Corporate News From Africa

  1. KCB secures Sh10bn from MasterCard for jobs plan:

KCB Foundation, the social investments arm of KCB Group , has secured Sh10 billion funding from the MasterCard Foundation to scale up the bank’s 2jiajiri job creation Programme. The funding, part of a Sh30 billion MasterCard Foundation kitty that will also benefit Equity Bank Group, was extended to KCB Foundation under the ‘Young Africa Works’ Programme which was launched in Nairobi last week. “For 2jiajiri, the initiative will focus on providing technical training to 114,000 beneficiaries from micro and small enterprises in the three economic sectors of agriculture, manufacturing and construction in Kenya, in line with the government’s Big 4 Agenda,” said KCB Group CEO Joshua Oigara. “One of the priorities this year is to drive business growth while contributing to the economic growth of all the markets we operate in. ”KCB launched 2jiajiri in 2016 with the aim of benefiting at least 500,000 entrepreneurs in five years with access to credit.

2. Chinese companies register rising income from Uganda:

Chinese companies with construction projects in Uganda have in the last 20 years earned more money than any other foreign company, grossing about $8.7 billion (Ksh881 billion) over the period. These are the annual revenues earned by the companies between 1998 and 2017, according to data by the China Africa Research Initiative. In 1998, Chinese companies made $14.9 million, which was maintained in 1999, but later increased in 2000, rising to $19.1 million. While there was a slump in the following years, revenues bounced back in 2003 with $20.3 million and have since then risen to $2.1 billion (Ksh212 billion) in 2017.The increase in revenues could partly be explained by increased lobbying between the Uganda and Chinese governments.

3. France’s Orange eyes Ethiopia’s telcom sector:

France’s leading telecommunications company Orange believes the planned liberalization of the sector in Ethiopia will take shape in 2020.Ethiopia is one of the last countries whose telecoms industry remains in the hands of the government. Orange is one of the leading contenders seeking to benefit from the end of state-controlled Ethio Telecom’s monopoly, pushed by Prime Minister Abiy Ahmed. Sources told Reuters earlier this month that the government aimed to award telecom licenses by the end of 2019, with the new operators expected to launch services next year. However some industry executives have expressed scepticism over the timetable. “The most likely scenario as of today seems to be the opening of the incumbent’s capital to a minority shareholder who could play a significant role within the company,’‘ Orange’s Chief Financial Officer Ramon Fernandez told Reuters on Friday. “And, in parallel, the opening of the market through the sale of at least one license to an operator,” Fernandez added.

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