Stanbic Bank
Stanbic Bank
26.7 C
Kampala
Stanbic Bank
Stanbic Bank
Home Blog Page 1271

Continental lender and partners to launch digital financial inclusion facility

Akinwumi Adesina, the AfDB President

The African Development Bank (AfDB), with donor partners, will launch the Africa Digital Financial Inclusion Facility (ADFI) on June 12, 2019 at the Bank’s Annual Meetings in Malabo, Equatorial Guinea, according to the latest press release.

“ADFI is an innovative financing facility designed to accelerate digital financial inclusion across Africa, with a goal of ensuring that 332 million more Africans, of which, 60 per cent are women, have access to the formal economy,” says part of the press release published June 10, 2019.

It says digital financial services are emerging as a powerful force for financial inclusion, gender equality and inclusive economic growth. “For consumers in low and middle-income countries, digital financial tools, such as mobile payment systems, provide a gateway to greater economic security, empowerment and opportunity,” it continues.

It says although there is a growing ownership of mobile phones in Africa, the benefits of digital financial inclusion have not been fully harnessed.

According to the press release, the Malabo launch will outline the Fund’s objectives, structure and focus areas. Donor partners, including the Bill & Melinda Gates Foundation. The Government of Luxembourg and Agence Française de Développement, will discuss challenges and opportunities around digital financial inclusion during a panel discussion.

Attendees at the launch ceremony will include the Bank’s Governors and representatives of regional member countries, multilateral organizations, the private sector, donor organizations and digital finance inclusion experts and businesses.

Stories Continues after ad

Public blasts ERA over application to build dam at Murchison Falls

A section of Murchison Falls

Members of the public continue to castigate the Electricity Regulatory Authority (ERA) on social media, especially Facebook and Whatsapp, after the agency announced on June 7, 2019 that it had received an application for a permit to conduct feasibility studies for a proposed plant near Murchison Falls in Kiryandongo and Nwoya districts.

Era in an advertisement said the application by the developer is available for viewing by members of the public and that it has not issued the licence yet.

“We wish to clarify to our stakeholders about this notice. ERA has not issued a License for the establishment of Power Plant at Murchison Falls but received an application for a permit to conduct feasibility studies for a proposed plant near the falls,” the agency says in a notice posted on its Facebook page.

Despite the clarification ERA has received condemnations from the members of the public who don’t want anything like a dam constructed near the falls that are a hot spot for both domestic and foreign tourists.

The agency says it has noted all stakeholders’ comments on this matter. “Please refer to the notice, comments are supposed to be addressed to the Secretary to the Authority by way of a letter or an email to info@era.or.ug. The feedback will be put into consideration while the Authority makes a decision on the application,” the agency says.

Listed below are just some of the people who have criticized Era over the matter:

Amos Wekesa: Guys, keep off Murchison falls…..you have destroyed enough water falls.

Denis Katende: Good move. How o wish u used the same mercy to leave Murchison Falls and find elsewhere to build the dam. These are the only falls of their kind on planet earth. There must be heartless mafias behind this in ERA. Please save our falls.

Tony Mubiru Jr.: Keep off the Murchison falls find somewhere else to put your dams

Prossie Munabuddu: You can fool some people sometimes but you cannot fool everyone all the time. You were comfortable enough to quote Section 29 and 30 as if this is mere preparatory work with no impact. You forgot Section 31 of the same Act which states that you will then issue a permit not more than 30 days after. So please let this be your notice that we are not blind. You have destroyed every bit of this country’s beauty and you will not stop until Ugandans basically come with canes and pangas and chase you out of your offices. Enough is enough. Museveni told us in his speech that Uganda has more than enough electricity and is already exporting some. So why do you need any more? We as a country will not stand by and watch you destroy everything there is before we finally say a word. If it means us camping at Murchison Falls to frustrate this nyokory and ensure that this South African investor does not destroy our tourism, we shall do so. I am sure you are familiar with how the native Americans continue to frustrate the Dakota Pipeline. We shall do exactly that. This nyokory needs to stop and your idiocy should have limits. Leave Murchison Falls alone! Stay off! Keep away.

