Cross-border currency movement company Western Union and US tech giant Amazon have entered into a partnership that will allow Kenyans to use local currency to pay for products sold on the e-commerce platform. The deal is aimed at widening Amazon’s customer base in the country by bringing on board clients who were locked out by hitches on the payment platform, which do not allow transactions in local currencies. Read more. Source | East African
Fifty three offices established by private equity and venture capital companies in the East African Community (EAC) countries which comprises a cumulative minimum value of at least $5.8 billion USD under management for investments throughout the world including in East Africa. This is according to “The Map of Private Equity Firms” based in Sub-Saharan Africa by Africa’s leading private company research firm, Asoko Insight from December 2018. Read more. Source | The Exchange
Africa is the youngest continent in the world with almost 200 million people aged 15-24, and this number is expected to double by 2045. However, unemployment among East African youth is already high, at an estimated 51-57%. With a rising youth population and unemployment rate, young people are turning to entrepreneurship as both a means to generating income and jobs. 79 of every 100 jobs created by young entrepreneurs in East Africa have been for youth aged 18-34, however only 17% of entrepreneurs on the continent believe they will create a medium to high number of jobs over the next five years. Read more. Source| The Exchange
A little-known Kenyan firm will buy at least 100,000 tonnes of raw cashewnuts for Tsh418 billion ($180 million), Tanzania Trade minister said. The sale deal was signed on Wednesday at the Arusha-based East African Community headquarters between Tanzania's Director of Cereals and Produce Board, Dr Hussein Mansour and Indopower Solutions CEO Mr Brian Mutembei. Read more. Source | East African
Rwanda’s Private Sector Federation (PSF) has challenged regional legislators to increase their advocacy for policies designated to eliminate trade barriers, which continue to undermine regional integration. Officials from the umbrella of Rwandan business community were yesterday meeting members of the East African Legislative Assembly (EALA) who are undertaking an outreach programme in partner states. Read more. Source | New Times
The Oserian Development Company has cemented its place on the continent by winning a coveted prize at this year’s International Grower of the Year (IGOTY) Awards held in Germany. As one of Kenya’s largest grower and exporter of cut flowers, Oserian was the only African grower nominated for recognition at this year’s awards ceremony. Read more. Source | The Exchange
The chief executive of the East African Business Council Peter Mathuki spoke with Patty Magubira on the region’s economic prospects for 2019. With regards to challenges the East Africa Community faced in 2018, he outlined that most of them were compounded by protectionist approaches that hindered trade within the East African Community.
"EAC intra-trade stood at only 20 per cent of the total, compared with 46 per cent in the Southern African Development Community, and 67 per cent in the European Union. We have partly implemented the Common Market Protocol, which helped the EAC become the fastest growing regional economic bloc," he said. Read more. Source | East African
Stanbic Bank has projected a six per cent ( 6%) GDP growth rate for Kenya in 2019 with headline inflation set to average 4.9 per cent. This comes after a slow 2018, a year characterized by recovery of the Kenyan economy after a fraught 2017 marked by the spectre of drought and of course the political uncertainty fostered by protracted elections.
Not surprisingly, GDP growth expanded by an estimated 6.0 per cent year-on-year in 2018. Complimentary base effects underpinned GDP growth in 2018; however the diversity of growth drivers and endurance of the economy should not be discounted according to Stanbic. Read more. Source | The Exchange
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The national government will help counties in coffee growing zones to conduct a physical county of coffeebushes, and carry out soil analysis in the regions, as drive to improve the crop takes shape. Senate Agriculture Committee Chairman Njeru Ndwiga said the two governments have already rolled out the exercise in Kirinyaga and Nyeri counties, while the same will be launched in Embu this weekend.
Speaking in Embu town, Mr Ndwiga said the sampling of soils by the Ministry of Industry, Trade and Cooperatives together with respective counties will determine the right fertilizer, as the government prepares to disburse Sh1.5billion subsidy. Read more. Source | Business Daily