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  • Kenya smallholder tea farmers earn Sh63.6 billion from tea exports

  • Forex 31.07.2015

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Kenya smallholder tea farmers earn Sh63.6 billion from tea exports

Written by Today Financial News

23 September 2015

By TF News reporter

 

The Kenya Tea Development Agency Holdings Limited (KTDA), has announced Sh63.6 billion in farmers’ earnings for the 2014-2015 financial year, which represents a 21 per cent jump from the Sh52.6 billion earned in the 2013 – 2014 financial year.A worker in one of the tea factories that caters for smallholder tea farmers in KenyaA worker in one of the tea factories that caters for smallholder tea farmers in Kenya

Of the Sh63.6 billion, Sh43.25 billion will be paid out to smallholder tea farmers as bonuses later next month as Sh14.55 billion has already been paid out monthly to farmers as initial payment, based on monthly green leaf deliveries to factories, at the rate of Sh14 per kilo of green leaf.

Kenya gets Sh6.1 billion to improve the water sector and climate programmes

Written by Today Financial News

08 July 2015

By TF News Reporter

The World Bank Group has approved US$61.5 million to enable Kenya to improve water security and climate resilience for beneficiaries in the western and coast regions.

The Bank’s Executive Board of Directors today approved US$58 million International Development Association (IDA) credit additional financing for restructuring of the Kenya Water Security and Climate Resilience Project, which was approved in June 2013 with a credit of $155 million.

More Kenyans to access electricity as World Bank gives Sh41 billion

Written by Today Financial News

01 April 2015

By TF News Reporter

Over 630,000 Kenyans will benefit from access to electricity after the World Bank gave Sh41 billion ($457.5 million) to support the energy sector including the Kenya Power and Lighting Company (KPLC.Access to electricity is still a big challenge especially in the rural areasAccess to electricity is still a big challenge especially in the rural areas

According toe the bank, the money will support existing consumers to enjoy better quality of electricity services while KPLC that distributes power will be financially stronger.

We are making this significant and innovative investment in Kenya’s power sector to expand electricity access to low income households and small businesses as part of the nation’s push for shared prosperitysays Diarietou Gaye, World Bank Country Director for Kenya.

World Bank President Jim Yong Kim and UN Chief Ban Ki-moon visits Kenya next week

Written by Today Financial News

24 October 2014

 

By Agencies

World Bank President Jim Yong Kim and UN Secretary General Ban Ki-moon arrives in Nairobi next week to strengthen cooperation for peace, security and development in the Horn of Africa. UN Secretary General Ban Ki-moon is expected to boost on going peace efforts in South SudanUN Secretary General Ban Ki-moon is expected to boost on going peace efforts in South Sudan

 

The two who arrives on Tuesday will meet President Uhuru Kenyatta and later meet with private sector representatives to discuss regional integration and economic opportunities for countries in the Horn.

 

Kim visits Kenya at a time when Kenyans are optimistic about prospects for better growth and equity driven by devolution and discovery of petroleum resources.

Central Bank Governor Professor Njuguna Ndung’u honoured in Washington

Written by Today Financial News

14 October 2014

By Agencies

The Central Bank of Kenya Governor Prof Njuguna Ndung’u has been named the central bank governor of the year, Sub-Saharan African 2014.CBK governor Prof Njuguna Ndung'u voted the best in sub-Saharan AfricaCBK governor Prof Njuguna Ndung'u voted the best in sub-Saharan Africa

The award by Emerging Markets (EM) Magazine is given each year, in recognition of the achievements of leading policy makers in emerging markets.

Kenya economy to record higher growth, says IMF

Written by Today Financial News

03 October 2014

By IMF Staff

Rising domestic and foreign investment are set to boost economic activity in Kenya. All sectors except agriculture likely to record improvement this yearAll sectors except agriculture likely to record improvement this year

This as the central African country reaps rewards of extensive institutional reforms and prudent macroeconomic policy, the IMF staff said.

