East Africa | - Part 8

Kenya Election May Pose Risk to Economy, Raise Tension, IMF Says

NAIROBI (Capital Markets in Africa) – Kenyan elections may hamper the government’s plans to reduce spending in line with requirements under an International Monetary Fund program, the Washington-based lender said. The vote in East Africa’s biggest economy that’s slated for Aug. 8 could “erode program ownership, delay fiscal consolidation plans, and potentially lead to heightened political instability,” the Washington-based lender said in a statement in its first review of the economy under a $1.5 billion precautionary loan arrangement….

Cytonn takes 25% stake in real estate developer Superior Homes, Kenya

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NAIROBI (Capital Markets in Africa) – Cytonn Investments acquired a 25 per cent stake in real estate developer Superior Homes, as it aims to grow its property portfolio in the Kenya market. The investment firm which has a Sh73 billion real estate portfolio sealed the deal yesterday by injecting Sh1 billion in Superior Homes, setting pace for mergers and acquisitions in the sector. The series of transactions as structured values Superior Homes at about Sh4…

Kenya Warns ‘Trump Effect’ Poses Threat to Its Economy

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NAIROBI (Capital Markets in Africa) – Uncertainty surrounding U.S. policies on trade and immigration poses a major external threat to East Africa’s biggest economy, Central Bank of Kenya Governor Patrick Njoroge said. The lack of predictability on policy is stoking fears of abrupt changes that may affect trade between the U.S. and Kenya, some of which may end up eroding sources of foreign currency, Njoroge told reporters Tuesday in Nairobi, the capital. While Kenya has sufficient buffers,…

Lagarde Says Trump’s Fiscal Plans Likely to Boost U.S. Economy

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KAMPALA (Capital Markets in Africa) – President Donald Trump’s plans to overhaul the U.S. tax system and increase infrastructure spending should accelerate growth in the world’s biggest economy over the next two years, said International Monetary Fund Managing Director Christine Lagarde. “We think there is a high probability of that in the next couple of years,” Lagarde said Friday in an interview in Kampala, the capital of Uganda, where she met President Yoweri Museveni. In an economic update…

Kenya May Hold Off Further Easing on Weak Shilling, Rate Cap

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NAIROBI (Capital Markets in Africa) – Kenya’s interest-rate cap that has failed to stimulate private-sector lending and the nation’s falling currency may force the central bank to hit the brakes on its loosening monetary policy stance. The Central Bank of Kenya’s Monetary Policy Committee led by Governor Patrick Njoroge may adopt a “wait-and-see approach” at its meeting on Monday in order to further assess the effect of a law passed in August that limits how much banks can…

Tanzania Telecom Talking to Banks on $300 Million Expansion

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DAR Es Salam (Capital Markets in Africa) – Tanzania Telecommunications Co., the state-owned phone company, said it’s in talks with banks to raise funds for a $300 million expansion program to take on larger rivals including Vodacom Tanzania Ltd. An unspecified amount of funding has already been secured from the state-owned TIB Development Bank for the five-year strategy, acting Chief Executive Officer Waziri Kindamba said in an interview Tuesday in the commercial capital, Dar es Salaam. The company,…

Pearl Capital Partners reaches first close for Uganda fund

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KAMPALA (Capital Markets in Africa) – The European Union (EU), the International Fund for Agricultural Development (IFAD) and the National Social Security Fund (NSSF) are working together to catalyse investment in the agriculture value chain with the launch today of the Yield Uganda Investment Fund. An initial EUR12mn (UGX46bn) has been made available to provide much needed access to capital for small and medium agri-businesses in Uganda. This new impact Fund, being arranged by Deloitte…

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