Kenya gets Sh50bn World Bank loan for roads

Kenya has signed a Sh50 billion infrastructure loan with World Bank to fund part of the Eastern Africa Regional Transport, Trade and Development Facilitation Project.

National Treasury Cabinet secretary Henry Rotich said the funds will be used to rehabilitation the 287 kilometere Nakodok- Loichangamatak that traverses Trans Nzoia, West Pokot and Turkana counties.

The government will also develop a 40 kilometre section between Loichangamatak and Lokichar (Turkana County) at a cost of Sh17.6 billion.

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Bad weather hurt milk processors

Consupmtion of processed milk has reduced significantly since the beginning of 2015 due to what processors attribute to unfavourable weather.

The Kenya National Bureau of Statistics data sourced from the Kenya Dairy Board shows January, February, March and April 2015 recorded milk intakes was 47.3, 35.7, 36.8 and 30.4 million litres, respectively.

Milk consumption stood at 54, 46.6, 49.3, and 45 million litres in January, February, March and April last year.

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Growth in plastic card payments slows down as Kenyans opt for mobile money

Plastic card payments in the first four months of the year rose only marginally relative to the same period last year, but remained well below the high achieved in the same period in 2013. The amount settled through the cards was just 0.7 per cent higher at Sh427.6 billion in the period compared to Sh424.8 billion in the same period last year, data from the Central Bank of Kenya (CBK) shows.

Analysts attribute the fall in the value of card payments to the increased popularity of mobile money platforms such as Safaricom’s  M-Pesa, and Airtel Money.

Equity steps up competition for mobile money customers with cheaper transfer service

Equity Bank has stepped up competition for mobile money customers by making it free for its subscribers to send money to Airtel subscribers and within its network while capping fees charged on transfers to other banks at Sh200. Users of the new Equitel service will send any amount of money to customers within the bank and up to Sh1 million from their mobile phones to other banks, a significantly higher sum than the current maximum transfer of Sh140,000 per day on Safaricom’s M-Pesa, which must be done in two instalments.

Global Entrepreneurship Summit (GES)

The 2015 Global Entrepreneurship Summit (GES) will be held in Nairobi Kenya, on July 25-26 2015. It will be the sixth annual gathering of entrepreneurs at all stages of business development, business leaders, mentors, and high-level government officials. GES is a global platform connecting emerging entrepreneurs with leaders from business, international organizations, and governments looking to support them.

Co-hosted by the Government of Kenya,the 2015 GES will mark the first time that the event will take place in Sub-Saharan Africa.

It will be graced by His Excellencies Uhuru Kenyatta -President of the Republic of Kenya and Barrack Obama-President of USA.

Kenya’s economy grows by 4.9 per cent in first quarter

Data from Kenya National Bureau of Statistics (KNBS) indicates that Kenya’s Gross Domestic Product (GDP) grew by 4.9 per cent in the first quarter of 2015, a marginal 4 per cent increase from the 4.7 growth recorded over a similar period last year with inflation easing downwards 5.8 per cent compared to 6.8 per cent. The Government’s statistics body, however, states that even as the country’s economy experienced relative stability over the first quarter of 2015, the shilling depreciated by 6 per cent against the US dollar, an issue that continues to be of concern to traders.
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