Business

ARUSHA, Tanzania — The East African Community (EAC) on Thursday announced the launch of Phase III of its Regional Network of Reference Laboratories for Communicable Diseases, backed by €12 million in funding from the Federal Republic of Germany through KfW, the German Development Bank. The three-year initiative, scheduled to run from July 2025 to...

MOMBASA, Kenya (May 9, 2025) — The 28th ordinary meeting of the East African Community (EAC) Monetary Affairs Committee (MAC) took place in Mombasa, Kenya, on May 9, 2025. Central bank officials from across the EAC region gathered to discuss the economic outlook, progress on the East African Monetary Union (EAMU) roadmap, and regional financial stability. The...

GENEVA (AP) — The United Nations’ labor agency is urging governments and businesses to strengthen oversight of artificial intelligence and automation technologies in the workplace, warning that while these innovations offer critical safety benefits, they also pose new and unfamiliar risks to workers’ health and well-being. In a new report released this week, the...

WASHINGTON — The World Bank Group on Wednesday launched the next phase of its Private Sector Investment Lab, broadening both its membership and its mission to accelerate job creation in developing countries. Building on 18 months of groundwork identifying investment barriers and piloting financial solutions, the Lab is now pivoting to implementation. New members...

BUJUMBURA, Burundi — The Bank of the Republic of Burundi (BRB) is moving ahead with its ambitious plan to fully digitize the country's financial system by November 2025, officials announced during a stakeholder workshop held this week in Bujumbura. The initiative, spearheaded by BRB’s Payment Systems Management Department, aims to modernize the nation’s payment...

BUJUMBURA, Burundi — Burundi's annual inflation rate rose to 40.9% in March 2025, up from 39.7% the previous month, driven largely by sharp increases in food prices and housing costs, according to new data released by the National Institute of Statistics of Burundi (INSBU). Food prices, which make up a significant portion of household...

Fund warns of macroeconomic instability, calls for unified exchange rate and tighter monetary policy BUJUMBURA, Burundi The International Monetary Fund (IMF) has called on Burundi to urgently implement fiscal, monetary, and structural reforms to contain surging inflation and stabilise its fragile economy. In a statement released after a March 17–28 visit...

KAMPALA, Uganda — East African countries are looking to unlock the region’s underutilized leather industry potential, as stakeholders met in Kampala earlier this month to chart a path forward for the sector. The three-day EAC Regional Leather Platform Meeting, held April 3–5, brought together government officials, private sector players, and development partners to identify...

NAIROBI, Kenya (March 25, 2025) — East Africa's economic growth is expected to increase to 5.7% in 2025, up from 5.1% in 2024, according to the latest economic outlook presented by the East African Business Council (EABC) in partnership with RSM Eastern Africa. During the CEO Roundtable on East African Integration and Economic Outlook,...

MOMBASA, Kenya (March 21, 2025) — The East African Community (EAC) has taken a significant step toward enhancing cross-border payments with the regional validation of the Draft EAC Cross-Border Payment System Masterplan. The validation was confirmed during the EAC Regional Payment Systems Steering Committee meeting in Mombasa from March 17-21, 2025. The Masterplan is...