Donation Amount. Min £2

East Africa

Despite prevailing economic uncertainties, Kenya emerges as a key destination for private equity (PE) investments, according to the 2024 Deloitte Africa Private Equity Confidence Survey (PECS).

This annual survey canvasses opinions from private equity practitioners about the investment landscape across Africa for the upcoming year.

In addition, the survey illuminates Kenya‘s appeal, positioning it as the most favored investment locale in East Africa.

Over the next 12 months, the majority of respondents plan to channel their investments toward Kenya. This underscores Kenya’s status as East Africa’s leading economy for private equity focus.

“Private equity’s resilience and knack for pinpointing opportunities are pivotal in bolstering businesses and spearheading economic recovery,” the report states.

Alongside Kenya, nations like Nigeria, South Africa, and Tunisia are also recognized as crucial investment hubs in Africa.

East Africa’s Growing Private Equity Potential

According to Kevin Kimotho, Deloitte East Africa’s Private Equity Leader, recent policy reforms and regulatory adjustments across East Africa are crafting unprecedented opportunities for PE investments.

“This favorable convergence across East Africa offers not just chances for lucrative exits but also pivotal moments to sculpt the region’s economic future,” Kimotho explains.

He highlights that Kenya’s recent move to privatize 26 public institutions aims to invigorate a more dynamic, private-sector-led economy.

The success of these privatizations, however, will depend significantly on how the government optimizes the privatization process.

This includes streamlining regulatory frameworks, simplifying transaction approvals, and enhancing public awareness.

Despite these promising prospects, the survey indicates that deal sizes might stay moderate. PE investors are navigating tough conditions and expect a rise in exit activities, particularly through secondary sales.

With 62 percent of East African respondents are optimistic about the economic climate improving over the next year—up from last year’s more cautious expectations. The survey reflects a growing confidence in the region’s investment potential.

Only 34 percent anticipate the economic climate to remain stable, pointing to a hopeful outlook for Kenya’s investment landscape.

This sentiment signals a sustained positive trajectory for private equity activities in Kenya, marking it as a region ripe for growth and opportunity despite broader economic challenges. RT Staff Reporters

Sen. Ben Cardin (D-Md.) delivers remarks urging diplomatic intervention in Sudan, Aug. 29, 2024. Cardin is the chair of the Senate Foreign Relations Committee. (C-Span via Senate Foreign Relations Committee)

A United States senator, Ben Cardin has recognized the imperiled state of the people in Sudan’s North Darfur state capital, El Fasher and urged the diplomatic community to take immediate action to the stop mass atrocities from continuing.

“The people of El Fasher, already devastated by bombings and shelling from the Sudan Armed Forces (SAF), now face an imminent threat from the Rapid Support Forces (RSF), which is massing troops for another brutal assault as part of their ongoing campaign of destruction across Sudan,” he remarked.

Cardin, a member of the Senate Foreign Relations Committee said those living in famine-stricken Zam Zam camp are now also at dire risk of mass atrocities should the RSF launch this offensive. “I urge the entire diplomatic community — bilateral, regional, and multilateral partners — to unequivocally demand that the RSF, the SAF, and their allied forces immediately stand down.

The international community must be ready to deploy every diplomatic tool to prevent this attack — including the renewal of the current U.N. arms embargo on Darfur and its expansion to cover the entire country — and to pressure all parties to end their horrendous assaults on the Sudanese people and provide cross-border and crossline access for humanitarian assistance,” explained the Senator. “Those responsible for these abuses, along with their enablers, must face justice. I stand with the people of Sudan in their continued pursuit of peace,” he added.

The U.S. and Saudi Arabia have been making efforts to halt fighting between Sudan’s army and paramilitary Rapid Support Forces (RSF). The lack of progress at the talks in Jeddah ruined hopes for the resolution of a conflict that has displaced more than a million inside and outside Sudan, decimated the economy, and triggered ethnically driven massacres in Sudan’s Darfur region.

Talks in Jeddah were first suspended in June and resumed in October. Another round in Geneva last week adjourned with no new agreement. However, Sudanese sources at the talks said after commitments to calm the rhetoric, capture Al-Bashir cronies and facilitate humanitarian assistance went unfulfilled.

Representatives for the two sides, who were not meeting face to face, remained at odds over the RSF’s occupation of much of Khartoum, the sources said. The army has demanded that the RSF withdraws to specific bases and rejected an RSF counterproposal that it vacates civilians’ and set up checkpoints around the city. ST

Ruth Nankabirwa, the minister of Energy and Mineral Development, used her second media briefing of the year to raise hope about the progress in Uganda’s oil and gas industry, and allay fears over the delay in sourcing the much-needed debt for the construction of a crude oil pipeline, saying the country has entered a delicate period ahead of a major announcement from China in September.

Nankabirwa said works in the oil fields are going on smoothly – some ahead of schedule – as Uganda races to first oil sometime in 2025. She said French major TotalEnergies, the operator of the Tilenga Oil Project, had so far drilled six of the 31 well pads, with results already confirming the rich petroleum reservoir. 

