<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-820x547.jpg" alt="" class="wp-image-429146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Zambia&#8217;s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. REUTERS/James Lawler Duggan/File Photo</figcaption></figure>



JOHANNESBURG, Nov 20 (Reuters) &#8211; Zambia suffered a major setback in its debt restructuring efforts, after the government said on Monday a revised deal to rework $3 billion of Eurobonds could not be implemented at this time due to objections from official creditors, including China.



Zambia and the country&#8217;s official creditor committee (OCC) and the International Monetary Fund (IMF) had been at odds over whether the initial deal struck with a group of bondholders in late October offered comparable debt relief from bilateral as well as commercial lenders. The IMF approved a tweaked deal, but official creditors again rejected it, Zambia said.



&#8220;The OCC, through its Co-chairs, concluded that Comparability of Treatment would not be achieved in the Base Case scenario, although would be achieved in the Upside Case scenario,&#8221; the government said in a statement, referring to a two pronged-approach that foresaw different levels of debt relief depending on the country&#8217;s economic performance.



OCC co-chairs China and France said there was no consensus among official creditors on the magnitude of additional concessions that would be required from bondholders in the base case to comply with the Comparability of Treatment principle, according to Zambia&#8217;s government.



The country&#8217;s External Bondholder Steering Committee said it was deeply concerned with recent developments and that its latest offer would provide more debt relief than official creditors on a net present value basis, as well as a principal haircut when official creditors were offering none.



Zambia defaulted on its debts three years ago and its restructuring has been beset by delays. Western officials accused China of holding up the process, something China has consistently denied, while international bondholders complained about being shut out of negotiations.



Zambia&#8217;s international bonds dropped more than 2.6 cents on the dollar following the statement, Tradeweb data showed.&nbsp;XS1056386714=TEXS1267081575=TE



&#8220;The OCC is demanding debt relief from commercial creditors that is materially higher than either the Government or the IMF deem necessary to restore debt sustainability,&#8221; the bondholder committee said in a statement.



&#8220;It is creating very clear inter-creditor equity issues and is going far beyond the OCC&#8217;s envisaged role under the Common Framework in verifying Comparability of Treatment.&#8221;



Zambia&#8217;s debt restructuring is taking place under the Common Framework, a process set up in response to COVID-19 by the G20 to bring in China, India and other bilateral creditors that are not members of the Paris Club of creditor nations. The Common Framework has been severely criticised, as it is yet to provide any countries with debt relief.



An IMF staff assessment found that the first proposed deal with bondholders would have breached the fund&#8217;s Debt Sustainability Analysis (DSA) targets, Zambia&#8217;s government said.



The ratio of debt service to government revenue would have reached 16.7% in 2024, 2.7 percentage points higher than the 14% target. Meanwhile, the present value of the debt to exports ratio would have been 1 percentage point higher than the 2027 target, at 85%, it said.



The IMF did not immediately respond to a request for comment.



(Reporting by Rachel Savage, Bhargav Acharya and Karin Strohecker, Editing by Alexander Winning, William Maclean)

FILE PHOTO: Zambia’s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington

Zambia says international bond deal can’t be implemented at this time

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-820x547.jpg" alt="" class="wp-image-429113" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Madagascar&#8217;s President and a presidential candidate Andry Rajoelina flanked by his wife Mialy Rajoelina as he arrives to cast his ballot at a polling station, during the presidential election in Ambatobe, Antananarivo, Madagascar November 16, 2023. REUTERS/Zo Andrianjafy</figcaption></figure>



ANTANANARIVO, Nov 17 (Reuters) &#8211; Madagascar&#8217;s President Andry Rajoelina took a predictably commanding early lead on Friday in his bid for re-election in a vote marked by low turnout and an opposition boycott, preliminary results showed.



The 49-year-old entrepreneur and former DJ rose to power on the Indian Ocean island in a 2009 coup, stepped down after almost five years as leader of a transitional authority, then won a 2018 election.



The opposition says he should not have run again in Thursday&#8217;s poll because he acquired French nationality in 2014 &#8211; which they say automatically revokes his Malagasy one &#8211; and has created unfair election conditions.



He says both accusations are baseless political tactics.



In preliminary results from the electoral commission CENI, Rajoelina had garnered more than 72.9% of the estimated total of 6.2% counted so far.



Votes counted so far indicated a turnout of 39.5%, compared to 55% in the equivalent first round of voting in 2018.



<h2 class="wp-block-heading" id="h-enthusiasm-not-there">&#8216;ENTHUSIASM NOT THERE&#8217;</h2>



There were 11 million people out of a population of roughly 30 million registered to vote in this year&#8217;s polls, which were preceded by weeks of opposition-led protests.



Of 12 opposition candidates originally, only two took part in the vote. One was Marc Ravalomanana, the former president ousted in 2009, the other Siteny Randrianasoloniaiko.



&#8220;Enthusiasm was not there,&#8221; said Andriamanambe Raoto, editor-in-chief of Politika, a monthly publication.



The United States voiced concern on Thursday over low turnout, inadequate training for election staff and irregularities by party officials.



The opposition said participation was the lowest in Madagascar&#8217;s history and vowed to keep protesting.



Rajoelina says the constitution does not require the head of state to exclusively hold Malagasy nationality, and that any loss of nationality is subject to signed authorization by the government.



The opposition also called for changes to the makeup of electoral commission and for the formation of a special court to hear election disputes.



Regional observer groups did not respond to requests for comment on the early results. Full provisional results are expected on Nov. 24 while the High Constitutional Court is due to certify them on Nov. 30.



(Reporting by Lovasoa Rabary, writing by Giulia Paravicini, editing by Andrew Cawthorne)

Madagascar’s President and a presidential candidate Andry Rajoelina flanked by his wife Mialy Rajoelina as he arrives to cast his ballot at a polling station, during the presidential election in Ambatobe

Madagascar president takes huge lead in early results of low turnout vote

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-820x550.jpg" alt="" class="wp-image-429094" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A police officer walks next to an electric mass transit bus assembled by electric vehicle manufacturer Roam at the Green Park Terminus in Nairobi, Kenya October 19, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Nov 17 (Reuters)&nbsp;&#8211;&nbsp;Kenya could lose up to 7.25% of economic output by 2050 if it does not take strong action to adapt to climate change and mitigate its effects, the World Bank said on Friday.



Like other so-called frontier economies, the East African nation has been suffering from the effects of global heating, including prolonged droughts, in recent years.



