Business & Economy
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Safaricom, Mars Wrigley, Kalahari Cement and Urysia Announce Major Expansions in Kenya
Safaricom has launched the first KSh15 billion tax-exempt green bond as part of its larger KSh40 billion Domestic Medium-Term Note Programme, aimed at funding sustainable projects. In the manufacturing sector, Mars Wrigley has invested Sh4.3 billion ($33 million) to expand its Athi River plant with a new sugar-free gum production line, reinforcing Kenya's position as a regional hub. In a major acquisition, Kalahari Cement has acquired a 27 percent stake in East African Portland Cement (EAPC) from the National Social Security Fund (NSSF) for Sh1.6 billion. Additionally, Urysia Limited has expanded its automotive lineup in Kenya by adding Jeep and Citroën brands, transitioning from a single Peugeot dealership to a multi-brand operation.
World Bank & CAK Push for Agricultural Reforms as Kenya Seeks Tariff Cuts from China
A joint report by the World Bank and the Competition Authority of Kenya (CAK) reveals that government support for state-owned sugar companies distorts competition in Kenya's sugar sector. In a separate report, the two bodies are also urging the Kenyan government to reform its fertilizer subsidy program to provide farmers with greater choice. The report highlights how the current program, NFSP-2, has limited farmer autonomy compared to a previous voucher-based system. On the trade front, Kenya is urging China to eliminate tariffs on its key agricultural exports. Agriculture Cabinet Secretary Mutahi Kagwe met with officials from the General Administration of China Customs (GACC) to push for faster clearance and zero duty on commodities like coffee, tea, and avocados to address a significant trade deficit.
