Day One—17 September, 2013
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8:00am-10:00am
Opening Session
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The Kenyan Economy: A Promising Road Ahead
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8:00am-8:15am
Opening Remarks
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HENRY ROTICH (Cabinet Secretary, National Treasury) Opening Remarks
HENRY ROTICH is the Cabinet Secretary for National Treasury. Prior to this appointment, Rotich was the Head of Macroeconomics at the Treasury, Ministry of Finance, since March 2006. Under this capacity he was involved in formulation of macroeconomic policies that ensured an affordable and sustainable path of public spending aimed at achieving the Government’s development priorities. In addition, he was also involved in preparation of key budget documents including the Budget Statements, as well as providing strategic coordination of structural reforms in the area of fiscal and financial sector. Prior to joining the Ministry of Finance, Mr. Rotich worked at the Research Department of the Central Bank of Kenya since 1994. Between, 2001 and 2004, he was attached to the International Monetary Fund (IMF) local office in Nairobi as an economist. Mr. Rotich holds a Master’s Degree in Public Administration (MPA) from the Harvard Kennedy School, Harvard University. He also holds Master’s Degree in Economics and a Bachelor’s Degree in Economics (First Class Honors), both from University of Nairobi.
Opening Remarks
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8:15am-8:45am
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Kenya: Resilient Macroeconomic Performance in a Challenging International Environment,
ANTOINETTE MONSIO SAYEH (Director of the African Department of the International Monetary Fund)
ANTOINETTE MONSIO SAYEH assumed her current position as Director of the African Department of the International Monetary Fund in July 2008. As Minister of Finance in post-conflict Liberia (January 2006 through June 2008) she led the country through the clearance of its long-standing multilateral debt arrears, the HIPC Decision Point, the Paris Club, and its first Poverty Reduction Strategy, significantly strengthening its public finances and championing public financial management reform. Before joining President Ellen Johnson Sirleaf’s Cabinet, Ms. Sayeh worked for the World Bank for seventeen years, including as Country Director for Benin, Niger, and Togo, Senior Country Economist on Pakistan and Afghanistan, as well as an Advisor in the Bank’s Operations Policy Vice Presidency and as Assistant to its principal Managing Director. Before joining the Bank, Ms. Sayeh worked in economic advisory positions in Liberia’s Ministries of Finance and Planning. Ms. Sayeh graduated with a bachelor's degree with honors in economics from Swarthmore College and a PhD in International Economic Relations from the Fletcher School at Tufts University.
Economic Resilience in a Challenging International Environment Opening remarks by Antoinette M. Sayeh
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8:45am-9:15am Keynote Address
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The Vision 2030: Where are we?
H.E. Hon. UHURU MUIGAI KENYATTA (C.G.H, President of the Republic of Kenya)
H.E. Hon. UHURU MUIGAI KENYATTA is the fourth President of the Republic of Kenya. H.E. President Kenyatta served as the Minister for Local Government from 2008 and Deputy Prime Minister and Minister for Trade from April 2008 onwards. In the same year, he was transferred to Treasury as Deputy Prime Minister and Minister for Finance, as part of the Grand Coalition Cabinet, where he served up to January 2012. During his tenure at Treasury, he spearheaded several reforms that changed how Treasury and Government transact business. These include the Economic Stimulus Programme (ESP) and the Integrated Financial Management Information System (IFMIS). He also launched the Fund for the Inclusion of Informal Sector (FIIS), enabling Micro and Small Entrepreneurs (MSE) to access credit facilities, expand their businesses and increase savings amongst other achievements. H.E President Kenyatta served as the Gatundu South Constituency Member of Parliament (MP) for two terms in 2002 and 2007. During his tenure as MP, he initiated several development projects on electricity, water, roads, schools, churches, and hospitals. He assisted local groups, especially the youth and lower income groups to achieve financial independence. During the first 100 days in office, H.E. President Kenyatta’s Government has reported impressive progress in fulfillment of its pledges to Kenyans which include free maternity care, waiver of user fee in public dispensaries, food security and the laptop project. The Government’s agenda for Kenya is articulated in the Jubilee Manifesto. H.E. President Kenyatta studied Political Science and Economics at Amherst College, Massachusetts, USA.
Speech by H.E. Hon. UHURU MUIGAI KENYATTA
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9:15am-9:45am
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Questions and Answers
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9:45am-10:15am
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Coffee Break
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10:15am-11:45am
Session 2
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Session 2
The Private Sector Poised to Lead the Way (Click for More ...)
Kenya’s growth in recent years has been noteworthy, especially if one takes into account the difficult circumstances faced by the country on the external and the domestic fronts, namely a global slowdown, a complex political transition, and adverse weather-related shocks. Kenya’s dynamic private sector has shown remarkable resilience while at the same time adapting to changes in the global economy, in the institutional framework, and the technological landscape. The fast expansion of its services sector, chiefly the emergence of an innovative telecommunications industry, has been key in accommodating the growing demands of an emerging middle class, the challenges arising from an expanding regional market, and the need to diversify trade and investment patterns in a changing world.
