admin, Author at Kenya Investment Authority (KenInvest)

Kenya seeks to rival London, Dubai with new financial hub

Posted on July 4, 2022

Kenya will finally launch its international financial centre in the capital Nairobi today after years of preparation to attract large foreign firms and boost capital flows. The Kenyan hub is expected to model Nairobi as a financial district in line with existing financial centres in European, Middle East and the Far East capitals such as London, Dubai and Hong Kong. Despite Kenya’s relatively developed capital markets, 75 percent of all business financing in the economy was from the banking sector, while the balance came from the capital markets, the Treasury said earlier, adding that the situation was not ideal. The centre, which has been in the works since 2014, is meant to help direct international investment to Kenya, enabling companies and investors to take advantage of trade and investment opportunities. It aims to raise more than $2 billion (Sh235.74 billion) in investments by 2030. An international financial centre (IFC) is a location with venues and facilitating services for international activity in areas such as banking, asset management, insurance and financial markets. It works in a regulatory framework that fulfils international standards. Nairobi International Financial Centre (NIFC) acting chief executive Oscar Njuguna said recently the agency would help firms that are targeting the capital city through the hub get faster access to work permits and other regulatory licences. Companies looking to join the NIFC will pay Sh1 million for certification and an annual fee of Sh500,000, regulations published by the Treasury show. Beyond pulling in capital from around the world, the NIFC also wants to deepen the pools of capital available for domestic investors. As well as serving as a gateway to Africa for investors, the centre also aims to deepen the local financial and capital markets. The NIFC will allow businesses to enjoy incentives in areas such as tax and immigration, which have been leveraged by other centres such as Dubai, London and Johannesburg to attract investments. Regulations published by Treasury Cabinet Secretary Ukur Yatani set a lower joining fee of Sh100,000 for start-ups and an annual fee of a similar amount. Start-ups are described as firms in the initial stages of setup, which provide an innovative or novel product or service. “A firm will maintain its start-up status for a period of three years not including the first year of certification,” read the regulations. Nairobi joins Casablanca, Cape Town, Port Louis (Mauritius), and Johannesburg as IFCs in the continent. Rwanda, on its part, is looking to turn its capital, Kigali into an IFC. Examples of IFCs outside Africa are New York City, London, Shanghai, and Hong Kong. Kenya, the third-largest economy in sub-Saharan Africa, is already a commercial hub, with major global companies having their regional headquarters in the country’s capital. Source: Business Daily Newspaper.

Make Nairobi The Base Of Your African Interests, President Uhuru Woos Portuguese Investors

