Former BRB governor arrested over money laundering, embezzlement of public property

Burundi’s former Central Bank (BRB) governor Dieudonné Murengerantwari and a city tycoon Sylvestre Niyonsaba were arrested by

Burundi outlaws cryptocurrency

Burundi Central Bank  cautioned the public and that no entity or financial institution is currently authorized to offer remittance or other payment services using a virtual currency. PHOTO| FILE. Burundi’s Central Bank (BRB) has today issued a statement that outlaws the use of cryptocurrency in the country, the governor of the central bank Jean Ciza...

Sanction lift against Burundi a boost for EAC-EU trade agreement

The East African Legislative Assembly Committee on Communications, Trade and Investment is meeting in Bujumbura to review the East African Community Customs Management Act 2004, to facilitate and ease the cost of doing trade/business in the community. During the meeting the Director General of customs and trade at the East African Community Bagamuhunda Kenneth...

Burundi Central Bank imposes ceiling on cash deposits and withdrawals

Burundi’s Central Bank (BRB) on Friday announced a ceiling for cash withdrawals and deposits to all commercial and micro finance banks starting January 16th, 2023. “Any account holder of a credit institution or microfinance institution can only withdraw in cash an amount less than or equal to BIF 15 million per day and BIF...

RAERESA gets $1.5m for harmonization of Electricity Regulations and improving Cross Border Power Trade

The Board of the African Development Bank (AfDB) has approved a grant of US$1.5m to advance intra-regional harmonization of electricity regulations and drive cross-border power trading in the COMESA region. This will be implemented through COMESA’s energy regulatory arm -the Regional Association of Energy Regulators for Eastern and Southern Africa (RAERESA). The two-year project...

CAF fined for breach of regional regulations

The COMESA Competition Commission (CCC) has imposed a fine of USD$300, 000 each on the Confederation of African Football (CAF) and BEIN Media Group LLC (beIN) for breach of the COMESA competition regulations. This follows the findings of the Commission’s Committee Responsible for Initial Determinations (the CID) that certain provisions of the beIN Agreements...

Will the new Burundi government nip corruption in the bud?

The Burundian president while addressing the parliament last week vowed to eradicate corruption and embezzlement of public funds.PHOTO|FILE. As Burundi’s new cabinet took oath last week in the presence of President Evariste Ndayishimiye, constitutional court and the parliament, Burundi’s president reiterated his plans to fight corruption in the country for the next seven...

China-Uganda loan deal for Entebbe Airport is binding: MPs

A parliamentary committee that unearthed the “bad” terms of the Uganda-China’s Exim Bank Entebbe Airport loan agreement has ended its probe, noting that the deal is binding. Joel Ssenyonyi, chairperson of the Committee on Commissions, Statutory Authorities and State Enterprises, told The EastAfrican that it is impossible to pull out of the agreement given the dire...

ATIDI Backs $7.7 million Hydro Project in Burundi

The pan-African trade insurance agency, The African Trade Investment and Development Insurance (ATIDI), has supported Songa Energy's USD 7.7 million run-of-the-river hydro project on the Ruvyironza River in Burundi. The 1.65 MW project is expected to be the first hydro Independent Power Producer (IPP) in the country, is set to benefit from ATIDI's Political Risk...

Kenya’s debt repayments to China shoot to Sh73.5 billion

Kenya’s debt repayments towards China-funded infrastructure projects have more than doubled to a record Sh73.48 billion this financial year on the back of increased clearance of principal sums after the grace period lapsed. Expenditure data published this week by the Treasury shows the amount repaid to Chinese lenders has surged 135.15 percent compared with...
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