East Africa | - Part 2

Investor Demand and Business Activity to Increase as Political Stability Returns to Kenya

NAIROBI, Kenya, December 17, 2017/ — Kenya is emerging from a protracted presidential election process and seeing a return to political stability. Nonetheless, challenges will persist in 2018 for organizations operating in the country and East Africa more widely. High debt levels in Kenya and unpredictable policymaking in Tanzania are among the key risks for businesses operating in the region in the year ahead, says specialist global risk consultancy Control Risks (www.ControlRisks.com) in its annual…

Kenya Opposition Delays Plan to Swear-In Leader as President

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s main opposition alliance postponed indefinitely plans to swear-in its leader as president of a so-called People’s Assembly, after the government warned such a step would amount to treason. A ceremony that was to be held in the port city of Mombasa Dec. 12 was called off after “extensive internal consultations and engagement with a wide range of national and international interlocutors,” the National Super Alliance said in an…

Kenyan Agency Mulls $1.46 Billion Bond to Repair Damaged Roads

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – A Kenyan government agency plans to offer 150 billion shillings ($1.46 billion) of bonds to fund repairs to roads in the East African nation that have suffered from historic neglect. The Kenya Roads Board is seeking approval from the Treasury to begin a July offering of the first tranche of debt that’ll be backed by a tax on fuel imports that provides a steady income, according to Executive Director Jacob Ruwa….

African Union Begins Pulling Forces Out of War-Torn Somalia

Posted on by The Editorial Team

MOGADISHU (Capital Markets in Africa) – The African Union mission in Somalia said it has started gradually withdrawing its forces from the war-torn nation and will have 1,000 fewer troops there by the end of the year. Troop movements have begun in various parts of the Horn of Africa country and will continue in the coming weeks, the mission known as Amisom said Tuesday on its Twitter account. Security responsibilities will be gradually transferred to Somali national…

Kenya’s Largest Retailer Nakumatt to Enter Administration

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Nakumatt Holdings Ltd., East Africa’s largest retailer, is seeking a court order to enter administration as part of a plan to revive its debt-laden business. The Kenyan company will go to court on Nov. 8 for a hearing on the application, which proposes that “business-turnaround professional” Peter Kahi of PKF Consulting Limited be appointed as administrator, according to a statement emailed Monday from the capital, Nairobi. Nakumatt is “optimistic” that…

South Sudan Targets Doubling Oil Output in 2018, First Refining

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SOUTH SUDAN (Capital Markets in Africa) – South Sudan targets more than doubling oil production to 280,000 barrels per day next year as it restarts output that was suspended at some fields because of an almost four-year civil war. The government is seeking to restore production to about 150,000 barrels per day by the end of 2017, from 130,000 barrels, Petroleum Minister Ezekiel Lul Gatkuoth told an energy industry conference in the capital, Juba, on Wednesday….

Kenya Plans to Start Oil Exports, Award Blocks Early 2018

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya plans to ship its first oil at the end of February and award 17 new exploration blocks during the first quarter of 2018, the Energy Ministry said. While East Africa’s biggest economy was scheduled to export its first crude in June, it delayed the pilot program following a tussle between the Turkana community in Kenya’s northwest — where Tullow Oil Plc has discovered 1 billion barrels of oil — and the central government…

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