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African Export-Import Bank (Afreximbank or “the Bank”) (www.Afreximbank.com) signed a Memorandum of Understanding (MoU) with the World Trade Organization (WTO) to amplify the impact of their strategically aligned joint efforts of promoting global trade leveraging Africa’s unique resource endowment.

The MoU will allow the two organizations to pursue a collaborative framework for harmonizing and coordinating their efforts towards deepening key trade development activities on the continent.

Afreximbank and the WTO are part of an inter-agency partnership that is championing transformative change in the cotton industry in Africa’s Cotton-4 plus (C4+) countries, which include Benin, Burkina Faso, Chad and Mali as well as Côte d’Ivoire as an observer. The MOU will afford the Bank and the WTO Secretariat the opportunity to expand and deepen their collaboration to support the cotton sector beyond the C4+ countries.

Their support will entail development of local and regional value chains of cotton in Africa as well as their integration into the global value chain.
Another area of collaboration under the understanding will be on Trade Finance matters, addressing non-tariff barriers to trade, the digital economy, capacity building, the oceans’ economic and fisheries subsidies, the sports and creative economies and trading in the context of the African Continental Free Trade Agreement.

While speaking at the MoU signing ceremony, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank said: “The WTO Secretariat is a natural partner to Afreximbank given our shared mandate of promoting trade and trade-related activities. We are already working with the Secretariat on FIFA’s C4+ Cotton Initiative, for which we have committed financing for project preparation for cotton transformation projects in Africa. Formalizing our relationship today signifies that we can go beyond our present collaboration to include other equally impactful interventions across key economic sectors in Africa.”

“The Bank recently signed a Charter with Confédération Africaine de Football (CAF) and the Rebranding Africa Forum (RAF) to build a robust sports’ economy, which will include commercializing and monetizing African made sports apparel and athleisure wear. This is yet another undertaking that will benefit from this MOU with the WTO Secretariat.” He added.

H.E. Dr. Ngozi Okonjo-Iweala, Director General of the WTO Secretariat said: "The signing of this MOU is timely as it reflects some of the key priorities of many of our Members. I am particularly pleased to see that it will support Members' efforts in Agriculture and Food Security, advance efforts to address harmful fisheries subsidies, and promote cooperation on Trade Finance.

I am especially pleased that Afreximbank has committed to explore the opening of a finance window that would assist the C-4 plus countries on their journey to scale value addition on the continent. I look forward to seeing real, on-the-ground results from this partnership.¨

The C4+ countries have historically exported raw cotton for processing outside of the continent. Developing local industries to process and transform cotton into textile, could potentially create 500,000 jobs in the West African region. If harnessed well, it is expected that within the next 10 years, the C4+ countries could process up to 25% of their cotton crops.

This undertaking requires circa US$ 5 billion in investment in production facilities and training for workers. Which in turn calls for capacity building, access to finance for businesses, and improved infrastructure. By BOB KOIGI, African Business Communities

French voters are waiting to see the full line-up for the second round of parliamentary elections, as scores of candidates stood aside in order to help defeat the far-right National Rally (RN).

Parties have until 18:00 (17:00 BST) Tuesday evening to register contenders for Sunday.

Only then will it be clear how many from the left and centre have abandoned the race in the hope of unifying the anti-RN vote.

Last Sunday’s first round produced a big victory for the party of Marine Le Pen, which - with allies - won around 33% of the vote.

A broad left-wing alliance came second, and President Emmanuel Macron’s centrists third.

But Ms Le Pen’s chances of winning an outright majority in the 577-seat National Assembly have been dented by the blocking tactics of her party’s enemies.

In more than half of constituencies – around 300 – three candidates qualified from the first round of voting (nearly everywhere else it was just two).

If in these constituencies one of the two non-RN runners stands aside, this increases the chances of the RN candidate being defeated.

By midday Tuesday around 200 candidates from the left and centre were understood to have taken the step.

The left-wing New Popular Front (NPF) – which comprises everyone from centre-left social democrats to far-left anti-capitalists – issued instructions to all of its third-placed candidates to step down and let a centrist reap the anti-RN vote.

The NPF is thus helping two senior pro-Macron MPs – former prime minister Elisabeth Borne and Interior Minister Gérald Darmanin – to win in their constituencies in Normandy and the north.