&#8220;By 2050, inaction against climate change could result in a decline in real GDP of 3.61–7.25 percent,&#8221; the World Bank said in a new publication called Kenya Country Climate and Development Report.



&#8220;The impact of climate change on the economy could be partly buffered by a higher annual growth rate and structural transformation,&#8221; it said.



If Kenya&#8217;s economy grows 7.5% per year through to 2050, in line with the government&#8217;s target, the damage of climate change to economic output would drop to 2.78–5.3%, the report said.



It called for increased investments in water resources management, farming, energy, transport and digital systems to help reduce the impact of climate change.



With about 90% of its electricity coming from renewable sources like hydro-generation and geothermal wells, Kenya is well positioned to provide solutions to other countries looking to lower their emissions, the report said.



&#8220;If Kenya maintains a low-carbon growth path, it could seize opportunities created by the global decarbonization trend and create green jobs,&#8221; it said.



While achieving a carbon-free electricity energy system by 2030 will require investments of up to $2.7 billion, it will be cost effective in the long run as the investments will be offset by lower fossil fuel costs, the report said.



It also urged the government to broaden the range of climate financing available by increasing the scope of projects to make them national and bankable.



&#8220;Finance directed toward climate in the development budget disproportionately targets the renewable energy sector,&#8221; it said. &#8220;Agriculture, forestry and land use, transport, water management, and other key sectors are significantly underfunded.&#8221;



(Reporting by Duncan Miriri; Editing by Mark Potter)

FILE PHOTO: A police officer walks next to an electric mass transit bus assembled by electric vehicle manufacturer Roam at the Green Park Terminus in Nairobi

Kenya could lose up to 7.25% of GDP to climate change, World Bank says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-820x547.jpg" alt="" class="wp-image-429066" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zambia&#8217;s Finance Minister Situmbeko Musokotwane takes part in a panel during the annual meeting of the International Monetary Fund and the World Bank, following last month&#8217;s deadly earthquake, in Marrakech, Morocco, October 14, 2023. REUTERS/Susana Vera/File Photo</figcaption></figure>



JOHANNESBURG/LONDON, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s official creditors including China rejected a deal the country struck with its international bondholders because they believed its &#8220;base case&#8221; scenario did not deliver debt relief comparable to what they offered in a separate deal, two sources familiar with the talks said.



Official creditors said the agreement in principle, which the International Monetary Fund (IMF) also rejected, did not comply with &#8220;Comparability of Treatment&#8221;, said the sources, who declined to be identified as the discussions are private.



Zambia announced on October 26 that it had clinched an agreement in principle with its international bondholders &#8211; a key step for the country whose debt rework has been beset by delays since it defaulted in 2020.



The announcement sparked a sharp rally in Zambia&#8217;s three outstanding bonds, which has been partially reversed since Zambia said on November 10 that official creditors and the IMF had &#8220;expressed reservations&#8221; about the deal, sparking fears that the country&#8217;s drawn-out default could be extended still further.



Both bondholders and official creditors had proposed extending the maturity of Zambia&#8217;s debt and that it be paid back quicker if the country&#8217;s economy performs better than expected. The bondholder deal proposed they would be paid more than $700 million before 2026 in the base case, while official creditors had offered a longer three-year grace period.



Bondholders would need to offer more debt relief in the base case scenario for the deal to be acceptable to official creditors and the IMF, one of the sources said.



&#8220;There were marginal deviations in positions and these deviations are being discussed. As it stands, the IMF may be in a position to support the adjusted terms as compatible with Zambia&#8217;s programme parameters,&#8221; the second source added.



A spokesperson for Zambia&#8217;s finance ministry contacted on Wednesday pointed to a statement published on Tuesday that said there were &#8220;continuing discussions&#8221; with the group of bondholders, but that no further comment could be made as the negotiations are being held under Non-Disclosure Agreements (NDAs).



An IMF spokesperson referred to a statement on Friday that said that &#8220;modifications are needed to bring this initial proposal more fully into line with the requirements of the IMF program&#8221; and declined to comment further.



Representatives for the negotiating committee of the international bondholder group declined to comment and the Paris Club, which acts as a secretariat for developed creditor nations, did not immediately respond to a request for comment.



China&#8217;s foreign ministry said all creditors should offer debt relief &#8220;in accordance with the principle of &#8216;common action and fair burden&#8217;,&#8221; in faxed comments on Monday in response to Reuters questions about what the &#8220;reservations&#8221; on the bondholder deal were.



(Reporting by Rachel Savage and Karin Strohecker; Additional reporting by Marc Jones, Editing by Alexandra Hudson)

DWS3TK7MAVPAPFKEL2YX7GYITI

Official creditors rejected Zambia bond rework deal as too generous to bondholders – sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="498" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-820x498.jpg" alt="" class="wp-image-429061" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-820x498.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-300x182.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-1536x933.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LGH7TDQ2DNN3FKFRGO2SVYRP34-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Nov 16 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund has reached a staff-level agreement with Kenya, unlocking immediate access to a $682.3 million tranche and boosting the current lending programme by $938 million, the fund said on Thursday.



The East African nation is grappling with acute liquidity challenges caused by uncertainty over its ability to access funding from financial markets before a $2 billion Eurobond matures next June.



Its balance of payments and financial positions have also been strained by the legacy of the COVID-19 pandemic and frequent climate change-induced droughts, the fund said at the conclusion of a two-and-a-half week review mission to Nairobi.



&#8220;The tightening global financing conditions for frontier economies and global geopolitical tensions are compounding the challenges,&#8221; said Haimanot Teferra, the head of the mission.



Subject to the approval of the Washington-based fund&#8217;s executive board, Kenya will have access to a total of $3.88 billion, which would bring its total funding under the existing Extended Fund Facility and Extended Credit Facility arrangements to $4.43 billion, the IMF said.



The current programme, agreed in April 2021, was first bumped up in May by an extra $1 billion, including $544 million under the IMF&#8217;s Resilience and Sustainability Facility (RSF), and a new arrangement under the same RSF.



Kenya&#8217;s international bonds rose modestly on the news, with the $2 billion note maturing in June 2024 rising the most. It was up 0.43 cents on the dollar to 95.6 cents at 0928 GMT&nbsp;XS1028952403=TE.



Although the deal was widely expected after it was telegraphed by a senior adviser in Kenya&#8217;s presidency, it was still being viewed positively, said a Kenyan market participant who did not wish to be named.



The new IMF financing, together with expected funds from the World Bank and regional banks like Afrexim, would allow Kenya to pay maturing foreign debt without running down its hard currency reserves, said the market participant.