Posted on June 30, 2022

President Uhuru Kenyatta has rallied Portuguese investors, entrepreneurs and captains of industry to make Nairobi the fulcrum of their business interests and investments in Africa. He said Kenya’s immense commercial potential, in almost all sectors of the country’s expanding economy and the cosmopolitan configuration of her population makes Nairobi the ultimate destination for Portuguese investment. “We are a melting pot where we welcome people from all parts of the world so long as they come in peace. So long as they come in the name of trading, working and working together, we welcome people. “I was reminded yesterday that Nairobi has been voted as the best city for expatriates to live, find accommodation. You can make you base for your African operations out of Kenya and we are more than willing to work and support you in that endeavor,” he said. The President spoke on Wednesday in Lisbon when he joined his Portuguese host Marcelo Rebelo de Sousa at the official opening of the Kenya-Portugal Business Forum on the last day of his two-day state visit of the Portuguese Republic. The business meeting was organised by the Kenya Investment Authority (KenInvest) and its Portuguese equivalent, AICEP Portugal Global, to explore business partnership and investment opportunities by Kenyan and Portuguese captains of industry, entrepreneurs and business leaders. At the meeting, also attended by Foreign Affairs CS Raychelle Omamo and his Tourism counterpart Najib Balala, the President regretted that despite the two countries having a long history of bilateral ties, the volume of trade flow between Nairobi and Lisbon remained low. “I do believe there is still much scope for deeper bilateral works between our two countries. We seek to deepen that because it is unfortunate for two countries with such strong trading and private sector base are only dealing with very minimal amounts. The trade between our two countries, the investment between our two countries is very minimal in comparison with the opportunity THAT exists,” he said. President Kenyatta pledged continued Government support to Portuguese investors seeking investment opportunities in Kenya, saying his administration had established a conducive business environment. On the available investment opportunities in Kenya, President Kenyatta encouraged Portuguese investors to consider tapping into the country’s thriving ICT, health and infrastructure sectors. “You have wide experience, especially in the infrastructure, healthcare and ICT sectors. And I do believe we can do a lot more together. We have very strong ICT credentials. “We have a very young and technically savvy population and generation. What we need to do is to ensure that these start-ups now become unicorns that are able to compete in the global environment,” he said. President Kenyatta underscored the importance of the strong Kenya-Portugal partnership, saying the relationship is anchored on “long standing political, cultural and economic ties”. “I believe that there is a lot of opportunities. A chance for us to work strongly together. A chance for us to do great things together. A chance for us to prosper together. “The opportunities that we lay out will only become real. Will only be converted to prosperity and jobs if we actively engage,” President Kenyatta said. On his part, President de Sousa assured Kenya of a “forever partnership” with the Government and the people of the Portuguese Republic. “This is a unique opportunity for us to do more and more, and better and better. For you to help us to do more and more, and better and better but also for you to invest more in Portugal. “We must have more tourism coming from Kenya. We must have your investment here and share this investment with Portuguese partners,” the Portuguese leader said. The Kenyan business delegation at the forum, also attended by Principal Secretaries Johnson Weru (Trade), Nancy Karigithu (Shipping) and Chris Kiptoo (Environment), was led by KEPSA CEO Carole Kariuki. President Uhuru Kenyatta has rallied Portuguese investors, entrepreneurs and captains of industry to make Nairobi the fulcrum of their business interests and investments in Africa. He said Kenya’s immense commercial potential, in almost all sectors of the country’s expanding economy and the cosmopolitan configuration of her population makes Nairobi the ultimate destination for Portuguese investment. “We are a melting pot where we welcome people from all parts of the world so long as they come in peace. So long as they come in the name of trading, working and working together, we welcome people. “I was reminded yesterday that Nairobi has been voted as the best city for expatriates to live, find accommodation. You can make you base for your African operations out of Kenya and we are more than willing to work and support you in that endeavor,” he said. The President spoke on Wednesday in Lisbon when he joined his Portuguese host Marcelo Rebelo de Sousa at the official opening of the Kenya-Portugal Business Forum on the last day of his two-day state visit of the Portuguese Republic. The business meeting was organised by the Kenya Investment Authority (KenInvest) and its Portuguese equivalent, AICEP Portugal Global, to explore business partnership and investment opportunities by Kenyan and Portuguese captains of industry, entrepreneurs and business leaders. At the meeting, also attended by Foreign Affairs CS Raychelle Omamo and his Tourism counterpart Najib Balala, the President regretted that despite the two countries having a long history of bilateral ties, the volume of trade flow between Nairobi and Lisbon remained low. “I do believe there is still much scope for deeper bilateral works between our two countries. We seek to deepen that because it is unfortunate for two countries with such strong trading and private sector base are only dealing with very minimal amounts. The trade between our two countries, the investment between our two countries is very minimal in comparison with the opportunity that exists,” he said. President Kenyatta pledged continued Government support to Portuguese investors seeking investment opportunities in Kenya, saying his administration had established a conducive business environment. On the available investment opportunities in Kenya, President Kenyatta encouraged Portuguese investors to consider tapping into the

KTB Rolls Out Campaign To Boost Domestic Travel

Posted on June 28, 2022

The Kenya Tourism Board (KTB) has launched a domestic tourism marketing campaign aimed at boosting efforts to revitalize the tourism industry. Consequently, the Board has enlisted the partnership of the domestic travel trade to make the campaign impactful through conversation into sales of tour packages. Dubbed “you deserve a holiday” the campaign is tailored to support the sector by rallying Kenyans to travel to various destinations within the country to keep the domestic market a key anchor to the industry that has borne the adverse effects of the Covid-19 pandemic. According to KTB, the partnership with the travel trade will see them combine resources, messaging, and marketing initiatives with an aim of sustaining long-term demand for domestic travel. While commenting on the new campaign, KTB CEO Betty Radier said that the program was part of the strategy aimed at addressing challenges facing the tourism industry as a result of the Covid-19 pandemic. “Through this campaign, we aim to address the challenges that the tourism industry continues to face as a result of the Covid-19 pandemic.One of the key lessons that we have learned during this period is that the domestic market has great potential to sustain the industry as it has been key in keeping many businesses afloat when international travel was minimal,” said Radier. She added that trade partners and experience owners were key to the sector since they own businesses that attract travelers and therefore the board would partner with them to push the campaign. “Tourism and travel businesses have benefited from the domestic market and this is the reason we shall be working together in the campaign. We have seen that the Kenyan consumer is eager to travel, we want to show them that they can also enjoy their own country,” she added. Through the campaign, KTB will be seeking to address several challenges that continue to hinder domestic travel, including perceptions of affordability lack of planning culture, and lack of awareness on the available products and experiences available for the domestic travelers. Radier further urged players in the tourism sector to make a paradigm shift and develop packages and offers that fit into the new holiday calendar to enable Kenyans to make appropriate decisions and plans for vacations. The tourism sector has been among the worst-hit sectors by the pandemic due to the closure of borders and cancellation of flights, as economies globally moved to control the pandemic. The industry has however been on a recovery path with the sector earnings jumping 65 per cent to Sh146.51 billion last year up from Sh88.56 billion in 2020, according to the Kenya Tourism Sector Performance Report of 2021. Source: Capital FM Kenya.

