Donation Amount. Min £2

East Africa

National Bank of Egypt branch. Ahram Gate. 

El-Said further revealed that the NBE garnered capital gains of EGP 800 million from these transactions over the last year.

Exit deals occur when banks begin to withdraw their investments from companies after attaining the desired level of profitability. 

Regarding the bank's investment activities, El-Said disclosed that NBE's direct investment portfolio had reached EGP 34 billion, encompassing 138 companies as of November 2023.

He added in statements to the press that the bank's indirect investments amounted to EGP 7 billion, distributed among 30 companies operating in diverse sectors.

El-Said attributed the bank's divestment from ventures to an ongoing administrative and financial restructuring process.

He emphasized NBE's strategic objective of revitalizing its investment portfolio by reinvesting returns and proceeds into new ventures, including financial leasing, real estate financing, and investment banks.

“NBE is currently engaged in discussions with several non-banking financial institutions to establish a digital bank in compliance with the regulations for launching digital banks stipulated by the Central Bank of Egypt (CBE),” El-Said noted.

He underscored NBE's commitment to investing in sectors that serve the national interest, such as financial technology, green economy, renewable energy, and industrial and productive sectors.

El-Said further affirmed the bank's dedication to supporting Egypt's overarching plan to augment its US dollar earnings by boosting exports and minimizing dependency on imports.

He also highlighted NBE's intensified exploration of promising opportunities in various sectors, particularly technology, through comprehensive studies.

“NBE boasts a diverse portfolio of investments in digital technology companies, including Fawry Company for banking technology and electronic payments, e-Finance for financial and digital investments, and Aman Holding for non-banking financial services and electronic payments technology,” El-Said disclosed.

Earlier this month, NBE and Banque Misr issued new certificates of deposits (CDs) with annual yields of 23.5 percent and 27 percent, respectively, and a minimum purchase value of EGP 1,000 and incremental options for each CD.

The two banks are projected to collect over EGP 500 billion in proceeds by the end of the insurance period, expected to conclude in February. ahram Online

The Kenyan Section of the International Commission of Jurists (ICJ Kenya) has warned the judiciary against engaging in dialogue with the Executive saying such talks could inhibit judicial independence.

In a statement issued Saturday, ICJ Kenya Chairperson Protas Saende stated that the Judiciary must maintain its independence, especially on issues touching on the administration of justice.

He urged the Judiciary to shun participation in discussions that risk compromising its autonomy in delivering justice.

Saende said sufficient mechanisms exist in the Constitution which empowers the Judicial Service Commission (JSC) to handle complaints against the judicial officers.

“Any concerns or complaints from the Executive should be duly registered with the JSC rather than aired in public rallies, casting aspersions on the Judiciary as a whole,” he said.

The lobby stated that recent claims by Deputy President Rigathi Gachagua against Justice Esther Maina, followed by a retraction without presenting evidence, raise concerns about the Executive’s intentions.

ICJ noted that the damage caused to the judge’s reputation as a result of the Gachagua’s attacks is significant and shows a lack of commitment to a fair and unbiased discourse.

“Considering the above, we are adamant that the invitation by the Executive may not be in good faith,” the ICJ Chairperson said.

Dropped petition

Gachagua Thursday announced that he had dropped his planned petition against Justice Maina ‘for now’ after making corruption claims against her.

In a statement from his office, the DP welcomed dialogue on accountability talks between President William Ruto and Chief Justice Martha Koome.

“The Deputy President notes the current national discourse on judicial transparency and application of Article 10 of the Constitution of Kenya on the conduct of Judges and other Judicial Officers,” Njeri Rugene, his press aide, stated.

“In this regard, the Deputy President will not proceed with the matter of the petition, for now,” Rugene announced.

Gachagua’s change of tact came even as the Chief Justice indicated that she had reached out for audience with President Ruto to establish his concerns.

Koome said the Judiciary would invite Ruto to share any confidential information he holds on any judge involved in corruption even as she emphasised the need for aggrieved parties to engage through formal channels under the JSC.

Ruto launched an aggressive campaign against a section of judges in the aftermath of the November 28, 2023, Constitutional Court decision that declared the Housing Levy unconstitutionalBy Felix Okara, Capital News

A fire incident has ravaged 19 shops containing 1,900 bags of assorted grains in Gombi, headquarters of Gombi Local Government Area of Adamawa State.

The incident occurred at a major grain market in the town, which lies in the northern part of the state.

The Secretary of Gombi Market Union, Mallam Umar Nyalli, said Saturday that the fire which spread to cause havoc was ignited by an unknown smoker who threw a burning stick of cigarette at a heap of waste materials close to the shops. 

Nyalli said the businesses of owners of the affected shops had now been paralysed.

“We lost bags of maize, groundnuts, guinea corn, sesame seeds, beans and tamarin fruits to the inferno,” Nyali said, calling on the government at all levels to intervene.

The state Deputy Governor, Professor Kaletapwa George Farauta, has commiserated with the traders whose goods were destroyed.

