travel loan in bangladesh

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Go Zayaan Launches Travel Loan

Go Zayaan, one of the fast-growing OTAs in the country, introduced a new travel loan product yesterday, a personal loan that can be used for travel purposes, in collaboration with IPDC Finance. 

From now on, travelers can finance their trips and purchase travel-related services using Go Zayaan Travel Loan. The loan can be repaid in equal installment between 3 to 18 months using the salary account of the recipient. If a traveler repays the loan within 6 months, no interest will be charged on the loan. Currently, a traveler can avail up to BDT 2,00,000 as a travel loan. The loan remains valid for three months from the date of issuance, which means one can use the loan any time within three months from the issuance date. 

Anyone who has been working for minimum one year with a monthly salary of minimum 20,000 can apply for the loan. Go Zayaan has partnered with IPDC EZ to launch the loan product. The loan could essentially make the lives of travelers in Bangladesh easier. 

“As a data-driven company we always analyze data and in the process, we noticed that people within the age of 21-25 browse our website the most, even though the purchases are made mostly above that age range. We have launched this loan to cater to those young people and make their dream of traveling a reality,`` Says the founder and CEO of Go Zayaan, Ridwan Hafiz. “This will aid young travelers and corporates who don't have a credit card or enough credit limit to travel. And for frequent travelers like me, it can help free up my credit card for using abroad.”

The company says the process for availing the loan is simple and quick. In the existing process, it takes about three working days to approve a loan. Once someone applies for the loan, IPDC verifies and then approves the loan. Once the loan is approved, Go Zayaan reaches out to the customer and assists on purchases of travel products like tour packages, flights, and hotels. The loan will be activated once the purchase has been made. Multiple purchases can be made with this loan within 3 months from the issuance date. 

Why this matters: From a consumer perspective, this loan can help young travelers and corporates who don't own a credit or don't have enough credit in their cards to travel with convenience. For a lot of frequent travelers, saving credit card limits for using abroad when they are traveling is very important. This loan can ease those challenges and provide more opportunities for traveling.

From an industry perspective, the move is a testament to the rising interest in travel and adventure in Bangladesh. With the loan product, Go Zayaan expands its market and solidifies its position as a travel brand that encourages traveling and empowers and enables travelers. It is also an indication that digital travel brands have a lot more scope to flex their influence beyond a certain vertical. If the product sees traction, it will validate the growing assumption of the unbundling of the financial services in the market. 

There are many benefits for Go Zayaan in launching the travel loan, albeit for the first time in Bangladesh. One, it helps the company expand its market and attract more customers. Although EMI and similar facilities have always been available to customers in the past, travel loan is a first for Bangladesh and helps position Go Zayaan as an innovative travel tech brand. Three, it can open new doors for growth and future product direction for Go Zayaan. 

For IPDC, the deal is simple. The NBFI gets an opportunity to play in a market that is growing pretty fast. At the same time, the collaboration allows IPDC to expand its IPDC EZ product beyond traditional verticals. 

Go Zayaan, which was founded in 2017 as a travel aggregator platform, has been actively trying to position itself differently in an increasingly crowded, albeit of limited scale, OTA market in Bangladesh. The company, in the past, has introduced multiple innovative products new to the OTA industry. With the travel loan, it seems the company moves to untested water for the first time.

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Remittance is the major contributor to the Economy of Bangladesh. In  our country there are huge surplus manpower maximum of which are semi-skilled and less-skilled. Local employment cannot absorb them. This huge volume of workforce has good opportunity to engage in Foreign Employment. But major obstacle here is that many of them are incapable to meet the initial expenses for this purposes. For contributing to the economy of the country, Uttara Bank PLC. will finance in this sector which may help to reduce the unemployment problem of the country.

Purpose:  To meet the Financial Expenses for going abroad for employment purpose of  son/daughter or any other dependant.

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• February 13, 2020

Go Zayaan Launches Travel Loan

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Go Zayaan, a leading Online Travel Aggregator in the country introduced a whole new product on 10th February. Named as travel loan, it is a personal loan which can be used for travel purposes; the venture was initiated in collaboration with IPDC Finance.

Using Go Zayaan Travel Loan, travellers can now finance their trips and other services. The loan is to be repaid in equal instalment between 3 to 18 months using the salary account of the recipient. If repaid within 6 months, no interest will be charged on the loan. A traveller can avail up to BDT 2,00,000 of travel loan. The loan remains valid for three months from the date of issuance, which means one can use the loan any time within three months from the issuance date.

Eligibility: Anyone, working for minimum one year with a monthly salary of minimum 20,000 can apply for the loan. Go Zayaan has partnered with IPDC EZ to launch the loan product. The loan intends to financially make the stories of travellers in Bangladesh simpler.

“As a data-driven company we always analyze data and in the process, we noticed that people within the age of 21-25 browse our website the most, even though the purchases are made mostly above that age range. We have launched this loan to cater to those young people and make their dream of travelling a reality, Says the founder and CEO of Go Zayaan, Mr. Ridwan Hafiz. “This will aid young travellers and corporates who don’t have a credit card or enough credit limits to travel. And for frequent travellers like me, it can help free up my credit card for using abroad.”

As per the company, the process for availing the loan is fast and simple. It takes about three working days to approve a loan in the existing process. Once someone applies for the loan, IPDC verifies and then approves the loan. Once the loan is approved, Go Zayaan reaches out to the customer and assists on purchases of travel products like tour packages, flights and hotels. Once the purchase is made, the loan will be activated. Multiple purchases can be made with this loan within 3 months from the issuance date.

From a consumer perspective, this loan can help young travellers who don’t own a credit or don’t have enough credit in their cards to travel with ease. For other frequent travellers, it is very important to save credit card limit for using abroad when they are travelling. This loan intends to ease all those challenges for travelling.

From an industry perspective, this initiative is a testament to the rising interest in travel and adventure in Bangladesh. With the loan product, Go Zayaan expands its market and clarifies its position as a travel brand that encourages travelling and enables travellers. It also indicates a broader scope that digital travel brands have to flex their influence beyond a certain vertical. If the product sees traction, it will validate the growing assumption of the unbundling of the financial services in the market.

There are many underlying benefits for Go Zayaan in launching the travel loan, albeit for the first time in Bangladesh. First, it helps the company expand its market and attract more customers. Second, although EMI and similar facilities have always been available to customers in the past, travel loan is a first for Bangladesh and helps Go Zayaan to thrive as an innovative travel tech brand. Third, it can open new doors for growth and future product direction for Go Zayaan.

For IPDC, the deal is simple. The NBFI gets an opportunity to play in a market which is growing pretty fast. At the same time, the collaboration allows IPDC to expand its IPDC EZ product beyond traditional verticals.

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Age of applicant.

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Eligible client segments

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Applicants must have a steady source of income from employment / business / self-employment activity.

Applicants must have aggregate 3 years of experience.

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Minimum net monthly net income: BDT 78,000

Mandatory documents for all clients.

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Income documents for salaried clients

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Documents for Businessman / Self employed clients

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* Bank may ask for additional supporting documents if deemed necessary.

Maximum loan tenure

• Businesspersons: 120 months
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• Salaried executives with a valid work permit.

Co-applicant is mandatory for financing Non-Resident Bangladeshis (NRB). Where co-applicant is also a NRB, a local guarantor will be required for managing any post disbursement activities including collection, insurance renewal, security documentation, etc. The guarantor must be an immediate family member (father, mother, brother, son, daughter, spouse). The guarantor/local co-applicant must be located in Dhaka or Chattogram.

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The property must be in the name of the non-resident or in joint name with the non-resident applicant.

Minimum net monthly net income: USD 3,500 (or equivalent)

Mandatory documents.

• Valid work permit
• Letter of Introduction (Salary certificate)
• 6 months bank statement as proof of salary relationship.

The following documents will need to be collected for providing the loan. The documents will need to be verified by concerned Embassy/High Commission of Bangladesh in the country of the non resident, and duly attested by foreign Embassy.

• Salaried segment: 180 months

Co-borrowers for the home loan can only be from your family i.e. spouse, father, mother and son only.

Co-Applicant is mandatory for all home loan applications.

However, if Primary applicant is both the “Property owner” & “Financially eligible person”, and there is no co-applicant, then primary applicant needs to provide 2 personal guarantors (1 immediate family member and another from anyone meeting guarantor criteria). However, if client is an Employee Banking Client / Doctor, then 1 personal guarantor from immediate family member is required.

Variable interest rate is a type of pricing where the interest rate is revised at pre-determined intervals based on movement of a market benchmark rate till the end of the loan tenure. During disbursement, the Home Loan interest rate is linked to the average rate of 182-Day Government Treasury Bill. The Home Loan interest rate will be reviewed (i.e. decreased or increased) every 6-months from the date of disbursement, based on the movement of the average rate of 182-Day Government Treasury Bills. During re-pricing, the new interest rate will be within the minimum and maximum interest rate range applicable for mortgage finance that is published in the bank’s interest rate matrix and also reported to Bangladesh Bank.

To apply for a home loan, please contact your nearest branch of Standard Chartered Bank, or call our 24 hour client care centre at +8802 8332272 , or 16233 (from mobile).

You can also speak directly to any of our Home Loan Sales Team Managers at the following numbers:

• +88 01711244654 (Md. Jafar Ullah)
• +88 01841706693 (Md Mesbah Uddin)
• +88 01711549073 (Washu Bin Mohsin)
• +88 01919930880 (For Chattogram – Ashim Chowdhury)
• +8801716582223 (Md. Sharek Chowdhury)
• +8801926669333 (AKShafiqur RahmanShirazee)
• +8801971686868 ( Mohammad Sharfin Ullah)

This information is neither an offer to sell, purchase or subscribe nor a solicitation of such an offer. This information is general and does not take into account a person’s individual circumstances, objectives or needs. Please visit any of our branches or contact your relationship manager to make an appointment.

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How to take Foreign loans in Bangladesh in 2023 | How to effectively process Overseas Financing for Bangladeshi Companies | Pioneering Bangladesh

How to take foreign loans in bangladesh in 2023 | step by step process of getting loan from foreign entities.

11 Jan 2023

Tahmidur Rahman , Director and Senior Associate

This post will explain in details about Overseas Financing & Foreign loans for Bangladeshi Companies- How to take foreign loans in Bangladesh in 2023 . Here in this post we explain the Procedure & Guidelines for the required approval of foreign loans by Bangladeshi Companies.

Table of Contents

Find the subsections below, If you want to jump through specific sections instead of reading the whole article.

Overseas Financing by Bangladeshi Companies 

Over the last decade, obtaining a foreign loan by Bangladeshi entities or companies , have increasingly become a routine occurrence. Bangladeshi companies choose international loans for a variety of reasons, including lower interest rates and the ability to borrow a big sum from a single lender.

The Government of Bangladesh has been enabling foreign borrowing legally approved by the Scrutiny Committee in order to attract foreign investment in the private sector through simpler long-term financing of industrial projects at lower cost of funds and to relieve strain on foreign currency reserves.

