Business highlights – October 12 2017

Business highlights – October 12 2017

Government urged to improve urban infrastructure or face imminent congestion crisis

The World Bank Group has urged Kenya’s government to invest in urban infrastructre or risk facing an otherwise unstopable congestion crisis within the next 30 years. A World Bank report indicates that by 2050, half of Kenya’s people will live in urban areas, where services are better compared to rural areas, with lower poverty rates, better connectivity, and where much of its economic growth is produced. It has since emerged that 60% of households live in informal areas, and basic services such as water and sewage are not keeping pace with urbanization. The report adds that congestion costs Kenya billions of shillings in lost time and productivity, and prevents people from getting to available jobs, driving them to informal housing so they can be closer to employment opportunities.

Kenya’s textile sector set to benefit from AfDB training programme

Kenya’s textile industry is set to benefit from a pan-African training programme that has made headway in other parts of the continent. Through a project dubbed Fashionomics Africa, the African Development Bank aims to support the growth of the African textile and fashion sectors through a focus on building the capacities of micro, small and medium-sized enterprises (MSMEs) in the textile and clothing sector, especially for women and youth.

Ksh1.3 billion FCB Mihrab building sets milestone for Islamic architecture

Kenya’s first building with Architecture that portrays Islamic values has opened today at the junction of Lenana Road and Woodlands Road in Kilimani and is ready for occupation. FCB Mihrab has been constructed at a cost of Sh1.3 billion and is designed like a mihrab which symbolizes an archway or an entry towards purity and goodness. Mihrab Development Project Administrator Farhiya Ibrahim says the 25 storey building located in Kilimani, off Lenana Road is already 50 percent sold with First Community Bank being the anchor tenants.

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