The additional money was more than international markets were expecting, said Thato Mosadi, a strategist at Jefferies in London.



&#8220;I am very positive that reserves could be higher than USD6.5bn following the payment of the (2024) eurobond, and even more confident now following the IMF&#8217;s augmentation,&#8221; she said.



(Reporting by George Obulutsa and Duncan Miriri; Additional reporting by Rachel Savage in Johannesburg; Editing by Christina Fincher)

Shadow of Kenya’s borrowing binge to hang over next president

Kenya gets additional $938 mln from IMF, soothing nerves

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



BLANTYRE, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund&#8217;s executive board has approved a loan of about $178 million for Malawi, with an immediate disbursement of about $35 million, the IMF said in a statement on Wednesday.



Malawian authorities reached a staff-level agreement with the fund on the four-year Extended Credit Facility in September.



Earlier this month Malawi devalued its currency by about 30% as it battles severe shortages of fuel, medicines and fertilisers linked to foreign-currency shortages.



&#8220;The decision is a big breather for us and our economy,&#8221; Finance Minister Simplex Chithyola Banda said in a telephone interview with Reuters.



&#8220;Two major benefits expected are the resumption of budgetary support from our traditional donors and the easing of foreign currency supplies,&#8221; the southern African country&#8217;s finance minister said.



The IMF programme will unlock more financial support from development partners, Malawian President Lazarus Chakwera said in a televised national address late on Wednesday.



The World Bank could give Malawi $60 million for trade finance, a $217 million package linked to fiscal reforms and $250 million for agriculture, Chakwera said.



&#8220;These injections of foreign investment from our partners over the next four months will greatly enhance our foreign exchange reserves position and provide the macroeconomic stability needed for economic and business growth,&#8221; he added.



(Reporting by Frank Phiri; Writing by Anait Miridzhanian and Kopano Gumbi; Editing by David Gregorio and Sandra Maler)

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

IMF board approves $178 mln loan to Malawi

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-820x547.jpg" alt="" class="wp-image-428955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/546MOFRIYJJINKF26GSAMYOGXY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; OCTOBER 31: William Ruto, President of the Republic of Kenya, gives a speech a State Banquet at State House, along with distinguished guests from Kenya and the United Kingdom on October 31, 2023 in Nairobi, Kenya. Chris Jackson/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;Negotiators working on the world&#8217;s first treaty to curb plastic pollution need to hurry up and strike a deal, Kenyan&nbsp;President William Ruto said on Monday at the start of talks in Nairobi.



The world produces about 400 million metric tonnes of plastic waste annually&nbsp;and less than 10% of it is recycled, according to the&nbsp;U.N.&nbsp;Environment Programme.



At least 14 million metric tonnes ends up in the ocean every year, the International Union for Conservation of Nature says, while more piles up in landfills.



International delegates meeting in the Kenyan capital Nairobi for the third round of talks will consider a list of possible measures to include in the treaty.



&#8220;I urge all the negotiators to recall that 2024 is only six weeks away and (there) are only two other meetings to go,&#8221; Ruto said at the opening of the talks.



Governments agreed in March 2022 to put together a treaty on controlling plastic pollution by the end of next year.



In Nairobi,&nbsp;delegates will be haggling over whether to stick to their broad mandate of addressing the entire life cycle of plastics, including production, or to&nbsp;prioritise&nbsp;plastic waste management.



The talks need to come up with a first draft agreement, outlining commitments to reducing the plastic menace, and a financing scheme for its implementation, said Carroll Muffett, president of the Centre for International Environmental law.



&#8220;We need to navigate extraordinary risks over the week ahead,&#8221; he said, citing attempts to derail and delay the talks by some members states in previous rounds.



Kenya is among those who want a strong, binding agreement on the manufacture and use of plastics, having&nbsp;enacted several laws banning certain uses of plastics, such as for shopping bags, since 2017.



&#8220;We must change the way we consume, the way we produce and how we dispose our waste,&#8221; Ruto said. &#8220;Change is inevitable. This instrument that we are working on, is the first domino in that change. Let us bring it home.&#8221;



The plastics&nbsp;industry and oil and petrochemical exporters like Saudi Arabia do not want plastic use curtailed, arguing that the global deal should promote improved&nbsp;the&nbsp;recycling and reuse of plastic.



&#8220;The vast majority of countries are eager to advance the negotiations to get the job done,&#8221; said Pamela Miller, Co-Chair of the International Pollutants Elimination Network, a global public interest organization.



&#8220;On the other hand a small group of like-minded countries of mainly major fossil fuel, petrochemical and plastic exporters like Saudi Arabia and Russia are actively attempting to take us backwards.&#8221;



Saudi and Russian delegates were not immediately available to comment.



(Reporting by Duncan Miriri; additional reporting by Gloria Dickie in London; editing by Hugh Lawson and Mark Heinrich)

Britain’s King Charles III and Queen Camilla Visit Kenya

Kenya president urges progress on global treaty against plastic pollution

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MAmaize-820x533.jpg" alt="" class="wp-image-428944" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MAmaize-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MAmaize-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MAmaize-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MAmaize-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/MAmaize.jpg 1400w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An investigative audit of COVID-19 fund spending in Malawi reveals mismanagement and corruption findings. Photo by: Mike Hutchings / Reuters</figcaption></figure>



BLANTYRE, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;Malawi will restrict foreign currency transactions and crack down on black market dealers after devaluing its currency last week, the finance minister said on Monday.



The southern African country devalued the kwacha currency by 30% against the dollar from last Thursday, saying it was needed to correct supply-demand imbalances in the currency market.



Finance Minister Simplex Chithyola Banda said on Monday that cash sales of foreign currency by banks and other authorised dealers would be limited to $2,000, with immediate effect.



Police and other security agencies would prosecute black market forex dealers, he told a news conference.



He also said Malawi had discussed with the World Bank and other donors increasing grants for the poorest under the government&#8217;s Social Cash Transfer Programme (SCTP) scheme, in order to shield the most vulnerable from the effects of the devaluation, and was negotiating with trade unions to increase salaries.



It is the second time Malawi has significantly devalued its currency in recent years, after doing so first in May 2022 to prop up dwindling foreign currency reserves pressured by rising commodity prices and declining revenue from tobacco exports.



The latest devaluation has prompted an angry response from some citizens, with protests planned. The country also hiked fuel and electricity prices on Friday.



Banda defended the devaluation, saying it would help revitalise local production and attract foreign investors.



