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Tag: COVID-19

World Bank approves US$750m DPO to accelerate Kenya’s recovery from COVID-19 crisis

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KENYA – World Bank has approved a US$750 million Development Policy Operation (DPO) to help accelerate Kenya’s ongoing inclusive and resilient recovery from the COVID-19 crisis. The DPO will help strengthen fiscal sustainability through reforms that contribute to greater transparency and the fight against corruption. The DPO is the second in a two-part series of development operations initiated in 2020…

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IDA finances SAFER project to improve access to finance for MSMEs in Kenya

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KENYA – The Supporting Access to Finance and Enterprise Recovery (SAFER) project, financed by the International Development Association (IDA) is set to improve access to finance to MSMEs after being severely impacted by the COVID-19 crisis. More than 250,000 micro, small, and medium enterprises (MSMEs) in Kenya will benefit from the program that will address market failures in access to…

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Arab Monetary Fund extends Egypt’s US$368M loan to counter coronavirus repercussions

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EGYPT – The Arab Monetary Fund has provided a new 87.7 million dinars (US$368 million) compensatory loan to Egypt for containing the effects of the Coronavirus. The agreement was signed by the Governor of the Central Bank of Egypt (CBE), Tarek Amer, and General Director and Chairman of the Fund’s Board of Directors, Abdel Rahman bin Abdullah Al-Hamidi. The new…

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FMO and Sidian Bank partner to support MSMEs affected by Covid-19 in Kenya

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KENYA – Dutch development bank FMO and Kenya’s Sidian Bank, have announced the signing of a US$15 million NASIRA loan portfolio guarantee to provide financing for Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic in Kenya. A minimum of 30 percent of the total guarantee facility will be allocated specifically to young and female entrepreneurs. The guarantee…

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Tullow Ghana, Invest in Africa to empower its SMEs suppliers who were affected by COVID-19

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GHANA – Tullow Ghana, an oil and gas explorer and producer, has partnered with Invest in Africa (IIA) to deliver training to a number of its small and medium enterprises (SME)suppliers as part of the Access to Finance programme. The Access to Finance programme is an eight-month long programme, to be delivered in two parts, designed to equip selected suppliers…

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Kenya Airways implements contactless payment at JKIA

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KENYA – National carrier Kenya Airways, has implemented contactless transactions to enhance customer and staff health and safety priorities in the wake of the COVID-19 pandemic. This service will be effective from 1st September 2021. The contactless transactions align with the airline’s strategy to develop sustainable business operations through investing in innovative processes and technologies for customer safety and security…

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IFC and FMO partner with I&M Bank to support SMEs in Kenya

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KENYA – To help smaller businesses across a range of sectors in Kenya access financing for working capital, expansion, and to weather the effects of COVID-19, IFC and FMO, the Dutch entrepreneurial development bank, have announced a loan to I&M Bank Limited of US$50 million. With IFC contributing US$30 million and FMO contributing US$20 million, the loan will strengthen I&M…

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OeEB, EIB launch US$119m private sector financing initiative for businesses affected by COVID-19

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AFRICA – The Development Bank of Austria (OeEB) and the European Investment Bank (EIB) have launched a new EUR100 million (US$119.38m) private sector financing initiative for entrepreneurs and businesses most impacted by economic, health and social challenges triggered by COVID-19. The programme will enhance access to long-term financing across sub-Saharan Africa, help to create thousands of jobs and accelerate sustainable…

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AfDB approves US$1.4m grant to improve food security in Zambia in the wake of Covid-19

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ZAMBIA – The Board of Directors of the African Development Bank has approved a US$1.4 million grant from the Global Agriculture and Food Security Program to reduce malnutrition among the Southern African nation’s most vulnerable households. The Mitigating Impacts of Covid-19 on Household Food Security Project will create about 150 permanent skilled or semi-skilled positions and 40 part-time unskilled jobs…

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Kenya Airways to resume Nairobi – London flights as the summer season begins

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KENYA – National carrier Kenya Airways (KQ) will resume operations on the Nairobi-London route on June 26 after the East African nation restored flights ahead of the peak summer tourism season. The airline suspended flights on the route in April following a government directive banning all flights to or from Kenya to the UK. “We are starting with one at…

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