Trade and Financial Service Round-Up: Issue No 2 of 2025

  • 24 Jan 2025
  • 3 Mins Read
  • 〜 by Agatha Gichana

Kenya

Bank CEOs, directors face suspension in new anti-terror finance plan

Executives and board members of financial institutions, including commercial banks, may be removed from office as the government tightens anti-terror financing rules. Proposed amendments to the Prevention of Terrorism Regulations 2023 will empower the Financial Reporting Centre (FRC) to suspend managers and directors found in violation.

Business Daily

 

Uganda

Government seeks financier for Umeme buyout

The government is seeking a financier for the Umeme buyout, estimated to exceed $150 million. Uganda’s Auditor General, Edward Akoli, revealed that Umeme’s continuous investments have increased financial liabilities, which the government will settle at the end of the 20-year concession in March.

Daily Monitor

 

Tanzania

TIC registers $9.3 billion investment projects in 2024

The Tanzania Investment Centre (TIC) registered 901 investment projects worth $9.3 billion in 2024, reflecting a 41.6% increase from 2022, according to TIC Board Chairman Dr. Brinith Mahenge.

The Citizen

 

Rwanda

Kagame: Rwanda will not abandon policy on used clothes

President Paul Kagame stated that Rwanda will maintain its policy on used clothing despite threats from Western countries and suspension from the US African Growth and Opportunity Act (AGOA). Speaking at a diplomats’ luncheon in Kigali, he emphasised the importance of promoting Rwanda’s textile industry by blocking used clothes.

The East African

Ethiopia

WFP Ethiopia to cut nearly 600 jobs due to funding shortfall

The World Food Program (WFP) in Ethiopia plans to lay off nearly 600 employees, or 38% of its staff, due to funding shortages. WFP is the sole provider of humanitarian assistance to over 1.1 million refugees and millions of internally displaced persons in Ethiopia.

The Reporter

 

Sudan

Sudanese army battles RSF for control of oil refinery

 The Sudanese army and the Rapid Support Forces (RSF) have clashed near the Al-Jaili oil refinery north of Khartoum. The Sudanese army reached the refinery on Wednesday following prolonged offensives and reported direct clashes with the RSF.

Al Jazeera

 

Somalia

Somali pirates release Chinese fishing vessel

Somali pirates have released the Chinese-owned fishing vessel Liaoning Daping 578, which was hijacked three months ago in the waters off Xaafuun district, Puntland. While the vessel has been freed, it remains unclear if the $10 million ransom demanded by the pirates was paid.

The East African