(Writing by Nellie Peyton; Editing by Alexander Winning and Susan Fenton)

MAmaize

Malawi to restrict forex transactions after currency devaluation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg" alt="" class="wp-image-420118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new economic measures laid out by the U.K. government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund.
Yuri Gripas | Reuters</figcaption></figure>



JOHANNESBURG, Nov 10 (Reuters) &#8211; Zambia&#8217;s official creditors and the International Monetary Fund have &#8220;expressed reservations&#8221; about a debt restructuring deal the government has reached in principle with an international bondholder group, the finance ministry said Friday.



Zambia and the bondholder group&#8217;s steering committee are continuing talks after the official creditor committee and the IMF voiced their doubts during discussions over the &#8220;last several days&#8221;, the ministry said in a statement, not giving any further detail on the nature of the reservations.



The discussions between the steering committee and the government are taking place under extended non-disclosure agreements, a source familiar with the process said, asking not to be identified as the talks are private.



Zambia defaulted on its external debts three years ago and finally clinched a deal with a bondholder group in late October, less than two weeks after reaching a restructuring agreement with its official creditors, which include China and members of the Paris Club of creditor nations.



The debt rework has been taking place under the G20&#8217;s Common Framework, which has been criticised for long delays and a lack of significant results.



Debtor countries are meant to agree comparable restructuring deals with official and commercial creditors under the process, which was established in 2020 in response to the COVID-19 pandemic.



A spokesperson for the bondholder steering committee declined to comment. The IMF and the Paris Club, the secretariat for developed creditor countries, did not immediately reply to a request for comment.



Zambia&#8217;s existing three international bonds had rallied after the bondholder deal was announced. The proposal foresees issuing&nbsp;two new &#8220;amortising&#8221; bonds scheduled to mature in 2035 and 2053 and together worth $3.135 billion &#8211; more than the&nbsp;$3 billion&nbsp;face value of the current outstanding Eurobond debt.



If the copper producers&#8217; economy performs better than expected,&nbsp;both official creditors and bondholders will be paid more.



Some analysts noted that bondholders would be receiving more than $500 million in amortisation for 2024-2025, plus over $100 million in annual interest payments, under the &#8220;base case&#8221; scenario, while official creditors had granted a three year grace period and lower interest rates than bondholders.



In this scenario,&nbsp;bondholders would receive 73 cents for every $1 lent compared to 55 cents for official creditors, and 97 and 79 cents respectively if Zambia&#8217;s economy performs better, campaign groups Debt Justice and the Zambian Civil Society Debt Alliance, said in an analysis published on Friday.



Zambia&#8217;s bonds slipped on Friday, with the note maturing in 2024 down more than&nbsp;1.1 cents&nbsp;on the dollar to below 63 cents&nbsp;XS1056386714=TE.



(Reporting by Rachel Savage; Additional reporting by Bhargav Acharya, and Leigh Thomas in Paris; editing by Jason Neely and Toby Chopra)

107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico

Zambia official creditors, IMF voice ‘reservations’ on bondholder deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/KYPCT2NAVBIZBPIHEGCVYRTYLU-1-820x547.jpg" alt="" class="wp-image-428877" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/KYPCT2NAVBIZBPIHEGCVYRTYLU-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/KYPCT2NAVBIZBPIHEGCVYRTYLU-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/KYPCT2NAVBIZBPIHEGCVYRTYLU-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/KYPCT2NAVBIZBPIHEGCVYRTYLU-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/KYPCT2NAVBIZBPIHEGCVYRTYLU-1-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/KYPCT2NAVBIZBPIHEGCVYRTYLU-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan President William Ruto delivers his speech during the State Banquet at the State House in Nairobi on October 31, 2023. LUIS TATO/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, Nov 9 (Reuters)&nbsp;&#8211;&nbsp;Kenya will&nbsp;in December&nbsp;pay back $300 million of a $2 billion Eurobond&nbsp;that falls due next June, President William Ruto said on Thursday.



The East African nation is being watched closely to see how it handles the bond due to its growing debt repayments, weakening currency and a surge in yields that has effectively locked out many frontier economies from markets.



&#8220;I can now confirm &#8230; with confidence that we will and we shall pay the debt that has become a source of much concern to citizens and markets,&#8221; Ruto said in his State of the Nation address to parliament.



Kenya&#8217;s government is spending roughly half its revenue on debt-servicing, squeezing public finances.



(Reporting by George Obulutsa; Editing by Alexander Winning)

KYPCT2NAVBIZBPIHEGCVYRTYLU-1

Kenya to pay back $300 mln of $2 bln bond in December – Ruto

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/48085890627_1aed377e0b_k-820x615.jpg" alt="" class="wp-image-428856" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/48085890627_1aed377e0b_k-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/48085890627_1aed377e0b_k-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/48085890627_1aed377e0b_k-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/48085890627_1aed377e0b_k-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/48085890627_1aed377e0b_k-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/48085890627_1aed377e0b_k.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photos: via Flickr</figcaption></figure>



BLANTYRE, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;Malawi&#8217;s central bank said in a notice to authorised dealer banks seen by Reuters that it was devaluing the local kwacha currency&#8217;s exchange rate to the dollar&nbsp;MWK=&nbsp;by about 30% from Thursday.



The notice said the kwacha&#8217;s exchange rate would be adjusted to 1,700 kwacha to the dollar from a selling rate of about 1,180 kwacha to the dollar.



A central bank spokesperson was not immediately available for comment.



It is the second time the southern African country has significantly devalued its currency, after doing so first in May 2022 to prop up dwindling foreign currency reserves pressured by rising commodity prices and declining revenue from tobacco exports.



The notice to banks said the exchange rate adjustment was needed because there were still supply-demand imbalances in the currency market and arbitrage opportunities had resurfaced.



Spot checks on some players indicated that the market was able to clear import bills at the new exchange rate, the central bank said.



&#8220;The Reserve Bank of Malawi will closely monitor developments in the market to avoid disorderly behaviour among market players that may cause excessive volatility,&#8221; it said.



A senior local banker said the move was widely expected.



&#8220;It works in short term and only addresses demand side for now, but what is required is to sort out supply side,&#8221; he said.



