BUSINESS NEWS

The International Monetary Fund (IMF) has approved the release of a $235.6 million (Sh28 billion) loan to Kenya for budgetary support. The disbursement is the third tranche of a 38-month budget support program inked in April 2021 and which seeks to address Kenya’s debt vulnerabilities, the response…

The African Development Bank Group (AfDB) Board of Directors has approved financing of $150 million (about Sh18 billion) to Kenya to support the development of the Nairobi-Mau Summit highway. The funding represents about 10 percent of the Sh180 billion required for the upgrade of the 190-kilometer…

International Monetary Fund (IMF) has released a report ranking Kenya’s business environment as the second worst in the world behind Colombia. The World Uncertainty Index (WUI) attributed Kenya’s business uncertainty to the rising political temperature in the country ahead of the August 9th general…

The High Court has ordered Kenya Revenue Authority (KRA) to immediately reopen Keroche Breweries Ltd pending the hearing and determination of a tax dispute between the two parties. The order was issued on Friday after the two parties returned to court after the Naivasha-based beer manufacturer…

Kenya and the US have launched a Strategic Trade and Investment Partnership (STIP) to replace an agreement former President Donald Trump's administration had inked with Nairobi. Under the STIP, the two states will start work to develop a roadmap for engagement in 10 key areas among them agriculture…

Moi University has announced plans to lay off hundreds of its workers as part of measures to cut costs and keep the institution afloat. Vice-Chancellor Prof. Isaac Kosgey in a notice said the university’s wage bill has become unsustainable, noting that they spend up to 70 percent of the funds…

The government of Kenya has commenced talks to construct a 482-kilometer expressway that will connect Nairobi and Mombasa cities. This follows a pre-feasibility study carried out by the Korean Overseas Infrastructure & Urban Development Corporation Africa (KIND) in collaboration with the Kenya…

The Ministry of Agriculture says investors interested in idle government land to carry out large-scale commercial farming must show their financial muscle. This comes after the Cabinet last month approved a policy that seeks to provide a framework for the utilization of idle land owned by State…

The imports will be used in providing strategic stocks for the country and cushion the country from a fuel shortage due to global disruptions.  The National Oil Corporation of Kenya (NOCK) will from August start importing cheap fuel from Saudi Arabia in a move aimed at lowering pump prices.…

Kenya Airways (KQ) has signed a deal with two Brazilian companies to acquire 40 flying electric taxis as it seeks to establish itself as a leader in urban air mobility. Through its subsidiary Fahari Aviation, the national airline on Tuesday signed a Letter of Intent (LOI) with UAM, LLC, a…