Peter Mugogo: Granted! Now, please share the public outcry with your self-centered investor to form part of their feasibility. Please don’t tell us about you having received the application as a matter of procedure no! That application should have been thrown out because the Coordinates of the area in question are in the National park, at the great falls and on the mighty Nile. You had no duty receiving such an application. You would have served this country better if you had rejected the application and put out a public notice to that effect … we would be celebrating as a matter of fact.

Ignatius Oluka Okanya: ERA I am very annoyed. I wish I could mobilize all animals in that park against those claiming to conduct feasibility studies, I would keep all lions for one month without food and when you come I unleash their wrath to see how strong your skins, stomachs and throats are. To hell. Enough is enough. The world is moving solar please think outside the box and leave Gods water falls alone. Are you paid to destroy and not to innovate?

Emmy Okello: Unbelievable! Why can’t we expand our sources of revenue beyond destroying waterfalls and selling electricity? Murchison Falls is uniquely beautiful and generates its own revenue through tourism.

Proscovier Vikman: Murchison Falls are not for sale. ERA not everything in Uganda is up for grabs! What is wrong with this government? Leave the falls alone!!!!!!

Judith Allsaints: Why don’t we tap into the potential of solar energy? Let’s not destroy everything and deny the generations to come the beauty that the pearl of Africa is blessed with. Let’s love our country first.

BA Wandera: ERA, please have a human heart. Have a heart for a better Uganda tomorrow. Don’t destroy murchison falls the way you destroyed Bujjagali. I know you are in business but the country can generate more revenue from tourism. Please!!!!!!!.

Jonathan Benaiah: Panic PR. It’s exhausting being Ugandan most times; you always have to make noise for these chaps in Government to think straight. I still find it crazy for ERA to consider setting up another Hydropower dam, let alone, along the Nile. You say “…feasibility study near the falls” but your same newspaper Ad has coordinates pointing to the very spot we call Murchison Falls. You guys must be nuts! We will identify you, we will bring all those hiding behind this so-called Bonang company to light. You seem to be on a spree to destroy all waterfalls in this country.

Ronald Mugabe: I hear application to do feasibility studies for a plant near the falls. And u think we are dense not to know where all this will lead. Just shred the application and let us continue life like no application was ever submitted. Let the applicants go make a man-made river in their backyard and build the power plant if they badly need one. Stay off Murchison falls.

Sande David: Please be reasonable! Murchison Falls, the most powerful waterfalls in the world is a natural wonder that we will never regain if lost… Other sources of electricity are available and more shall be discovered but you will never discover another Murchison Falls… Please keep off!!!!!!!

Ntate Rwatamagufa Omusigi: Do we have embeciles in ERA? Have these guys sold their souls for money? Do they ever think that the people before them conserved these natural resources so that future generations could appreciate the beauty of this land? Are they carrying empty heads? STAY FAR FAR AWAY FROM MURCHISON FALLS.

Nelson Kasooba: What’s wrong with Uganda, are we bewitched? Really with the foreign income that we lost through the Bujjagali project again same to be extended to the Mighty Murchison Falls!! As for Tourism what shall we be left with really? Whoever is behind this you need to think beyond the box sincerely. This is so demoralizing to our struggling economy that’s constantly running on debts, when shall we gain economic independence if we continue being misled like this? No no no.

Peter Karizha: Electricity Regulatory Authority back off Murchison falls, I as a customer, citizen I put my voice to say this permit to conduct feasibility studied be rejected immediately. Let’s preserve our God given heritage that has not only served our fore father’s but to serve our future children and foreigners who will come to see this master piece.

Denis Katende: ERA please, we do not need to wait for u to issue a licence therefore your clarification is in called for. U already destroyed our best grade five white water rafting site on the Nile (The only of its kind in the whole world). Please leave our Murchison falls alone. Whereas a dam can be constructed anywhere else or power can be generated through other means, we cannot have any other falls like Murchison falls, they are the only of their kind in the whole world. Don’t behave like u r foreign in this beautiful country.

Rubasha Emma Mukiza: They are applying because they think it’s possible. Please be clear that it’s unacceptable. Don’t make monsters out of us. #keep off Murchison Falls.

Prossie P Kikawa: Guyz at ERA de ball is in your hands many falls have been destroyed because of power plants and at de end of de day power z still expensive so let’s leave Murchison falls out of this if u have been to Murchison falls u know wat I mean it’s a spot for appreciating nature and by de way it’s a unique one so leave it alone.