(Reporting by Frank Phiri; Additional reporting by Rodrigo Campos in New YorkWriting by Alexander Winning and Nellie PeytonEditing by Sandra Maler)

48085890627_1aed377e0b_k

Malawi central bank to devalue kwacha by about 30%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="529" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QRXB7CGKVNIKLKXX5KVXPM4SZA-820x529.jpg" alt="" class="wp-image-428833" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QRXB7CGKVNIKLKXX5KVXPM4SZA-820x529.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QRXB7CGKVNIKLKXX5KVXPM4SZA-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QRXB7CGKVNIKLKXX5KVXPM4SZA-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QRXB7CGKVNIKLKXX5KVXPM4SZA-768x495.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QRXB7CGKVNIKLKXX5KVXPM4SZA-1536x990.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/QRXB7CGKVNIKLKXX5KVXPM4SZA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Internally displaced Somali children wade through flood waters outside their makeshift shelters following heavy rains at the Al Hidaya camp for the internally displaced people on the outskirts of Mogadishu, Somalia November 6, 2023 REUTERS/Feisal Omar</figcaption></figure>



MOGADISHU, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;The worst flooding to hit Somalia in decades has killed 29 people and forced more than 300,000 to flee their homes, the National Disaster Management Agency said on Wednesday, following heavy rains that have inundated towns across East Africa.



Authorities have scrambled to rescue thousands of stranded people from the floodwater, which comes on the heels of the region&#8217;s worst drought in 40 years.



&#8220;What is going on today is the worst for decades. It is worse than even the 1997 floods,&#8221; said Hassan Isse, managing director of the Somali Disaster Management Agency (SOMDA).



The death toll and numbers of people displaced were likely to rise further, Isse said, because many people were trapped by floodwaters.



&#8220;I do not remember such floods in my life,&#8221; said Mohamed Farah, a local elder in Baidoa city, in southwest Somalia. &#8220;People keep on evacuating looking for high ground.&#8221;



At least 2,400 people have been cut off in Luuq town, where the Jubba River burst its banks, the United Nations has said.



&#8220;Luuq is surrounded by the river and floods are threatening us. People keep fleeing out of the town. Some are still trapped. Our shops have been washed away,&#8221; said Ahmed Nur, a trader in Luuq.



Floods in neighbouring Kenya have killed at least 15 people and submerged a bridge in Uganda, cutting off a road linking Kampala to oilfields in the northwest, the Kenya Red Cross and Uganda&#8217;s road authority said.



The regional deluge was caused by the combined effect of two weather phenomenons, El Niño and the Indian Ocean Dipole, said Nazanine Moshiri, a climate analyst at the International Crisis Group.



El Niño and the Indian Ocean Dipole are climate patterns that impact ocean surface temperatures and cause above-average rainfall.



&#8220;The impact of the flooding is much worse because the soil is so damaged from an unprecedented recent drought &#8211; years of conflict and al Shabaab militia&#8217;s presence also makes building flood defences and resilience more complex and costly,&#8221; Moshiri said.



Scientists say climate change is causing more intense and more frequent extreme weather events. In response, African leaders have proposed new global taxes and reforms to international financial institutions to help fund climate change action.



(Reporting by Abdi Sheikh, Elias Biryabarema and Hereward Holland; Writing by Hereward Holland; Editing by Alex Richardson)

Somalia floods kill 10, displace more than 113,000 a year after drought

Worst floods in decades kill 29 in Somalia, hit towns across East Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Britains-King-Charles-begins-Kenya-visit-steeped-in-painful-colonial-history-820x547.jpg" alt="" class="wp-image-428627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Britains-King-Charles-begins-Kenya-visit-steeped-in-painful-colonial-history-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Britains-King-Charles-begins-Kenya-visit-steeped-in-painful-colonial-history-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Britains-King-Charles-begins-Kenya-visit-steeped-in-painful-colonial-history-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Britains-King-Charles-begins-Kenya-visit-steeped-in-painful-colonial-history-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Britains-King-Charles-begins-Kenya-visit-steeped-in-painful-colonial-history-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Britains-King-Charles-begins-Kenya-visit-steeped-in-painful-colonial-history-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: King Charles III stands by the logo of &#8220;The Prince&#8217;s Trust&#8221; as he welcomes guests during a reception for African business leaders, at the Garrison Chapel, Chapel Barracks, in London, Britain on October 18, 2023. ADRIAN DENNIS/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, Oct 31 (Reuters) &#8211; Britain&#8217;s King Charles begins a four-day state visit to Kenya on Tuesday, his first to a former colony, during which he plans to acknowledge &#8220;painful aspects&#8221; of a shared history that included almost seven decades of colonial rule.



Accompanied by Queen Camilla, Charles arrived in the East African country overnight and will be received by Kenyan President William Ruto in the capital Nairobi on Tuesday morning.



Buckingham Palace says the visit is a reflection of the two countries&#8217; close cooperation on economic development, climate change and security issues.



Charles plans to meet entrepreneurs from Kenya&#8217;s bustling tech scene and tour wildlife facilities. He and Camilla will also travel to the southeastern port city of Mombassa.



Many Kenyans, however, are most focused on what Charles will say about colonial-era abuses, including torture, killings and widespread expropriation of land, much of which still belongs to British nationals and companies.



The most notorious period of British rule came near the end, during the 1952-1960 Mau Mau revolt in central Kenya. The Kenya Human Rights Commission (KHRC) has estimated 90,000 Kenyans were killed or maimed and 160,000 detained during the uprising.



The UK government has previously expressed regret for abuses during this period, known by Kenyans as &#8220;the emergency&#8221;, and agreed to an out-of-court settlement of almost 20 million pounds in 2013.



Charles and Camilla will tour a new national history museum, visit the site where independence was declared in 1963 and lay a wreath at the Tomb of the Unknown Warrior.



&#8220;His Majesty will take time during the visit to deepen his understanding of the wrongs suffered in this period by the people of Kenya,&#8221; Buckingham Palace said in a statement.



REPARATIONS



Charles&#8217; visit comes at a time when some former colonies are re-evaluating their ties to the monarchy and demanding that Britian do more to reckon with its colonial past.



In 2021, Barbados ditched Queen Elizabeth as head of state to become a republic, and Jamaica has signaled it may do the same.



Charles, then still the heir to the throne, surprised many at last year&#8217;s summit of the Commonwealth, a voluntary association of countries that evolved from the British Empire, by acknowledging slavery&#8217;s role in the organisation&#8217;s roots.



Many citizens of former British colonies want Charles to go further by directly apologising and endorsing reparations.



In Kenya, those include leaders from the Nandi people, whose leader Koitalel Arap Samoie led a decade-long rebellion until he was assassinated by a British colonel in 1905. In the ensuing years, the British confiscated most of their land and cattle.



Samoie&#8217;s great-grandson Kipchoge araap Chomu credited the British with contributions to Kenya like education and public health systems but said historical injustices must be remedied.



