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Burdened by too few taxpayers
Zambian airline starts Tanzanian flights
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A F R I C A N
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UNVEILING OPPORTUNITIES
VOL. 9, ISSUE 13 NOVEMBER 4 - 10, 2013
KSH40; TZSH1000; USH1,500; RWF600; BIF 1,500; 5BIRR,SS£ 2.5
EAC banks lose $30m
BY HUMPHREY LILOBA
nNAIROBI, Kenya – A new survey released last week reveals that financial institutions in East Africa may have lost some $30million to financial crime last year alone.
The Deloitte Financial Crime Survey 2013 released last week paints a grim picture of the state of financial fraud in the region with most institutions reporting heavy losses. The survey indicates that 70 % of the financial crimes committed in East Africa last year were through cash theft. Part of it was
through loss of cash in transit, a nice way of describing highway bank robbers. The survey interviewed among others, banking institutions, insurance companies, real estate companies and the capital markets across East Africa to state what they felt they lost to fraud and other crimes.
BY HUMPHREY LILOBA nDAR ES SALAAM, Tanzania---The government through the Ministry of Transport, is planning to remain with only three road checkpoints in a move to reduce cargo and passenger traffic delays. Addressing participants at the Seventh Annual Joint Transport Sector Review meeting in Dar es Salaam last week, the transport minister Dr .Harrison Mwakyembe said the government has already reduced the number of road checkpoints from 56 to 15. He said if these were further reduced to just three, it will sharply slash the time spent on the road from the current 3.5 days to 2.5 days for trucks transporting cargo from Dar es Salaam to the border of
BY PAUL TENTENA nADDIS ABABA, Ethiopia- In recent years, Ethiopia has transformed itself into a regional player and last week secured $1.26 billion for the Ethiopia - Kenya high-voltage transmission line, due for completion in 2015. Once completed, the economic benefits for Ethiopia and its neighbouring economies will be felt far and wide. According to a statement set to East African Business Week last week, the project is co-funded by the World Bank, the African Development Bank, the French Development Agency and the Ethiopian and Kenyan governments, and is already resulting in valuable tenders. Construction companies should pay considerable attention to these opportunities and how this will open up the market to the private sector.
MORE ENERGY: The $289 million Ashegoda wind farm was inaugurated recently contributing 120MW to Ethiopia’s national grid. FILE PHOTO
Rwanda tops EAC for business nKIGALI, Rwanda--Once again Rwanda comes out top in the East African Community as the easiest place to do business according to the latest World Bank/International Finance Corporation Doing Business survey. Singapore and Hong Kong top the World Bank’s annual ranking of the best places to run a business, while Rwanda, Russia and the Ukraine were among the countries that made the most progress in improving their business climates. The 10 economies topping that list this year are (in order of improve-
TO PAGE 2
Tz slashing road checks to three
Ethiopia seals $1.2b funding
TO PAGE 2
According to Deloitte Forensic Services, East Africa Director Robert Nyamu, the situation could be worse given that some financial institutions are conservative about revealing the extent of such incidents for fear of send-
ment) Ukraine, Rwanda, the Russian Federation, the Philippines, Kosovo, Djibouti, Côte d’Ivoire, Burundi, the former Yugoslav Republic of Macedonia, and Guatemala Highlights for Rwanda include that it is free to register a business and the process is easily done online. Applicants can get their certificates within three days. The survey states that Singapore retained its position at number one for the eighth straight year, followed by Hong Kong, New Zealand and the TO PAGE 2
Burundi climbs up 17 places - Report BY RENOVAT NIMBONA nBUJUMBURA, Burundi--The World Bank has commended Burundi for improving its ranking in the Doing Business 2014 survey. The report ranks Burundi 140th out of 189 world economies assessed, with a jump of 17 places compared to last year’s rank of 157th . The World Bank praised Burundi for having remarkable progress in reforms to improve the business climate after a short interlude of reforms. Burundi is also praised by the bank for being TO PAGE 2
Kenya to set mining lab BY HUMPHREY LILOBA nNAIROBI, Kenya-- Kenya has announced plans to set up a minerals laboratory in a bid to attract more investors in mining industry and drastically reduce set-up costs. According to Mining Cabinet Secretary Najib Balala, the government has already put aside $1.2 million towards the construction of the construction of the new facility. In putting up the facility, Balala said last week, the government plans to work with an internationally recognised agency through a public private partnership to ensure that it is well equipped and responsive to the local and regional needs. Mineral testing is one of the items that eat into the capital of mineral propectors thus turning away many would be investors. TO PAGE 2