Kenya leads in internet access and connectivity in Africa, says Liquid Telcom

Written by Today Financial News

09 September 2014

By TF News Reporter

Kenya is leading other African countries in internet connectivity with the highest bandwidth per person, says Internet provider Liquid Telecom Kenya CEO Ben Roberts.Liquid Telecom CEO Ben Roberts says Kenyans enjoy fast internet speedsLiquid Telecom CEO Ben Roberts says Kenyans enjoy fast internet speeds

He says the country enjoys the fastest Internet speeds and some of the lowest internet costs in the East African region.

Cost of living continue to soar as inflation rate jump to 8.36 per cent in August

Written by Today Financial News

01 September 2014

By TF News Reporter

Increasing prices of food, rent and transport costs have pushed the rate of inflation to 8.36 per cent in August up from 7.67 in July.Rising rate of inflation is a concern to government whose target is five per cent and belowRising rate of inflation is a concern to government whose target is five per cent and below

During the month, several parts of the country experienced drought with the government forced to supply emergency food relief to thousands of famine-stricken people in six counties, most of them in the arid and semi arid areas.

Guarantee agency spends Sh2.5 billion to guarantee local businesses

Written by Today Financial News

29 August 2014

By Julius Musungu

The Multi-lateral Guarantee Agency (MIGA) has committed $30 million (Sh2.5 billion) to guarantee Kenyan business against political risk.MIGA's gurantee to Gulf Energy enabled the company to undertake the projectMIGA's gurantee to Gulf Energy enabled the company to undertake the project

MIGA Vice president and Chief Operating Officer Michel Wormser also said the agency that is part of the World Bank Group has entered into talks with the government to increase its scope and operation in the country by insuring companies against operational risks.

Tullow announces new oil find in Turkana as oil exploration in Kenya gains momentum

Written by Today Financial News

28 August 2014

 

By Agencies

Tullow Oil plc (“Tullow”) Thursday announced the discovery of more oil at Etom-1 well in Block 13T in South Lokichar. Tullow Oil has now stepped up oil search in the regionTullow Oil has now stepped up oil search in the region

The UK Company said the well is the most northerly well drilled to date in the South Lokichar basin, 6.5 km north of the previous Agete-1 discovery.

Guarantee agency vice president to visit Kenya

Written by Today Financial News

27 August 2014

By agencies

The Multilateral Investment Guarantee Agency (MIGA) Vice President Michel Wormser, and Chief Operating Officer of will visit Kenya Thursday.Mr Micheal Wormser is expected to meet with senior government officialsMr Micheal Wormser is expected to meet with senior government officials

Mr Wormser’s visit underscores MIGA’s continued support to the country’s development goals, especially as Kenya builds its power generation capacity through private sector investment

World Bank commits Sh400 billion to support energy generation in Africa

Written by Today Financial News

06 August 2014

By TF News Reporter

The World Bank has committed $5 billion (Sh400 billion) to support energy projects in six African countries.World Bank funding is a big boost to energy sector in AfricaWorld Bank funding is a big boost to energy sector in Africa

The funds that comes as new technical support will benefit Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania—which have partnered with President Obama’s Power Africa initiative.

Costs of homes likely to go down as interest rates by commercial banks fall

Written by Today Financial News

30 July 2014

By TF News

Prices of houses could drop as the government reduces borrowing from the local money market after a successful euro-bond last month that raised billions of shillings, says Hass Consult.Hass Consult head of marketing Ms Sakina Hassanali predicts a fall in prices of houses as government reduce domestic borrowingHass Consult head of marketing Ms Sakina Hassanali predicts a fall in prices of houses as government reduce domestic borrowing

The real estate consulting firm that unveiled the Hass property price indices for the second quarter Wednesday says interest rates charged by commercial banks are likely to fall as government reduce domestic borrowing.

Kenya gets Sh4 billion from World Bank to develop oil and gas sector

Written by Today Financial News

26 July 2014

By JM Mwangi

The World Bank has given Kenya Sh4.4 billion (US$50 million ) to strengthen its capacity to manage the oil and gas sector that is developing following the discovery of oil reserves in Turkana County.Oil exploration in Kenya has been intensified following recent discovery in TurkanaOil exploration in Kenya has been intensified following recent discovery in Turkana

The money will also help the Kenyan government in the distribution of its revenues to create sustainable growth across all areas of the country’s economy.

