East African Business Notifier

By Slyver Kyeyune- the Director Risk, Uganda Development Bank In a time marked by significant challenges like the ongoing aftermath of the Covid-19 pandemic, rising geopolitical tensions, such as the Russia-Ukraine conflict, and the urgent threat of climate change, the pursuit of a credit rating from an independent and certified Credit Rating Agency has moved beyond being just a goal to becoming an absolute necessity.  This is particularly true for Uganda, where credit ratings play a crucial role in shaping the economy, fortifying institutions, and aiding wise investment decisions. At its core, a credit rating for an institution involves a careful evaluation of its likelihood of defaulting on debt and its ability to meet its financial obligations.  This thorough assessment delves into the institution's governance, financial strength, and operational health, analyzing both its historical performance and future projections.  Credit Rating agencies, which operate under stric...

Uganda Baati Limited, has announced its partnership with the Uganda Institution of Professional Engineers (UIPE) in the upcoming 26th National Technology Conference & Exhibition.  They handed over a sponsorship package of  Ugx 15 million cheque as part of their commitment. Uganda Baati’s Chief Executive Officer George Arodi expressed his enthusiasm for this partnership stating that the UIPE plays a big part as influencers in this industry.  “There is a lot of competition in the steel sector with price distortion for different construction materials as manufacturers take shortcut on their manufacturing processes  to be cheap in the market, a vice which can be damaging for both the professional engineers and the customers,” Arodi noted. “Therefore, as Uganda Baati we are looking forward to this partnership, and hopefully extend it beyond the conference. It is important to sensitize the members and people generally on the importance of quality when it comes to build...

  The East African Business Council (EABC), with support from the German Technical Cooperation (GIZ) in EAC, kicked off the two-day regional private sector consultative meeting in Kampala to discuss the progress of developing the EAC Tariff Offer under AfCFTA for sensitive products and the exclusion list.  In his remarks, Mr. Simon Kaheru, EABC Vice Chairperson, said “EABC-GIZ Private Sector Consultative Meeting set to Build Consensus on EAC’s Tariff Offer under AfCFTA Preferences for Category B & C Products.” According to AfCFTA modalities for the submission of tariff offers, the sensitive goods under category B require 7 percent of the tariff lines to be liberalized over a period of 13 years for Least Developed Countries (LDCs) and 10 years for Developing Countries.  For the EAC, the required tariff lines under this category are 398. The excluded goods, which are under category C, cover 3 percent of the total tariff lines and must meet the anti-concentration clause;...

  Sanctions have not stopped Russian tourists to be the high spenders they are known to be. It also did not stop Russians to travel the world. Even with visa restrictions in Europe or North America, many received their visa before the sanctions. Barcelona is known to be the pickpocket capital and master of tourism scams, and this Russian family got to feel this last week when their bag and a suitcase containing jewels and watches worth over 8 million euros were stolen from them at Barcelona International Airport. The heist was described as “historic” by local newspaper  La Vanguardia. On Wednesday, a Russian family had their suitcase taken from them while they waited in the airport’s boarding line. The robbers were identified thanks to surveillance cameras and caught a short time later. A white Louis Vuitton suitcase and a rare Hermés bag decorated with gold and diamonds were reported missing. The Russians estimate that there was $10,000 cash in the suitcase. Under Spa...

Prof. Benedict Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), in the company of the Hon. Mia Amor Mottley, Prime Minister of Barbados, Dr. the Hon. Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, the Hon. Phillip Pierre, Prime Minister of St. Lucia, the Hon. Dickon Mitchell, Prime Minister of Grenada, H.E President Olusegun Obasanjo (GCFR), Former President of the Federal Republic of Nigeria and Chairman of the Intra-African Trade Advisory council, as well as other dignitaries from Africa and the Caribbean community region presided over the official opening of the CARICOM office of the Bank, while reaffirming the US$1.5 billion credit limit made available to support eligible CARICOM States.   The Afreximbank CARICOM Office will support the implementation of the Partnership Agreement between Afreximbank and CARICOM member states aimed at expanding Africa-Caribbean trade and investment relations. ...

  Airtel Uganda, A Reason to Imagine has today switched on a second 5G site at Speke Apartments in Kampala ushering in a new era of ultra-fast and reliable connectivity for its customers.  The announcement was made today during a press briefing held at Speke apartments on Wampewo Avenue. This is an addition to the recently installed 5G site in Buganda which was launched on 3oth July 2023 in Bulange- Mengo showcasing Airtel Uganda’s readiness in rolling out the 5G network across the country after securing the spectrum from Uganda Communication commission. manoj murali Airtel Uganda Managing Director, expressed his excitement about the company's 5G expansion, stating that they are thrilled to unveil another 5G site in Kampala aimed at empowering individuals and businesses to embrace new opportunities and unlock their full potential in the digital era.  “Kampala is the heart of business in Uganda characterized by high socio-economic activity and with the addition of more 5G ...

As Western governments face the increasingly urgent task of accelerating the transition to a low-carbon economy, the pendulum has swung away from a heavy reliance on markets to drive innovation toward state intervention. Fearing China’s dominance in clean-tech supply chains, and recognizing the potential for job creation, the United States has put in place a wide range of industrial policies that support the development and deployment of green solutions. For example, the US  Inflation Reduction Act  openly encourages reshoring by offering generous government support for firms building green-manufacturing capacity in the country. Following suit, the European Union’s  Net-Zero Industry Act  introduces a domestic clean-tech manufacturing target, marking a paradigm shift in Europe’s approach to economic governance. But striking the right balance between the public and private sectors will be crucial to managing the clean-energy transition in an efficient and tim...