EAC & The Horn

EAC & The Horn

New smartphone plant boosts ‘Made in Kenya’ movement

Kenyans can now purchase locally assembled smartphones following the launch of the East Africa Device Assembly Kenya Limited (EADAK), situated in Athi River. This development advances the country’s efforts to enhance manufacturing as part of the “Made in Kenya” initiative, and it is expected to result in cost savings, with locally-made smartphones projected to be 30 percent more affordable than imported ones. President William Ruto presided over the EADAK plant’s inauguration, emphasizing its significant role in advancing his government’s digital highway and transformation agenda. The device assembly plant is a collaborative endeavor involving local Mobile Network Operators Safaricom and Jamii Telecommunications, along with international device

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EAC & The HornNews

BURN ignites change with Sh1.5 billion green bond for clean cooking

Clean cookstove maker BURN Manufacturing (BURN) has issued Sub-Saharan Africa’s first-ever green bond, aiming to raise US$10 million (just over Kes1.5 billion) for clean cooking initiatives. The bond’s proceeds will enable BURN, a clean stove distributor, to expand its manufacturing capacity in Kenya. With this injection of funds, BURN anticipates increasing its production from the current 400,000 units per month to 600,000 units, including a range of life-saving biomass, electric, and LPG stoves. BURN, which is also involved in carbon offset projects, plans to use the fresh capital to establish a new plant in Lagos, Nigeria. Founded in 2011, BURN seeks to save lives and…

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EAC & The Horn

Angola joins the ranks of visa-free travel to Kenya

Angolan nationals have become the latest citizens of a foreign country who can travel to Kenya without the need to apply for a visa. This follows the signing of a visa-free travel agreement between President William Ruto and Angolan President João Lourenço during his visit to Kenya last week. Since taking over from Uhuru Kenyatta, President Ruto has entered into several visa-free deals with many countries. In November 2022, Dr Ruto signed his first visa-free deal with South Africa. Later this year, in June 2023, he signed another visa-free deal with Djibouti. In July, Comoros and Senegal nationals were given similar treatment, as well as

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EAC & The Horn

East Africa Bank turns cautious as shareholders face turmoil

East Africa Development Bank’s (EADB) reliance on cheap long-term funds will protect its balance sheet even as it shareholders, the governments of Kenya, Uganda, Tanzania and Rwanda face tough economic conditions. Rating agency Moodys has affirmed the EADB’s Baa3 long-term issuer rating and maintained the stable outlook on grounds the bank had taken risk mitigation measures rather than on the strength of its shareholders. Moodys, which recently cut Kenya’s credit rating from B2 to B3 said the country’s negative rating, Rwanda’s B2 stable, Tanzania’s B2 positive and Uganda’s B2 negative means the shareholders are unlikely to intervene if the bank came under pressure owing to

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EAC & The HornTechnology

Addressing tech-driven injustices in Africa

The Mozilla Festival House in Kenya has become a vital platform for diverse communities to come together and engage in discussions, debates, and connections surrounding some of the most critical issues impacting the region. A central focus of these dialogues has been the role of technology in perpetuating social injustices across Africa. At the inaugural Mozilla Festival House in Kenya, the event saw participants share ideas on practical solutions to pressing concerns, notably the concept of digital extractivism. Global content moderation unions Attendees explored ideas such as the establishment of global content moderation unions. They also advocated for fair and equitable wages in the tech

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EAC & The Horn

Pan-African bean researcher PABRA wins $100,000 prize

For its role in revolutionizing agriculture and food security across Africa, the Pan-Africa Bean Research Alliance (PABRA) has been awarded the prestigious Africa Food Prize for 2023. The announcement was made during the 2023 African Green Revolution Forum (AGRF) held in Tanzania, with the prize recognizing PABRA’s role in the development of numerous bean varieties that have significantly improved farm productivity, nutrition, and profitability while meeting the ever-increasing consumer demand for this vital crop. PABRA’s work in the field of bean research and development has led to the release of over 650 improved bean varieties, each endowed with diverse favorable characteristics. These varieties have not

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EAC & The Horn

Sh12 billion grant to expand Ethiopia’s wheat industry

In a significant boost to Ethiopia’s agricultural industry, the African Development Bank Group will advance a $84.3 million (Kes12.15 billion) grant to enhance the country’s wheat production while increasing farmers’ incomes. The grant aims to drive Ethiopia’s agricultural self-sufficiency and foster economic growth within the sector. Ethiopia’s Finance Minister Ahmed Shide and Abdul Kamara, Deputy Director General for East Africa at the AfDB sealed the grant agreement on August 2, 2023. The agreement will boost the rollout of Ethiopia’s Climate Resilient Wheat Value Chain Development Project (CREW), an initiative set to transform wheat production in the country. Climate Smart Wheat Productivity The grant structure comprises

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