2merkato

Using its refurbished Nanyuki railway, Kenya hopes to raise its cargo movement to Ethiopia, authorities said.

Kenya Airways issued an invitation to merge to Ethiopian Airlines and South Airways. The Kenyan airline extended the invitation in a bid to become more competitive on the global market and to face the challenge from large non African airlines.

The invitation was issued at the 44th African Airlines Association Annual General Assembly held in Johannesburg last week. The idea of the sub-Saharan allies merging to create a union to withstand the current global competition was suggested by Titus Naikuni, CEO of Kenya Airways speaking at the conference.

The proposal was accepted in principle by Tewolde GebreMariam CEO of Ethiopian Airlines. Size is an important factor in the aviation sector which depends on economies of scale he noted. As far as Ethiopian Airlines is concerned the idea of a major pan-African Airway is considered positively said Tewolde.

Kenya Airways, based in Nairobi, is striving to recover over USD 11.6 million currently held in Ethiopia due to foreign exchange restrictions.

Kenya Commercial Bank (KCB) revealed that it had intentions to join Ethiopia’s financial market. Representatives of the bank which included its CEO and CFO paid a visit to Ethiopian Investment Commission today. They appreciated Ethiopia’s decision to open up its financial sector for foreign investors.

In September this year, the Council of Ministers approved a policy to open up the banking sector to foreign investment aiming to increase the competitiveness, effectiveness, and efficiency of the financial sector. The National Bank of Ethiopia has been preparing to invite international financial institutions into the Ethiopian financial sector for a long time. The preparation includes amendment of regulations and change of supervision system.

KCB was established in 1896. It currently operates in seven countries and has 30.1 million customers.

Source (including image): Ethiopian Investment Commission

Additional source: KCB

Kenya’s electricity imports from neighboring Ethiopia have surged by 88% in the first half of 2024, according to a report released by the Kenya National Bureau of Statistics (KNBS). This increase marks a major shift in Kenya’s energy import strategy as the country seeks to meet rising electricity demand.