Afternoon business highlights – September 19 2017

Afternoon business highlights – September 19 2017

Kenya moves to strengthen ties with UAE

Kenya and United Arabs Emirates (UAE) have signed a bilateral agreement to establish a mechanism for political consultations aimed at strengthening existing bilateral relations and cooperation. In a brief ceremony on the sidelines of the ongoing United Nations General Assembly in New York, USA, yesterday the two country’s Foreign Ministers, Amb Amina Mohamed and His Highness Sheikh Abdullah bin Zayed Al Nahyan of UAE put paper to ink on what they reckoned was an affirmation of the importance of coordinating bilateral relations and regional and international issues of common interests.

AfDB, Brazil to groom African youth in cassava processing

The African Development Bank (AfDB) and the Brazil-Africa Institute (BAI) have launched the Youth Technical Training Program (YTTP) − an initiative that aims to train young African professionals in research and technology transfer, contributing to local capacity development. The YTTP initiative is sponsored under the South–South Cooperation Trust Fund (SSCTF) and will consists of an array of professional development schemes to meet diverse needs of African countries by utilizing Brazil’s technology, skills and knowledge. Focus areas include agriculture and rural development, health, education, information and communication, infrastructure, and the creative industry. As part of this initiative, both parties on Thursday, September 14, announced the commencement of training of African youth for rewarding careers in cassava processing.

Desperate banks seeking business from SMEs despite lending rate cap

Local lenders are focusing their attention on small businesses through tailored products despite a law that put a cap on the interest rates that banks could charge their clients. The lenders have since come up with unique products in a bid to woo Small and Medium-sized Enterprises (SMEs). However, some investment analysts say that launching SME products may not be sustainable for many lenders as some are still reluctant to finance SMEs.

 

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