Celestine Nkabalema: It’s clear, those developers haven’t done a social feasibility….#Murchison Falls is an Asset for us and generations to come, it should be left as it is…no studies should even be conducted there.

The application comes at the time when already Nalubaale Power station, Isimba Power Station, Bujagali Power Station are operating on River Nile in Uganda, with Karuma also on the Nile, expected to be completed in December this year. More others are planned on the same river.

Meanwhile, ERA says it is working with the National Forestry Authority (NFA) to restore forest cover in the catchment areas of the Rivers that host Hydropower Plants in the Central, Western, West Nile and Northern Regions of the Country.

Hydro contributes 80 per cent to Uganda’s Energy Mix. Uganda expects to have generating capacity of at least 1,681 megawatts by the end of 2020. As of April 2019, national generation capacity was 1,177 megawatts of electricity.

While delivering the State of the Nation Address last Thursday, President Museveni said Uganda was in the process of establishing nuclear plants to bolster the energy sector.

Stories Continues after ad

Kasekende, Kiberu in an alleged plot to frustrate Kadaga over plans to stay new COSASE probe

Former BoU Deputy Governor, Dr. Louis Kasekende.

Details have emerged that top officials from Bank of Uganda led by Deputy Governor, Dr.Louis Kasekende, Chairman of Dfcu bank Jimmy Kiberu and city lawyer Apollo Makubuya from MMAKS Adocates yesterday at Serena Hotel Kigo Golf Course in a bid to frustrate Speaker of Parliament, Rebecca Kadaga, in case she blocks a fresh probe of BoU by parliament’s Committee on Commissions, State Authorities and State Enterprises (COSASE).

Sources say the officials met after realising that Kadaga would go by the call by two petitions that recently urged her not to allow a second BoU probe meant to help top officials there to clean their names that were tarnished during the first probe that started in late October 2018 and ended in February this year, pinning BoU officials on negligence and irregular closure of seven commercial banks as they didn’t follow the established guidelines.

Days ago Chairperson of COSASE Mubarak Munyagwa appointed a select subcommittee headed by Makindye East Member of Parliament (MP), Ibrahim Kasozi to probe BoU again especially over the Shs478 billion as that BoU claims it injected in Crane Bank limited (CBL) as liquidity support during its receivership that took place between October 20 2016 and January 25, 2017. BoU closed CBL due to undercapitalisation.

Sources at parliament say the Speaker has been upset by the reports that senior individuals in government are plot against parliament and moreover using both Munyagwa and Kasozi to frustrate her work.

However, during the first COSASE probe of BoU, it was established that Shs478 billion was not properly utilized for the purpose as the Auditor General John Muwanga established that Shs320 billion of that money could not be accounted for as BoU did not present all documents required, moreover it was worsened by the fact the BoU acted as a lender and borrower in the transaction.

Months ago, Kasekende wrote to Muwanga pleading for an audit on account of finding new documents related to the use Shs478 billion but the former declined, arguing that he had already than his job and that only parliament could order him to revisit the audit, a response that displeased BoU officials who are fighting hard to clear their names.

Recently the same BoU officials led by Kasekende carried the documents to parliament but were sent away for not coming along with the accountant of the bank and all required documents to support the use of Shs478 billion that the bank wants shareholders of CBL to repay yet they were not involved in the transaction. Sources within the bank also say CBL only needed Shs150 billion to keep afloat even though BoU officials sold the bank to its rival DFCU Bank at Sh200 billion, paid in installments.

Two separate petitions were days ago delivered to Kadaga pleading with her to block Munyagwa’s Cosase from conducting fresh investigations into BoU’s sale of seven commercial banks.

The petitioners, Michael Businge a resident of Nsambya, Kampala and Sam Kakuru a student of Uganda Christian University contest that it would be a waste of taxpayers’ money on a ‘syndicated move’ to clear BoU officials of wrongdoing.

The Speaker who supervises all the committees of parliament is expected to look at the merits in the petitions and the rules that guide Parliament to take a decision.

The petitioners argue that the House Rules of Procedures do not give Cosase powers to re-examine its reports and accused MPs of creating a backlog.

“These exercises cost taxpayer’s money and must be performed lawfully. [We cannot keep repeating the same things uncles there is something MPs are not telling Ugandans… This is to request you to prevail on the said Committee not to spend state resources (money and time) on a re-examination which is outside its mandate” Businge says in his petition to Kadaga.

