ARC East Africa Weekly Chronology
30 May-5 June 2024

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Africa Risk Consulting monitors events around the region and provides users of the EAA website with this weekly summary.


Weekly Update on events in East Africa

Africa Risk Consulting – Your first choice for Africa due diligence, country assessments, strategic advice and compliance consulting.

5 Jun 2024 Nairobi (Kenya) Bloomberg. World Bank says Kenya is planning another early buyback of its Eurobonds this year to help improve its debt-repayment profile;

5 Jun 2024 Dar es Salaam (Tanzania) The Citizen. Finance minister Mwigulu Nchemba presents his ministry’s budget to parliament for 2024/2025, setting aside TSh 13.13 trillion ($5.02 billion) for servicing government debt;

4 Jun 2024 Djibouti (Djibouti) Arab News. Saudi Arabia during the Saudi-Djibouti Business Forum signs a 92-year deal to establish a logistics zone in the port of Djibouti;

4 Jun 2024 Kinshasa (DRC) AFP. International Committee of the Red Cross suspends food deliveries to displaced households in eastern DRC as the conflict there intensifies;

4 Jun 2024 Addis Ababa (Ethiopia) The Africa Report. Somalia threatens to expel Ethiopian soldiers stationed in Somalia as part of an African Union peacekeeping mission if it does not scrap its Red Sea deal with Somaliland;

4 Jun 2024 Dar es Salaam (Tanzania) Africa24.IT. A delegation led by Ugandan energy minister Ruth Nankabirwa is visiting Tanzania to discuss bilateral cooperation in the energy, mining, oil and gas sectors, with the East African Crude Oil Pipeline Project (EACOP) and Tanzania-Uganda Gas Pipeline Project to be key points of discussion;

3 Jun 2024 Kinshasa (DRC) Africanews. United States (US) embassy in Kinshasa says Congolese authorities have not shared details or provided access to the US citizens arrested following the coup attempt in May;

3 Jun 2024 Seoul (South Korea) IPP Media. Tanzania’s President Samia Suluhu Hassan and her South Korean counterpart, Yoon Suk Yeol, witness the signing of seven agreements aimed at bolstering economic cooperation, including an agreement for Tanzania to secure a $2.5 billion loan from South Korea for the next five years;

1 Jun 2024 Nairobi (Kenya) The East African. The Air France-KLM Group has downgraded its investment in Kenya Airways to a “financial asset” that could be sold any time when the need arises;

31 May 2024 Djibouti (Djibouti) AfDB. Djibouti, alongside Comoros, Somalia and South Sudan, join the African Development Bank’s (AfDB) $35m climate disaster risk financing project;

31 May 2024 Goma (DRC) Xinhua. Local Congolese authorities confirm that one South African soldier was killed and 13 others injured on 30 May in fighting against M23 rebels in Goma;

31 May 2024 Addis Ababa (Ethiopia) Daily Nation. The African Union (AU) has opened the floor for aspirants of the upcoming race for the chair and deputy positions of the continental body’s Commission to file their papers or drop out in favour of rivals by 6 August;

31 May 2024 Dar es Salaam (Tanzania) Daily News. President Samia Suluhu Hassan commences a six-day work visit to South Korea  at the invitation of President Yoon Suk Yeol during which the two leaders are expected to sign seven deals, including a soft loan framework agreement worth $2.5 billion to fund development projects in Tanzania over the next five years;

31 May 2024 Nairobi (Kenya) Daily Nation. The Kenya National Bureau of Statistics (NBS) announces that Kenya’s annual inflation unexpectedly quickened for the first time in four months to 5.1% in May from 5% in April, as floods impacted food prices;

31 May 2024 Kigali (Rwanda) New Times. Rwanda and the Kuwait Fund for Arab Economic Development (KFAED) sign a $20m financing agreement for the rehabilitation of the Muhanga-Nyange road;

31 May 2024 Dar es Salaam (Tanzania) Bloomberg. India’s Adani Ports and the Special Economic Zone Ltd. joint venture has entered into a 30-year agreement with Hong Kong’s Hutchison Port Holdings to acquire a 95% stake in container terminal 2 at the port of Dar es Salaam, which handles over 80% of Tanzania’s container volume;

30 May 2024 Kinshasa (DRC) Engineering News. Africa Finance Corporation signs an agreement with France-headquartered sustainable mobility company Alstom for the development of the Kinshasa MetroKin rail project;

30 May 2024 Nairobi (Kenya) Africanews. President William Ruto defends his use of a private aircraft to travel to the United States (US), saying the cost of hiring it was approximately $73,000, a discounted rate offered by friends, making it cheaper than the national airline;

30 May 2024 Kigali (Rwanda) CNBC Africa. National Bank of Rwanda (central bank) cuts its key interest rate by 50 basis points to 7% citing that inflation is expected to remain within its target band of 5% this year;

30 May 2024 Kigali (Rwanda) Anadolu Agency. Opposition leader Diane Rwigara submits her candidacy to run in the upcoming July presidential election;


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ARC East Africa Weekly Chronology 30 May – 5 Jun 2024_