KENYA

Kenya makes first direct appeal for Trump’s 10pc tariff reversal

Kenya has made a formal direct appeal to the United States to reverse the 10 per cent tariff on exports, preserving duty-free status for tens of products from the country and protecting more than 65,000 jobs. Trade Cabinet Secretary Lee Kinyanjui said Nairobi has received a positive initial response from Washington following the appeal. Negotiations are progressing, he added, citing bilateral trade this week in Washington between Kenya’s Prime Cabinet Secretary and CS for Foreign Affairs Musali Mudavadi and US Secretary of State Marco Rubio on the invitation of President Donald Trump’s administration. 

(Business Daily)

TANZANIA

CRDB Bank’s pledge after a strong 2024 performance

CRDB Bank Plc has reaffirmed its commitment to delivering sustained growth and shareholder value, following strong financial performance in 2024 that saw profits and dividends rise significantly. Speaking at the annual Investors Forum held in Dar es Salaam yesterday, Group CEO and Managing Director Abdulmajid Nsekela announced that the Group’s profit after tax had surged by 30.3% to reach a record Sh551 billion in 2024. The forum, traditionally held ahead of the bank’s Annual General Meeting (AGM) in Arusha, attracted more than 200 institutional and retail investors. It was graced by the Ambassador of Denmark to Tanzania, Mr Jasper Kammersgaard, and CRDB Group Board Chairman, Dr Ally Hussein Laay.

(The Citizen)

UGANDA

BOU launches remittance monitoring tool as inflows grow

Companies dealing in remittance services are now required to report data on their transactions on a weekly basis to the Bank of Uganda (BOU), under a newly developed system. The Central Bank has developed a new data collection approach regarding diaspora remittances, where all remittance service providers will submit their detailed data weekly using a newly designed remittances data collection form. This latest development, a collaboration between BOU and the International Fund for Agricultural Development (FAD), is expected to revolutionise how Uganda captures and utilises data on one of its most strategic financial flows, remittances.

(The Independent)

RWANDA

Rwanda, UAE firm sign deal on printing, manufacturing

Rwanda and E7 Group, a subsidiary of ADQ’s sovereign wealth fund based in Abu Dhabi, UAE, which specialises in secure printing services, have signed a partnership agreement that will see the establishment of a manufacturing facility in the country. The framework agreement was signed on May 8 between the Rwanda Development Board (RDB) and E7 Group. “This partnership will include an array of services and establish a state-of-the-art manufacturing facility to enhance public service delivery and further Rwanda’s growing role as a hub for advanced manufacturing in the region,” according to the RDB statement.

(New Times)