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Tag: East African Countries

African free trade area launched after delays owing to Global Coronavirus Pandemic.

African free trade area launched after delays owing to Global Coronavirus Pandemic.

FEATURED, NEWS, SPORTS
African countries began officially trading under a new continent-wide free trade area on Friday, after months of delays caused by the global coronavirus pandemic. But experts view the New Year's Day launch as largely symbolic with full implementation of the deal expected to take years. The African Continental Free Trade Area (AfCFTA) aims to bring together 1.3 billion people in a $3.4 trillion economic bloc that will be the largest free trade area since the establishment of the World Trade Organization. Backers say it will boost trade among African neighbours while allowing the continent to develop its own value chains. The World Bank estimates it could lift tens of millions out of poverty by 2035. But obstacles - ranging from ubiquitous red tape and po...
German Insurer Buys into Jubilee Holdings

German Insurer Buys into Jubilee Holdings

Business, FEATURED, NEWS
The deal is worth Sh10.8 billion Allianz to acquire a controlling stake of between 51 and 66 per cent in Jubilee’s General Insurance businesses. Jubilee Holdings chairman Nizar Juma (L) Allianz Africa CEO Coenraad Vroliik (R) The transaction is subject to regulatory approvals in five countries including Kenya and Uganda. The African subsidiary of the global insurer and asset manager Allianz plans to buy an eight per cent stake in Kenya’s Jubilee Holding Plc (JHL). The offer, subject to regulatory approvals, will see the Germany based firm acquire a controlling stake of between 51 and 66 per cent in Jubilee’s General Insurance business Kenya, Tanzania, Uganda, Burundi and Mauritius, forming Jubilee-Allianz General Insurance Limited. JHL will retain ownership of its Life...
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