TotalEnergies is using three oil rigs to do the job. So far, according to a press statement, 63 of the planned 426 wells have been drilled. The Tilenga oil field, according to the Petroleum Authority of Uganda, is estimated to have a combined volume of oil in place of 5.8 billion barrels of oil, with 874 million barrels of that said to be recoverable. 

Nankabirwa said some of the civil works at Tilenga’s Industrial area were almost complete, especially the drilling support base and the construction camp. The Industrial area will host the Central Processing Facility (CPF), where the crude oil from the field will be sieved before being channelled into an export pipeline that will terminate at its final point in the Chongeleani peninsula in Eastern Tanzania.

Nankabirwa said construction of the CPF is at 47.8 per cent. At the Kingfisher Field Development Area (KFDA), China’s Cnooc, the operators of the area, appear to be progressing well. With the lone oil rig on site, operated by COSL, nine of the eleven wells required for First Oil have been successfully drilled. 

In total, 31 wells will be drilled over four well pads. The KFDA is estimated to hold a volume of 568 million barrels of oil in place, with 186 million of that amount said to recoverable. Nankabirwa said a number of civil works at the KFDA have entered the final stretch, with those under the first and second package of works such as the construction of some of the well pads and infield roads nearly complete.

Construction of the CPF at the Kingfisher is already underway, with progress standing at 30.3 per cent, according to the press statement. Land acquisition at both the Tilenga and the Kingfisher development areas is almost done. And yet, all the progress will count for
nothing if works for the 1,445km East African Crude Oil Pipeline (EACOP) drag.

The shareholders of the pipeline, which will ship about 220,000 barrels of oil per day at peak from western Uganda to Tanga, have struggled to nail down about $1.2 billion in debt financing for the project, partly because of a spirited fight by environmental activists to bury the project.

A number of financial institutions have steered cleared of EACOP, which has been accused – without independently verifiable evidence – of having the potential to pollute the environment with its carbon emissions. The entire project cost for the EACOP is estimated at nearly $4 billion.

China has come in to plug the gap that many European bankers have left, with Nankabirwa saying that a recent meeting she had with Sinosure, a Chinese financial institution, was quite promising.

“We are now at a very delicate time. I was promised that in September, we shall seal the deal,” Nankabirwa said, referring to the negotiations surrounding financing for the EACOP.

Nevertheless, works for the EACOP, especially in Tanzania, are ongoing. Nankabirwa said construction of the thermal insulation plant in Nzega district in Tanzania was completed and commissioned. Already, 500km of line pipes have been delivered in Tanzania. And in both Uganda and Tanzania, some of the main camps and pipe yards have been constructed. By Jeff Mbanga, The Observer

 

South Sudan President Salva Kiir speaks at the launch of the Kenya-led peace talks in Nairobi on Thursday (PPU photo)

South Sudan President Salva Kiir has commended the spirit with which the Kenyan-led peace process was progressing, citing a need for peace and stability to be restored so that economic recovery and development.

In a statement broadcast on the state-owned television (SSBC), South Sudan’ Information minister, Micheal Makuei Lueth said President Kiir met and held talks with the government delegation and the opposition, civil society organizations, faith-based groups participating in the Tumaini peace process in Nairobi, Kenya.

“His Excellency President Salva Kiir was in Nairobi as part of the endorsement of the former prime minister, Honourable Raila Amolo Odinga as a candidate for the Chairperson of the African Union Commission. And since his excellency the president of the Republic of South Sudan is also the chairman of the Eastern African community, he attended the endorsement in his capacity as the chairman of the region which has now nominated the candidature of Honorable Raila Odinga. He also attended as the president of one of the countries in the region whose leaders also attended,” explained Makuei.

He added, “It was therefore an opportunity for the president to meet and be briefed by our delegations on the Tumaini initiative. He met with our delegation, also met with the opposition and the civil society organizations as well as members of the faith-based groups”.

The minister said the South Sudanese leader further appreciated the progress of the talks and pledged that he would take the responsibility to discuss with the signatories to the peace agreement in Juba and to agree on the way forward.

Lual Deng Marach, spokesman of the South Sudan opposition alliance described the decision of President Kiir to visit and hold talks with them as a “historically important gesture”, saying it would add impetus to the process in the course of the process.

Marach said President Kiir had shown strong interest in promoting peace ahead of anything else to foster lasting peace and move the country forward toward stability and prosperity.

He emphasized that national unity and a shared commitment to peace must be the guiding principles in the ongoing negotiations to secure a brighter future for all South Sudanese.

The President made the remarks earlier today during a crucial meeting that brought the participation of both government and opposition delegations, including the civil society representatives in Nairobi. The mediation team, led by seasoned mediator General Lazarus Sumbeiywo, facilitated the discussions between the government delegation and the holdout opposition groups.