Obtaining  foreign Loans in Bangladesh in 2023

In 2023 , Short-term loans from parent corporations and shareholders are now available to foreign-owned service companies as operating capital. Overseas-owned enterprises operating in Bangladesh now have more flexibility in receiving foreign loans according to the Bangladesh Bank.

According to a notice released by the central bank’s Foreign Exchange Policy Department , foreign-owned service companies can now obtain short-term loans as working capital from their parent companies and shareholders for essential business needs (FEPD) .

Previously, such loans were exclusively available to foreign-owned industrial businesses that participated in manufacturing. Such loans were not available to service or trading enterprises. However, service businesses can now take out such loans as well.

The central bank further stated that such a loan might be available in convertible foreign currencies for a maximum of six years from the start of manufacturing and/or service output operations, with the opportunity to renew or extend the term during that time. Borrowing businesses may pay interest at a maximum of 3% per year until additional instructions are issued, with all other relevant transaction directions remaining intact.

  What are the usual requirements to borrow?

Though each foreign lender has its unique set of criteria, the following is a summary of some of the most frequent requirements that a company may be expected to meet before acquiring the foreign loan.

• Borrower possesses the necessary licences and permits to operate its business.
• The borrower’s business records are up to date.
• Borrower is a firm that is conscious about the environment.
• All industry standard certifications have been obtained by the borrower (e.g. ISO certification ).
• Borrower is a company that follows all labour laws.
• The borrower or the project has proper insurance.

Step by Step requirements and all the possible documents that you may need

When the documents are issued, they will be thoroughly reviewed by the BIDA Inter-Ministerial Committee . When the committee is content with the verification then they may give the approval or can obtain additional documentation. Hence it is important to carefully prepare the papers.

• The Company’s Board of Directors approval for the proposed foreign loan.
• Copy of the most recent BIDA registration form, duly attested by a First Class Gazette officer;
• Original copy of the parties’ Loan Agreement; (For the lender, a copy of the detailed repayment schedule; original copy of the grade period;)
•  CIB Inquiry Forms 1&2 duly completed, as well as an undertaking from its Sponsors or Directors;
• Sponsors’ or directors’ credentials;
• The company’s and its sponsors’ CIB certificates;
•  Record of previous foreign loans/deferred payments (if available);
• Audited previous year’s balance sheet;
• Utilization Certificate from nominated bank;
• Latest company credit rating report;
• Latest financial analysis 
• Updated feasibility report of the proposed project in detail;
• Form-X, Form-XII and Form-XV from RJSC&F;
• Certificate of Incorporation of commencement;
• Memorandum & Articles of Association;
• Proforma Invoice or Price Quotation (where applicable);
• Original copy of the Bank Solvency Certificate;
• Descriptive statement of the use of the loan;

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Criteria for foreign borrowing

Foreign lenders typically conduct extensive due diligence on the borrower. Financial due diligence is typically performed by the lender; however, for technical, environmental, and legal due diligence, the lender may hire external consultants. The borrower will be responsible for the costs of these consultants.

The lender may require the borrower to appoint a process agent in the country of its choosing,  an auditor affiliated with an international auditing firm; and a compliance manager . The auditor and compliance manager may require a timely report to be submitted directly to the lender following disbursement.

Other Relevant Criterias for Foreign Loans

I. debt-to-equity ratio: the debt-to-equity ratio based on anticipated borrowing should be kept to a bearable level. while relatively higher debt levels may be warranted for long gestation infrastructure projects, total debt including the proposed borrowing should not breach 70:30 debt equity ratio even for these projects;, ii. liabilities to the government: there should be absolutely no liability to the government, either in taka or in foreclosed property..

iii. Status of implementation and utilization report of authorized foreign borrowing: On a semi-annual basis, the borrowing firm must submit to the BOI the status of implementation and utilization report of the approved loan in the specified format.

iv) If capital machinery and equipment to be bought: Quality, price, and economic life; The capital machinery and equipment to be procured with the proposed borrowing should either be brand new or, if refurbished, have a sufficient useful life as specified by the Government’s Import Policy Order.

v) Validity of the approval: The Scrutiny Committee’s approval of foreign borrowing is valid for 6 (six) months from the date of the BOI’s permission letter. 

Vi) Common Terms: a) The borrowing firm must follow Bangladesh Bank’s laws and regulations on the use and repayment of the loan, as well as the interest thereon.

What are the due dilligence you may expect from your foreign lenders?

The lender may require the borrower to appoint a process agent in the country of its choosing,  an auditor affiliated with an international auditing firm; and a compliance manager. The auditor and compliance manager may require a timely report to be submitted directly to the lender following disbursement.

How to get the BIDA Clearance for Foreign Loan in Bangladesh

After obtaining the prescribed application from BIDA , the applicant must submit the aforementioned documents, along with the applicable licence fee, to the Security Committee of Bangladesh Bank for review. If the committee grants clearance after reviewing the submitted documents, BIDA will grant the loan in accordance with their recommendation.

The official time limit for such a process will be entirely dependent on the Borrower for document collection and, to a lesser extent, on the Scrutiny Committee to conduct the meeting, and the fee schedule for approval will be tentatively between BDT 5k and BDT 100k depending on the amount of lending.

How to get a Trade License in Bangladesh?

Click here and go to the post, Tahmidur Rahman speaks in details about Trade License in Bangladesh | Fees, Processing and Renewal!

Regulatory Permissions from Bangladesh Bank and Board of Investment (BOI) .

Foreign loans with a term of less than a year require Bangladesh Bank’s prior authorization. The Board of Investment must authorize all other foreign loans (including supplier credits, financial loans from institutions or individuals, and debt issuance in international capital markets) (BOI).

Borrowers in special economic zones, such as the EPZs , are eligible for certain concessions (Export Processing Zone).

It normally takes three to six months for the BOI to approve the application. The loan must be applied for using a stipulated application form, which, along with accompanying documentation, must clearly state the loan’s purpose and planned usage by the borrower, as well as the repayment schedule with dates and amounts, and interest payment dates and amounts.

The following documents must be supplied with the application as supporting documentation:

• The term sheet, facility agreement , and security documents are all part of the loan documentation. These may be submitted in draft form:
• The borrower’s corporate documents, such as the memorandum and articles of association; resolutions of the borrower’s Board of Directors approving the foreign loan on the terms and conditions reflected in the loan documentation and the application;
• If the loan is to be used to import any equipment, a pro-forma invoice for that equipment;
• Report covering key financial and commercial matters in in respect of the loan and related project.

Foreign loans from Multilateral Development Banks

Each of the major Multilateral Development Banks, including the Asian Development Bank and the World Bank, has a Commercial Liaison Office run by the Commercial Service.

These financial organizations lend billions of dollars to initiatives in developing nations like Bangladesh that aim to boost economic growth and social development by decreasing poverty and inequality, increasing health and education, and expanding infrastructure development.

The Commercial Liaison Offices assist American firms in learning how to participate in bank-financed projects and lobby on their behalf.

General Questions that people ask about Foreign Loans in Bangladesh

Is it possible to receive international venture capital funding to launch a business in bangladesh.

IFC and IDLC funding helped Chaldaal, a food e-commerce firm, raise US$ 5.5 million. This is a positive indicator since if the business thrives, additional financial institutions may be willing to invest in it. Sindabad, a B2B e-commerce, received US$ 4.2 million from Aavishkaar, an Indian Impact Fund. Handy Mama, C-work, Gaze, and Beatles are among the four start-ups that BD Venture has invested in. They joined other Angel Investors in a second round investment in Esoshikhi, an educational technology. The government has set aside Tk 1 billion in the budget for new business ventures. However, the specifics of how that cash will be used have yet to be determined. The cabinet recently approved the ICT Ministry's initiative to establish a venture capital business.

Can I take loan from foreign bank in Bangladesh?

A company can obtain a soft loan in one of two ways: automatically or through the government: The automatic method allows a borrower to get a loan from a foreign firm without first obtaining clearance from Bangladesh's Central Bank. The loan arrangement must, however, be recorded with the BIDA in this case.

How to determine the existing indebtedness structure and creditworthiness of the borrowing company?

(a) CIB report: A CIB report will be needed for all proposals to be processed. The CIB report will be collected by BOI from Bangladesh Bank. (a) Bank certificate: Existing indebtedness structure and creditworthiness of the sponsors involved, duly confirmed by their bankers, will be required for foreign borrowing permission. The chosen bank will submit to BOI the required inquiry papers as well as an undertaking from the borrowing company's Sponsor Directors.

What are the funding programs for Bangladeshi Entrepreneurs?

Robi, a mobile telecom business, has overhauled its Accelerator program. They broadened the scope by allowing applications from anybody in Robi payroll. They expanded its coverage to include all of Bangladesh. They got almost 2200 applications, of which 56 were chosen for pitching. Finally, eight funds and incubation facilities were given. These programs were aired on television in order to raise awareness and encourage people about the notion of entrepreneurship. Grameenphone has renamed its Accelerator program GP Accelerator 2.0, which is divided into two parts: Pre-Accelerator and Accelerator. Pre-Accelerator is an 8-week program that provides training and coaching to assist verify their concept and get it to market. The accelerator is a 4.5-month program for teams with a Minimum Viable Product (MVP).

How to determine the Quality & Commercial viability of the project for Foreign Loan?

The following financial analyses are necessary to verify the quality/commercial viability of the project feasibility study;

a) The project's internal rate of return (IRR) b) The payback period c) The break-even point at what capacity and what time of year d) A sensitivity analysis in terms of IRR d) Ratio of Debt Service Coverage (DSCR)

What are the challenges regarding overseas financing in Bangladesh?

Globally, governments that backed startups saw an increase in their GDP. In the fourth industrial revolution period, creativity and technology assistance are critical for competing in global marketplaces. As a result, startups should be at the top of everyone's priority list. It is a priority for our government, but it should be represented at all levels of policy making. Our entrepreneurs have difficulties in obtaining trade licenses, intellectual property rights, and other business licenses and permissions. Foreign investors are hesitant to invest in a company that lacks all necessary legal documentation. Foreign investors are likewise unconvinced about the ease with which they might abandon their investments. Regional centers such as Singapore and China have vast amounts of money to invest, yet we are unable to entice them to engage in our enterprises.

Can an individual from Bangladesh take loan in foreign currency?

Provided, however, that for sufficient reasons, the Central Bank may permit a person resident in Bangladesh to borrow or lend in foreign exchange from or to a person resident in or outside Bangladesh, and/or permit a person resident in Bangladesh to borrow or lend in BDT from or to a person resident outside Bangladesh.

Can a foreign director give loan to Bangladeshi company?

Yes, it is permitted.  But bear in mind, a company cannot lend to a director without paying taxes, while a director can lend to a company.

How do I record a loan repayment?

When your company records a loan payment, you debit the loan account to remove the liability from your books and credit the cash account. Repayments on an amortized loan are made over time to meet interest expenditures and principle reduction.