On the other hand, Mr Kakuru, another petitioner, argues that the direction being taken by the Committee amounts to “contempt of parliament” hence asking the Speaker to relieve Mr Munyagwa of his duties as Committee Chairperson.

He argues that the select sub-committee headed by MP Kasozi with instructions to hear the BoU officials in closed meetings which is questionable.

“The Sub-Committee headed by Hon Ibrahim Kasozi is ultra vires on grounds that it conducts its proceedings behind closed doors. The issues of banking sector (Central Bank) are of public/tax payer concern,” he says.

The petitioners want parliament instead to act on the recommendations listed by the first probe headed by MP Abdu Katuntu as regards the irregular closure of banks and misuse of taxpayers’ money in the process.

Stories Continues after ad

KCCA FC confirm participation in the 2019 Cecafa Kagame Cup

KCCA FC

2018/19 StarTimes Uganda Premier League Champions KCCA FC have confirmed their participation in the upcoming 2019 Cecafa Kagame Cup that will be held in Rwanda.

In a response letter addressed to Edgar Watson Suubi the Chief Executive Officer of FUFA, Anisha Muhoozi the Ag. Chief Executive Officer of KCCA FC confirmed that; “We wish to confirm that KCCA Football Club will represent Uganda at the CECAFA Kagame Cup 2019” CEO KCCA FC Anisha Muhoozi.

The players and technical team of KCCA Football Club are currently on holiday but will return for pre-season preparations on Monday 17th June 2019 ahead of the CECAFA tournament that is highly seen as a major precursor ahead of an action packed 2019/2020 season. KCCA FC became the first Ugandan Club to win the CECAFA Cup that was held in Kampala – Uganda in 1978. Police FC, under Manager Sam Timbe is the last Ugandan team to win the championship back in 2005, by defeating Moro United 2-1 in the final.

The competition is contested by clubs that win their domestic leagues and is set be staged in Kigali and Rubavu from July 7th to 21st. This year’s winner of the annual tournament will smile home with prize money worth USD 30,000.

The CECAFA Club Cup is a football club tournament organised by CECAFA. It has been known as the Kagame Interclub Cup since 2002, when Rwandan President Paul Kagame began sponsoring the competition. Azam FC from Tanzania are the defending champions while Sim

Stories Continues after ad

The United Nations Conference on Trade and Development (Unctad) will establish trade facilitation portals in Africa through a €3 million (Shs12 billion) drawn from a €85 million (Shs 340 billion) fund by the EU to Comesa under the 11th European Development Fund Trade Facilitation Programme (EDFTP). Through a partnership with the Common Market for Eastern and Southern Africa (Comesa), Unctad is seeking to increase trade at the continental level by facilitating financial support to Comesa member states such as Uganda, Kenya and others. Under the arrangement, Unctad will design and develop the national and regional trade information portals (TIPS) and the customs automation regional centre (CARC) at a cost of €3 million. TIPs will facilitate access to essential trade information in one platform while CARC will support technical and functional training on the Automated System for Customs Data (ASYCUDA) World Platform thereby improving skills to use applications. This is in addition to developing the latest ASYCUDA Applications to enhance trade facilitation systems at the national, regional and continental levels. Out of the €85 million, €68 million (Shs272 billion) will be used to implement trade facilitation and small-scale cross-border trade. Unctad secretary general Mukhisa Kituyi sealed the agreement at the Comesa headquarters in Lusaka, Zambia. He told his host and Comesa counterpart Chileshe Kapwepwe that the regional body needs support for the spirit of regional trade and integration to bear fruit. “We are not going to downplay the centrality facilitated in trade, not only as a way of making Africa competitive but also overcoming the challenges particularly of landlocked countries which face the daunting task of competitively trading with the rest of the world,” he said.

An oil pipeline

About 30 international and local campaign groups have asked two foreign banks to abandon plans to raise funds for the construction of an oil pipeline to export Ugandan oil, s move that has caused shock to government that so much wants the project kick off as early as possible. They argue that the project is likely to harm local livelihoods, water bodies and wildlife.

The 1,445 km pipeline, which will run from fields in Masindi district of western of Uganda to Tanzania’s Indian Ocean port of Tanga, is crucial to developing the country’s oil reserves.