Conversely a pro-Macron candidate has stood down in order to help radical left-winger François Ruffin defeat the RN candidate in the northern city of Amiens.

The RN’s 28 year-old president – and hopeful for prime minister – Jordan Bardella condemned these arrangements as the fruit of an “alliance of dishonour” between parties that until now have been at each other’s throats.

Instructions to candidates from Mr Macron’s centrist bloc have been more ambiguous than the NPF’s.

Though Mr Macron himself and Prime Minister Gabriel Attal have called for “no vote for the RN”, some in his camp believe its far-left component makes the NPF equally unpalatable.

Senior figures like Finance Minister Bruno Le Maire and former Prime Minister Edouard Philippe – both originally from the centre-right – are refusing to issue instructions to vote systematically against the RN.

RN insiders told Le Figaro newspaper that its opponents’ tactics did not bother them.

“On the contrary, it’s good news. The overall message they’re giving out is that it’s the entire system which is against us... It’s another big stitch-up and our voters are tired of it,” one said.

RN leaders have said they will not attempt to form a government unless they are given an outright majority in the parliament in Sunday’s vote.

They say they do not want to be given the appearance of power, if the reality is they cannot pass laws.

However on Tuesday Marine Le Pen qualified this, when she said that a lower majority would be good enough – if it does not fall too far short of the 289 member threshold.

Speaking on French radio she said that winning around 270 deputies would allow her party to open talks with individual MPs from other groups in the hope of persuading them into an accord.

“We are going to say to them: ‘Are you ready to participate with us in a new majority? Are you ready to vote a confidence motion? Are you ready to vote for the budget?’” she said.

She cited as possible targets independent MPs of right and left, and part of the conservative Republicans party which won 10% of the vote on Sunday.

If the RN wins an absolute majority on Sunday, Mr Bardella would be asked by President Macron to form a government – and there would then begin a tense period of “cohabitation” between two political enemies.

Under the French Fifth Republic constitution, power would flow away from Mr Macron to the prime minister’s office because “the government determines and conducts the policy of the nation”.

However Mr Macron would probably seek to retain powers in the areas of foreign policy and defence, which from precedent – and not from the actual wording of the constitution – have remained the preserve of the Elysée in past cohabitations.

Marine Le Pen also accused the president Tuesday of carrying out an “administrative coup d’état” because she had heard he was preparing a number of key appointments in the police and army just days ahead of the vote.

“When you want to counter the results of an election by nominating your people to jobs, and when that stops [the government] from being able to carry out policies which the French people have asked for... I call that an administrative coup d’état."

“I hope it is only rumour,” she added. By Hugh Schofield, Paris correspondent, BBC

Kenya Airports Authority Head Office at Tower Avenue in Nairobi.

The Kenya Airports Authority (KAA) is under intense scrutiny following revelations of undisclosed contracts and agreements for leasing space to private entities. 

A recent report by Auditor General Nancy Gathungu has unveiled significant irregularities in the Authority's operations, raising concerns about potential revenue loss and illegal activities within the country's airports. 

The Auditor General's report highlights several critical issues, particularly the unbilled facilitation concession income balance of Ksh7.6 million.

According to Gathungu, seven facilitation firms were granted access to airport spaces to operate within the airport during the year under review. However, the KAA failed to provide any contracts or agreements between the Authority and these firms for audit review.

OFFICE OF THE AUDITOR GENERAL

"Further, the balance includes a facilitation concession income balance of Ksh7,575,557. However, it was noted that seven facilitation firms were issued with airport access passes to operate within the airport during the year under review but no contracts or agreements between the Authority and the firms were provided for audit review," Gathungu stated under the Unbilled Facilitation Concession clause.

The lack of documentation raises serious questions about the basis of revenue declared by these unauthorized firms operating at the airport.  

Without any supporting contract agreements, the declarations made by these firms and the legality of their operations remain undetermined.

"In the absence of contracts agreement stipulating the terms of operation, there is a possibility of revenue loss through undeclared and unremitted facilitation concession income," Gathungu warned. 

This statement underscores the potential financial implications of the KAA's failure to maintain proper contractual oversight, which could lead to substantial revenue losses for the Authority.

In his report, the chairman of the Board, Caleb Kositany was optimistic that the authority had recovered and attracted revenue despite a hostile economic environment to operate and soar to full potential. 