&#8220;We have to demand public apology from the government of the British because of the atrocities they meted on us,&#8221; he told Reuters. &#8220;After apologies, we also expect a reparation.&#8221; (Additional reporting by Aaron Ross and Hereward Holland; Writing by Hereward Holland; Editing by Aaron Ross and Michael Perry)

King Charles III meets with African business leaders at the Garrison Chapel, in London

Britain’s King Charles begins Kenya visit steeped in ‘painful’ colonial history

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/77P7UGHPCZKWLJQ75HKA6CQTBA-820x512.jpg" alt="" class="wp-image-428611" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/77P7UGHPCZKWLJQ75HKA6CQTBA-820x512.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/77P7UGHPCZKWLJQ75HKA6CQTBA-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/77P7UGHPCZKWLJQ75HKA6CQTBA-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/77P7UGHPCZKWLJQ75HKA6CQTBA-768x480.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/77P7UGHPCZKWLJQ75HKA6CQTBA-1536x960.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/77P7UGHPCZKWLJQ75HKA6CQTBA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: European Union flags fly outside the EU Commission headquarters in Brussels, Belgium September 19, 2019. REUTERS/Yves Herman/File Photo</figcaption></figure>



KAMPALA, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;The European Union plans to invest 60 million euros ($63 million) in upgrading one of the Uganda&#8217;s largest hydropower plants, helping partially plug a financing gap for the country&#8217;s ageing energy infrastructure, a top diplomat said on Monday.



The Nalubaale and Kiira hydropower plant complex located at the source of River Nile at Jinja in Uganda&#8217;s east produces about 380 megawatts (MW) and is Uganda&#8217;s oldest power plant, commissioned in 1954.



South African power giant Eskom ran the plant under a 20-year concession that ended early this year, after which the government retook control.



&#8220;We&#8217;ll be investing some 60 million euros &#8230; in the rehabilitation of Kiira and Nalubaale hydropower plant in order to provide reliable energy for Uganda&#8217;s industrialisation,&#8221; Jan Sadek, the EU&#8217;s ambassador to Uganda, told a mining conference in the capital Kampala.



He did not say when the works would begin or whether the funding would be a grant or credit.



Sadek said the funding would be advanced under the EU&#8217;s global gateways strategy, which is designed to help meet the United Nations&#8217; Sustainable Development Goals by 2030.



Uganda&#8217;s energy infrastructure is underfunded and the ageing of parts of the network has caused widespread outages and sometimes breakdowns.



Uganda has an installed capacity of about 1,400 MW of power, mostly from its hydro dams, and that will rise to 2000 MW when a Chinese-built plant, Karuma, also on River Nile is commissioned this year.



($1 = 0.9459 euros)



(Reporting by Elias Biryabarema Editing by George Obulutsa and Mark Potter)

FILE PHOTO: European Union flags fly outside the EU Commission headquarters in Brussels

EU to invest 60 mln euros in upgrading Uganda power plant

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="520" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/W7BG4FT23VOPRFT52AV3TSFQK4-820x520.jpg" alt="" class="wp-image-428600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/W7BG4FT23VOPRFT52AV3TSFQK4-820x520.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/W7BG4FT23VOPRFT52AV3TSFQK4-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/W7BG4FT23VOPRFT52AV3TSFQK4-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/W7BG4FT23VOPRFT52AV3TSFQK4-768x487.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/W7BG4FT23VOPRFT52AV3TSFQK4-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/W7BG4FT23VOPRFT52AV3TSFQK4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kibore Cheruiyot Ngasura, 105, a member of the Talai community, which accuses the British colonial government of displacing them from their farms, pose for a picture with his sons outside his house ahead of Britain&#8217;s King Charles&#8217; and Queen Camilla&#8217;s visit to Kenya, in Tugunon village of Kericho County, Kenya October 25, 2023. REUTERS/Monicah Mwangi</figcaption></figure>



KERICHO, Kenya, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;When the then-Princess Elizabeth visited Kenya in 1952, Kibore Cheruiyot Ngasura was among a group of young men chosen to sing for her at an event near Lake Victoria.



The men planned to use the occasion to petition Elizabeth to relocate their parents from a detention camp in the barren, mosquito-infested town of Gwassi, where members of the Talai clan had been held for nearly two decades on suspicion of fomenting resistance to British colonial rule.



The event never happened. Before Elizabeth could make it to Lake Victoria, word came that her father, King George VI, had died. The new queen hurried back to London.



More than 70 years later, Elizabeth&#8217;s son, King Charles, will visit Kenya this week on a state visit. And Ngasura, now about 100 years old, again has a message for the royal visitor.



&#8220;I wish to inform him that we should be compensated for the hardship that we went through,&#8221; Ngasura told Reuters outside his house, a small wooden and iron structure on a grassy hill with two lightbulbs and no running water.



Buckingham Palace has said Charles&#8217; visit, which begins on Tuesday, will acknowledge &#8220;painful aspects of the UK and Kenya&#8217;s shared history&#8221;. The British ruled for more than six decades before Kenyan won its independence in 1963.



But for some communities in western Kenya&#8217;s fertile highlands, the injustices caused by British colonisation are as much present-day realities as historical memories.



A U.N. report in 2021 said more than half a million Kenyans around the western town of Kericho suffered gross human rights violations including unlawful killings and land expropriation during British colonial rule.



The colonial administration took hundreds of square kilometres of land that communities in western Kenya had lived on for generations and handed it to British settlers. Much of it became tea plantations that today belong to multinational companies, the U.N. report said.



&#8220;Our people, most of them, are living below poverty level,&#8221; said Joel Kimetto, a representative of the Kipsigis ethnic group, of which the Talai are one of 196 clans.



&#8220;The majority of the vast fertile lands were taken by the British and our people were chased away to the native reserves where it is hilly, rocky, slopey and unproductive,&#8221; he said.



A spokesperson for the British government&#8217;s Foreign, Commonwealth and Development Office noted that the UK government had previously expressed regret for abuses committed during a 1952-1960 uprising in central Kenya against colonial rule.



It agreed to an out-of-court settlement in 2013 to pay almost 20 million pounds to elderly Kenyans who suffered torture and abuse during what is known by Kenyans as &#8220;the emergency&#8221; after a London court ruled the victims could sue.



“We believe the most effective way for the UK to respond to the wrongs of the past is to ensure that current and future generations learn the lessons from history, and that we continue to work together to tackle today’s challenges,” the spokesperson said in response to questions from Reuters.



