United Kingdom Prime Minister Theresa May to visit South Africa, Nigeria and Kenya

United Kingdom Prime Minister, Theresa May is expected to travel to South Africa, Nigeria and Kenya in an attempt to highlight trade opportunities that are open to the U.K, following its withdrawal from the European Union.

The Prime Minister will meet leaders from the three African countries on a five-day visit. May will be accompanied by 29 business executives, FTSE 100 bank Standard Chartered Plc and London’s start-up company, Farm. Ink which created an information-sharing mobile platform for farmers.

The United Kingdom P.M seeks to build up economies outside the European Union as time is nearing Britain’s planned exit from the world’s largest trade bloc in March 2019. The United Kingdom sees potential in the African continent, says Bloomberg.

“As we prepare to leave the European Union, now is the time for the U.K. to deepen and strengthen global partnerships,” May said in a statement. The U.K. Prime Minister further said “a more prosperous, growing and trading Africa is in all our interests”.

 

Source: Bloomberg

Ethiopia is ready for a major take-off in finance

Newly-appointed Ethiopian Prime Minister, Abiy Ahmed has stated that Kenya’s largest financial institution is ready to open its intently-guarded monetary providers sector.

Group Chief Executive Officer of the Kenya Commercial Bank Group, Joshua Oigara noted that in 2015, the Ethiopian capital relaxed its coverage towards exterior funding in key industries, to place itself for Africa’s fastest-growing economic system.

“Ethiopia is a very exciting market today and the level of financial inclusion is relatively low,” Oigara, 43, stated on Wednesday in an interview within the capital of neighbouring Kenya, Nairobi. “I see a country that is ready for a major take-off in terms of infrastructure, economy etc.” Oigara said.

According to the Nationwide Financial institution of Ethiopia’s annual report, Ethiopia has 18 business banks serving an estimated 102 million individuals.

Business Financial institution of Ethiopia, one in every of two state-owned lenders, held belongings price 485.7 billion birr ($17.6 billion) and caters to 15.9 million prospects, in response to its website. As compared, KCB’s belongings complete 555.6 billion shillings ($5.5 billion).

Oigara included that: “We are very much confident that between now and the next two years we’ll have an opportunity.”

“Our focus is clients conducting business with Ethiopia from the Eastern Africa region.”

Source: axadletimes