What are the 3 classification of loans in Bangladesh?

A loan is a sum of money borrowed from a lender by an individual or a business. It is divided into three types: unsecured and secured loans, conventional loans, and open-end and closed-end loans. Before any money crosses hands, the beneficiary and the lender must agree on the conditions of the loan. In some situations, the lender may compel the borrower to put up an asset as collateral, which will be specified in the loan agreement. Individuals, businesses, and governments can all get loans. The major reason for taking one out is to obtain funds to increase one's total money supply. The lender earns money by charging interest and fees.

Company Law practice in TR Barristers in Bangladesh 

The Barristers, Advocates, and lawyers at TRW Law chamber in Gulshan, Dhaka, Bangladesh are highly experienced at assisting clients in dealing with and registering branch offices in Bangladesh.   For queries or legal assistance to set up a branch office in Bangladesh , please reach us at:

E-mail: [email protected] Phone: +8801847220062 or +8801779127165 or +8801708080817 House 410 Road 29 Mohakhali DOHS

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Lending through agent banking rises 41%

Loan disbursement through agent banking outlets rose by a massive 41.27 percent year-on-year as of March this year mainly thanks to the easy processing system, low transaction cost and comparatively lower interest rates.

The country's 15,835 agents handed over Tk 16,482.5 crore agent banking loans as of March this year, up from Tk 11,667 crore in March last year, according to Bangladesh Bank's January-March quarterly report on agent banking.

For all latest news, follow The Daily Star's Google News channel.

Mohd Ziaul H Molla, deputy managing director of Bank Asia, a leader in agent banking in Bangladesh, credited the growth in agent banking loan disbursement to its easy, customer-convenient and cost-effective process.

"To avail a loan from an agent banking outlet, customers do not need to visit a bank branch which is far away from their home," said Molla, who is also the head of channel banking and chief anti money laundering compliance officer of Bank Asia.

The alternate delivery channel of banking services introduced by Bangladesh Bank in 2013 is also gaining popularity as agent banking deposits posted a 16.52 percent year-on-year growth as of March this year, he told The Daily Star.

Deposits through the 2.2 crore agent banking accounts, around four-fifths of which belong to people in rural areas, hit Tk 36,810 crore at the end of the third month of 2024, up from around Tk 31,641.5 crore in March 2023.

"People love to use agent banking as they can withdraw money by using just their fingerprint on a biometric machine at the outlets," Molla said.

Depositing money has also been made safe as they receive a printed copy and a text message against every deposit, he added.

Meanwhile, agent banking accounts received Tk 149,916 crore worth of inward remittance as of March this year, posting growth of 23 percent year-on-year, and around 90.22 percent of the total went to the rural population.

In the January-March quarter, the amount of inward remittance rose by 4.75 percent over the December 2023 quarter.

This increase in inward remittances through agent banking is supposed to be a positive outcome of the government's initiative of providing 2.5 percent cash incentive on inward remittances, the report read.

Islami Bank Bangladesh PLC received the highest amount of inward remittance, accounting for 52.94 percent of the total.

The top five banks have established 73.44 percent of the total agent outlets as of March 2024, with Dutch-Bangla Bank PLC having the highest number with 6,057 outlets.

Bank Asia PLC has the highest number of agent banking accounts, occupying 29.66 percent of the total.

Around 38.86 percent of the agent banking deposits were made in Islami Bank Bangladesh PLC, the highest among all banks.

In case of lending through agent banking, BRAC Bank PLC topped the list, disbursing 62.02 percent of the loans out of the combined Tk 16,482.5 crore.

Meanwhile, the agent banking outlets' loan to deposit ratio -- the percentage of loans an outlet gave in comparison to the deposits it received from customers -- has also seen a spike.

The loan to deposit ratio in agent banking was only 44.7 percent in the January-March quarter of 2024, up from the previous quarter's 42.38 percent.

An increase in loan to deposit ratio compared to the last quarter indicates that investment through agent outlets is gradually gaining momentum, the central bank report read.

However, the ratio is still low, according to industry insiders.

In the first three months of this year, only 22 banks out of 31 distributed loans through agent banking.

The low lending to deposit ratio indicates that the agent banking window is serving banks' purpose more on deposit collection than lending.

Again, the loan to deposit ratio in rural area was 36.79 percent, which indicates that rural people are still getting less loan facilities against their deposits compared to those in urban areas, the report read.

The coverage of agent banking operations in terms of the number of agents and outlets has increased remarkably.

As of March 2024, the number of agent banking outlets reached 21,613 and over four-fifths of them are located in rural areas.

Both the numbers of agents and outlets have been growing at a steady rate, Bangladesh Bank said.

Of the agent banking accounts, around 49.71 percent belong to female customers, who have continued to surpass their male counterparts (49.06 percent) in account opening.

Some 1.1 crore of the accounts belong to female customers and 1.09 crore to males.

As of this March, around 57.61 percent of the deposits were made in male customers' agent banking accounts and 35.71 percent female.

The Bangladesh Bank report said the decrease in deposits from women has widened the gap between the volume of deposits by male and female customers.

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তিন নম্বর স্থানীয় সতর্ক সংকেত নামিয়ে মোংলা ও পায়রা সমুদ্রবন্দরকে সাত নম্বর এবং চট্টগ্রাম ও কক্সবাজার সমুদ্রবন্দরকে ছয় নম্বর বিপদ সংকেত দেখাতে বলা হয়েছে।

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Pune (Maharashtra) [India], May 25: Bajaj Markets, a digital financial marketplace, provides access to loans and credit cards from a wide network of financial institutions. These instruments can provide individuals with the financial flexibility required to explore the world. People planning a vacation should make the most of the financial solutions that are available on Bajaj Markets.

Turn Dream Vacations into Reality with Personal Loans

For those yearning for a getaway but short on immediate funds, a personal loan can bridge the gap. Bajaj Market’s wide range of network can definitely provide a solution:

* Fixed Rates and EMIs: Personal loans come with fixed interest rates and equated monthly installments (EMIs), allowing for easy budgeting and financial planning for repayments

* Substantial Loan Amounts: One can access substantial loan amounts of up to Rs. 50 Lakhs to cover various vacation expenses, from flights and accommodation to travel experiences and activities.

* Quick Disbursal: Bajaj Markets facilitates a faster loan disbursal, so you can book your trip without delay.

* Preserve Savings: A personal loan helps safeguard your emergency fund while financing your vacation, ensuring financial security upon your return.

Maximize Rewards and Flexibility with Credit Cards

Bajaj Markets also offers a curated selection of travel-friendly credit cards which may offer benefits like:

* Travel Rewards: Many travel credit cards offer reward points or miles on travel-related spending, which can be redeemed for future trips or travel upgrades.

* Exclusive Travel Benefits: Several cards provide access to airport lounge privileges, travel insurance, and other benefits that enhance your travel experience.

* Managing Expenses: Credit cards allow for easy expense tracking and convenient bill payments, simplifying post-vacation finances.

Bajaj Markets streamlines the process of finding the right financial product for your travel needs.

* Wide Network: Choose from a diverse range of personal loans and credit cards offered by the trusted network of Bajaj Markets.

* Convenient Comparison: Easily compare interest rates, fees, and features to select the most suitable option for your budget.

* Seamless Application Process: The online application process is quick and hassle-free, allowing you to focus on planning your dream vacation.

Whether one prefers the predictability of a personal loan or the flexibility of a credit card, Bajaj Markets empowers them to turn their travel aspirations into reality. Visit Bajaj Markets today and find the perfect financial tool to unlock the next adventure!

Bajaj Finserv Direct, a subsidiary of Bajaj Finserv, is one of the fastest-growing fintech companies in India. It has two primary arms, Bajaj Markets, a financial marketplace, and Bajaj Technology Services, a techfin service provider.

Bajaj Markets is a marketplace that offers multiple financial products across all categories – Loans, Cards, Insurance, Investments, Payments, Pocket Insurance, and VAS. Bajaj Markets has partnered with trusted financial brands to offer “India ka Financial Supermarket”. A one-stop destination where its customers can explore a host of products that can help them achieve their financial life goals.

Having started its journey as a fintech, Bajaj Finserv Direct has also built a very strong business as a techfin. Through Bajaj Technology Services it offers a wide gamut of digital technology services which span Custom Applications, Enterprise Applications, Data & Analytics, Gen AI, Cloud Services and Digital Agency.

Visit the Bajaj Markets website or download the Bajaj Markets’ app from the Play Store or App Store to experience “India ka Financial Supermarket”.

(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)

This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.

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Foreign student numbers in Japan grew in 2023

After a sharp decline during the pandemic, the number of foreign students in Japan experienced a recovery in 2023, though it remains below prepandemic levels, a public survey found.

The survey results, released by the Japan Student Services Organization (JASSO) on Friday , show a 20.8% increase in the number of foreign students — 279,274 — as of May 2023 compared with a year earlier. Over the same period, the number of foreign students enrolled in Japanese-language schools nearly doubled to an all-time high of 90,719.

JASSO is a quasi-autonomous agency responsible for scholarships and student loans.

In contrast, the number of foreign students enrolled in higher education institutions, which grew from 181,741 in 2022 to 188,555 in 2023, experienced a much slower increase. The latest figure represents just a little over 80% of the prepandemic level.

The number of foreign students enrolled in bachelor’s and associate degree programs even dropped by 2.4% compared with 2022.

In terms of origins, students from China continued to make up the largest proportion, at 115,493. But the number of students from Nepal, Myanmar, Bangladesh and the United States surpassed the figure in 2019, a year before the COVID-19 pandemic crippled transnational travel.

JASSO also investigated the number of Japanese students studying overseas — mostly those on exchange programs — using data from universities in Japan. Based on the latest data, which covers 2022, the number of Japanese students studying abroad increased fivefold from a year earlier to 58,162, though this is still less than half of 2019's figure.

The top destinations of Japanese students studying abroad in 2022 included the United States, Canada, Australia, South Korea and the United Kingdom, according to the survey.

In a time of both misinformation and too much information, quality journalism is more crucial than ever. By subscribing, you can help us get the story right.

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The White House 1600 Pennsylvania Ave NW Washington, DC 20500

FACT SHEET: Kenya State Visit to the United   States

Today, President Biden welcomes President Ruto of Kenya for a State Visit and Dinner to celebrate and deepen ties between our two nations.  This visit marks 60 years of official U.S.-Kenya partnership.  This partnership is founded on shared values, deep cooperation, and a common vision for the future.  The two leaders’ agenda showcases how our ties deliver tangible benefits to the people of our nations in areas including Democracy, Human Rights, and Governance; Health Partnerships; People-to-People Ties; Shared Climate Solutions; Trade and Investment; Debt, Development, and Sustainable Finance; Digital, Critical, and Emerging Technology Cooperation; and Peace and Security Cooperation.