South Africa’s Standard Bank Group and Japan’s Sumito Mitsui Banking Corporation are mobilising the funds needed to finance the US$3.5 billion pipeline.

“We consider this project to present unacceptable risks to local people through physical displacement and threats to incomes and livelihoods,” Global Witness and 29 other groups from Britain, the United States said in their letter to the two banks.

The groups said the project posed “unacceptable risks to water, biodiversity and natural habitats, as well as representing a new source of carbon emissions the planet can ill afford.”

The banks said they had received the letter and would talk to Ugandan government officials about the concerns raised by the activists.

Uganda’s oil reserves are estimated to be six billion barrels although progress on developing the oil blocs has been slow, partly due to disagreements between the government and oil firms about strategy. Uganda also took several years to decide on a pipeline route.

France’s Total, China’s CNOOC and Britain’s Tullow Oil control the Ugandan fields even though Tullow is finalising the processing of farming down.

The pipeline is expected to convey about 200,000 barrels per day (bpd) when oil production commences.

Stories Continues after ad

Now that the African Continental Free Trade Area (AfCFTA) has come into force , policymakers and the business community should prioritize, develop, and implement smarter local strategies to seize the rising opportunities in manufacturing and industrialization across a variety of sectors and increase the global competitiveness of the continent. Right now, only 10 African countries (Mauritius, South Africa, Seychelles, Morocco, Tunisia, Botswana, Algeria, Kenya, Egypt, and Namibia) are ranked among the top 100 most competitive countries in world, per the 2018 Global Competitiveness Index. Given that an integrated continent will have a larger supply market, decreased trade restrictions, and free movement of people, manufacturing specialization will accelerate and make Africa’s industrialization globally competitive. As we have noted before, if the AfCFTA is successfully implemented, Africa’s manufacturing sector is projected to double in size with annual output increasing to $1 trillion by 2025 and create over 14 million jobs. Notably, one of the key objectives of the AfCFTA is to “enhance competitiveness at the industry and enterprise level through exploiting opportunities for scale production, continental market access and better reallocation of resources.” One pathway to success will be effective AfCFTA implementation and better national ownership and alignment with Agenda 2063, the African Union’s strategic framework for the socio-economic transformation of the continent. Agenda 2063 aims at creating a “strong, united, and influential global player and partner,” turning African countries into the best performers in global quality of life measures and accelerating inclusive growth, including through industrialization, import substitution, and employment. Unsurprisingly, manufacturing and industry—fundamental for overall economic growth and poverty alleviation—feature prominently. A robust manufacturing industry can provide well-paid jobs for large numbers of low-skilled workers, increase average household incomes, boost domestic demand, stabilize economies against external shocks, and contribute to innovation and diversification. The AfCFTA and Agenda 2063 hope to reverse Africa’s premature deindustrialization and tap into the vast number of manufacturing opportunities that persist, including in software, auto components, industrial and business machinery, chemicals, agro-processing, and clothing and footwear subsectors, among others. Indeed, some countries already claim advantages in certain subsectors. One example is Kenya, whose relatively strong industrial manufacturing sector accounts for nearly 20 percent of the country’s economic activity and 12.5 percent of all formal jobs, and which has become the primary supplier of motor vehicles for East African markets. National efforts toward a globally competitive industrialization Already, in countries such as Cameroon, Egypt, Kenya, Morocco, Nigeria, Senegal, and South Africa, business-to-business spending is a major contributor to growth, and these countries are beginning to implement policies to capitalize on this opportunity. Increased business-to-business spending will also improve African firms’ ability to specialize—an essential determinant of growth in manufacturing—as necessary inputs can be sourced from other businesses or neighboring markets, rather than produced in-house. The projected increase in Africa’s business-to-business spending in manufacturing by $200 billion to a total of $666.3 billion by 2030 presents further opportunities to advance manufacturing for the continent given the free trade area. In fact, manufacturing goods constitute a higher percentage of intra-African exports, compared to extra-African ones (41.9 percent compared to 14.8 percent in 2014). The business-to-business market is made up of thousands of firms, many of them smaller businesses, with substantial demand for materials, goods, and services across a wide range of sectors. Attachments area

The United Nations Conference on Trade and Development (Unctad) will establish trade facilitation portals in Africa through a €3 million (Shs12 billion) drawn from a €85 million (Shs 340 billion) fund by the EU to Comesa under the 11th European Development Fund Trade Facilitation Programme (EDFTP).

