Kenyan Pundit

Gosh, swamped at work…been to Kenya and back again since the last post and haven’t even had a chance to write about that. Was attending the opening of our office in Nairobi (of course the Nation got it wrong, it’s not 1 billion kshs investment funds, but the total commitment including the investment fund will amount to 1 billion kshs) and had meetings related to the set-up of the Fund we will be launching. Apart from the fact that law firms in Kenya seem to specialize in telling you what you can’t do, rather than what you can do in commercial transactions (frustrating just let me tell you!), the Capital Markets Authority is not an institution that takes itself seriously.

They have revised their licensing requirements, but the new rules have not been gazetted for over a year, which means you are in limbo as far as what regs you should follow…and no one can give you a straight answer. So people try and get “unofficial” OKs or just proceed under the new regs and hope they’ll be OK. Halafu we want to be considered a serious country? And don’t even get me started on how chicken and egg some of the rules are…to apply for a venture capital fund license, you have to be operating as a venture capital company for three years first…what? (N.B. registration as a venture capital fund is advantageous because you get a ten-year tax holiday).

I actually sympathize with Barclays, someone somewhere probably told them unofficially that they could go ahead.

If I was a commercial lawyer in Kenya I’d have a drinking problem or some other vice.

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- Hot on the heels on the lack of decent hotels in Nairobi is this piece on Paris Hilton’s trip to Rwanda. Let’s all get together and say a prayer for her to survive Africa.

- PC Magazine’s Top 100 blogs of 2007.

- Bankelele has a great post up on Nairobi town clerk - John Gakuo - I’m sure many of us can attest to the fact that Nairobi has greatly improved during his tenure…and a key bell-weather (for some of us at least!) is the ability to hang out in town and have a drink after work with no worries…and I can’t remember the last time I saw Nairobi so well lit at night.

- Mzalendo is currently piloting an effort to build content on the site by working with constituency-based journalists and citizen reporters (who write for us for a fee), check out the initial profile of Gichugu constituency.

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They expect to have 1 million customers by Jan 2008! Click here for the story.

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Was interviewed last week for a neat radio show (and not just because they had me on!) called Spark, check it out.

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“The World Bank Group and its partners announce the Development Marketplace for African Diaspora in Europe (D-MADE) Grant Competition. The competition seeks innovative project ideas from entrepreneurial African diaspora in Europe that generate employment, business support, training and incomes for the poor and disadvantaged. Ten to 15 winners will receive grant funding up to $40,000. All proposed projects must be implemented in sub-Saharan Africa. The competition is open to participants of sub-Saharan African origin residing in Europe. Proposals are welcome from a broad range of innovators, including entrepreneurs, private businesses, nongovernmental organizations, foundations, universities, research entities, and individuals.”

Proposal Deadline: 4.00 p.m. Brussels time, November 23, 2007.

See the website for details.

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