Kenya among African countries that have improved policy environment

Written by Today Financial News

26 June 2014

By TF News Reporter

About 20 per cent of African countries improved their policy environment to boost growth and cut poverty  last year.President Kenyatta (right) has promised to improve governance and investment environmentPresident Kenyatta (right) has promised to improve governance and investment environment

A World Bank annual Country Policy and Institutional Assessment (CPIA) review report that rates the performance of poor countries says since 1980, CPIA ratings have been used to determine the allocation of zero-interest financing and grants for the 39 African countries.

Kenya's internet exchange point launches at East Africa Data Centre

Written by Today Financial News

17 June 2014

By TF News Reporter

 

The Kenya Internet Exchange Point (KIXP) has relocated to the East Africa Data Centre.ICT cabinet secretary Fred Matiang'i has pledged to support investors in ICTICT cabinet secretary Fred Matiang'i has pledged to support investors in ICT

The Exchange pint is now carrying four times the traffic that it was in 2011 becoming the largest internet exchange point in East Africa as well as the first Tier 3 data centre in East and Central Africa.

Liquid Telecom complete East Africa fibre ring increasing internet reliability in the region

Written by Today Financial News

13 June 2014

By JK Mwangi

Liquid Telecom has completed the build of the East Africa Fibre Ring which connects Kenya, Uganda, Rwanda and Tanzania.East African region is now fully connected to fibre opticEast African region is now fully connected to fibre optic

The connection now creates the first fully redundant regional fibre ring, connecting these countries to each other and the rest of the world.

This will ensure that businesses across the East African community now receive continuity of Internet connectivity and a much more reliable service.

CBK grants authority to Rabobank Nederland of Netherlands to open office in Kenya

Written by Today Financial News

12 June 2014

By TF News Reporter

The Central Bank of Kenya (CBK) has granted authority to Rabobank to open a Representative Office in Kenya. The authority was granted pursuant to Section 43 of the Banking Act. CBK governor Prof Njuguna Ndung'u says office to deepen trade ties between Kenya and NetherlandsCBK governor Prof Njuguna Ndung'u says office to deepen trade ties between Kenya and Netherlands

Rabobank Nederland is a cooperative bank owned by local cooperatives in Netherlands. Apart from offering financial services to its member cooperatives, Rabobank Nederland, which is licensed and supervised by the Central Bank of Netherlands (De Nederlandsche Bank), also offers universal banking services to the public.

World Bank approves new development strategy to help Kenya boost economic growth

Written by Today Financial News

06 June 2014

By JK Mwangi

The World Bank Group today endorsed a new five year development strategy to help Kenya succeed in its efforts to boost economic growth sustainably.Social and economic inequality has widened over the yearsSocial and economic inequality has widened over the years

The strategy will also help the country create more jobs for young people, build vital infrastructure, and devolve power to regional communities in order to end extreme poverty and share prosperity among all Kenyans.

The shilling under pressure from the corporate, says CBK

Written by Today Financial News

26 May 2014

By Ben Kinyanjui

The Central Bank of Kenya has broken silence over the depreciating shilling saying it had come under increased pressure.CBK says there is enough foreign reserves to cover importsCBK says there is enough foreign reserves to cover imports

In a brief statement, CBK says the pressure is attributed to seasonal factors as corporations pay out dividends to external shareholders.

China and Kenya signs 15 agreements to enhance cooperation

Written by Today Financial News

12 May 2014

By JK Mwangi and Kazungu Chai (PSCU)

Kenya and China have signed 15 agreements ranging from trade, energy and Technical Corporation to wildlife conservation Chinese Premier Li Keqiang signed the agreements that include energy, agriculture and technical assistance(PHOTO-PSCU) Chinese Premier Li Keqiang signed the agreements that include energy, agriculture and technical assistance(PHOTO-PSCU).

The documents signed at a ceremony witnessed by President Uhuru Kenyatta and Chinese Premier Li Keqiang, included an exchange of notes on provision of materials for wild animals protection, a move that will enable China to contribute resources towards the protection
of Kenya’s wildlife.

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