Tullow Ghana, Invest in Africa to empower its SMEs suppliers who were affected by COVID-19

GHANA – Tullow Ghana, an oil and gas explorer and producer, has partnered with Invest in Africa (IIA) to deliver training to a number of its small and medium enterprises (SME)suppliers as part of the Access to Finance programme. The Access to Finance programme is an eight-month long programme, to be delivered in two parts, designed to equip selected suppliers with the requisite knowledge, skills and support to effectively engage with financial institutions in the areas of refinancing, restructuring of existing funding arrangement to improve liquidity. The programme is designed…

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Kenya Airways implements contactless payment at JKIA

KENYA – National carrier Kenya Airways, has implemented contactless transactions to enhance customer and staff health and safety priorities in the wake of the COVID-19 pandemic. This service will be effective from 1st September 2021. The contactless transactions align with the airline’s strategy to develop sustainable business operations through investing in innovative processes and technologies for customer safety and security throughout the customer journey. Customers will be encouraged to use mobile money, credit, or debit cards to make any transactions at the Jomo Kenyatta International Airport (JKIA), including purchasing tickets…

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IFC and FMO partner with I&M Bank to support SMEs in Kenya

KENYA – To help smaller businesses across a range of sectors in Kenya access financing for working capital, expansion, and to weather the effects of COVID-19, IFC and FMO, the Dutch entrepreneurial development bank, have announced a loan to I&M Bank Limited of US$50 million. With IFC contributing US$30 million and FMO contributing US$20 million, the loan will strengthen I&M Bank Ltd.’s regulatory capital position, allowing the bank to boost economic activity in Kenya by lending to small and medium-sized enterprises mainly in the trade, manufacturing and construction sectors.  As…

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OeEB, EIB launch US$119m private sector financing initiative for businesses affected by COVID-19

AFRICA – The Development Bank of Austria (OeEB) and the European Investment Bank (EIB) have launched a new EUR100 million (US$119.38m) private sector financing initiative for entrepreneurs and businesses most impacted by economic, health and social challenges triggered by COVID-19. The programme will enhance access to long-term financing across sub-Saharan Africa, help to create thousands of jobs and accelerate sustainable development and poverty reduction. The first joint business financing supported by the two institutions will provide both direct loans to companies in Africa and financing managed by local banks. “This…

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AfDB approves US$1.4m grant to improve food security in Zambia in the wake of Covid-19

ZAMBIA – The Board of Directors of the African Development Bank has approved a US$1.4 million grant from the Global Agriculture and Food Security Program to reduce malnutrition among the Southern African nation’s most vulnerable households. The Mitigating Impacts of Covid-19 on Household Food Security Project will create about 150 permanent skilled or semi-skilled positions and 40 part-time unskilled jobs in crop, livestock and fisheries value chains. The project will supply inputs for crops, livestock and aquaculture enterprises to promote good agricultural practices and increase food production and a capacity…

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Kenya Airways to resume Nairobi – London flights as the summer season begins

KENYA – National carrier Kenya Airways (KQ) will resume operations on the Nairobi-London route on June 26 after the East African nation restored flights ahead of the peak summer tourism season. The airline suspended flights on the route in April following a government directive banning all flights to or from Kenya to the UK. “We are starting with one at the moment, but we shall add more frequencies if we realise that there is a rise in forward bookings,” KQ director of Corporate Communication Dennis Kashero told the Business Daily.…

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Sub-Saharan Africa records 2.4% economic decline, worst recession in 60 years – World Bank

SSA – The economic output of economies in Sub-Sahara Africa declined by 2.4% in 2020 due to the COVID-19 pandemic, the region’s first economic contraction in a generation and the deepest recession since the 1960s, latest World Bank reports indicates.  However, the recession was milder than previously projected as the virus spread more slowly than anticipated and agricultural activity was unexpectedly intense in some countries such as Benin, Ethiopia, Kenya, Nigeria. According to the June 2021 issue of the  Global Economic Prospects Reportby the World Bank, growth in the Sub-Sahara region has…

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World Bank gives Kenya US$750m for COVID-19 recovery

KENYA – The government of Kenya has received US$ 750 million from the World Bank to reinforce its resilient, inclusive green economy recovery from the COVID-19 crisis. The World Bank approved this development policy financing to support policy reforms that will strengthen transparency and accountability in public procurement and promote efficient public investment spending. The support will enable Kenya to improve its medium-term fiscal and debt sustainability through greater transparency and efficiency in government spending, building on ongoing World Bank support to enhance public finance management systems. The operation provides for…

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Asian e-commerce company QNET to enter Kenyan market

KENYA –  E- Commerce giant QNET has announced plans to expand operations in the Kenyan market.  In its latest update on Kenya, the firm said it is seeking to establish a physical presence in Kenya with the intent to grow a large network of Independent Representatives. In East Africa, QNET’s regional distribution hub exists in Rwanda and while in  West Africa, the company has a physical presence in  Ivory Coast. The company has over 250,000 Independent Representatives across Africa, with the goal to expand and increase this manifold.  Kenya, Uganda…

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Aviation traffic in Africa sank 73.7% in March 2021 – IATA

AFRICA – The International Air Traffic Association (IATA) has announced that passenger traffic fell in March 2021 compared to pre-COVID 19 levels in March 2019 but rose compared to the immediate month prior to February 2021. The comparisons were done that way because between 2021 and 2020, monthly results are distorted by the extraordinary impact of COVID-19, unless otherwise noted all comparisons are to March 2019, which followed a normal demand pattern. Total demand for air travel in March 2021 (measured in revenue passenger kilometres or RPKs) was down 67.2%…

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