Business news briefs

Kenya moves to deepen bilateral ties with Sri Lanka

Kenya’s Ministry of Tourism is seeking to deepen its bilateral ties with Sri Lanka in a bid to rev up both countries’ economies. High Commissioner of Sri Lanka to Kenya, H.E. Chulpathmendra Dahanayake yesterday paid Tourism Cabinet Secretary Najib Balala a courtesy visit The CS and H.E Dahanayake discussed the implementation of a tourism cooperation between Kenya and the island nation.

The meeting comes barely a day after a presentation that featured Ministry of Tourism Principal Secretary Fatuma Hirsi, PowerTalks CEO Wale Akinyemi and CS Balala, along with other Ministerial Heads of Department. The presentation gave insight on how the Ministry will transform into an optimum government organisation.

Banking industry reforms will ensure sector remains stable, says CBK

A set of new banking industry reforms will ensure the sector remains stable, the Central Bank of Kenya (CBK) has affirmed. Some of the reforms and initiatives planned include the enhancement of CBK’s end to end onsite surveillance processes to ensure efficiency and effectiveness and the improvement of the consolidated supervision framework for effective surveillance of banking groups.

Other reforms include the development of an improved framework for identification and supervision of domestic systemically important banks, a strengthened risk based supervisory framework for anti-money laundering and combating financing of terrorism and the development of an effective crisis management framework. Director of the CBK’s Bank Supervision Department Gerald Nyaoma said that the banking sector is projected to remain stable and sustain its growth momentum in 2016 as the outcomes of the various reforms and initiatives in the banking sector start to manifest.

Construction of Nairobi southern bypass nears completion

Construction of the Nairobi southern bypass is nearing completion with the road accessible from the junction of Mombasa road interchange at Ole Sereni all the way to Kabete-Limuru road at Kikuyu town. The Kenya National Highways Authority (KeNHA) says the contractor is finalising erecting wall barriers along the bypass adjacent to Kibera. The wall barriers are intended to protect and prevent nearby residents from crossing the highway. KeNHA said in a statement that works in most sections of the bypass is completed with the contractor just winding up.

Other final touches undertaken in finalising the bypass is landscaping to beautify the entire section before it can be launched formally – although it is already in use. The superhighway has three main interchanges at Mombasa, Lang’ata and Ngong Roads to ensure smooth and safe passage of traffic with fly-overs (partial interchanges) at Dagoretti and Thogoto roads being included. KeNHA says the bypass was designed to ease congestion on several adjacent roads such as Lang’ata road and Ngong road by drawing away traffic.

 

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