Business highlights – March 13, 2018

Business highlights – March 13, 2018

Planning Ministry to finalize Third Medium Term Plan

The  Ministry of Planning has assured that the Third Kenya Vision 2030 Medium Term Plan (MTP III) will soon succeed the Second MTP 2013-2017. Principal Secretary, Dr. Julius Muia said that the plan will be guided by Kenya Vision 2030 and the country’s long-term development strategy which seeks to transform Kenya into a newly industrializing upper middle-income country. He added that the MTP is a major policy document that offers a clear roadmap of where the country wants to be in the next five years. In the 2018 – 2022 plan period, Kenya will implement the Big 4 Strategic Initiatives that seek to promote development of manufacturing, housing, food and nutrition security and universal healthcare.

AfDB signs deal with International Solar Alliance to propel solar development in Africa

In a major boost for its Light up and power Africa initiative, the African Development Bank has entered into partnership with the International Solar Alliance (ISA) to scale up solar energy in Africa. The Bank and ISA will jointly support technical assistance and knowledge transfer for solar development and deployment in sun-shine rich African countries. Both parties will also develop finance instruments for off-grid solar projects, as well as large-scale solar independent power producers for African ISA member countries.

Kenya signs deal with Uganda to rein in runaway flour prices

Kenya will purchase 6.6 million bags of maize from Uganda at Ksh2,050 each in a bid to plug a deficit that has triggered a rise in flour prices. The deal, spearheaded by Kenya’s Trade ministry will see local millers pay the Grain Council of Uganda for delivery of cargo at the National Cereals and Produce Board (NCPB) depots. Local millers will have access to 600,000 tonnes of maize. The agreement comes at a time when Kenya is facing a deficit of more than five million bags.

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