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Chinese firm inks deal to build Sh4.8bn hospital in Machakos

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Several hospitals are lined up in the country
Several hospitals are lined up in the country as the government and private players move to plug gaps in the provision of healthcare. FILE PHOTO | NMG 

Chinese firm Zhongcheng Import and Export Co., Ltd has announced the signing of Sh4.8 billion contract to build a medical facility in Machakos County.

The deal between Zhongcheng and Kenya’s Lianard Holding Ltd (Lyed Holding Co., Ltd.) will see the setting up of the development dubbed “Kenya Lakeside Medical City Project” comprising of 220 beds and 300 apartment units.

“(It will include) a general hospital with 220 beds (13,400 square meters) and 300 apartments (25,500 square meters),” said the Chinese firm in a regulatory notice dated December 26. “The total project price is $47.8 million.”

Several hospitals are lined up in the country as the government and private players move to plug gaps in the provision of healthcare. In early 2018, the University of Nairobi (UoN), signed an agreement with Guangzhou Cherami China-Africa Investment Management to construct and operationalise a cancer institute in Nairobi.

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The proposed University of Nairobi-Cherami Cancer Institute (UNCCI) was envisioned to be “the premier cancer diagnosis, treatment and referral centre in sub-Saharan Africa (SSA).” “This centre is expected to be a Centre of Excellence in medical research in Kenya and the region,” Amina Mohamed, the Cabinet Secretary for Education said in Nairobi.

And in September 2018, Kenyatta National Hospital (KNH) announced it would start construction of a Sh3.1 billion centre that will house a burns unit, a cancer hostel, 24-bed Intensive Care Unit (ICU) and children’s wing. The three storied twin tower building will host a 82-bed burns management unit, a paediatric emergency centre with 82 beds and six-bed high dependency unit.

The government, Arab Bank for Development in Africa (BADEA) and Saudi Fund for Development (SFD) will spend Sh2.9 billion in the project. While in July 2018, a Nairobi private developer sought permission to build a Sh415 million hospital and adjacent residential flats in Embakasi, Nairobi.

The investment neighbouring Goshenland GSU Training School, the Coca-Cola Company, Tuskys Embakasi and KEMSA depot, targets to offer advanced in-patient medical services to 163,858 people.

Regulatory filings by Acme Properties Ltd showed that the four-floor hospital will incorporate male and female wards as well as provide other amenities for the well-being of patients.

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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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