Connect with us

Business

SA firm eyes deal to operate Lamu Port : The Standard

Published

on

Loading...

[ad_1]

The ongoing super structure on berth number one at the Lamu port in Lamu County. [Maarufu Mohamed/Standard]

Kenya is in talks with Transnet SOC of South Africa to operate a seaport that the East African nation is developing to partly use for planned exports of oil.

The state-owned South African logistics company is leading a group of companies that are pitching to provide the equipment for the initial three of 32 berths planned at Lamu Port, and to operate the facility, Kenya Ports Authority Managing Director Daniel Manduku said.
“We are still negotiating,” Manduku said in an interview with Bloomberg, without specifying the value of the deal. “We hope to have made a decision by end of March.”
President Uhuru Kenyatta is seeking to increase private investment to expand infrastructure and boost economic growth.

SEE ALSO :Kentrade pledges support for Lamu Port venture

Loading...

That is as the International Monetary Fund advises the Government to restrain spending to further reduce its fiscal deficit from 7.5 per cent of gross domestic product at the end of June 2018.
The National Treasury earlier said a group of companies is seeking a 25-year public-private partnership to operate the Lamu port.
Lamu will be Kenya’s second international seaport after Mombasa. It was conceived as part of a regional infrastructure plan known as Lapsset that includes an oil pipeline from northwestern Kenya, where Tullow Oil plans to start commercial production in 2022.
The Lapsset corridor envisages linking the pipeline, roads, rail and airports in Kenya to neighbouring Ethiopia and South Sudan.
Construction of the first berth at Lamu will probably be completed in June, and the next two areas where vessels can dock in 2020, according to Lapsset Corridor Development Authority Chief Executive Officer Silvester Kasuku.
The Government is expected to spend $480 million (Sh48 billion) to construct the three berths, Mr Kasuku said.
Calls to Transnet seeking comment went unanswered.
The port is expected to attract larger cargo ships and also provide direct benefits within the region by passing on savings derived from lower marine costs due to faster ship turnaround time, reducing the cost of doing business.
It is expected that the port will attract some of the cargo that passes through the ports of Sudan, Djibouti and Mombasa.
Lamu port traffic is expected to reach 23.9 million tonnes by 2030, according to industry forecasts.

Lamu PortTransnet SOC



[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