Kenya’s E-Waste Start-Up Coveted Climate Tech Award 2022

Posted on June 28, 2022

Waste Electrical and Electronic Equipment (WEEE) – a local-based company have been awarded the 2022 Climate Tech Category Award 2022 which took place recently in Paris, France. Bonnie Mbithi, WEE Centre’s CEO said the award is evidence enough that the next big companies are those that are focusing on solving global challenges related to climate change and matters environment while impacting lives positively ” I am humbled that there are so many people who now believe in my dream of having a circular approach to E-waste management. This award gives us every reason to appreciate our local African startups that find solutions that can be implemented anywhere in the world. Viva tech has given us a jumpstart into the next growth of WEE centre as we aim to become a continental company.” he said. In its 6th edition and organized by VivaTech which is the biggest startup and tech event in Europe and recognized worldwide as a powerful catalyst for business transformation, startup growth, and innovation for the common good. This year’s Vivatech tech conference had a total of 91,000 in-person visitors, from 146 Nationalities who were able to discover all the innovations and attend the live conferences at the Porte de Versailles expo venue in Paris. The digital audience amounted to 300,000 visits and the VivaTech News channel to more than 4.3 million. The event reached 400 million people and had more than 3 billion views on social networks. At this event, The prestigious award is a pan-African initiative developed to recognize and support impactful start-ups across three key sectors, one being Climate Tech. It aims to help create new market opportunities for emerging start-ups with great impact potential in Africa, catalyzing support and inspiring action from investors, policymakers, fellow entrepreneurs, and leading institutions in the tech space. Source: Capital FM Kenya.

Equity, CFAO In Deal To Provide Farmers 80pc Machinery Financing

Posted on June 28, 2022

Equity Group, CFAO Kenya Ltd, and CFAO Agri Limited (CFAO Group) have entered into a deal that will among others see farmers provided with up to 80 percent financing that will enable them to purchase farm inputs and machinery such as tractors. Ultimately, the three entities seek to provide local farmers and other primary players in the agriculture value chain with easy access to farm inputs and machinery in support of enhancing food security and empowering small-scale farmers to farm the future. Under the financing plan, farmers will be able to adjust their repayment terms based on the farming season, therefore, promoting the increased adoption of mechanization in agriculture. Speaking at the signing ceremony, Equity Group Managing Director and CEO, James Mwangi said the firm is focused on increasing agriculture production and will leverage the footprint of CFAO which is present in 53 African countries. “We want to secure the values and aspirations of our people and with agriculture being 33 percent of Kenya’s GDP, capturing 40 percent of employment with 40 percent of that in rural areas and with almost 65 percent of agriculture accounting for foreign exchange, for us at Equity this is important,” Mwangi said. CFAO Chairman Ambassador Dennis Awori said the company is keen on supporting the empowerment of farmers, who in turn can support the world in its broken food supply chains due to both the COVID-19 pandemic and the Russia-Ukraine crisis. “Africa is endowed with a favorable climate that allows farmers to grow food throughout the year, a potential that the private sector can tap through partnerships such as the one between CFAO and Equity Group. Africa has lagged behind the rest of the world in agricultural productivity mainly due to low mechanization and poor agricultural practices, “ he remarked. CFAO Agri Chairman Thomas Bernard said CFAO aims to help farmers improve their yields and embrace commercial agriculture as opposed to practicing only subsistence farming. “I thank Equity for this relationship which will go a long way in supporting smallholder farmers. Agriculture is a risky business, and it is important that private sector stakeholders combine efforts to help hedge against the risk by providing mechanization, fertilizers, and financing,” he noted. CFAO Agri is the agribusiness division of CFAO Kenya. Source: Capital FM Kenya.

