Sh 263 million
Stock brokers approve the Nairobi Securities Exchange share sale in June. Members holding their annual general meeting approved the planned initial public offering that will enable the common mwananchi own part of the bourse. In the 2013 financial year, the NSE reported a 209% rise in net profit to Sh 263 million from Sh 85 million in 2012.
In a bid to beat congestion in Nairobi, a Netherlands company, VDL Bus & Coach, has been selected by Nairobi City County to supply buses in a project that seeks to turn around public transport in Nairobi tow. A letter from the company dated March 6 states that: Delivery of buses and services under the Belgian scheme in parallel with local assembly/manufacturing of needed buses with a local partner, including transfer of technology for bus and rapid transit. Travelers in the capital city are expected to pay Sh 35 as transport per trip.
Last year the East African Monetary Union Protocol was signed thus setting the road towards a single currency in the EAC region and eventually a monetary union. This marked yet another milestone towards regional integration. These conditions were met by all the partner state central banks and the project appraisal report presented to the AfDB Board of Directors. The Payment and Settlement System Integration Project (PSSIP) was approved by AfDB for a grant amounting to USD23 million.
QUOTED: Financial sector development
“You will recall that last year the East African Monetary Union Protocol was signed thus setting the road towards a single currency in the EAC region and eventually a monetary union. This marked yet another milestone towards regional integration” – Remarks by Prof. Njuguna Ndung’u Governor Central Bank of Kenya at the official launch of the East African Community Payment and Settlement System Integration Project (EAC PSSIP) which is a project under the EAC Financial Sector Development and Regional Project Phase I.