Democracy, Governance, and Human Rights

Our countries are bonded by our shared democratic values and mutual commitment to advancing human rights and strengthening political institutions.  This historic State Visit is about the Kenyan and American people and their hopes for an inclusive, sustainable, and prosperous future for all.  Our countries endeavor to guard against the erosion of political checks and balances, counter misinformation and disinformation, mitigate hate-fueled violence targeting members of vulnerable communities, and tackle corruption by building transparent and accountable governance systems.  The State Visit highlights new areas of cooperation to safeguard rights and freedoms in the face of rising authoritarianism, expand avenues for dialogue, and elevate our shared global commitment to protecting democracy.

• Delivering Democracy:  The United States has programed nearly $40 million for democracy, human rights, and governance programming in Kenya, including through Presidential Initiative for Democratic Renewal programs that defend democratic elections and political processes, increase women’s political participation and leadership, counter Gender Based Violence, and advance digital democracy.  Additional support for activities in Kenya under the Presidential Initiative for Democratic Renewal build on Kenya’s important work as a member of the 14-country Global Partnership for Action on Gender-Based Online Harassment and Abuse, which is advancing global policies to address online safety for women and girls, including targeted violence against women political and public figures. 
• Supporting Independent Civil Society:   President Ruto executed on May 9 the legal instruments required to operationalize the 2013 Public Benefits Organization Act, which institutionalizes groundbreaking, global best practices for civil society protections.  The United States announced $700,000 in new assistance to support this effort in addition to the $2.7 million the United States is providing to improve civil society engagement in and oversight of governance processes.  The U.S. Agency for International Development (USAID) also announced an additional $1.3 million youth empowerment program aimed at strengthening political engagement at the subnational level and $600,000 to advance disability inclusion.
• Bringing Transparency to Government:  The United States and Kenya commit to strengthening the Open Government Partnership (OGP), which Kenya co-leads and the United States co-founded, including through robustly fulfilling our open government commitments at home.  USAID Administrator Power plans to represent the United States at the OGP event on the margins of the UN General Assembly High Level Week in September.  This event gathers world leaders for an opportunity to showcase the powerful global coalition on open government and democracy and to consider opportunities for further collaboration. 
• Promoting Human Rights:   The United States and Kenya affirm their commitment to upholding the human rights of all.  Together they stand with people around the world defending their rights against the forces of autocracy.  Kenya and the United States commit to bilateral dialogues that reinforce commitments to human rights, as well as a series of security and human rights technical engagements with counterparts in the Kenyan military, police, and Ministry of Foreign Affairs aimed at strengthening collaboration on security sector governance, atrocity prevention, and Women, Peace and Security in Kenya and regionally.
• Combatting Corruption:   The Administration intends to provide $500,000 for a new Fiscal Integrity Program to make county budget processes more transparent and inclusive and increase citizen engagement, and $500,000 to broaden the reach and effectiveness of anti-corruption advocacy by empowering civil society actors to create and disseminate multimedia content that engages citizens and mobilizes action against corruption.  To support the Government of Kenya to combat corruption, the Administration is providing $250,000 through the Global Accountability Program, and $300,000 to support Kenya’s proposed Whistleblower Protection law to strengthen Kenya’s anti-corruption legal architecture.  In addition, USAID has provided $2.7 million to support the improved enforcement of policy and laws that deal with fraud, waste, and abuse in the delivery of public services to Kenyan citizens. 
• Gathering Anti-Corruption Professionals:   With support from the U.S. Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, the UN Office on Drugs and Crime and the East African Association of Anti-Corruption Authorities convened a regional conference from May 20-23, 2024, in Nairobi, Kenya, gathering anti-corruption practitioners and policymakers from countries participating in the East Africa Anti-Corruption Platform. 
• Strengthening Police Reform Efforts:   Building on a longstanding partnership to further police capacity building and reform efforts, the United States and Kenya announced a new $7 million partnership to advance and strengthen the modernization and professionalization of Kenya’s National Police Service, with a focus on staff and training development.
• Reducing Prison Overcrowding and Improving Detention Conditions:   The United States and Kenya are committed to further advancing Kenyan-led efforts to improve the oversight of and conditions within Kenya’s prison service.  The United States announced a new $2.2 million initiative to provide training, mentoring, and technical assistance to implement priority reforms.
• Combatting Transnational Organized Crime and Supporting Criminal Justice Sector Reform:   Recognizing the regional role Kenya plays in combating transnational organized crime, the United States intends to provide $4.9 million in new funding for Kenya and other East African countries to improve cooperation and coordination in combating criminal networks and holding criminals accountable.  Funding also supports capacity building and reform efforts within the Kenyan police and justice sectors.
• Supporting Investigative Journalism:   The United States seeks to amplify Kenya’s leadership in building Africa’s digital resilience by supporting linkages between well-known international investigative organizations and select Kenyan NGOs, media outlets, and citizen journalists to build up Nairobi as a regional hub for exposing issues in the public interest.  This support also helps journalists in their pursuit of public information.  Pursuing these efforts in Kenya – a regional media and technology leader – positively impacts East Africa and the broader continent, particularly as Kenyan recipients connect with counterparts in the region.
• Strengthening Kenya’s Frameworks for Free and Fair Elections:   Working with Congress, the Administration intends to provide $1.5 million in new technical assistance to support Kenya’s electoral legal framework reform process aimed at strengthening the election commission, political parties, and campaign finance.  This funding aims to improve public awareness raising and advocacy around the reforms, laying the groundwork for a more inclusive, transparent and peaceful 2027 election.  This support complements Kenya’s amendment to the Independent Electoral and Boundaries Commission Act, which passed the National Assembly on May 3 and is now with the Senate.

Health Partnership:  Securing Our Collective Health

Decades of collaboration between the United States and Kenya in the health sector have resulted in tremendous improvements in health not only for millions of our citizens, but also for the broader global community.  This cooperation is vital to developing medical innovations, preventing the emergence of future global pandemics, and ensuring that effective treatments are widely available.  Our governments are working in lockstep with the private sector, which is developing new manufacturing capacity in Kenya that can serve Africa and the world.  The efforts showcased during the State Visit build upon these successes to ensure a healthier, more prosperous future for all.

• Continuing the Fight against HIV/AIDS:   The United States and Kenya are developing a “Sustainability Roadmap” to integrate HIV service delivery into primary health care, ensuring quality and impact are retained.  With more than $7 billion in support from the President’s Emergency Plan for AIDS Relief (PEPFAR) spanning two decades, Kenya has successfully responded to the HIV epidemic and strives to end HIV as a public health threat in Kenya by 2027.  These efforts improve holistic health services for the 1.3 million Kenyans currently receiving antiretroviral therapy and millions more benefiting from HIV prevention programs, while allowing for greater domestic resources to be put toward the HIV response, allowing PEFPAR support to decrease over time.
• Partnering for Global Health Security:   Kenya and the United States announced a formal proclamation between the U.S. Center for Disease Control and Prevention (CDC) and Government of Kenya for sharing information, identifying best practices, and defining steps toward the development and full launch of the Kenyan National Public Health Institute.  As a gateway to East Africa through Port Mombasa, Kenya’s capacity to prevent, detect, and respond to infectious disease threats is critical.  To support our health partnership, Kenya and the United States plan to develop and launch a customized Public Health Emergency Management training program to enhance health security across all 47 counties in Kenya. 
• Reducing the Impacts of Malaria:   Through the President’s Malaria Initiative (PMI), the United States contributed $33.5 million in 2023 to fight malaria in Kenya, providing vital financial and technical assistance to the Government of Kenya.  The United States supports resilient health systems to deliver care by training health workers, strengthening supply chains, improving data monitoring, and reinforcing national health policies and guidelines.  These investments have contributed to a 50% reduction in malaria prevalence over the last decade.  In support the Government of Kenya’s localization goals, PMI is expanding its procurement of pharmaceutical supplies from Kenyan manufacturers and intends to procure up to an additional 5 million malaria treatments and 475,000 preventive treatment doses from Kenyan producers in 2024.
• Growing Health Manufacturing:   Kenya committed to working with lawmakers to advance the Kenyan Pharmacy and Poisons Board (PPB) Act, a necessary step to boost local manufacturing of medical products and expand private American investment in the sector.  Securing and diversifying global supply chains by promoting local and regional manufacturing of health products is a priority of the United States.  The implementation of the PPB Act has the potential to increase manufacturing capacity in Kenya and Africa to ensure the availability of life-saving medicines, diagnostic tests, and devices.  This should also mitigate the impact of global supply chain shocks, which were so evident during the COVID-19 pandemic.  To further these goals, USAID provided $2.3 million in support to Revital Healthcare to develop rapid diagnostic tests for HIV, malaria, hepatitis B and C, dengue, and pregnancy, and to build a manufacturing plant capable of producing 240 million tests per year.  Additionally, USAID and the Kenyan Ministry of Health are partnering to equip all neonatal clinics with Revital-made continuous positive airway pressure machines for babies requiring respiratory support.
• Partnering with the Private Sector in Healthcare:   The U.S. International Development Finance Corporation (DFC) is investing in Kenya’s vibrant private sector by making a $10 million direct loan to Kenyan company Hewa Tele, which provides an affordable and regular supply of medical oxygen to healthcare facilities in Africa, and two rounds of equity investment totaling $4 million to Kasha Global, a Kenya-based e-commerce company that provides personal care, health care, and beauty products to low-income women in Kenya and Rwanda.
• Expanding Joint Research:   Kenya and the United States recommitted to our long-standing partnership through a Memorandum of Understanding (MoU) between the CDC and the Kenyan Medical Research Institute (KEMRI) to support Kenya’s Applied Science Hub, building on 45 years of research partnership on malaria, HIV, tuberculosis, vaccine-preventable diseases, maternal and child health, emerging infectious diseases, and COVID-19.  The research in the Applied Sciences Hub aims to expand surveillance, answer critical public health questions, and introduce novel diagnostic methods, including advanced molecular and serology-based methods, and training in public health laboratory core competencies.  This year, the United States provided an estimated $12.9 million to support research efforts by KEMRI through CDC, the National Institutes of Health (NIH), and the Department of Defense.  In FY 2023 NIH supported over 250 grants to U.S. organizations that collaborated with Kenyan organizations, covering a wide range of relevant biomedical research topics, and approximately 90 of these collaborations include researchers at KEMRI.
• Meeting Kenya’s Digital Health Goals:   The United States announced over $31 million to advance Kenya’s efforts to set up a digital superhighway to enable a holistic view of health care delivery.  The United States has worked closely with the Kenyan Ministry of Health to build and deploy digital health solutions to support disease programs and improve the ability to prevent, detect, and respond to public health threats.  This includes $4 million through USAID Power Africa’s Health Electrification and Telecommunications Alliance to support solar power solutions for health facilities and activities to strengthen community and facility information systems to improve patient care and expand access to emergency medical services for mothers and newborns.  Additionally, the NIH Harnessing Data Science for Health Discovery and Innovation in Africa (DS-I Africa) program focuses on facilitating the use of data science to impact health outcomes in Africa and supports a data hub and training and educational development programs in Kenya.