The spokesperson did not address the allegations raised by the Kipsigis and Talai, which are separate from the abuses during the emergency. Buckingham Palace did not respond to a request for comment.



<h2 class="wp-block-heading" id="h-no-intention-to-compensate">&#8216;NO INTENTION&#8217; TO COMPENSATE</h2>



Charles will not travel to western Kenya during his visit, which will take him to the capital Nairobi and eastern port city of Mombasa, according to a statement from the palace.



The British government has not been receptive in the past to requests by the Kipsigis and Talai to discuss compensation. In 2019, it informed the communities it had &#8220;no intention to enter any process&#8221; to resolve the claims, according to the U.N. report.



Ngasura said he was about 12-years-old &#8211; he does not know his exact birth date &#8211; in 1934 when the British rounded up around 700 Talais and forced them to march for weeks to reach Gwassi.



Following protests by the young men, he and a few dozen others were relocated in 1945 to a detention camp closer to Kericho, where they could find wives from their community.



They were finally released in 1962, but the land where they had once grazed their livestock and collected honey now belonged to British settlers and tea companies.



Ngasura was able to scrape together the money to buy a small plot from a British army captain. Today, he and his descendants who live there survive off of a half-dozen cows and some maize crops.



It is no comparison to what he knew as a child.



&#8220;We could take cows anywhere. The land was huge,&#8221; he recalled. &#8220;This land is not big enough. Otherwise we would have kept a lot of cows and grown coffee.&#8221;



(Reporting by Aaron Ross; Additional reporting by Michael Holden in London; Editing by Alison Williams)

Kenyan communities demand compensation from Britain ahead of King Charles visit

Dispossessed Kenyans demand compensation ahead of King Charles’ visit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-820x547.jpg" alt="" class="wp-image-428375" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1251769072-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo via Getty Images</figcaption></figure>



Africa, with its rich tapestry of cultures, traditions, and histories, has always been a cradle of inspiration for the world. Over the past few decades, the continent has started to garner more international attention not just for its traditional styles but for its modern, avant-garde fashion trends. In particular, Johannesburg, Lagos, and Dakar, have emerged as the epicenters of this fashion renaissance, paving the way for African designers to shine on the global stage.



<h2 class="wp-block-heading" id="h-1-johannesburg-south-africa-a-fusion-of-modernity-and-tradition">1. Johannesburg, South Africa: A Fusion of Modernity and Tradition</h2>



In the heart of South Africa, Johannesburg pulses with the energetic rhythm of urbanization, economic growth, and cultural exchange. Here, the fashion scene is characterized by a harmonious blend of African heritage with contemporary designs.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-820x547.jpg" alt="" class="wp-image-428374" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1252795879.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JOHANNESBURG, SOUTH AFRICA &#8211; MAY 06: A mannequin makes preparation ahead of Soweto Fashion Week in Soweto district of Johannesburg, South Africa in May 06, 2023. (Photo by Ihsaan Haffejee/Anadolu Agency via Getty Images)</figcaption></figure>



High-end shopping districts like Sandton City and Maboneng Precinct showcase this mix, with boutique stores offering everything from bead-embellished evening gowns to chic, urban streetwear.



Prominent designers like David Tlale and Rich Mnisi have represented Johannesburg in major international fashion weeks. Their designs often narrate a story of the South African experience, combining modern aesthetics with elements inspired by traditional African motifs.



<h2 class="wp-block-heading" id="h-2-lagos-nigeria-the-pulse-of-pan-african-fashion">2. Lagos, Nigeria: The Pulse of Pan-African Fashion</h2>



Lagos, often dubbed the &#8216;New York of Africa&#8217;, is the beating heart of the continent&#8217;s fashion scene. The city&#8217;s influence transcends Nigeria, making ripples throughout Africa and across oceans.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-820x547.jpg" alt="" class="wp-image-428376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1350638169.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">LAGOS, NIGERIA &#8211; OCTOBER 30: A model walks the runway for Cynthia Abila, during Lagos Fashion Week 2021 on October 30, 2021 in Lagos, Nigeria. (Photo by Emmanuel Obianke/Getty Images)</figcaption></figure>



Lagos hosts the internationally renowned Lagos Fashion Week, an annual event that draws designers, media, and fashion enthusiasts from around the globe. The city&#8217;s designers, such as Lisa Folawiyo and Mai Atafo, have successfully integrated the vibrant textiles and patterns indigenous to West Africa with global fashion trends, creating universally appealing designs.



Street fashion in Lagos is equally compelling. Balogun Market, for instance, offers a mesmerizing array of fabrics, from Ankara to Adire, which local tailors transform into bespoke outfits.



<h2 class="wp-block-heading" id="h-3-dakar-senegal-where-art-meets-fashion">3. Dakar, Senegal: Where Art Meets Fashion</h2>



Dakar is not just Senegal&#8217;s capital; it&#8217;s the artistic soul of West Africa. Fashion in Dakar is deeply intertwined with the city&#8217;s art, music, and dance scenes.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-820x547.jpg" alt="" class="wp-image-428377" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1245350409.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">DAKAR, SENEGAL &#8211; DECEMBER 04: Models walk the runway during the 20th Dakar Fashion Week in Goree Island, Dakar, Senegal on December 04, 2022. (Photo by Stefan Kleinowitz/Anadolu Agency via Getty Images)</figcaption></figure>



The Dakar Fashion Week, founded by designer Adama Ndiaye, is a testament to the city&#8217;s position in the fashion world. The event showcases the innovative designs of Senegalese and pan-African designers who often fuse traditional Wolof styles with contemporary fashion elements.



Bright boubous, tailored pantsuits, and intricate embroidery are just a few of the elements that Senegalese designers incorporate into their globally inspired collections.



<h2 class="wp-block-heading" id="h-4-nairobi-kenya-east-africa-s-fashion-gem">4. Nairobi, Kenya: East Africa&#8217;s Fashion Gem</h2>



Nairobi, Kenya&#8217;s bustling capital, is an emerging fashion hub that represents the spirited amalgamation of traditional Maasai beadwork with contemporary styles. With its burgeoning middle class and a young, tech-savvy population, Nairobi is increasingly becoming the nexus of East African fashion.



