Connect with us

Business

Contract for Implementation of Sh5.8bn Likoni Cable Car Project Signed

Published

on

Loading...

[ad_1]

Trapos Limited and the Kenya Ferry Service (KFS) have signed a contract that will see the Likoni Cable Car project implemented. The contract will see the consortium, Trapos Limited and Australian company Doppelmayr Garaventa Group, “design, construct, finance, operate and maintain the Cable Car Facilities over the Likoni Channel on a Public-Private Partnerships (PPPs) model.”

The consortium will run the project for 25 years after which the operations and revenue of the Likoni Cable Car express will shift to KFS.

The signing of the contract now means that Doppelmayr Garaventa Group can finalise the financial arrangement in order to facilitate the implementation of the project.

“Through the novel PPP model, we not only attract private capital to the development operation and maintenance of our infrastructure, we are also able to tap into private sector efficiency and innovations, resulting in better value for money in our projects and ultimately improved service delivery to our citizens,” the acting PPP unit director Judith Nyakawa said.

The Likoni Cable Car Project

The Likoni Cable Car project is expected to serve 187,000 passengers per day and 5,500 passengers per direction for every hour.

KFS managing director Bakari Gowa said during the contract signing:

Loading...

“Currently, 350,000 commuters cross the Likoni Channel daily. This puts a strain on the vessels we already have. With the growing population, we are happy to increase the alternatives and capacity of transporting our people across the channel in a safe, efficient, reliable and secure manner.”

The cable car, which connects South Coast mainland to the Mombasa Island, will increase efficiency, reliability, safety, and boost tourism. The cable express will act as an alternative to the ferry crossing along the channel.

“What we are offering is a modern and efficient aerial cable connection between the Island and the mainland with spectacular views on that short journey. We are bringing in superior technology in running cable cars and so Kenyans can look forward to quite an experience in the cable cars,” said Gerald Muigai, the Executive Chairman of the Likoni Cable Express Ltd and the Trapos Ltd Director.

Pre-engineering works for the project began in July and this involved survey of land where the landing stations and masts will be built on the two borders of the Likoni Channel. The landing station will be built over the road and all cable cars will come under the landing station.

RELATED;Japan to Finance the Nairobi Rail Flyover Project

[ad_2]

Loading...
Continue Reading

Business

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

Published

on

Loading...

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.

Loading...

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

Loading...
Continue Reading

Business

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

Published

on

Loading...

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.

Loading...

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

Loading...
Continue Reading

Business

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

Published

on

Loading...

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.

Loading...

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.

Advertisement. Scroll to continue reading.

Loading...
Continue Reading

Trending