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Fuzu News Centre: Week of 24th June
Young Africa Works, more opportunities for the youth
The Mastercard Foundation pledged to Kshs 30 billion as part of the Kshs. 100 billion public-private partnership initiative dubbed ‘Young Africa Works’. The initiative seeks to help at least 5 million youth get jobs and grow their business. KCB Group and Equity Bank Group who are also part of the joint initiative put their weight behind the program and will support through their respective foundations by providing billions in accessible capital. H.E President Uhuru Kenyatta graced the launch.
'Let's do it again' - Women Enterprise Fund renews deal with Coca Cola
The Women Enterprise Fund, a government institution that empowers women socially and economically, has received another lifeline after renewing its women empowerment deal with Coca Cola worth Kshs.12.6 million. This commitment by Coca Cola seeks to boost women-led Micro, Small and Medium Enterprises through business skills training and financial services in order to increase their potential to create wealth and employment.
We couldn’t agree more with Kofi Annan’s statement that says, “The empowerment of women is the most effective tool for development.”
More coke...
Ever since opening its first plant in Addis Ababa in 1959, Coca Cola has been solidifying its relationship with Ethiopia. After setting up the second plant in Dire Dawa in 1965, Coca Cola plans to build a new plant in the town of Sebata. The $ 70 Million plant which will be sitting on 14.3 hectares will have a manufacturing capacity of 70,000 cases per day. Burno Pietracci, Coca Cola’s General Manager of the East and Central Africa Franchise said that Coca-Cola has decided to expand its outlay and promote Ethiopia as a destination for other potential foreign investors. So far Coca Cola has created 2,200 jobs, the new plant is expected to see that figure rise to 2,700.
Banks dominate list of companies that had huge layoffs in 2018
8 Nairobi Securities exchange listed companies cumulatively spent Kshs. 2.7 billion to lay off their redundant workforce according to the just released annual companies’ report. They include: - Britam, Stanchart, National Bank of Kenya, Barclays, KCB, Bamburi, Shelter Afrique and BAT. While banks cited increase in digital banking, most companies cited difficult business environment as the main factor. The banking sector saw the highest number of employees let go with the six listed banks letting go 1,600 employees.
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InterAid Uganda partners with Ugafode Microfinance for the Financial Inclusion of Urban Refugees
According to the OPM-UNHCR verification findings for settlements and OPM refugee Information Management Systems (RIMS) data for settlements June 2018, the refugee population in Uganda stands at 1.36 million with about 54, 000 refugees living in Kampala. There exists a huge financial gap between the financial entities and the refugees living in urban areas. Refugees in urban areas have been facing credit denials from banks thus becoming hard for them to survive. In an aim to handle this problem, the programme has started with piloting intended to benefit the urban refugees.
“The pilot program has started in Kampala with the intention to draw in as many refugees as possible. After assessing its success, they will scale it up to other settlement,” said Timothy Etooro the Executive Director Ugafode Microfinance Limited.
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