The Nairobi Fashion Week is a significant event on the city&#8217;s calendar, spotlighting designers who adeptly blend Kenyan heritage with global trends. Designers like Anyango Mpinga, known for her eco-friendly and ethically-produced designs, and Ugandan born, Sylvia Owori, one of East Africa’s most enduring designers, are putting Nairobi on the global fashion map.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-820x547.jpg" alt="" class="wp-image-428378" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1726724935.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; OCTOBER 14: A model dressed in a outfitwalks on the catlwak during the Kibera Fashion Week. (Photo by Donwilson Odhiambo/Getty Images)</figcaption></figure>



Places like the Maasai Market offer visitors a sensory overload with an array of vibrantly colored fabrics, jewelry, and handcrafted items that influence and shape local fashion narratives.



<h2 class="wp-block-heading" id="h-5-marrakesh-morocco-a-tapestry-of-timeless-elegance">5. Marrakesh, Morocco: A Tapestry of Timeless Elegance</h2>



Nestled at the foothills of the Atlas Mountains, Marrakesh has long been a destination for luxury and mystique. The city, with its rich history as a trading hub and a melting pot of Berber, Arabian, and European cultures, naturally infuses this eclectic heritage into its fashion.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-820x547.jpg" alt="" class="wp-image-428380" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1145935997.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">MARRAKECH, MOROCCO &#8211; APRIL 29: A model walks the runway during the Christian Dior Couture S/S20 Cruise Collection on April 29, 2019 in Marrakech, Morocco. (Photo by Pascal Le Segretain/Getty Images for Dior)</figcaption></figure>



Marrakesh’s medinas are alive with tailors and artisans crafting everything from flowing kaftans to intricately designed leather goods. Designers like Yassine Morabite, who integrates Moroccan traditional elements with modern art, encapsulate the essence of Marrakesh&#8217;s style.



The Caftan du Maroc show, an annual event in Morocco, often held in Marrakesh, showcases the evolution of the traditional Moroccan Caftan, highlighting its transition and relevance in modern haute couture.



<h2 class="wp-block-heading" id="h-a-symphony-of-styles">A Symphony of Styles</h2>



While Johannesburg, Lagos, Dakar, Nairobi, and Marrakesh each bring their distinct flavors to the table, they collectively depict a continent that is not only proud of its deep-rooted traditions but is also unafraid to reinvent and redefine itself. These cities, with their fashion weeks, designers, street styles, and vibrant markets, are not just shaping African fashion but are also leaving indelible imprints on the global fashion narrative. As Africa continues its ascent in the global fashion arena, these capitals remain testament to its boundless creativity and resilience.

Friends  in colorful clothes on roof terrace in the city, Maputo, Mozambique

From Runways to Rooftops: Discover Africa’s Top 5 Trendsetting Fashion Capitals

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/BJPVVF2C5ZIUJOFIJRBBD7TYU4-820x542.jpg" alt="" class="wp-image-428259" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/BJPVVF2C5ZIUJOFIJRBBD7TYU4-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/BJPVVF2C5ZIUJOFIJRBBD7TYU4-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/BJPVVF2C5ZIUJOFIJRBBD7TYU4-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/BJPVVF2C5ZIUJOFIJRBBD7TYU4-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/BJPVVF2C5ZIUJOFIJRBBD7TYU4-1536x1015.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/BJPVVF2C5ZIUJOFIJRBBD7TYU4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Ashley Karungi 33, a member of the lesbian, gay, bisexual, transgender, intersex and queer (LGBTQ) community and a single mother of two poses for a picture with rainbow colours at the offices of Rella Women&#8217;s Empowerment Program, for LGBTQ rights advocacy, after a Reuters interview in Kulambiro suburb of Kampala, Uganda April 4, 2023. REUTERS/Abubaker Lubowa/File Photo</figcaption></figure>



MARRAKECH, Morocco, Oct 16 (Reuters) &#8211; The World Bank will aim to ensure gay and transgender Ugandans are not discriminated against in its programmes before resuming new funding, which was halted in August over an anti-LGBTQ law, a bank executive said.



World Bank project documents will make it clear that LGBTQ Ugandans should not face discrimination and that staff will not be arrested for including them, Victoria Kwakwa, the bank&#8217;s head for eastern and southern Africa, told Reuters.



Rights groups have said that the Anti-Homosexuality Act (AHA), which was enacted in May and prescribes the death penalty for certain same-sex acts, has unleashed a torrent of abuse against LGBTQ people, mostly by private individuals.



&#8220;We&#8217;re doing all this to clarify this is not what you should be doing in World Bank-financed projects and to say you are allowed to do it the right way and you will be not be arrested,&#8221; Kwakwa said, on the sidelines of the World Bank and International Monetary Fund&#8217;s annual meetings in Marrakech, Morocco.



She declined to give a timeline for assessing the measures&#8217; efficacy and moving to a decision on whether to resume new funding for Uganda.



&#8220;We have discussed this at length with government. Government is comfortable with that,&#8221; Kwakwa said.



When the World Bank suspended new funding, Ugandan officials accused the development finance institution of hypocrisy, saying it was lending to countries in the Middle East and Asia that have the same or harsher laws targeting LGBTQ people.



The government would need to revise its budget to reflect the suspension&#8217;s potential financial impact, a junior finance minister said at the time.



The World Bank&#8217;s portfolio of projects in the East African country was $5.2 billion at the end of 2022. These have not been affected by the decision to suspend new financing.



(Reporting by Rachel Savage and Jorgelina do Rosario, Editing by Andrew Cawthorne)

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From Runways to Rooftops: Discover Africa’s Top 5 Trendsetting Fashion Capitals

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East Africa

Zambia says international bond deal can’t be implemented at this time

Madagascar president takes huge lead in early results of low turnout vote

Kenya could lose up to 7.25% of GDP to climate change, World Bank says

Official creditors rejected Zambia bond rework deal as too generous to bondholders – sources

Kenya gets additional $938 mln from IMF, soothing nerves

IMF board approves $178 mln loan to Malawi

Kenya president urges progress on global treaty against plastic pollution

Malawi to restrict forex transactions after currency devaluation

Zambia official creditors, IMF voice ‘reservations’ on bondholder deal

Kenya to pay back $300 mln of $2 bln bond in December – Ruto

Malawi central bank to devalue kwacha by about 30%

Worst floods in decades kill 29 in Somalia, hit towns across East Africa

Britain’s King Charles begins Kenya visit steeped in ‘painful’ colonial history

EU to invest 60 mln euros in upgrading Uganda power plant

Dispossessed Kenyans demand compensation ahead of King Charles’ visit

From Runways to Rooftops: Discover Africa’s Top 5 Trendsetting Fashion Capitals

World Bank to implement LGBTQ safeguards before new Uganda funding resumes

News Tips

Advertise With Us

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