During a visit to the place Saturday afternoon, she described the incident as a collosal loss to the shop owners and great damage to the entire state in terms of revenue drive.

DAILY POST reports that the fire incident in Gombi comes only about two weeks after a wildfire outside the premises of the Federal College of Education in the state capital, Yola.

The Yola incident destroyed 10 shops.  Jim Ochetenwu, Daily Post

Kampala, January 20, 2024 (LANA) - The Personal Envoy of the United Nations Secretary-General to Sudan, Ramtane Lamamra, affirmed that only the Sudanese are capable of stopping the fighting, stressing the need for the international community to unite its efforts to support them in order to achieve this noble goal.

   Lamamra called on the leaders of the conflicting parties to take immediate action and strong steps to end this suffering, through the diligent implementation of the cessation of hostilities agreement, which could lead to lasting peace in the country.

   “Many Sudanese have confirmed their desire to hand over power to a civilian government that will rule the country during a temporary transitional period pending elections,” Lamamra said during a speech he delivered at the extraordinary IGAD summit in Uganda regarding Sudan, explaining that he visited the region last week and met with many Sudanese who expressed the need to end the fighting, including the warring parties themselves. =Lana=

President William Ruto speaking during a meeting with Jubilee leaders at State House Nakuru on January 11, 2023.

African Development Bank and the United Kingdom (UK) have chosen Kenya as the recipient of a Ksh 9.3 billion loan for climate mitigation.

Announcing the allocation on January 19, Nnenna Nwabufo, African Development Bank Director General for East Africa, stated that the money was to be channeled to the government's last mile and power grid project. 

“Kenya is close to achieving universal electricity access with a high component of renewable energy. This represents a major milestone in both sustainable development and the mitigate against climate change,” Fwabo commented.

Termed 'Transmission Network Improvement Project', the government budgeted the project at Ksh 18.4 billion only to receive up to half the funds as a concessional loan, a deal that comes with more favourable terms that Kenya can fetch in the market.

The two organisations explained that the funds would enable the government to address existing gaps in energy transmission and achieve universal electricity access.

It will further improve the quality of life of communities in Kenya through enhanced socioeconomic development. 

Kenya, as the first country in East Africa to benefit from the program since its inception in 2022, will be joining five other North and West African countries previously selected for the funding.

So far Egypt, Tunisia, Senegal, Mauritius, and Benin have benefited.

The project, which aims at awarding Ksh 317 billion to different African countries, is funded by the United Kingdom and the City of London insurers.

"We’re working together with the AfDB and Kenya to deliver what Kenyans want and need; reliable power for reliable economic growth – all with green energy that protects the prospects of future generations," the UK high commissioner to Kenya Neil Wigan stated. 

It is expected to run up to 2027, with each country signing the loan on its terms.

So far, Kenya has received two batches of loans in 2024, with the International Monetary Fund (IMF) releasing Ksh 150 billion on January 17 and Ksh 33 billion from the Trade and Development Bank on January 19. By LOISE LENSER, Kenyans.co.ke

About IEA Media Ltd

Informer East Africa is a UK based diaspora Newspaper. It is a unique platform connecting East Africans at home and abroad through news dissemination. It is a forum to learn together, grow together and get entertained at the same time.

To advertise events or products, get in touch by info [at] informereastafrica [dot] com or call +447957636854.
If you have an issue or a story, get in touch with the editor through editor[at] informereastafrica [dot] com or call +447886544135.

We also accept donations from our supporters. Please click on "donate". Your donations will go along way in supporting the newspaper.

Get in touch

Our Offices

London, UK
+44 7886 544135
editor (@) informereastafrica.com
Slough, UK
+44 7957 636854
info (@) informereastafrica.com

Latest News

British Ambassador Visits Garowe to Strengthen Somalia-UK Ties

British Ambassador V...

Garowe, Puntland – British Ambassador to Somalia, Charles King, made his first visit to Garowe, the...

Judges call for a review of violent robbery sentence

Judges call for a re...

Justice John Mativo during a Virtual hearing of an election petition by former Nairobi Governor Mik...

Transaid hosts second motorcycle helmet safety ET SAFETY SUMMIT IN NAIROBI

Transaid hosts secon...

Transaid, in partnership with the FIA Foundation, hosted the second Safe African Helmets Initiative...

Church Leaders Urge Politicians To Rise Above Individual Interests

Church Leaders Urge...

The Most Rev Dr. Justin Badi Arama, the Chair of the South Sudan Council of Churches and the Primate...

For Advertisement

Big Reach

Informer East Africa is one platform for all people. It is a platform where you find so many professionals under one umbrella serving the African communities together.

Very Flexible

We exist to inform you, hear from you and connect you with what is happening around you. We do this professionally and timely as we endeavour to capture all that you should never miss. Informer East Africa is simply news for right now and the future.

Quality News

We only bring to you news that is verified, checked and follows strict journalistic guidelines and standards. We believe in 1. Objective coverage, 2. Impartiality and 3. Fair play.

Banner & Video Ads

A banner & video advertisement from our sponsors will show up every once in a while. It keeps us and our writers coffee replenished.