Rashmi Pillai will become Chief Executive Officer of Financial Sector Deepening (FSD) Kenya in February 2026, succeeding Tamara Cook, who has led the organisation since 2019. Pillai is a global executive with more than 19 years of experience in impact investing and digital financial services. She is an expert in inclusive and competitive financial markets development and co-founded the Sankalp Forum, a social impact platform established in 2009. The forum expanded from India into several countries in Asia and East Africa. Pillai also brings deep experience in financial-sector policy and regulation, with work spanning Africa and South Asia. She has…
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The World Bank Group (WBG) has slapped a 30-month ban on Kenya-based Ernst & Young LLP (EY Kenya), which is in connection with sanctionable practices as part of the Somali Core Economic Institutions and Opportunities Program (SCORE) and the Second Public Financial Management Capacity Strengthening Project (PFM II) in Somalia. SCORE was designed to improve the enabling environment for private and financial sector development and catalyze private investment and job creation, while PFM II aimed to establish and strengthen systems of domestic revenue mobilization, expenditure control, and accountability in the Federal Government of Somalia, Puntland State of Somalia, and Somaliland…
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Absa Group Ltd has concluded further agreements with the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, freeing up additional financial capacity for investments in Pan-African climate finance projects. In 2019, MIGA issued capital guarantees worth USD 497 million to Absa Group in support of managing certain climate risks in countries including Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda, and Zambia. Absa was the first African banking group to enter into this type of guarantee transaction with MIGA. The guarantees help Absa to provide additional financing to its subsidiaries in the participating markets, supporting lending and growth….
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Parliament of Uganda has approved a request for government to borrow up to US$331.5 million (UGX1.23 trillion), from the International Development Association of the World Bank Group, upon which it will obtain a grant worth US$ 276.5 million. The loan is for financing the Electricity Access Scale Up Project (EASP), whose aim is to increase access to electricity nationwide. While presenting loan request to Parliament, the Minister of State for Planning, Amos Lugoloobi, said the EASP envisages an increase in access to electricity from the current 19 per cent to 44 per cent by 2027. “In this, the project forecasts…
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FutureLink Technologies has been named Platinum winner of Product Innovation of the Year at the 2022 Global SME Finance Forum Awards. This is the first time an African company wins this highest award in the category, attesting to the rise of industry changing innovations on the continent. While receiving the award on September 20th, Vincent Tumwijukye, Co-Founder and CEO said; “This award is a testament of how Africa’s organised communities, can collectively work to enhance their financial resilience. By enabling customers to efficiently access, assess and choose the most appropriate and affordable financial services provided by SACCOs, we give them…
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Uganda has emerged 4th out of 33 countries who have completed a pan African Robotics Competition in Senegal. The win has also placed Uganda in the first position in East Africa ahead of Burundi and Kenya who also participated. On top of the bronze win, the Uganda team has won ‘Most Innovative team’ award. Eight children from Young Engineers Uganda, who were recently nominated for this year’s competition to represent Uganda in Dakar, Senegal were flagged off on June 27, 2022 by Nyabushozi County MP Wilson Kajwengye at Hotel La Verna in Seguku, Wakiso District. Young Engineers Uganda is Science,…
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By Xiaoyan Liang, Kaboko Nkahiga, Kirill Vasiliev, Annet Kiura, Biruk Gabreyohannes, and Innocent Mulindwa Countries in East Africa, led by Ethiopia, Kenya, and Tanzania, have taken a big step towards regional cooperation in Technical and Vocational Education and Training (TVET). On May 24th, 2022, education leaders from the three countries signed a communique in Addis Ababa to adopt the Regional TVET Qualifications Framework. The adoption of the Regional TVET Qualifications Framework will facilitate mobility of students, staff, and skilled labor initially across the 3 countries and eventually the entire region. People and labor mobility is an important part of Africa’s…
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The International Finance Corporation ( IFC), part of the World Bank Group has appointed Farid Fezoua as the Director of Health & Education. The appointment was made earlier today in Washington DC, United states of America. According to the IFC, Farid’s key priorities will be to drive the implementation and deployment of IFC’s US$4 billion Global Health Platform and to position IFC – International Finance Corporation and the World Bank Group as a catalyst for impactful and effective partnerships with governments and private sector innovators in health, life sciences, medtech and education sectors globally. A French-Algerian national, Farid’s career has spanned 30 years across…
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Last year Parliament approved loans to the tune of UGX18.69 trillion, according to the report detailing the business transacted by the House in the year 2020. The approved loans are up from the UGX6.15 trillion that legislators approved in 2019.According to the report, 17 loan request proposals authorizing government to borrow were approved. These were tabled by government through the Ministry of Finance, Planning and Economic Development and considered by the House National Economy Committee.These include; a UGX1.1 trillion (US$ 300.0 million) loan from the International Development Association (IDA) of the World Bank Group for budget support for financial year 2019/2020…
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Jibu, a social enterprise pioneering a powerful franchising model to supply safe drinking water across 7 African countries, has won the Transformational Business Award for Transformational Solutions in Urban Infrastructure. The Financial Times and the International Finance Corporation (IFC), a member of the World Bank Group, gathered senior investors, innovators, social entrepreneurs and other thought leaders for its 15th annual Transformational Business Awards ceremony that announced the winners of the FT/IFC Transformational Business Awards on 08 October 2020. The awards honor organizations whose capital, technology and ideas are contributing to substantive progress in developing low-carbon urban infrastructure, delivering healthcare and…
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