News

Treasury, July 20, 2015; By Joseph Kipkoech
dsc 8930Kenya and the World Bank have signed today a financing agreement worth Ksh50 billion credit to support the Eastern Africa Regional Transport, Trade and Development Facilitation Project.
While signing the agreement with the World Bank Country Director Ms. Diarietou Gaye at Treasury building, Nairobi, National Treasury Cabinet Secretary Mr. Henry Rotich, said the funds will be channeled for rehabilitation of 283 Km road stretch between Nakodok to Loichangamatak in Turkana County.

eprocurementWomen, youth and persons with disability can now apply easily for Government contracts following successful training of more than 4,000 suppliers by the National Treasury in all the 47 counties. This is expected to help them take advantage of regulations requiring government agencies to set aside 30 percent of all contracts for business owned and run by the youth, women and persons with disabilities.

collaborative kenya logo2Kenyans working abroad sent home Ksh11 billion last month, an amount which can make a huge impact in the economy.

The diaspora community at a conference urged the government to set up fund to shield them from foreign currency losses incurred when sending money to increase the inflows which have been growing in the recent years.

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Kenya’s Shilling weakened as companies bought dollars taking advantage of a strengthening in the local currency on Tuesday after the Central Bank sold dollars.

At the 4:30 pm close of trade yesterday commercial banks quoted the shilling at 101.90/102.00 to the dollar, down from Tuesday’s 101.45/65.

The shilling gained after the bank sold dollars on Monday and Tuesday to counter a fall in the shilling to a new three-and-a half year low of 103.85/95 to the dollar.oil companies bought most of the dollars to finance their operations in the energy sector.

1 2Kenya’s 2014 foreign direct investment almost doubled, growing by 95.84 percent to Ksh99.63 billion from Ksh50.87 billion in 2013.
According to latest figures from the United Nations Conference on Trade and Development, the country ranked 136 out of 189 countries in World Bank’s Ease of Doing Business report for the period to June 2014.

world bankThe World Bank has lauded Kenya for strengthening public participation to boost service delivery in the public service.

A senior development specialist at the Bretton Woods institution, Mr. Christopher Finch, said public participation stands to accelerate growth in national and county governments, especially in previously neglected areas.

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Twenty one commercial banks have so far met the sh5 billion Core capital requirement issued by the Central Bank of Kenya, National Treasury Cabinet Secretary Mr. Henry Rotich has said. Mr. Rotich’s report was presented yesterday to the Senate by Finance Committee Chairman Billow Kerrow. Senators demanded that CBK Governor Dr. Patrick Njoroge appear before them next Thursday to shed light on the reason behind the up scaling of the minimum capital requirement for commercial banks.

Senators want to know why Mr. Rotich increased the share capital to sh5 billion without consultations. According to the Banking Act, all banks were by December 31, 2012 required to raise their minimum core capital to sh1 billion.