Business highlights – December 7, 2017

Business highlights – December 7, 2017

World Bank cuts Kenya’s 2017 economic growth estimate to 4.9%

The World Bank has cut its 2017 growth estimate for Kenya’s economy to 4.9%, which would be the slowest annual expansion in five years, due to drought, sluggish credit growth and a prolonged election season, it said on Thursday. The lender had already cut its initial forecast by half a percentage point in April, to 5.5 %, due to a severe drought in the first half of the year and the drop in private sector growth.

Renewable energy market receives boost from Energy4Impact initiative as 450 women entrepreneurs receive funding to purchase supplies

An estimated 450 women entrepreneurs engaged in clean energy in Kenya and Tanzania are set to receive funding through a partnership between Energy4Impact and M-Changa, Africa’s leading crowdfunding platform. The campaign is seeking to raise funds to purchase electric briquette machines, increase stock of solar lighting products, purchase raw materials and construct kilns for production of complete cookstoves. The partnership will also see the women entrepreneurs engaged in the clean cooking and off-grid lighting supply chains, being coached and mentored by Energy 4 Impact through the Women Integration into Renewable Energy (WIRE) programme.

Kenya joins 200 countries in drive to eliminate plastic waste

Kenya has joined a list of more than 200 countries that signed a United Nations resolution in Nairobi on Wednesday to eliminate plastic pollution in the sea. Delegates hope that the move will pave the way to a legally binding treaty. If current pollution rates continue, there will be more plastic in the sea than fish by 2050, said the United Nations Environment Programme (UNEP) which organised the meeting. Eight million tonnes of plastic – bottles, packaging and other waste – are dumped into the ocean every year, killing marine life and entering the human food chain, UNEP added.

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