Kenya plans to raise $2 billion from the international market in the next fiscal year (2023-2024) to repay a 10-year Eurobond maturing in June 2024. The National Treasury has invited expression of interest from reputable financial institutions to provide transaction advisory services for the proposed Eurobond. Kenya’s Public Debt came in at Kshs 9.1 trillion (equivalent to 63.0% of GDP) as of December 2022, an 11.2% increase from the Kshs 8.2 trillion (66.2% of GDP) recorded in December 2021. Additionally, the public debt to GDP is expected to marginally decline to 60.0% in 2023, on the back of the government’s continued focus on prioritizing…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
CMC Motors Group will exit the mass-market passenger vehicle segment to focus primarily on agriculture mechanization. The firm’s managing director, Sakib Eltaff, noted that the decision to shift focus was due to rapid changes in market dynamics owing to the pandemic, production slowdowns, and supply-chain disruptions, which have impacted the passenger vehicle market. “We thoroughly studied the situation and took the decisive step to shift focus. It wasn’t an easy choice for us, as we have been very proud to represent global automotive brands such as Ford, Suzuki, and Mazda, and we will certainly ensure our customers continue to experience…
Ethiopia’s Sifan Hassan won the women’s London Marathon on Sunday as Kenya’s Kelvin Kiptum won the men’s race in the second-fastest time in history. https://twitter.com/WorldAthletics/status/1650095117972242432?s=20 https://twitter.com/WorldAthletics/status/1650099846756331522?s=20 Ethiopia’s Alemu Megertu was second in 2:18:37, with Kenya’s Peres Jepchirchir, the Olympic champion, third in 2:18:38. Geoffrey Kamworor made it a Kenyan one-two, finishing second in 2:04:23, with Ethiopia’s Tamirat Tola third in 2:04:59. Leading results Women 1 Sifan Hassan (NED) 2:18:33 2 Alemu Megertu (ETH) 2:18:37 3 Peres Jepchirchir (KEN) 2:18:38 4 Sheila Chepkirui (KEN) 2:18:51 5 Yalemzerf Yehualaw (ETH) 2:18:53 6 Judith Jeptum Korir (KEN) 2:20:41 7 Almaz Ayana (ETH) 2:20:44 8 Tadu Teshome (ETH) 2:21:31 Men 1 Kelvin Kiptum (KEN) 2:01:25 2 Geoffrey Kamworor (KEN) 2:04:23…
Kenya’s National Treasury has formed a task force on Anti-Money Laundering, Countering Financing of Terrorism and the Financing of Proliferation of Weapons of Mass Destruction. Its secretariat will be the Financial Reporting Centre. The National Treasury will chair the task force, whose members include the Attorney-General, the Office of the Director of Public Prosecutions, and the State Departments for Internal Security, Foreign Affairs and Immigration. Other members include the Directorate of Criminal Investigations, Ethics and Anti-Corruption Commission, Assets Recovery Agency, National Intelligence Service, National Counter Terrorism Centre, Kenya Revenue Authority, Central Bank of Kenya, Capital Markets Authority and Insurance Regulatory…
Africa’s wealthiest cities are dominated by South Africa and Egypt, according to the World’s Wealthiest Cities 2023 report by consultancy New World Wealth and Henley Partners. According to the report, Johannesburg leads Africa with 14,600 dollar millionaires. The second spot was Cairo with 7,800 HNWIs. South Africa’s second-largest city, Cape Town, emerged third in the continent with 7,200 millionaires, followed by Nigeria’s Lagos city, which has 5,400 HNWI. Kenya’s capital city, Nairobi, was ranked as the 74th wealthiest city globally and fourth in Africa. Nairobi has 4,700 highly wealthy individuals with at least $1 million in net worth, and 11…
NCBA Group is accelerating the pace of bank branch expansion in 2023 as it seeks to bring services closer to customers. The lender opened two brick-and-mortar locations in Kenol and Muranga taking its total branch network count to 88. https://twitter.com/JohnGachora/status/1646923607069581326?s=20 It says it plans to open an additional 10 branches during the year. NCBA Group Managing Director John Gachora said the branch expansion remains an integral part of its overall growth strategy. “This is an exciting moment for our bank, and we are excited to be expanding our reach and better serving our customers in this agriculturally rich county. Given…