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- Adani deal with KETRACO approved.
Adani deal with KETRACO approved.
Your daily dose of Kenyan business & finance news
Kenyan Wall Street
October 11, 2024
✅ Adani gets KETRACO deal for powerlines
First they came for the airport, and now they have come for the energy infrastructure. Today, the Kenya Electricity Transmission Company (KETRACO) has approved a deal with Adani’s energy subsidiary to finance, develop, and maintain some of Kenya’s most crucial transmission lines and sub-stations. The cost of the project is estimated to be $736M USD which will be raised both through debt and equity funding through a competitive bidding process. What are the details?
🩺🥼 SHIF transition rated as ‘below average’
The Rural and Urban Private Hospitals Association of Kenya (RUPHA) is blowing the whistle on the new SHA arguing that it has performed poorly - with a grade of 42% - as the fund is supposedly struggling to chart an elaborate capitulation model and has failed to explain how funds will be disbursed to hospitals. The association is further accusing SHA of leaving patients to pay out of pocket while being complacent and unresponsive to billing challenges. Why are hospitals pissed?
📈💸 Investors flock to T-Bills amidst rate cuts
This week’s treasury auction was the most OVERSUBSCRIBED of the year (a whopping 304.3%) as investors rush to lock in high rates as the CBK begins its easing cycle to help spur economic activity. The apex bank only accepted 42.7% of the bids made, a total of KShs. 31.16B, rejecting expensive bids in an effort to lower borrowing costs. Investors continued to favor shorter-term papers as the continue to access duration risks however it is expected that this preference may soon change. What’s the inside scoop?
✈️❌ Kenya Airways stops flights to Mogadishu
Kenya’s national carrier, KQ, has announced that effective October 14th, it will no longer be servicing the route between Nairobi and Mogadishu. In a statement by the airline, issues around ‘operational challenges’ were cited despite greater details not being furnished; however, the relationship between Kenya and Somalia has forever been fraught. The decision will reduce the number of routes the airlines flies in a season where it only recently saw its first quarterly profit in years. Why stop flying to Mogadishu?
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