Bank of Africa gets Sh535 million in IFC loan loss cover

The Kenyan branch of Bank of Africa (BOA) is set to receive $5 million (Sh535 million) worth of insurance against loan defaults from the International Finance Corporation (IFC).

BOA intends to expand its lending to small and medium-sized firms by up to $10 million (Sh1 billion) and will get guarantees on half the amount from the international financier.

The discussions with IFC come at a time when the bank has registered losses, forcing it to reduce lending amid breach of critical capital buffers.

Corona testing curbed by lack of test materials

Testing for coronavirus disease in the country is being held back by a shortage of test materials in government laboratories.

The Business Daily has established that State institutions like the National Influenza Lab and the Kenyatta National Hospital have a backlog of unprocessed tests, in a sign of the impact of the shortages caused by a worldwide race to acquire test kits.

Over 770,000 youths lose their jobs in three months

Some 771, 439 youths lost their jobs in the three months to March and before the imposition of coronavirus disease restrictions that have led to further layoffs and pay cuts.

Data from the Kenya National Bureau of Statistics (KNBS) shows that number of Kenyans between the ages of 20 and 34, who are in employment or running a business, dropped 9.89 percent to 7.02 million.

Young people are the hardest hit by joblessness compared to their counterparts aged above 35 years in an economic setting that is plagued by a hiring freeze on the back of sluggish corporate earnings.