East Africa | - Part 12

Sudan Says U.S. Backs Its WTO Bid as Sanctions Decision Due

KHARTOUM (Capital Markets in Africa) – The U.S. is backing Sudan’s bid to join the World Trade Organization, a Sudanese official said, days before Washington is due to decide whether to permanently lift some sanctions imposed on the African country two decades ago. “Our team is very much satisfied with the support of the U.S. for Sudan going into the WTO,” Sudanese State Investment Minister Osama Faisal Elsayed Ali said in an interview. The North African…

Climate of Fear Engulfs Rwanda’s Upcoming Vote, Amnesty Says

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – Rwandan President Paul Kagame is seeking re-election amid a climate of fear that’s the result of two decades of crackdowns on the political opposition, media and human-rights defenders, Amnesty International said. A report from the London-based group released Friday said freedom of expression, association and peaceful assembly have all been restricted since the Rwandan Patriotic Front came to power in the wake of the East African nation’s 1994 genocide. Opposition politicians…

Barclays Kenya `Open Minded’ on Takeovers as Industry Wilts

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Barclays Bank of Kenya Ltd. is ready to make acquisitions in East Africa’s largest economy as the industry struggles to cope with interest-rate caps that have cut profit and curbed lending and regulators urge the industry to consolidate. “Are we open to acquiring? Absolutely,” Chief Executive Officer Jeremy Awori said in an interview on Wednesday in Nairobi, the capital. “So you’ll either be looking to acquire capabilities you don’t have, which will…

XSML invests in Monishop, Congo-Kinshasa

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – XSML, the fund manager active in Central & East Africa, announced its investment in Monishop sarl (Monishop), a well-known supermarket in Kinshasa, DRC. Since inception Monishop has grown to become the leading supermarket in Kinshasa in terms of product offering and overall store experience, with bank, fast-food and pharmacy facilities on the same premises. The investment supports Monishop to build a new large supermarket in the center of Kinshasa. Monishop…

Kenya Reviews Mining Laws as Industry Struggles to Grow

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya is reviewing its mining code, a year after enacting new legislation, as it seeks to attract investment into an industry that’s barely grown over the past five years. The government is working with the U.K. Department for International Development-funded Extractives Hub to come up with a revised law that balances investor returns with government-revenue needs and international best practice, Mines Secretary Dan Kazungu said. The review is expected to be…

Tanzania Passes Laws Enabling Renegotiation of Mining Deals

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania approved two laws that enable the government to renegotiate contracts with mining and energy companies as the state seeks a greater share of revenue from natural resources. The bills, which deal with state sovereignty over mineral wealth and contracts containing “unconscionable terms,” were approved by parliament on Monday 3rd July 2017. The Tanzania Chamber of Minerals and Energy (TCME), the main industry lobby group that has…

Hunger Used as a Weapon of War in South Sudan, Amnesty Says

Posted on by The Editorial Team

JUBA (Capital Markets in Africa) – South Sudanese government forces and rebels have used hunger as a weapon of war in a region once seen as the country’s breadbasket that’s been ravaged by killings, gang-rapes and looting over the past year, Amnesty International said. Civilians’ access to food in the southern region of Equatorial, where conflict spread last July, is “severely limited” after combatants cut supplies, looted from markets and homes and targeted civilians, the…

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