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Kenya

Monday morning business brief; Young entrepreneurs fund, LTWP, Africa stocks

NAIROBI, Kenya, Oct 22 – Over 300 young men and women will this morning receive small business loans under the Kenya Bankers Association YBIZNA entrepreneur competition.

The youth, who are in 11 groups, are drawn from informal settlements in Nairobi and Mombasa, received business development training.

The funds in the initiative will be disbursed through a revolving fund, where the entrepreneurs obtain interest-free loans to grow their businesses or establish fresh enterprises.

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Senior leadership of Lake Turkana Wind Power will hold a briefing on Monday morning provide an update on the project which is expected to significantly boost the supply of electricity to Kenya’s national grid.

LTWP will also outline their strategy going forward and explain how the project is benefitting the community in Loiyangalani, Marsabit County. LTWP Chairman Mugo Kibati, Managing Director Lars Olesen, Principal Social Specialist Felix Rottmann and Director Rizwan Fazal expected to brief the media.

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North and West African markets had an encouraging close to last week relative to Southern Africa peers as investors took advantage of attractive entry prices on oversold stocks specifically in Egypt which emerged as last week’s top performer, up 2.7 percent week on week following a 5.9 percent dip the previous week.

According to Nabo Capital, emerging market stocks continued to show weakness last week following signals of further tightening in the US according to the US Fed reserve and growing threats by the US President to escalate his trade fight with China.

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