People-to-People Ties:  Improving and Enriching Lives  

The American and Kenyan people have deep ties that go far beyond the 60 years of official cooperation between our governments.  These relationships – rooted in family, friendship, and community – improve and enrich our lives.  They drive our cooperation, underpin our shared values, and elevate our aspirations.  The benefits of these ties are particularly evident in our cooperation in educating the next generation of leaders, entrepreneurs, and visionaries.  The State Visit builds on this fundamental strength, catalyzing stronger partnerships through a series of groundbreaking education and exchange programs. 

• Strengthening Connections Between U.S. and Kenyan Educational Institutions: 
• Kennedy-Mboya Partnerships:   As the United States and Kenya celebrate 60 years of bilateral relations, and recalling the positive and enduring impact of the Kennedy-era student airlift, the newly announced Kennedy-Mboya Partnerships support a new scholarship program that promotes intellectual, academic, and innovative exchange.  The Administration intends to provide $3.3 million for a U.S. Department of State program for sixty Kenyan undergraduate students to study for a semester in the United States, with a focus on STEM.  This program supports the development and success of the next generation of Kenyan scientists, researchers, and engineers.
• Partnership 2024 :  The Administration intends to provide $500,000 for Partnership 2024 to support the development of Kenyan students, scientists, researchers, and engineers by encouraging U.S. universities to increase investment in relationships with Kenyan universities and research institutions.  Faculty and research collaboration are planned to bolster the program, supported by Fulbright Specialists to provide additional expertise.
• EDTECH Africa:   The Governments of Kenya and the United States, in collaboration with Microsoft, Mastercard’s Center for Inclusive Growth, Howard University, Spelman College, Clark Atlanta University, and Morehouse College announced the establishment of EDTECH Africa.  This initiative serves as an emerging technology bridge between Historically Black Colleges and Universities (HBCUs) and African scholars, aimed at cultivating educational exchanges in the ever-evolving landscape of emerging technology.  This initiative expands Mastercard’s existing investment of $6.5 million for the Atlanta University Center Consortium Data Science Initiative and $5 million for Howard University’s Center for Applied Data Science and Analytics, actively involving African scholars with HBCU students and faculty in the journey toward greater proficiency as data scientists.  Microsoft will invest an additional $500,000 to support HBCU and Kenyan students engaged in research at the Microsoft Africa Research Institute (MARI) in Nairobi, Kenya, complementing its recent contribution of $350,000 for the Atlanta University Center Consortium Data Science Initiative to establish a network of data science faculty across HBCUs.  USAID intends to invest $850,000 to facilitate this partnership between HBCUs and Kenyan universities.
• National Science Foundation (NSF) International Activities :  NSF has committed to offering workshops, planning grants, or supplements to U.S. universities to strengthen connections between U.S. and Kenyan universities, jointly identify research foci, and facilitate collaboration in research, education, and workforce development.
• Employment Pathways for Youth :  USAID announced $6.5 million to support a partnership between Edison State Community College in Piqua, Ohio, and Kenya’s United States International University of Africa to strengthen up to 40 Kenyan technical vocational education and training institutions in the high-growth sectors of information and communications technology (ICT) and manufacturing of pharmaceuticals and textiles.
• Framework for Cooperation:   The United States and Kenya signed a Framework for Cooperation to support higher education partnerships for STEM education.  The Framework describes U.S. and Kenyan priorities and is accompanied by a commitment from Microsoft, Micron, Mastercard, and several U.S. and Kenyan universities expressing their support for STEM education.  The Framework fosters higher education partnerships and commitments to partner private sector stakeholders, Kenyan institutions, and U.S. institutions to build mutual capacity in information and computer technology, microchip manufacturing, and other STEM-related education and career opportunities.
• Collaboration with the National Museums of Kenya:  The Smithsonian Institution announced a $150,000 project funded by the U.S. Department of State to assess opportunities, challenges, and possible enhancements to support the National Museums of Kenya continued evolution as a leader in cultural and natural heritage preservation.  Smithsonian officials plan to work collaboratively to identify possible areas for enhancement and growth, including facilities, collections care and conservation, curation, digital infrastructure, exhibitions, and research programs.
• Supporting Primary Education:  USAID intends to provide $24.5 million for the Kenya Primary Literacy Program (KPLP), a new nationwide early grade literacy activity implemented in close partnership with Kenya’s Ministry of Education.  KPLP programs are delivered in English and Kiswahili to all public primary schools and select private schools.  KPLP expands new innovations to address literacy needs of grade 1-3 learners while building more inclusive, accountable, and resilient education institutions and systems. 
• Bolstering Kenya’s Creative Workforce:  The United States and Kenya announced new initiatives and programs to strengthen the creative economies between our two countries.  In partnership with the Recording Academy, the University of Southern California School of Cinematic Arts, and other leading private sector and civil society institutions, the United States envisions new programs to promote collaboration, build capacity, and bolster professional creative industry ecosystems.  We seek to assist emerging leaders in television, film, and music to learn new skills, build networks, and participate in international festivals.  The two countries also promote cultural heritage and tourism by supporting the preservation of the archaeological site of Takwa through the prestigious U.S. Ambassadors Fund for Cultural Preservation.
• Expanding Emerging Technology Training Program:  The Johns Hopkins School of Advanced International Studies intends to launch a new fellowship program this fall, funded in part by Meta, bringing together high-achieving mid-career government officials from select African countries.  This program equips the next generation of leaders across the continent with the policy and technical expertise needed to help their governments translate the digital transformations underway – including in AI and other emerging technologies – into broadly shared growth for their societies.  In recognition of the technology sector leadership demonstrated by both the Kenyan public and private sector, Kenya is the first country to be added the inaugural fellowship cohort.
• Increasing Diplomatic Exchange:   The United States Foreign Service Institute and the Kenyan Foreign Service Academy plan consultations with the intention of enhancing cooperation and further exchanges between the two institutions.  Sharing a mutual interest in promoting best practices for the training of diplomats, the United States and Kenya commit to exploring Kenya’s participation in an emerging international community of practice for diplomatic training. 
• Strengthening U.S.-Kenya Research Ties with Kenya’s Health Workforce:   The Academic Model Providing Access to Healthcare (AMPATH) Kenya is a partnership between Moi University, Moi Teaching and Referral Hospital, and the AMPATH Consortium of global universities around the world led by Indiana University.  With $20.7 million in annual funding from USAID, these partners are reaching 120,000 Kenyans on life saving antiretroviral treatment.  Through AMPATH, the universities commit to continuing the education of healthcare providers, medical students, residents, and community health workers.
• Increasing Consular Capacity:   The U.S. Embassy in Nairobi expanded the number of staff working in the Consular Section to expedite the review and issuance of visas for travel of Kenyan citizens to the United States.  The Consular Section issues visas for students, tourists, businesspeople, and workers, and also processes visas to reunite families.  At the same time, our Consular Section provides services to American citizens living in or visiting Kenya.  These people-to-people links are the bedrock of our bilateral relationship.

Shared Climate Solutions:  Fostering Growth and Resilience  

President Biden and President Ruto have a shared climate vision as not just an existential challenge of our time, but as the most significant economic opportunity of the 21 st century.  It is a generational opportunity for Africa to become a leader in the global clean energy economy.  Closer partnership is generating greater advances in clean energy supply chains, mobilizing climate-related investment, sustainable agriculture, adaptation, and resilience.