Proparco of France buys Sh3.7bn Naivas Supermarket stake

Posted on June 28, 2022

French sovereign wealth fund Proparco has acquired a $31.5 million (Sh3.7 billion) stake in supermarket chain Naivas as part of a consortium that will take a combined 40 percent ownership in the retailer. Naivas had earlier announced that Proparco, Mauritian conglomerate IBL Group and German sovereign wealth fund DEG were taking a minority interest in the company without disclosing the details of the proposed transaction including the stake to be purchased. They are acquiring stakes owned by a cluster of investors including World Bank’s International Finance Corporation (IFC), MCB Equity Fund, Amethis, and German sovereign wealth fund DEG, which acquired the shares in the retailed for Sh6 billion in April 2020. The deal underlines the worth of Naivas, which remains a star attraction to private equity funds in Kenya’s retail sector where the collapse of one of the major players in recent years has left a gap. “Proparco is pleased to announce its partnership with IBL Group, the largest conglomerate of Mauritius [and] DEG … to jointly acquire a 40 percent interest in Naivas International, which owns 100 percent of the shares of Naivas Limited,” the French fund in a statement. Proparco said its capital contribution will be $31.5 million (Sh3.7 billion). It is not clear whether the 40 percent stake will be split equally among the three institutional investors. The parties have indicated that the deal is much larger than the Sh6 billion that IFC, Amethis and DEG paid to acquire the 30 percent stake in Naivas. DEG is simultaneously exiting its initial investment in Naivas and re-entering the retailer’s shareholder list as part of the new consortium. It is not clear whether the IFC consortium had bought an additional 10 percent stake in the retailer or if the founders –the family of the late businessman Peter Mukuha Kago— are selling additional shares alongside the institutional investors. If Proparco and its partners are investing equal amounts, it means the 40 percent stake is being acquired at a cost of Sh11.1 billion, valuing Naivas at Sh27.8 billion. The entry of the IFC consortium valued Naivas at Sh20 billion in 2020 and the retailer’s worth has increased amidst its aggressive expansion across the country since then. Unlike the earlier transaction in which Naivas received growth capital, the proposed deal will see the IFC consortium cash out its two-year investment. “We have adequate capital to fund our future expansion,” said Naivas in reply to Business Daily inquiries. IBL earlier said this is the highest-value transaction it has ever undertaken. “The investment in Naivas International [the owner of the retail chain] is the biggest investment in IBL’s history,” the multinational said in a statement. The exit by the IFC consortium represents an unusually short investment period for institutional investors that typically hold companies for seven years or more. IBL says the proposed transaction will give it a platform for further investments in East Africa, noting that Naivas has scaled up its operations substantially to entrench its position as the biggest supermarket operator in the country. “This family business created in 1990 is an example of a success story that has continued to grow despite the pandemic thanks to its strong business model,” Arnaud Lagesse, IBL’s chief executive, said in a statement. “With 84 outlets in 20 cities and towns across Kenya, it has put modern grocery retail within everyone’s reach. Naivas also contributes to the Kenyan economy, notably by employing over 8,000 people.” Mr Lagesse added that IBL has expertise in the retail sector, running the Winners supermarket chain in Mauritius. Naivas has grown to become one of Kenya’s largest companies by sales and employment. The retailer is set to close the financial year ending this month with a gross turnover of $860 million (Sh101 billion) with an ambition of raising it to $1 billion (Sh117 billion) in the next financial year. When the IFC group bought into the retailer, it had 60 stores. The company used cash that was raised from the share sale to open more branches including taking over premises vacated by collapsed or struggling rivals Nakumatt Holdings and Tusker Mattresses Limited (the owner of Tuskys brand). Naivas’ closest rival in terms of branch network is Quick Mart which had 51 stores as of April. Quick Mart has also been expanding aggressively after receiving an investment from Africa-focused Adenia Partners. Carrefour Kenya, which benefits from relatively higher spending per shopper in wealthy suburbs, has an estimated 16 branches from which it posted substantial revenue of Sh33 billion last year. “This is an exciting partnership by our shareholders that will drive us to the next phase of growth. We appreciate the immense knowledge and capacity in the retail industry that IBL brings to the table,” David Kimani, the managing director of Naivas, said in a statement. Proparco said Naivas will continue with its expansion in the modern retail market across various formats, responding to consumers’ needs and increasing demand for food quality and safety. For IBL, the acquisition of a minority stake in Naivas marks the expansion of its conglomerate business model that spans 18 countries. The company, which is listed on the Mauritius Stock Exchange, employs 25,000 people and has operations in agriculture, energy, distribution, logistics, engineering, financial services, and hospitality among others. Source: Capital FM Kenya.

