Afternoon business highlights – February 27, 2018

Afternoon business highlights – February 27, 2018

AfDB, Nairobi Framework Partnership to co-organize Africa Climate Week 2018

The African Development Bank is co-organizing, together with other members of the Nairobi Framework Partnership (NFP), the Africa Climate Week 2018 (ACW2018) from 9th to 13th April in Nairobi, Kenya, to advance regional climate action. The ultimate aim of ACW2018, the first of what is planned to be an annual gathering, is to support implementation of countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement and climate action to deliver on the UN Sustainable Development Goals. ACW2018 will be an umbrella for a series of climate-related events focused on NDC implementation – Challenges and opportunities, the United Nations Sustainable Development Goals, and the Global Climate Action.

South African retailer Shoprite Holdings branches into Kenya

South African Shoprite Holdings will move into Kenya, where weakened competitor positions have opened an opportunity for Africa’s biggest grocer to expand its presence in East Africa, its chief executive Pieter Engelbrecht said on Tuesday. South African retailers have struggled to lift earnings at home as high household debts squeeze consumer income, although Shoprite has fared better than others with its focus on budget-conscious consumers, including more than 10 million South Africans on welfare grants.

IFC to invest in Kenya’s healthcare sector through Ksh11 billion Dutch-based private equity fund 

The International Finance Corporation (IFC), the World Bank’s private lending arm, plans to invest in Kenya’s healthcare sector through a Ksh11 billion Dutch-based private equity fund it backs. The Corporation says the Investment Fund for Health in Africa (IFHA II) will finance “acquisition and integration of targeted healthcare services businesses in East and Southern Africa.” The Fund, which also counts Pfizer, African Development Bank and European Investment Bank as its backers, has investments in healthcare provider AAR Group as well as CarePay Limited.

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