Through a partnership with the Common Market for Eastern and Southern Africa (Comesa), Unctad is seeking to increase trade at the continental level by facilitating financial support to Comesa member states such as Uganda, Kenya and others.

Under the arrangement, Unctad will design and develop the national and regional trade information portals (TIPS) and the customs automation regional centre (CARC) at a cost of €3 million.

TIPs will facilitate access to essential trade information in one platform while CARC will support technical and functional training on the Automated System for Customs Data (ASYCUDA) World Platform thereby improving skills to use applications.

This is in addition to developing the latest ASYCUDA Applications to enhance trade facilitation systems at the national, regional and continental levels.

Out of the €85 million, €68 million (Shs272 billion) will be used to implement trade facilitation and small-scale cross-border trade.

Unctad secretary general Mukhisa Kituyi sealed the agreement at the Comesa headquarters in Lusaka, Zambia. He told his host and Comesa counterpart Chileshe Kapwepwe that the regional body needs support for the spirit of regional trade and integration to bear fruit.

“We are not going to downplay the centrality facilitated in trade, not only as a way of making Africa competitive but also overcoming the challenges particularly of landlocked countries which face the daunting task of competitively trading with the rest of the world,” he said.

Stories Continues after ad

Africa’s industrialization under the continental free trade area: local strategies for global competitiveness

Now that the African Continental Free Trade Area (AfCFTA) has come into force , policymakers and the business community should prioritize, develop, and implement smarter local strategies to seize the rising opportunities in manufacturing and industrialization across a variety of sectors and increase the global competitiveness of the continent.

Right now, only 10 African countries (Mauritius, South Africa, Seychelles, Morocco, Tunisia, Botswana, Algeria, Kenya, Egypt, and Namibia) are ranked among the top 100 most competitive countries in world, per the 2018 Global Competitiveness Index. Given that an integrated continent will have a larger supply market, decreased trade restrictions, and free movement of people, manufacturing specialization will accelerate and make Africa’s industrialization globally competitive.

As we have noted before, if the AfCFTA is successfully implemented, Africa’s manufacturing sector is projected to double in size with annual output increasing to $1 trillion by 2025 and create over 14 million jobs. Notably, one of the key objectives of the AfCFTA is to “enhance competitiveness at the industry and enterprise level through exploiting opportunities for scale production, continental market access and better reallocation of resources.”

One pathway to success will be effective AfCFTA implementation and better national ownership and alignment with Agenda 2063, the African Union’s strategic framework for the socio-economic transformation of the continent. Agenda 2063 aims at creating a “strong, united, and influential global player and partner,” turning African countries into the best performers in global quality of life measures and accelerating inclusive growth, including through industrialization, import substitution, and employment.

Unsurprisingly, manufacturing and industry—fundamental for overall economic growth and poverty alleviation—feature prominently. A robust manufacturing industry can provide well-paid jobs for large numbers of low-skilled workers, increase average household incomes, boost domestic demand, stabilize economies against external shocks, and contribute to innovation and diversification.

The AfCFTA and Agenda 2063 hope to reverse Africa’s premature deindustrialization and tap into the vast number of manufacturing opportunities that persist, including in software, auto components, industrial and business machinery, chemicals, agro-processing, and clothing and footwear subsectors, among others. Indeed, some countries already claim advantages in certain subsectors. One example is Kenya, whose relatively strong industrial manufacturing sector accounts for nearly 20 percent of the country’s economic activity and 12.5 percent of all formal jobs, and which has become the primary supplier of motor vehicles for East African markets.

National efforts toward a globally competitive industrialization

Already, in countries such as Cameroon, Egypt, Kenya, Morocco, Nigeria, Senegal, and South Africa, business-to-business spending is a major contributor to growth, and these countries are beginning to implement policies to capitalize on this opportunity. Increased business-to-business spending will also improve African firms’ ability to specialize—an essential determinant of growth in manufacturing—as necessary inputs can be sourced from other businesses or neighboring markets, rather than produced in-house. The projected increase in Africa’s business-to-business spending in manufacturing by $200 billion to a total of $666.3 billion by 2030 presents further opportunities to advance manufacturing for the continent given the free trade area. In fact, manufacturing goods constitute a higher percentage of intra-African exports, compared to extra-African ones (41.9 percent compared to 14.8 percent in 2014). The business-to-business market is made up of thousands of firms, many of them smaller businesses, with substantial demand for materials, goods, and services across a wide range of sectors.