Tourism defies rising Covid-19 cases as hotel bookings surge

Posted on June 16, 2022

Airlines and tourism in Kenya are witnessing a surge in bookings this summer despite a steady rise in cases of Covid-19 that pose a threat to the travel industry. Airlines and hoteliers are worried that the rising number of cases is likely to scare away tourists. They said countries such as Uganda, Tanzania and Rwanda which are not making their Covid-19 numbers public and hence may attract more visitors. Countries like the US use the prevalence of Covid-19 numbers to issue travel advisories to their citizens, warning them against visiting certain nations. The Covid-19 cases in Kenya have been steadily climbing in the last one month with the positivity rate now hitting a high of 9.9 percent from a low of 0.05 in late April. “The rising numbers may create fears for passengers who would want to visit,” said an official who requested for anonymity. However, the rising cases have not dampened tourism numbers yet, with airlines saying the season still looks promising. Some airlines are already fully booked for summer on the tourist circuits of Maasai Mara, Laikipia, Amboseli and Samburu on the back of high demand from international tourists. Safarilink chief executive officer Alex Avedi said the business is looking good for them this summer with high bookings being recorded. “We are fully booked for summer, it is a good season for the industry,” said Mr Avedi in an interview with the Shipping & Logistics. The summer period in Kenya, which normally starts around June and extends all the way to August, normally records higher bookings from international tourists. However, the last two years have not been good for the sector owing to Covid-19 restrictions that discouraged people from travelling. The expected high number of visitors will work in favour of local airlines who are looking at connecting passengers to their final destinations once they arrive at the Jomo Kenyatta International Airport (JKIA). A good number of countries across the world have eased the Covid-19 mandate as the world now learns to live with the virus that has been around since late 2019. The latest country to ease the Covid-19 rules is the US, which announced last week of having abandoned the need for both international and local travellers from producing a negative Covid-19 certificate before they are allowed to board flights as so long as they are fully vaccinated. The move will come as a major boost to tourism as travellers will no longer be scared of stringent rules when returning to their country after visiting a nation that has high cases of Covid-19. American tourists top the number of visitors in Kenya when it comes to tourism, playing a key role in promoting the local economy. Last year, the US accounted for 13.3 percent of the total number of visitors that came to Kenya, which stood at 136,000. The aviation industry is projected to return to pre-Covid levels earlier than expected following a recovery in business and easing of Covid-19 restrictions across the world. The International Air Transport Association (IATA) says the sector could return to pre-pandemic passenger traffic levels sooner than the 2024 date that had earlier been issued. IATA chief executive officer Willie Walsh said recently that the industry could reach 2019 traffic levels by next year. Kenya is among the countries that have eased travel restrictions on arriving passengers after years of stringent rules to tame the spread of the virus. Arriving passengers in Kenya are no longer required to undertake mandatory PCR tests at the airport neither do they need to quarantine. The Ministry of Health is also allowing unvaccinated travelers in the country but must have a PCR negative certificate taken 72 hours before departure. Source: Business Daily Newspaper.

Kenya, US To Restart Trade Talks

Posted on June 16, 2022

Kenya, and the United States have agreed to restart trade talks as ministers meet at the World Trade Organization’s 12th Ministerial Conference in Geneva. Trade CS Betty Maina and United States Trade Representative Katherine Tai met on the sidelines of the conference discussing ways to enhance trade and investment relations between the two countries. As a next step, the two countries will work to finalize a list of areas for cooperation to deepen economic engagement. The ministers agreed to explore pathways towards a deeper bilateral trade and economic relationship that: promotes sustainable and inclusive economic growth; benefits workers, consumers, and businesses and supports African regional economic integration. “They discussed a number of issues where the United States and Kenya could develop an ambitious roadmap for enhanced cooperation and, where appropriate, explore negotiating high-standard commitments,” a statement from the Ministry of Trade read . The two ministers agreed to have their teams meet in the coming weeks, to pave way for the ministers to announce next steps before end of July 2022. The negotiations which started during former US President Donald Trump and Uhuru’s regime, on July 8, 2020, were derailed by the 2020 US elections and Covid-19. When President Joe Biden took office in January last year, his administration sought more time to scrutinise the pact. The US is pushing for favourable terms among them a duty free market access for its goods, including agricultural and industrial. Source: Capital FM Kenya.

