Connect with us

Business

Kenya offers Uganda land to build dry port in Naivasha

Published

on

Loading...

[ad_1]

News

Kenya offers Uganda land to build dry port in Naivasha

Ugandan President Yoweri Museveni (left)
Ugandan President Yoweri Museveni (left) together with President Uhuru Kenyatta after they addressed press conference at State house in Mombasa on issues related to trade between the two countries in this picture taken on 27 March 2019. PHOTO | LABAN WALLOGA | NMG 

Kenya will offer Uganda land to build a dry port for its cargo in Naivasha as part of the joint Standard Gauge Railway (SGR) project push between the two countries.

This was agreed on Wednesday evening when President Uhuru Kenyatta hosted his visiting Ugandan counterpart Yoweri Museveni to a state dinner in Mombasa.

Mr Kenyatta said his government would avail land in the second largest town in Nakuru County for Kampala to develop a dry port for its cargo.

“By August this year, the SGR will have reached Naivasha,” Mr Kenyatta said.

Loading...

“I have confirmed to President Museveni that with that development in Naivasha and then moving the SGR to Malaba, goods will be able to move from Mombasa to Malaba in just two days.”

Details and terms of the dry-port offer were not immediately clear but Mr Kenyatta’s move is widely seen as aimed at retaining and expanding the Ugandan cargo business.

It is also part of Nairobi’s reassurance on Kenya’s commitment to keep Uganda as its biggest client for transit cargo.

Uganda is the biggest market for Kenyan goods and the biggest client to the Port of Mombasa, especially for transit cargo, ahead of Democratic Republic of Congo (DRC), South Sudan and Rwanda.

According to Kenya Ports Authority (KPA) 2017 annual performance report, the port saw a marginal 1.1 per cent increase in transit goods traffic to 7.75 million tonnes.

Uganda remained as the largest of the hinterland market accounting for 81.9 per cent of the traffic or 6.34 million tonnes.

The dry port will also see Uganda play a more crucial role for the hinterland countries, including Rwanda and DRC, and also hints at Kenya’s commitment to come through with the last mile of the SGR railways line between Kisumu and Malaba, which will see Uganda secure funding for its Kampala-Malaba line.

[ad_2]

Source link

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