amnesty granted to foreigners following the outbreak of Covid-19. “In light of the eased Covid-19 related restrictions and resumption of international travel, the Directorate of Immigration Services has lifted an earlier amnesty on stay in the country beyond the stipulated 6 months,” Immigration Director-General Alexander Muteshi said in a statement on Monday. “Visitors are hereby given 2 weeks with effect from September 14,…

Kenyan Treasury bills remained undersubscribed, with the subscription rate coming in at 84.1 percent, up from 49.6 percent the previous week. This was supported by the relatively high liquidity in the money markets. The highest subscription rate was in the 91-day paper, which came in at 180.7 percent, up from 68.5 percent recorded the previous week. The subscription for the 182-day paper also rose to 76.0 percent, from 31.6 percent recorded the previous week, while that of the 364-day paper declined to 53.5 percent from 60.0 percent recorded the previous week.  The yields on the 91-day and 364-day papers remained…

Tanzania and Uganda on Sunday signed a $3.5 billion East Africa Crude Oil Pipeline (EACOP) project. The pipeline will cover 1,445-km.  “We have agreed that Tanzania will take 60 percent of the profits and Uganda will remain with 40 percent,” Tanzania President John Pombe Magufuli said from his hometown of Chato after a meeting with Ugandan President Yoweri Museveni.  President Museveni on the other hand said, “In principle, we agreed that our governments expedite the harmonization of pending issues in the spirit of the East African Community (EAC), the remaining agreements be fast-tracked including the Tanzanian HGA and we quickly…

Kenya’s National Treasury Cabinet Secretary Ukur Yatani says the country’s economic growth is likely to grow by less than 2.5 percent this fiscal year. “Kenya’s economic growth is expected to decline to below 2.5 percent in 2020,” Yattani said in a circular to all cabinet secretaries on the guidelines for the preparation of the 2021/22 – 2023/24 medium-term budget. “Revenue collection is likely to be adversely affected by the poor business environment occasioned by Covid-19 pandemic,” he said. He exuded confidence that the economy would rebound to six percent in the medium term. Further, he indicated that the economic policy…

Toyota Kenya has partnered with NCBA Bank to offer flexible finance schemes for commercial and personal vehicle buyers.  The schemes include an up to 95 percent financing option with the purchase of Hilux single cab pickups, Hiace vans, and Toyota Rush to be paid within 60 months, and an extended repayment holiday at the outset of 90 days. Toyota Kenya Chief Operations Officer Mr Joshua Anya said, “Although this is not the first asset finance partnership we are getting into, the significance of this partnership with NCBA Bank is down to the fact that despite the tough operating environment, our…

President Uhuru Kenyatta’s cabinet on Thursday approved the establishment of a credit guarantee scheme targeting the Micro, Small, and Medium Enterprises (MSMEs)  with an initial seed capital of KSh10 billion. The capital will be disbursed in two tranches of KSh5 billion in the current financial year 2020/21 and Financial Year 2021/22. In addition, Development Finance Institutions and participating commercial financial institutions are expected to boost the funding for the scheme to at least KSh100 Billion.  The scheme is expected to be operationalized by mid-October, 2020.  In June, the National Treasury allocated KSh3 billion to the scheme. In addition, the Cabinet…