"Within the local aviation landscape, we have witnessed remarkable progress, exemplified by a substantial recovery of 103 per cent in passenger numbers compared to pre-Covid-19 levels. This resurgence has also been marked by an 8.6 per cent growth in aircraft movements and a 0.6 per cent upswing in cargo movements in comparison to the previous year ending June 30, 2023."

"KAA has exhibited robust financial performance, with revenues soaring by an impressive 27 per cent to Ksh17.02 billion. There were prudent cost management practices within the year however, to enable the construction of Terminal 3 at JKIA the Authority through a planned negotiation and approval by the cabinet a write-off of Ksh4.6 billion was factored during the period. This therefore made the Authority finally register a pretax loss of Ksh3.7 billion," Kositany said in a statement. By HEBREWS RONO, Kenyans.co.ke

ODM Secretary-General Edwin Sifuna. [Collins Kweyu, Standard]

The Orange Democratic Movement (ODM) Party now says it will initiate the process of recalling six of its lawmakers for voting in favour of the Finance Bill 2024.

ODM Secretary-General Edwin Sifuna, announcing the decision, cited the MPs disregard for the Party’s position.

The six MPs include Gideon Ochanda (Bondo), Elisha Odhiambo (Gem), Caroli Omondi (Suba South), Emmanuel Wangwe (Navakholo), Memusi Kanchory (Kajiado Central) and Benard Shinali (Ikolomani). 

“The ODM party shall initiate and lead the recall processes in the following constituencies in light of the current office holders repeated violation of their sacred oath and the wishes of the electorate,” said Sifuna.

According to the Party leadership, the decision was reached during a meeting of the party’s central committee today, June 2. 

The meeting of ODM’s top decision making organ was attended by the Party leader Raila Odinga and his two deputies, Hassan Joho and Wycliffe Oparanya.

Human Rights Abuses

Further, ODM has hit out President William Ruto for failing to take responsibility for human rights violations during the ongoing anti-government protests, as well as the government’s failure to protect life and property during the nationwide demonstrations. 

“We consider this to be Kenya’s last best chance. The youth have given our country our last best chance. We either seize it and swim with it by implementing all their demands, or we ignore it and sink the country altogether,” he said.

The party, funded by the exchequer, has also resolved to reduce its presence and activities countrywide in line with the economic situation the country is facing and has challenged the government to implement similar cost cutting measures. 

“The ODM party will support credible austerity measures in the executive and parliament. These two institutions have been expressly indicted by the people as citadels of largesse and wastage,” said Sifuna. ODM has asked its leaders to listen more to the electorate. By Denis Omondi, The Standard

 
Suss Ads Managing Partner Dennis Maina hands over a cheque to Githumu Boys High School during the launch of Suss NextGen Programme. [Brian Ngugi, Standard]

Kenyan students are set to benefit from a new national programme aimed at equipping them with the skills and resources needed to succeed in the digital age.

The initiative dubbed ‘the Suss NextGen Programme’, was launched by the leading Marketing and Technology (MarTech) Agency, Suss Ads.

The program will provide high schools and tertiary institutions across the country with essential tech-led platforms, knowledge, resources, and opportunities. 

 Githumu Boys High School, the alma mater of Suss Ads Managing Partner Dennis Maina, is one of the first beneficiaries.

The school received a commitment of Sh500,000 to revitalise its tech lab, with an initial donation of Sh100,000 from Suss Ads.

"We recognize the pivotal role technology plays in modern education," said Maina. "The Suss NextGen Program is our way of equipping students with the tools they need to excel in today's digital landscape."

The programme aims to bridge the gap in technology access and educational opportunities for Kenyan students. Githumu Boys Deputy Principal Vincent Mutuku welcomed the initiative, highlighting the previous challenges faced by the school due to limited computer availability. The new equipment will significantly improve student learning, he said.

Maina's vision extends beyond Githumu Boys. He hopes the program will empower the next generation of Kenyans digitally and close the digital divide. The initiative also resonated with students like James Omollo, who praised the programme and the involvement of a successful alumnus like Maina. 

"This is a great example for all students," Omollo said, "and it's motivating to see one of our former students become one of Africa's youngest entrepreneurs."

The launch of the Suss NextGen Program coincides with Suss Ads' third anniversary. Maina expressed gratitude for the partnerships that have fuelled the agency's growth and pledged to continue working towards a future where every student thrives in a digitally interconnected world. By Brian Ngugi, The standard

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