• Launching the U.S.-Kenya Climate and Clean Energy Industrial Partnership:   During the State Visit, we announced the launch of a U.S.-Kenya Climate and Clean Energy Industrial Partnership to elevate climate action and green industrialization as a critical pillar of our bilateral relationship.  We also signaled our intent to implement a new green growth framework throughout Africa.  Through this partnership, the United States and Kenya prioritize cooperation across the three, mutually-supportive areas of clean energy deployment, clean energy supply chains, and green industrialization.  To support these activities under the Partnership, the United States and Kenya intend to work with international financial institutions and multilateral trust funds to identify mechanisms to mobilize investment for clean energy manufacturing and services.  The two sides intend to strategically leverage concessional finance and risk mitigation tools at the multilateral development banks and climate funds to lower the cost of capital for clean energy deployment and supply chains in Kenya and the region, including a portion of the $568 million in catalytic finance that the United States provided to the Clean Technology Fund in 2023.
• Humanitarian Disaster Response:  To date in FY 2024, USAID has provided $42 million in emergency humanitarian assistance to Kenya.  Including this assistance, USAID’s Bureau of Humanitarian Assistance has provided nearly $1.3 billion over the last 12 years to respond to humanitarian needs in Kenya, including those caused by natural disasters.
• Connecting Homes, Businesses, and Institutions to Reliable Clean Energy:  USAID, through the Power Africa Initiative, announced $300,000 to support women’s entrepreneurship and gender-equity in the Kenyan energy sector and committed $3.6 million in to support the accelerated connection of more homes, businesses, and institutions in Kenya to cleaner electricity as part of its Empowering East and Central Africa program.  In addition, Power Africa inter-agency partners, including the U.S. Department of Energy, DFC, and USTDA, announced key deliverables that, in partnership with the Government of Kenya, advance Power Africa’s mandate to alleviate energy poverty.
• Investing in Hydropower :  Virunga Power, a U.S. company and Power Africa partner, announced a pipeline of six run-of-river hydropower projects in advanced stages of development in Kenya.  With a total expected investment of $100 million, the hydropower projects will be constructed in sequence over the next five years and are expected to provide 31 megawatts of clean, baseload renewable energy.  The power generated should improve the stability of Kenya Power’s distribution network in Western and Central Kenya and enable new connectivity and industrial and economic growth in rural areas of the country.
• Deepening Government-to-Government Cooperation on Clean Energy and Carbon Management:  The U.S. Department of Energy and Kenyan Ministry of Energy announced their intent to sign a MOU in June in Nairobi intended to enhance bilateral collaboration and partnership in the development of clean energy, carbon management technologies, and decarbonization strategies.  This MOU establishes a framework to facilitate the sharing of technical knowledge, advice, skills, and expertise across numerous sectors – including geothermal energy development and industrial decarbonization.  The framework forms the basis of sustainable and climate-adaptive economic growth across our countries and regions.
• Investing in Electric Vehicle Startups:   DFC announced a $10 million direct loan to BasiGo, an electric vehicle company that leases and sells electric buses to public transport bus operators in Kenya.  The loan facilitates procurement of buses and batteries for sale in Kenya and is a key e-mobility project supporting Kenya’s ambitious climate goals.  Additionally, DFC announced a $10 million loan to Kenyan company Roam Electric that supports its assembly and production of electric motorcycles on-site in its Nairobi production facility.  The U.S. Department of State also announced $100,000 for technical assistance to support accelerating the transition to zero-emissions vehicles in Kenya, including through policy development and implementation, capacity building and peer-to-peer learning, and workforce development.
• Growing Kenya’s E-mobility Sector:   DFC recently announced a $10 million loan to Mogo Auto Kenya to support affordable financing for cars, motorcycle taxis, and logbook loans in Kenya.  The transaction supports President Ruto’s Africa Green Industrialization Initiative, building upon DFC’s longstanding support for the e-mobility economy in Kenya.
• Launching the MCC-Kenya Urban Mobility and Growth Threshold Program:   The United States and Kenya are scheduled to launch a seminal partnership to deliver a more connected, mobile, and green Nairobi.  The $60 million grant from the Millennium Challenge Corporation funds a four-year program focusing on the transportation needs of underserved groups, safer options for women and pedestrians, and climate-friendly public transportation, generating benefits for over four million residents and increasing urban mobility while decreasing transportation sector emissions.
• Increasing Plastic Recycling:   USAID recently expanded its support for the Kenyan recycling company T3, now totaling over $2 million.  T3 plans to leverage nearly $13 million in additional private investment to expand plastic collection and acquire a “bottle-to-bottle” processing line, the first in Kenya.  The line enables production of food grade recycled PET resin and is projected to more than double the amount of PET plastic recycled in Kenya.  The T3 initiative is projected to create 200 jobs and indirect economic opportunities for approximately 8,000 collectors, mainly women and youth.
• Supporting Community-Led Conservation:  The Southern Kenya Conservation Project (SOK) and the Kenya Rhino Range Expansion Project (KRRE) are building partnerships for the conservation of the southern Kenya landscape and the expansion of rhino range in Kenya.  The partnerships aim to raise significant funds to increase wildlife numbers, restore landscapes, open up wildlife corridors, and spur economic opportunity. USAID is providing $300,000 to develop landscape and fundraising strategies to help Kenya leverage funds and access financing for both projects.  SOK and KRRE will help Kenya build climate resilience and achieve their 30×30 goal of conserving 30 percent of their land and oceans by 2030.
• Promoting Wildlife Conservation:  To assist the Government of Kenya with combatting wildlife trafficking and other nature crimes, the U.S. Department of State and the U.S. Department of the Interior have collaborated to station a permanent U.S. Fish and Wildlife Service law enforcement attaché at the U.S. Embassy in Nairobi, strengthening the longstanding wildlife conservation partnership between our two countries.  This position was designed to assist with law enforcement coordination and consultation, facilitation of intelligence sharing and investigative support, and access to U.S. Fish and Wildlife Service forensic and technical support resources. 
• Amplifying Scientific Partnership:   The United States welcomes Kenya’s leadership in hosting the upcoming Smithsonian’s ForestGEO international analytical gathering in Nanyuki, Kenya, co-hosted by the Mpala Research Centre, the National Museums of Kenya, and the Karatina University, from June 29 to July 13, 2024.  The Smithsonian ForestGEO network studies the diversity and dynamics of forests, the forest carbon cycle, and the impact of climate and global change on forest biodiversity and function.
• Improving Weather Forecasting:   DFC recently announced a $1 million loan to Ignitia AB, a tropical weather forecasting service designed for smallholder farmers in Kenya, Ghana, and the Democratic Republic of the Congo.  This loan was part of the Africa Small Business Catalyst program in partnership with the U.S. African Development Foundation (USADF) and USAID.
• Fostering High-Integrity Carbon Markets:   The United States and Kenya established a partnership to support Kenya’s efforts to be a global leader in delivering high-integrity and high-quality carbon credits.  In support of this partnership, the U.S. State Department and USAID announced $1 million in targeted technical assistance and analytical capabilities to support development of Kenya’s framework for high-integrity carbon markets and to strengthen Kenya’s ability to engage in related transactions.
• Investing in Carbon Capture:  The U.S. Department of Energy, through Pacific Northwest National Laboratory, announced a one-year project to accelerate the commercial readiness of carbon dioxide (CO2) removal approaches that leverage the reactive CO2 mineralization storage potential in Kenya’s volcanic-hosted geothermal systems.  The project aims to develop and implement a characterization protocol to evaluate potential strategic basalt CO2 storage sites through a knowledge exchange process; parametrize a static geologic model to facilitate evaluation of CO2 injection and mineralization storage strategies; and establish the institutional foundation for sustained Kenyan collaboration within the international mineralization storage research and development community.
• Announcing New Scientific Collaboration:  The Smithsonian Institution announced a new research fellowship program in Kenya, funded by education entrepreneurs Dennis and Connie Keller, to build capacity, train, and exchange knowledge.  Alongside Smithsonian scientists, Kenyan Shared Health Science Fellows study impacts of changes in climate, pollution, stressors, and toxicants on wellbeing, health, and physiology in humans, plants, animals, and our shared environment.  Over the next four years, the program aims to provide six fellows with two years of training at the Mpala Research Centre and spend time at the Smithsonian Institution in Washington, D.C.
• Deepening U.S.-Africa Nuclear Industry Cooperation:  The U.S. Department of Energy, in partnership with Kenya and Ghana, plans to host the second installment of the U.S.-Africa Nuclear Energy Summit (USANES) on Industry Readiness in Nairobi, Kenya in August 2024.  Recognizing the historic relationship between the United States and Kenya, USANES 2024 envisions U.S. and African policymakers, technical experts, and industry leaders convening in Nairobi to address critical issues impacting industry readiness and the future of nuclear energy on the African continent.  The Summit comprises educational workshops, stakeholder engagement sessions, and multilateral discussions on topics from financing and workforce development to supply chain preparedness.  The Summit aims to underscore the opportunities nuclear power presents to reach Net Zero by 2050 and further strengthen the robust ties between the United States and Kenya. 

Trade and Investment:  Generating Prosperity   

The trade and investment partnership between the United States and Kenya is driving our shared prosperity, generating well-paying jobs, expanding economic growth, protecting the rights of workers, and spurring new innovations with global benefits.  This partnership spans the full spectrum of large to small businesses.  Both countries are partnering with the private sector to further strengthen these economic ties, including in the critical areas of clean energy technology, agriculture, and affordable housing.

• Advancing a U.S.-Kenya Strategic Trade and Investment Partnership:   The U.S. and Kenya have made significant progress on the U.S.-Kenya Strategic Trade and Investment Partnership (STIP) .  We are negotiating high standard commitments in a range of areas with a view to increase investment; promote sustainable and inclusive economic growth; benefit workers, consumers, and businesses (including micro-, small-, and medium-sized enterprises); and support African regional economic integration.  The U.S. Trade Representative and Kenya’s Cabinet Secretary for Investment, Trade, and Industry committed in May to work towards concluding an agreement by the end of 2024.
• Signing a U.S.-Kenya Commercial and Investment Partnership:  The United States and Kenya intend to sign a Commercial and Investment Partnership, affirming a mutual commitment to deepening commercial and investment ties between our two countries.  This Partnership, with robust participation from the private sector, aims to promote a strong business-enabling environment and to facilitate trade and investment opportunities in Kenya focused on key priority sectors including infrastructure, agriculture, and the digital economy.
• Opening a DFC Nairobi Office:  DFC announced it plans to open an office in Nairobi, playing a key role in driving DFC’s pipeline development across key sectors in Kenya such as agriculture, health, e-mobility, energy, infrastructure, and financial inclusion, including on-lending to small and medium sized enterprises and women entrepreneurs.
• Establishing A Framework Agreement with Coca-Cola:   In Atlanta, President Ruto visited Coca-Cola HQ to sign a framework agreement focused on policy engagement, mango juice production, and plastic recycling.  His visit also celebrated 70 years of Coca-Cola in Kenya, along with the company’s partnership on drought response and clean water, use of its supply chains to distribute COVID vaccines and protective equipment, and a new $175 million investment in its economy.
• Reaping Benefits from AGOA:   Vivo Fashion, a leading Kenyan women’s fashion brand in East Africa, announced the opening of its first retail storefront in the United States in Atlanta, Georgia.  Vivo Fashion is part of a growing Kenyan apparel industry that benefits from market access to the United States under AGOA, the largest single component of U.S. trade with Kenya.
• Improving Food Security through Jobs:   USAID is investing in the future with $15 million for new activities designed to reduce poverty and malnutrition and address global food security by expanding investment opportunities.  By creating over 50,000 new jobs, catalyzing over $200 million in new agricultural sales, and mobilizing over $200 million in new finance for agriculture, these activities improve food security and nutrition outcomes for over 800,000 Kenyans.
• Investing in Kenyan Businesses:
• Acorn Green Housing Project:  DFC recently approved an approximately $180 million loan to Acorn, a real estate developer that constructs and operates affordable student housing in Kenya.  The DFC investment is expected to catalyze an additional $360 million in local Kenyan investment in one of the largest green housing portfolios in Africa. With early-stage support from USAID and Prosper Africa and financing from DFC, this transaction is designed to address a critical need and is a strong example of the power of whole of U.S.-government support to the private sector as it pursues projects with an emphasis on development impact that delivers for the people of Kenya.
• Pezesha Africa Limited:   DFC announced a $500,000 technical assistance grant to build a proprietary credit scoring model to improve Kenyan company Pezesha Africa Limited’s underwriting capabilities for small and medium sized enterprise clients.  Pezesha is a capital enablement lending infrastructure platform focused on increasing access to finance for retail trade micro, small, and medium-sized enterprises by integrating financial services into existing supply chain verticals.
• Keep IT Cool:   DFC recently announced a $500,000 loan to Kenyan-based Keep IT Cool, a business-to-business aggregation and sales platform to connect fish farmers with buyers utilizing cold chain technology.  This loan was part of the Africa Small Business Catalyst program in partnership with USADF and USAID.
• African Fertilizer and Agribusiness Partnership, Inc.:   DFC recently announced a $10 million second loss guarantee to African Fertilizer and Agribusiness Partnership, Inc. to expand the sale of fertilizer on credit to small and medium-sized enterprise agri-input suppliers in Kenya, Zambia, and Ghana.  The guaranty deal is expected to enable up to $360 million in additional fertilizer sales in these three countries over the next three years, furthering regional food security and agricultural production.
• Kentegra Biotechnology:   DFC recently announced a $10 million loan to Kentegra Biotechnology in Kenya to support the construction of a new facility to scale up its production capacity of pale refined pyrethrum extract, a key ingredient in organic pesticides.  DFC’s loan provides women farmers with more predictable income, higher prices than alternative crop options, and training to implement best farming practices and financial planning tools to fully benefit from the increased incomes resulting from pyrethrum cultivation.  USTDA previously announced a grant of $660,000 for a feasibility study supporting the development of this facility, which can facilitate Kenya’s ability to respond to international demand for safer and environmentally friendlier insecticides. 

Debt, Development, and Sustainable Finance

President Biden and President Ruto recognize that mounting debt burdens put critical investments in countries’ sustainable development and ability to address global challenges like the clean energy transition out of reach.  Countries should not have to make the difficult choice between paying back creditors and investing in their people, economy, and future.  

