Afternoon business highlights – May 23, 2018

Afternoon business highlights – May 23, 2018
Court stops CFC Stanbic from selling Karuturi assets
High Court Justice Francis Tuiyott (on Tuesday 22nd May 2018) allowed CFC Stanbic receivers to continue evaluating the Expression of Interests proposals from applicants but not sell the assets as earlier advertised. CFC Stanbic, through its receiver managers on May 2 advertised for sale of some of the movable assets which include 14,00 greenhouse irrigation equipment, generators, cold storage units, farm tools, motor vehicles and IT equipment.
Karuturi saw the move to advertise for the sale of the asset as prejudicial and contempt of court as it had already lodged an appeal against the decision of the High Court made on 19th January 2018.
AfDB and Korea launch the Korea-Africa Energy Investment Facility
The Government of Korea and the African Development Bank have signed a Letter of Intent to launch the Korea-Africa Energy Investment Facility (KEIF) to provide significant support to the New Deal on Energy for Africa, which aims to achieve universal access to energy.  Under this Facility, the Bank will take the lead in project development in close consultation with Regional Member Countries. Korea stands ready to provide USD$600 million over a period of five years in both concessional and non-concessional finance for a variety of energy operations that will support the provision of electricity for homes, schools, hospitals, agriculture and industries.
Regional cooperation, structural reforms key to economic transformation, says Emir of Kano
Africa’s development agenda must focus on the socio-cultural and commercial interests of Africans and the upliftment of Africa’s trade and economic ecosystem, said Muhammadu Sanusi II, the Emir of Kano and a former Governor of Nigeria’s Central Bank, during his address at the 2018 Annual Meetings of the African Development Bank Group in Busan, Korea. The monarch traced Africa’s post-colonial economic woes to the continent’s fiscal indiscipline and endemic disregard for its competitive advantages.
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