 

Attachments area

Stories Continues after ad

Following its successful $500 million Eurobond issuance, Ecobank Transnational Incorporated (‘ETI’), the Lomé-based parent company of the Ecobank Group with outlets in Uganda and several other African countries, was hosted by the London Stock Exchange to a market opening ceremony to celebrate the successful listing of the Eurobond on the London Stock Exchange (LSE) main market.

The bond was oversubscribed with strong demand from international investors in the United Kingdom, United States, Europe, Middle East, Asia and Africa. It follows on from Ecobank’s 2017 convertible bond issuance on the International Securities Market.

The five-year senior unsecured notes, which mature in April 2024, were launched with a coupon interest rate of 9.50 percent per annum payable semi-annually in arrears.

Ade Ayeyemi, Group CEO of Ecobank said: “The successful issuance of our inaugural Eurobond on the main London market demonstrates international investors’ approval and confidence in Ecobank’s long-term strategy and prospects as a strong and sustainable pan-African financial services institution. It also demonstrates the ability of African corporates to access international capital markets.”

Ayo Adepoju, Acting Group CFO of Ecobank commented: “Ecobank places great emphasis on constantly reviewing our capital allocation strategies to ensure that we have the right strategic positioning, competitive advantages, products and resources to increase efficiency and profitability. Our access to international capital markets are part of the mix and enable us to boost our liquidity profile, refinance maturing facilities and strengthen our foundations to ensure long-term sustainable growth and profitability for all our stakeholders.”

ETI will use the net proceeds of the placement for general corporate purposes including the refinancing of maturing debt facilities.

Ecobank currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.

Stories Continues after ad

Simba SC withdraw from the Cecafa Kagame Cup

Tanzanian Premier League champions Simba Sports Club have withdrawn from the 2019 Cecafa Kagame Cup.

Simba cited the short period between the conclusion of last season and the start of next season as the reason because they want ample time to concentrate on pre-season before starting their title defence for the 2019/20 season.

“Simba Sc would like to inform stakeholders as well as our fans that the club will not be participating in the upcoming Cecafa Kagame Cup,” the club said in a statement.

“The main reason why we will not be taking part in the tournament is the short period of time we will have for pre-season ahead of the start of the next season.”

The annual regional club showpiece, which is contested by clubs that win their domestic leagues, is set be staged in Kigali and Rubavu, in Rwanda, from July 7th to 21st.

KCCA FC will represent Uganda at this year’s tournament after winning the 2018/19 StarTimes Uganda Premier League.

The last time a Ugandan team won the championship was back in 2005, Police FC under Sam Timbe by defeating Moro United 2-1 in the final.

Zesco United of Zambia, the Democratic Republic of Congo duo AS Vita and Motema Pembe have already confirmed their participation.

The winner of the annual tournament will smile home with prize money worth USD 30,000.

The CECAFA Club Cup is a football club tournament organised by CECAFA. It has been known as the Kagame Interclub Cup since 2002, when Rwandan President Paul Kagame began sponsoring the competition.

Azam FC from Tanzania are the defending champions while Simba are the record holders of the competition winning it six times.

Stories Continues after ad

Rwandans in South Africa hold prayers for assassinated former Kagame bodyguard

The casket containing the body of Camir Nkuruziza.

Rwandans in South Africa have held funeral service for Camir Nkurunziza, the assassinated former bodyguard of Rwanda’s president Paul Kagame on Friday in South Africa.

The former Kagame’s bodyguard turned strong critic, Nkuruziza was assassinated by unknown gunmen in Cape Town South Africa

Sources reveal that he had fled into exile in South Africa after accusing Gen Kagame of planing to rule Rwandans by force and torturing of opponents.

His assassination might put Rwanda and South Africa on a collision path after a number Rwandan political refugees being targeted by agents allegedly connected to Kigali regime.

Children of the late Camir Nkuruziza

This is the second assassination of the Rwandan opposition figure living in South Africa after the former Rwandan intelligence chief Col Patrick Karegyeya was assassinated in a hotel in South Africa in 2014.

Stories Continues after ad