• Launching theNairobi-Washington Vision:   The United States and Kenya are launching the Nairobi-Washington Vision as a call to action to the international community to bring together all its tools to support countries with high ambition with respect to investments in their own development and addressing global challenges that are too often constrained by high debt burdens.  It calls on international financial institutions to provide coordinated packages of support, creditor countries to provide forms of debt relief and/or new budget-support flows, multilateral development banks and development finance institutions to facilitate private sector financing on better terms and crowd in private investment, and creditors to provide more transparent and sustainable lending.  Together we call to the international community to come together around these elements to support high-ambition countries with high-ambition financial support.
• Expanding Support to Developing Countries through the International Financial Institutions :  To make this vision a reality, the United States is stepping up support to international financial institutions.  Through efforts to evolve the multilateral development banks, the United States has worked with Kenya and other shareholders to secure reforms to unlock over $250 billion in new lending at these institutions.  The United States intends to make available in the coming weeks lending of up to $21 billion to the International Monetary Fund’s (IMF) Poverty Reduction and Growth Trust to support the poorest countries, and has made available this week $250 million through the World Bank’s International Development Association (IDA) Crisis Response Window to support crisis response in the world’s poorest countries.  President Biden has asked Congress for funding in the FY 2025 budget that would enable $36 billion in new lending at the World Bank that, together with contributions from international partners, could provide an additional $100 billion boost to World Bank financing capacity over time.  Both Kenya and the United States stand in support of an ambitious policy and financing package for the replenishment of the World Bank’s International Development Association. 
• Enhancing Support for Kenya from the International Financial Institutions:  The United States has been a leading voice advocating for international financial institutions to step up support to Kenya to achieve development and climate ambitions.  With strong support from the United States, the IMF has doubled Kenya’s total program financing from $2.2 billion over three years to $4.4 billion over four years.  Robust U.S. financial support has enabled World Bank financing to Kenya, including through increased funding at IDA and the World Bank’s International Bank for Reconstruction and Development.  The United States championed the expansion to select countries in Sub-Saharan Africa of the European Bank for Reconstruction (EBRD) and Development, where the United States is the largest shareholder.  The United States and Kenya worked together to successfully secure Kenya’s membership in the EBRD, which would be a boost to private sector development in the country once Kenya is granted recipient country status.

Digital, Critical, and Emerging Technology Cooperation:  Delivering Innovation, Progress, and Inclusion  

The strong and growing innovation partnership between the United States and Kenya is anchored in a shared commitment to investing in secure and resilient technology supply chains, building a skilled and technologically savvy workforce for the future, promoting the digital economy and infrastructure, and enhancing our cybersecurity posture.  Like the United States, Kenya is an engine for innovation.  Kenya’s “Silicon Savannah” – a $1 billion technology hub – is home to more than 200 startups spanning a range of sectors, including clean energy, microelectronics, financial technology, and e-commerce.  The United States and Kenya share a commitment to ensuring that technology is developed and deployed in a manner that advances transparency, accountability, and human rights.  Together, our two countries are committed to seizing the opportunities of a new digital era and driving innovative approaches to solving some of the most consequential global challenges.

• Building Secure and Resilient Supply Chains:
• Establishing a New Semiconductor and Technology Partnership to Support U.S. and Kenyan Industry, Consumers, and Workers:   The United States views Kenya as a strong emergent partner in building resilient semiconductor supply chains, and we share a commitment to promoting high-quality jobs with strong labor standards for U.S. and Kenyan workers.  We aim to develop programmatic options to expand Kenya’s technical workforce and strengthen its regulatory environment to help attract further private investment and cultivate potential linkages to the U.S. semiconductor supply chain.  To this end, the U.S. State Department intends to partner with the Government of Kenya to explore opportunities to grow and diversify the global semiconductor ecosystem, specifically in the assembly, testing and packaging sector, under the International Technology Security and Innovation Fund, created by the CHIPS and Science Act of 2022.  Accordingly, the U.S. State Department is working with Congress to commit $1 million in foreign assistance to promote resilient semiconductors supply chains, build secure and trusted ICT ecosystems, and complement U.S. domestic manufacturing capacity.  This would make Kenya the first country in Africa to benefit from funding through the CHIPS and Science Act.
• Partnership to Expand Semiconductor Supply Chain:  The United States is working with Congress to establish a partnership with Kenya to expand and diversify its emerging semiconductor industry in support of global supply chains.  Programs to expand Kenya’s technical workforce and streamline its regulatory environment would assist in attracting further private investment and build linkages to the U.S. semiconductor supply chain, specifically in the assembly, testing and packaging sectors.
• Diversifying the Semiconductor Workforce :  NSF intends to partner with Micron and Global Foundries to launch new funding opportunities to support investments in a diverse semiconductor workforce – including through investing in Historically Black Colleges and Universities, Hispanic Serving Institutions, Asian American Native American Pacific Islander Serving Institutions, and Tribal Colleges and Universities – to increase equitable access to STEM education in the United States and Kenya.  In addition, NSF has committed to offering workshops, planning grants, and providing supplements to U.S. universities for research and education to strengthen connections between U.S. and Kenyan universities.
• Semiconductor Network and Welcome Corps at Work :  The United States welcomes Micron’s launch of its MSI Semiconductor Network comprised of 16 leading universities across the United States, which seeks to feature collaboration between select MSIs with universities in Kenya to develop the next generation of the semiconductor workforce from underrepresented communities.  Through funding opportunities made available by NSF, GlobalFoundries, and Micron, MSIs – like those that are a part of Micron’s MSI network – can increase access to equitable education, address student programming, and strengthen infrastructure.  The company also announced a partnership with the International Rescue Committee and Talent Beyond Boundaries, through Welcome Corps at Work, to recruit individuals from refugee and immigrant communities across East Africa, including Kenya, to fill semiconductor technician and engineer roles.
• Expanding Semiconductor Fabrication:  USTDA signed an MOU with the Government of Kenya and committed $1.3 million to support Semiconductor Technologies Limited’s expansion of its fabrication of legacy semiconductor chips at commercial scale.
• Enhancing Cybersecurity Cooperation:
• Improving Cybersecurity :  The United States, Kenya, and Google announced a joint effort to help launch a cybersecurity operations platform to improve the security of Kenya’s digital infrastructure, including an initial pilot project to enhance the resilience of Kenya’s e-government services.  Google also highlighted solutions for incident response and resilience-building measures.  Separately, Microsoft has agreed to create a new program to upskill Kenyans through free online certifications to help Kenya fortify its resilience against evolving cyber threats and support AI training and research.  In collaboration with the Government of Kenya and the University of Nairobi, Cisco launched in April 2024 its Cybersecurity Training and Experience Center in Kenya, the first on the African continent.  The Center is supporting the East African digital ecosystem, providing critical cybersecurity skills for future tech leaders. 
• Kenya Regional Cyber Sector Collaboration Symposium:   The United States and Kenya, in collaboration with the Software Engineering Institute, plan to hold a regional event later this year focused on enhancing information sharing between cybersecurity incident response teams to enable a more resilient cyberspace in East Africa.
• Commercial Law Development Program Advisory Support:   As a collaborative effort between the Departments of State and Commerce, the United States intends to provide policy and regulatory advisory services to support secure and trusted ICT ecosystems in Kenya.  Support includes policy and legislative reform advisory services, consultative meetings, capacity-building workshops, and multi-stakeholder engagement at international events. 
• Promoting Digital Connectivity:
• Expanding Digital Connectivity:   Google announced an investment in digital connectivity for Africa Connect, creating the first intercontinental fiber optic route in the southern hemisphere between Kenya and the Asia Pacific region.  The terrestrial portion of Africa Connect has regional breakout points which enable trusted connectivity from Kenya to Uganda, Rwanda, Democratic Republic of Congo, Zambia, Zimbabwe, South Africa and Google’s Africa Cloud Region. 
• Fiber Backbone and Access Network Expansion:  USTDA recently announced funding for a $1.13 million feasibility study to help Bandwidth and Cloud Services Group (BCS) expand its operations to provide new and affordable broadband network access to thousands of individuals across East and Central Africa.  This grant facilitates the expansion of BCS’s fiber backbone and access network in Kenya, the Democratic Republic of the Congo, Tanzania, and Uganda.  In turn, the expansion should enable other internet service providers to make new investments that can provide affordable fixed wireless access for an even larger consumer market.
• Affordable Urban Internet Connectivity:   USTDA recently announced $1.26 million in funding for a feasibility study to assess market opportunities across Africa in support of Kenya-based Poa Internet’s delivery of affordable fixed wireless internet access.  The grant aims to evaluate the viability of expanding internet access to an additional one million households in low-income urban communities across the continent.
• Bridging the Digital Divide Reverse Trade Mission Series:   USTDA announced two upcoming reverse trade missions to introduce public and private sector representatives from Kenya and Tanzania to the latest U.S. technologies, services, and financing solutions for last-mile connectivity and cybersecurity.  Both reverse trade missions are focused on expanding internet access and improving cybersecurity governance, while increasing the likelihood that these digital transformation projects are implemented using U.S. technologies and services.
• Mombasa to Malaba Fiber and Tower Infrastructure :  At the 2024 AmCham East Africa Business Summit, USTDA announced $1.2 million to address Kenya’s internet affordability gap.  USTDA’s grant to the Wilken Group enables evaluation of the development of fiber optic infrastructure and a series of 5G-capable towers along the Meter Gauge Railway between the cities of Mombasa and Malaba.
• Africa Cross-Continental Fiber Backbone :  At the 2024 AmCham East Africa Business Summit, USTDA announced $1.3 million in funding for a feasibility study for CSquared to assess plans for a cross-continent fiber optic backbone from East Africa to the Democratic Republic of the Congo.  The fiber optic backbone would help hundreds of thousands of Africans gain access to affordable broadband for the first time.  USTDA’s grant also aims to establish city-level fiber networks and last-mile connectivity to commercial buildings and homes.
• Last-Mile Internet:  The Government of Kenya and Microsoft continue to collaborate to increase internet connectivity in Kenya and throughout the region, including by bringing last-mile wireless internet access to 20 million Kenyans and 50 million people across East Africa by the end of 2025.
• Digital Transformation with Africa (DTA) Partnership with the Young African Leaders Initiative (YALI):  DTA intends to provide $1 million to YALI’s Regional Leadership Center (RLC) in Kenya to expand digital skills and literacy, support digital entrepreneurs and start-ups, and increase private sector engagement across East Africa.  This activity should inform additional DTA-YALI activities with other RLCs in Ghana, Senegal, and South Africa, benefiting young African leaders in 49 countries.
• Construction of Green Data Center for Cloud Services :  The government of Kenya and Microsoft announced they are joining a partnership that plans to construct a 1-gigawatt datacenter in Naivasha, Kenya.  The data center will be run on Microsoft Azure cloud services and offer access to cloud-based applications and services to organizations and individuals in Kenya and East Africa – allowing the Government of Kenya to move its data and services to trusted vendors.  The data center will be powered entirely by geothermal energy and will feature state-of-the-art water conservation technology to minimize water use. 
• M-KOPA:   DFC announced a $51 million loan to Kenyan company M-KOPA to support the financing of up to $210 million of smartphone receivables, and cash loans, increasing the affordability of devices to low-income borrowers.
• Establishing Strategic Dialogue on AI :  The governments of the United States and Kenya established a Strategic Dialogue on AI to discuss deepening our collaboration to ensure the development and deployment of safe, secure, and trustworthy AI systems.  This dialogue focuses on spurring innovation, bolstering sustainable and inclusive economic growth, promoting digital transformation, overcoming digital divides, and advancing democracy, equity, and universal human rights.  The Dialogue offers the opportunity to discuss and coordinate policies around the national security implications of AI and associated technologies.  The inaugural Strategic Dialogue on AI meeting is scheduled to take place in late 2024.
• Collaboration between the U.S. AI Safety Institute and Kenya’s Imagine Tech and Action Lab :  The U.S. AI Safety Institute and Kenya’s equivalent Imagine Tech and Action Lab plan on future collaboration to advance scientific research for AI safety, develop guidance for safety evaluations and mitigations, and work towards interoperable standards.  This collaboration fosters connections between our talent, resources, and capacity in order to harness the benefits of AI safety for all.  Through this collaboration, Kenya intends to join a growing global scientific network of institutes focused on AI safety and committed to international cooperation.

