erican Limited, a producer of commercial food and beverage equipment solutions based in Nairobi has been onboarded onto the Nairobi Securities Exchange’s (NSE) incubation and acceleration program joining a group of ambitious companies looking for their next growth opportunity through the capital markets.

Merican Limited is joining the Accelerator Board of the program following a rigorous evaluation and vetting process making it the 23rd company to join the program since its launch in December 2018.

The International Monetary Fund (IMF) and the Kenyan government have moved a step closer to agreeing on a new stand-by credit facility after the multilateral lender backed the government’s Sh161 billion budget cuts.

Cutting the wide budget deficit has been one of the conditions the Bretton Woods institution has placed on Kenya before it signs off on a new precautionary facility that works as an insurance against shocks hitting the economy.

Kenya is keen to secure a new stand-by credit agreement with the IMF after the previous one expired in 2018.

The World Bank Group has created a financing pool of Sh1.23 trillion ($12 billion) for developing economies as coronavirus spreads to more than 77 countries.

The package — which includes a concessionary credit line and a grant — is designed to help member countries take effective action to respond to and where possible, ease the tragic impacts of the virus, the bank said in a statement on Wednesday.  Read more