The peace talks, which have been ongoing in the Kenyan capital for three months, have seen promising and enormous developments, according to officials closely involved in the process since its inception earlier this year. (ST)

When Uganda's President Yoweri Kaguta Museveni hosted President William Ruto and former Prime Minister Raila Odinga at his Kisozi country home in Uganda where they also discussed Raila's AUC chairmanship bid. [PCS]

Uganda President Yoweri Museveni used ODM leader Raila Odinga’s African Union Commission (AUC) chairmanship bid to express his reservations over Kenya’s move to block sugar from his country.

He also used the occasion to show his displeasure with what he termed as interference by Raila’s party in Uganda’s political affairs.

In a speech punctuated with veiled jibes using Banyankole's relationship with other communities in Uganda, Museveni attacked the entrenchment of tribalism in Kenya. 

As the region's longest-serving Head of State having been at the helm for 38 years, Museveni criticised what he said was Kenya's protectionist trade policies that had triggered disputes between the neighbours over the entry of key agricultural goods from Uganda such as eggs, milk and grains. 

“If you produce goods and services, people from your tribe may not be the ones to buy those services. You may find the people in another tribe buying what you produce because they don’t have what you have,” Museveni said.

“So therefore you people you see; Uganda is more important for you than your tribes. Your tribes can’t bring you prosperity. You can speak agandi or atiriri ni kwega muno, chemgei, mulembe but you may find those who greet you in the same language are not the ones who buy what you produce.”

Museveni said Ugandans realised that tribalism would not economically empower them, and that prosperity would only come from more trading in what others didn't have. 

“That is why in our movement (EAC), ideology number one is patriotism. Because you need Uganda for your own good, whether you like me or not you need me because I buy what you produce, I put money in your pockets,” he said.

"When you buy our products we rise. When you close us like I have heard you have closed sugar, we fall. When you close our eggs, milk, sugar, maize all that blocks us. That is why the second principle of our movement comes in. In order to ensure prosperity in Africa we need patriotism and Pan Africanism. Leadership should be part of social economic medicine to analyze what our society lacks and produce a diagnosis." 

Babu Owino headache

Statistics indicate that as a result of the trade barriers, expenditure on imports from Uganda declined by 9.09 per cent in the first quarter of the year, with the value of goods into Kenya dropping to Sh7.48 billion in the three months to March compared with Sh8.23 billion, according to data released last month.

At the same time, Museveni hit out at Embakasi East MP Babu Owino over his support for his political opponents, claiming that "some characters in the Raila group did not know what they were doing." 

“There are some individuals in Raila's group who think I don’t know what they are doing. I am a consumer of intelligence services. I always see intelligence service reports. There's a character called Babu. I always see Babu dealing with anti-NRM groups in Uganda,” he said.

But the MP maintained that he stood for democracy, maintaining that he would continue advocating for the rights of Ugandans.

“I stand for a democratic society where a child in Kenya will receive proper medication, and education and will equally get a job. Equally, a child in Uganda should receive the same treatment as a child in Kenya,” he posted on X.

Coded message?

ODM Secretary General Edwin Sifuna and a section of MPs also hit out at Museveni.

“Whatever beef [President] Museveni has with Babu Owino, I strongly object to the manner of his attack on a young Kenyan leader on our own soil,” said Sifuna.

“Kenya is a country ruled by law and if there is any objectionable conduct on the part of Babu, there are diplomatic channels to convey that to Kenyan authorities and let the law take its cause.”

Githunguri MP Gathoni Wamuchomba said: “Why would a foreign president use an international presidential platform to castigate a young Kenyan parliamentarian? I saw leaders giggle as if he was making a ‘good’ joke. This was uncalled for.”

Prof Peter Kagwanja, a policy advisor, interpreted Museveni’s remarks to mean that although he wanted to make peace with Kenya, he had a bone to chew with both Kenya as a State and Raila as a politician.

“What Museveni was saying is simply that he has issues with Kenya’s economic protectionism and telling Raila that he had issues with him because his people were infiltrating his political space in Kenya and probably sought to understand whether they had Raila’s blessings, Museveni could not have come all the way from Uganda to speak about Babu Owino,” he noted.

He said Museveni may have chosen the forum to push for the removal of the trade barriers and caution Raila to stop his allies from interfering with Uganda’s politics as a quid pro quo for the support for his UAC bid. By Ndung’u Gachane, The Standard

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

Amidst global challenges, the Kampala Declaration calls for self-sufficiency, local value addition and fast-tracking the AfCFTA

Amidst global challe...

 The 11th African Regional Forum for Sustainable Development came to an end with calls enshrined in...

Court to determine whether Meyiwa trial to proceed amid issues over lawyer for accused Sibiya

Court to determine w...

The Senzo Meyiwa murder trial continued in the Pretoria High Court on 1 August 2023. Picture: Nokukh...

UN Chinese Language Day marked in Rwanda

UN Chinese Language...

The Confucius Institute at the University of Rwanda held celebrations on Sunday afternoon to mark th...

When Pope Francis defied US alert to visit Kenya in 2015

When Pope Francis de...

Pope Francis with retired Presidents Daniel Moi and Mwai Kibaki and the then incumbent Uhuru Kenyat...

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.