Peace and Security Cooperation:  Protecting People Across the Globe  

Decades of strong security cooperation between the United States and Kenya have played a critical role in East Africa and beyond.  This partnership extends to areas including international peacekeeping, peace negotiations, security governance, refugee inclusion, and cooperation in cybersecurity.  The U.S.-Kenya partnership plays a central role in international efforts to defeat al-Shabaab, ISIS elements based in East Africa, and other terrorist organizations.  The United States is also firmly committed to supporting Kenya in its deployment to lead the Multinational Security Support (MSS) mission to Haiti, providing much needed security assistance to the Haitian people.

• Elevating our Bilateral Relationship:   In a powerful symbol of the close relationship between the United States and Kenya, today President Biden is informing Congress he intends to designate Kenya as a Major Non-NATO Ally.  This designation is granted by the United States to countries with close and strategic working relationships with the U.S. military and defense civilians.  The United States has a deep respect for Kenya’s contributions to global peace and security.  This is the first designation of a sub-Saharan Africa nation as a Major Non-NATO Ally.
• Promoting Peace and Security:  To further strengthen and amplify Kenya’s regional role in peace negotiations and mediation, the U.S. Department of State’s Bureau of Conflict and Stabilization Operations is funding the Public International Law and Policy Group’s 12-month training program to establish an effective mediation/negotiations support unit in the Kenyan Ministry of Foreign Affairs Peace and Security Directorate.
• Leading on Refugee Response:  The United States and Kenya reiterate the importance of building a strong asylum system, partnering on social and economic integration of refugees and host communities, and supporting the U.S. Refugee Admissions Program.  Over the past 10 years, the U.S. Department of State’s Bureau of Population, Refugees, and Migration provided more than $667 million in humanitarian assistance in Kenya.  This funding supports basic needs, protection, and durable solutions for refugees and other vulnerable populations and promotes economic and financial inclusion for refugees and their Kenyan host communities.  In recognition of the importance of responsibility sharing and advancing solutions in protracted displacement, the United States has resettled more than 26,000 third country refugees from Kenya since 2014.
• Investing in the Security Sector:  The United States is making long-term investments in Kenya’s defense capabilities, including by building border security capabilities, increasing maritime security awareness, improving peacekeeping capacity, supporting humanitarian response, and strengthening civilian and military defense institutions.  The United States has invested heavily in Keya’s defense capabilities, providing over $230 million in civilian security and defense sector funding since 2020, with a strategic focus on our shared counterterrorism interests, including a robust partnership with the Massachusetts National Guard under the State Partnership Program. 
• Working Together to Bring Peace to Haiti:  The United States reaffirmed its support for Kenya’s plan to deploy 1,000 police to Haiti as part of the MSS mission to Haiti to help bring security and stability to the Caribbean nation.  Answering the call from Haiti and the international community, Kenya has pledged lead an international force as authorized by a UN Security Council Resolution 2699.
• Bolstering Criminal Justice System Response to Counter Terrorism:   Consistent with the vision President Biden laid out at the U.S.-Africa Leaders Summit, the State Department Bureau of Counterterrorism announced $18.7 million to help build the Kenyan criminal justice system’s ability to address terrorism threats in a manner consistent with the rule of law.  The funds provide training, mentorship, and equipment to investigators, forensic examiners, law enforcement, court officials, and prosecutors.  The programming also promotes the U.S. Strategy on Women, Peace, and Security through specialized training and mentorship for female law enforcement officers in Kenya engaged in counterterrorism efforts and capacity-building measures to improve the meaningful participation of women in peace and security.
• Countering Terrorism:  Underscoring our shared commitment in the fight against terrorism, U.S. and Kenyan officials plan to sign a Memorandum of Understanding to expand the Manda Bay Airfield in coastal Kenya by building a 10,000-foot runway.  The expanded facility provides Kenya the required infrastructure to increase operations against the terrorist group al-Shabaab.
• Deepening Cooperation on Information Sharing:  The two countries have committed to deepen cooperation on counterterrorism information sharing to constitute a comprehensive response to the international terrorist threat.  Additionally, Kenya is in the process of joining Operation Gallant Phoenix, a program that advances multinational collaboration and sharing of terrorist information to build mutual capacity to collect and use battlefield evidence in civilian criminal justice proceedings in a multiagency, multinational setting.  These initiatives should help both countries better protect our borders and our citizens from terrorist actors.
• Refurbishing and Delivering Helicopters:  Kenya is scheduled to receive 16 U.S.-manufactured helicopters between late 2024 and summer 2025 to bolster its ability to provide regional peace and security (8 Hueys) and participate in peacekeeping missions (8 MD-500s). 
• Continuing Military Procurement:  Kenya has one of the largest U.S. Foreign Military Sales portfolios in Africa.  Kenya selected approximately 150 M1117 Armored Security Vehicles from U.S. Excess Defense Article stocks, which are projected to arrive in Kenya September 2024.
• Collaborating in Military Exercises:  The United States welcomesKenya’s hosting of and participation in some of the largest U.S. military exercises in Africa, including Exercise JUSTIFIED ACCORD – the second largest U.S. military exercise in Africa – and Exercise CUTLASS EXPRESS, which focuses on building interoperability amongst multinational partners in the maritime environment.
• Deepening A Legacy of Military Training and Capacity Building:  In summer 2024, for the first time the Kenya Defence Forces have candidates starting courses at the U.S. Military Academy, the U.S. Naval Academy, and the U.S. Air Force Academy, building on a long tradition of the majority of Kenyan general officers benefitting from U.S. International Military Education Training courses.  The U.S. military currently has seven advisors in Kenya supporting Kenyan aviators and for the first time, the United States is providing a Strategic Logistics Advisor to Kenya’s Ministry of Defence.  Kenya’s U.S.-trained Disaster Response Battalion has also been involved in recent search and rescue operations in response to recent flooding in Kenya.

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Home » Startup Loan

This loan is usually designed for the new entrepreneur or entrepreneur who has minimum business experience.

Basic Information

Eligibility.

• Valid business license
• Business proposal
• Relevant pre-requisites as required by the bank from time to time.

List of some banks which have Startup Loan product

Required documents.

• Passport size photograph of loan applicant
• Trade license
• TIN certificate
• VAT certificate (if applicable)
• Electricity Bill
• Telephone Bill
• List and total price of fixed asset
• List of creditors
• List of debtors
• Names of employees, salary, post and monthly salary sheet
• Last 1-3 years bank statement
• One year sales report and profit & loss account of the business
• Completed CIB form
• Current customers/clients list
• Photocopy of partnership deed registered with registrar of firm duly attested by notary public ( for partnership firm )
• Photocopy of registration certificate duly attested by Notary Public in case of registered firm ( for partnership firm )
• Letter of partnership duly signed by all the partners, in case of non-registered firm ( for partnership firm )
• Resolution signed by all the partners to open the A/C ( for partnership firm )
• Other documents as per bank requirement  & nature of business

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The Doomsday Glacier is melting − fast. How sea level rise could drench the world map.

More unsettling news from the bottom of the world.

Scientists have uncovered evidence of "vigorous melting" at Antarctica’s Thwaites Glacier , (aka the "Doomsday Glacier") according to a new study published Monday in the journal Proceedings of the National Academy of Sciences . And for the first time, there is visible evidence that shows warm seawater pumping underneath the glacier.

The Thwaites Glacier, part of the vast West Antarctic Ice Sheet, is one of the world's fastest-changing and most unstable glaciers. At 74,000 square miles large, it's roughly the size of the state of Florida.

What is the Doomsday Glacier?

It's called the Doomsday Glacier because of its potential to dramatically raise sea levels in places such as Florida, and it has been studied for years as an indicator of human-caused climate change.

Study results also suggest the Antarctic Ice Sheet is more vulnerable to a warming ocean than previously thought, and, worryingly, may "require a reassessment of sea-level rise projections."

A 'most unstable place'

“Thwaites is the most unstable place in the Antarctic and contains the equivalent of 60 centimeters (2 feet) of sea-level rise," said study co-author Christine Dow of the University of Waterloo in Ontario. "The worry is that we are underestimating the speed that the glacier is changing, which would be devastating for coastal communities around the world."

To conduct the study, scientists used high-resolution satellite radar data to find evidence of the intrusion of warm, high-pressure seawater many miles beneath the grounded ice of the Thwaites Glacier.

Study lead author Eric Rignot of the University of California, Irvine told USA TODAY that there's much more seawater flowing into the glacier than had been previously thought. These "intrusions make the glacier more sensitive to ocean warming, and more likely to fall apart as the ocean gets warmer."

Future projections of global sea-level rise will have to include this new data, Rignot said. "The projections will go up," he said.

What happens if the Doomsday Glacier melts?

As it melts, Thwaites could cause ocean levels to rise as much as 2 feet, researchers say. But the glacier is also a natural dam to other ice in West Antarctica. If that ice is released into the oceans, levels could rise 10 feet, researchers estimate.

Such a rise would put many of the world's coastal cities underwater. According to the new study, it "will gravely impact populations in many low-lying areas like Vancouver, Florida, Bangladesh and low-lying Pacific islands, such as Tuvalu and the Marshall Islands."

How many years (or centuries) will it take for the Thwaites Glacier to melt entirely?

"It will take many decades, not centuries," Rignot told USA TODAY. "Part of the answer also depends on whether our climate keeps getting warmer or not which depends completely on us and how we manage the planet."

The study was published in the peer-reviewed journal Proceedings of the National Academy of Sciences.