[East Africa Business Week] Growing the region’s investment portfolio
In the last week, a series of investments across East Africa have been unveiled by corporates, banks, multinationals and development partners as the region continues to position itself as an investment hub in the continent.
To date, approximately USD 700 million dollars of financing has been extended by TDB in Rwanda across several sectors including transport, namely road and aviation financing, lending to financial institutions for infrastructure, healthcare and SME projects among others, and lending for electricity generation projects.
Priority trade flows into Kenya are being jointly supported by the Eastern and Southern African Trade and Development Bank (TDB) and the Arab Bank for Economic Development in Africa (BADEA), through several trade finance facilities and limits of USD 600m.
At the same time, Absa Bank Kenya has partnered with financial technology platform Melanin Kapital and the African Guarantee Fund (AGF) to improve access to finance for women-owned and led SMEs through the joint program, ‘TUUNGANE 2XNa Absa.’
Initially, over 600 SMEs will be invited to go through the digital credit process and credit-readiness program run by Melanin Kapital, apply for a loan from Absa Bank that will be guaranteed by the AGF.
Tanzania has been selected to host the AGRF 2023 Summit in what will boost the country and region's image as an investment destination. The AGRF, Africa’s Food Systems Forum, is the premier platform for advancing the agriculture and food systems agenda on the continent; from food security to agri-food investments. The annual Summit convenes leaders, policymakers, scientists, heads of governments and private institutions, farmers, and the youth in the agriculture and food systems landscape to discuss and agree on practical actions and solutions that drive Africa’s food security and better livelihoods for all.
In the banking and financial services sector, the Egyptian Banking Institute (EBI), the training arm of the Central Bank of Egypt, recently successfully launched the first round of “EBI Executive Program” for the African banking sector. The program was conducted in Cairo with the participation of a number of senior executives from four banks in Tanzania and Zambia.
KCB Bank Kenya customers can now access Kodris Africa coding lessons at discounted rates and pay in instalments, following a partnership between the education technology firm and the Bank.
The Kodris Africa subscription licenses are now retailing at a 50% discount – Ksh9,860 for a year’s worth of coding, down from the previous KShs19,720.
Elsewhere, AfricaNenda and TradeMark East Africa (TradeMark) have signed a Memorandum of Understanding committing to collaborate towards creating digital-related solutions that will enhance financial inclusion across Eastern Africa trade environment.
The two organisations will generate ideas and design solutions and projects to increase transparency and accountability in trade transactions, reduce business transaction time and cost, and enhance collaboration and cooperation between government and private sector trade actors.