Kenya Airways sets up hub for training drone pilots

Posted on June 16, 2022

Kenya Airways has launched the country’s first-ever drone cage to be used for training Unmanned Aerial Vehicle pilots. Through its subsidiary, Fahari Aviation, the airline will use the facility for training and testing of drones and drone equipment. Fahari Aviation said it is positioning itself to be at the forefront of exploring advanced future technologies in aviation and at the same time promoting safe and secure usage of Unmanned Aerial Systems (UAS) in Kenya. Fahari Aviation is tasked with launching and implementing future aviation technologies and is part of the airline’s strategy of contributing to the sustainable development of Africa by championing new dimensions within the industry with the use of drones and unmanned aircraft. To provide resources to learn and practice techniques and skills required for safe operations of drones, Fahari Aviation has in addition launched the Fahari Drone Club, a community for UAS enthusiasts, offering members a platform to connect and share best practices. “Enabling an environment that will accelerate innovation, knowledge exchange and fast track the use of unmanned aircraft within the country and beyond is critical in exploring the drone phenomenon as we seek to innovatively find solutions that address some of our societal problems and pain points,” said Hawkins Musili, General Manager of Fahari Aviation. The drone cage, Mr Musili said, will provide a safe environment for practice and training while the drone club will provide a platform for the drone enthusiasts to grow the UAS industry in Kenya and the region. KQ director Michael Gichangi said they have over the years proved to be a leader in aviation innovation and that this openness to innovation led to the establishment of Fahari Aviation and the first drone enclosure facility in Nairobi. “The future of aviation is based on identifying opportunities for innovation and diversification to build a resilient business that is committed to the sustainable development of Africa,” said Mr Gichangi. He said through the drone cage, they hope to see enhanced innovation, research, and development of UAS technology in communities through interactive work across partners, corporates, universities, industries, and individuals. KQ’s venture into drones is part of its strategy to diversify its business and reduce reliance on passenger travel. The carrier has for long been relying on passengers as the main source of revenue. Currently, passengers contribute over 85 percent of the airline’s revenue with cargo accounting for about 10 percent. Source: Business Daily Newspaper.

Posted on June 8, 2022

President Uhuru Kenyatta has opened the Trade and Development Bank in Nairobi, which will serve as the bank’s Eastern Africa regional headquarters. Speaking during the occasion, Uhuru said the expansion of the operational base of the Trade and Development Bank in Nairobi affirmed Kenya’s capability and credentials to host an expanding family of regional and international institutions. “Indeed, the sustained expansion of Kenya’s economy boosted by strong investor confidence and a resilient banking and financial services sector validates our claim as a destination of choice for investment in Africa,” he said. The Head of State also noted that the new building symbolized the exponential growth of the Trade and Development Bank since its inception some 40 years ago. As one of the shareholders and founding members of the bank, President Kenyatta said Kenya was proud that the bank now boasts of an asset base of US$8 billion. He congratulated the bank for being recognized as the sustainable bank of the year and also the best development finance institution of the year in Africa during the African Development Bank annual meetings two weeks ago. “This coming close on the heels of other awards by international financial rating agencies confirms that this African bank is growing not just in terms of its capital base but also in terms of the quality of its services,” Uhuru said. He thanked the Trade and Development Bank for its financial as well as policy and programmatic support to the public and private sector enterprises, particularly in mitigating the disruptive effects of the Covid-19 pandemic. “We, in Kenya, appreciate the bank’s support to Kenya Airways for the expansion of its fleet and the support to the Kenya Ports Authority for the port modernization programme. This support has been crucial in enabling us to expand logistics support to the neighboring countries, in particular, those that do not have access to the sea,” he said. As the African continent gear up to take full advantage of trading under the African Continental Free Trade Area (AfCFTA), the President said the Capacity Building Academy and the Captive Insurance Company recently established by the bank will provide businesses with the needed capacity for preferential lending, deepening of trade links in the region and managing risks. In his remarks, Eastern and Southern Africa Trade and Development Bank President Emeritus and Group Managing Director Admau Tadesse applauded Kenya’s role as one of the early champions that nurtured and supported the bank in its growth into an award-winning regional financial institution that it is today. “We are very proud that over the years we have accompanied the Government of Kenya and its private sector in the development of various key economic sectors in the country through our project corporate and trade financing windows. “This is in line with Kenya’s development aspirations and plans, and certainly the Big 4 Agenda, and very much in line with Vision 2030,” Tadesse said. Source: Capital FM Kenya