- Are the current conditions ripe for a further acceleration in economic activity in Kenya?
- Are remaining bottlenecks being removed at the speed that is required to ensure high and sustainable growth?
- How can the benefits from private sector-led growth permeate to the vast majority of the population?
Moderator: ALY-KHAN SATCHU (Chief Executive Officer, Rich Management Limited)
ALY-KHAN SATCHU is the CEO of Rich Management Limited, an investment advisory company in East Africa. The services cover investment advice, investor relations, public relations and digital media. Prior to this, Aly-Khan Satchu also ran Global Short End Trading Desks in the City of London for Credit Suisse First Boston and Sumitomo Bank amongst others. Aly-Khan has set up the web portal http://www.rich.co.ke an authorized data vendor of the Nairobi Securities Exchange which also transmits free live, real time stock exchange data to the public. Aly-Khan is a frequent commentator on international media such as Aljazeera and the BBC. He produces a Daily Podcast from Nairobi which is distributed by Reuters Insider.
Kenya: the Next Emerging Market
CHARLES ROBERTSON (Global Chief Economist, Renaissance Capital)
CHARLES ROBERTSON is a leading emerging markets specialist and has been ranked number-one economics and macro analyst in the Extel survey from 2007-10. He is the lead author of 'The Fastest Billion: The Story Behind Africa's Economic Revolution' that suggests that behind the stereotyped narrative are some jaw dropping indicators of extreme economic and social growth. At Renaissance Capital he covers global economic themes and their impact on emerging markets. Mr. Robertson’s team was also ranked number 1 for Sub-Sahara Africa research in the Institutional Investor rankings in 2012.
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Opportunities Stemming from a Rapidly Growing Middle Class, JONATHAN CIANO (Chief Executive Officer, Uchumi Supermarkets)
JONATHAN CIANO is the C.E.O, Uchumi Supermarkets. He has a wealth of knowledge derived from 25 years work experience in various companies including the Kenya Petroleum Refineries and Kenya Power & Lighting Company. His career has focussed on corporate strategy development, programme implementation, and finance and asset management amongst others. Mr. Ciano holds a Bachelor of Commerce Degree and a Masters in Business Administration degree from the University of Nairobi. He is a fellow of Certified Public Accountant, Kenya Institute of Management and holds an honorary doctorate in Humanities from United Graduate College & Seminary-California, and an honorary Doctorate in Business from Mt. Kenya University.
Kenya’s Future as a Regional ICT Hub,
ROBERT (BOB) COLLYMORE (Chief Executive Officer, Safaricom)
ROBERT (BOB) COLLYMORE is the CEO of Safaricom Limited, a leading communications company in Africa and pioneer of M-PESA, the world’s most developed mobile payment system. His work experience spans across diverse countries such as Japan, South Africa and the United Kingdom where he’s held senior roles in marketing, purchasing, retail and corporate affairs. Bob has more than 30 years of commercial experience working in the telecommunications sector and is passionate about how businesses can be catalysts in transforming communities. Mr. Collymore sits on The Vision 2030 Delivery Board and the United States International University advisory board. He is also the chairman of the TEAMS (The East African Marine System) Board.
Harnessing East Africa’s Growth Potential,
CHARLES IRELAND (Group Managing Director and Chief Executive Officer, EABL)
CHARLES IRELAND was appointed Group Managing Director & CEO, EABL in April 2013. Mr. Charles Ireland joined Diageo in 1997, after working for Nestle in Great Britain for 10 years. He held senior positions within Diageo in Great Britain and moved to Diageo’s operations in Asia in 2000. In 2006, He was appointed as Managing Director of Guinness Anchor Berhad (GAB), a position he held until his current appointment. Under his leadership, Guinness Anchor Berhad (GAB) witnessed five successive years of growth in terms of volume, market share, revenue and profit. He has served as the President of Malaysian International Chamber of Commerce and Industry for three terms and been a member of the Malaysian Prime Minister’s Innovation Investment and Green Award panel. Charles has more than 25 years of commercial experience working in the FMCG sector.
Kenya and the Eastern African Market: Investment and Trade Opportunities, a View from India,
T.C.A. RANGANATHAN (Chairman & Managing Director, Export-Import Bank of India)
T.C.A. RANGANATHAN is the Chairman of Exim Bank and serves on the Board of Directors of Export Credit Guarantee Corporation of India Ltd., Mumbai; Agricultural Finance Corporation Ltd., Mumbai and Small Farmers’ Agri-Business Consortium. Mr. Ranganathan has more than 35 years of experience with State Bank of India (SBI), having held diverse assignments including, inter alia, branch operations, regional controller of branches, corporate finance, international banking and corporate consultancy services. He was a member of the Technology Planning Group set up by SBI in early 2000 for introducing new technology and change management initiatives and was also the North India Head and Senior Vice President of SBI Capital Markets Ltd. He holds a Masters degree in Economics from Delhi School of Economics and Diploma in Corporate Law, and has attended Executive Development Programs at Wharton, and IIM, Lucknow.
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12:00am-1:30pm
Session 3
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Harnessing Natural Resources for Growth, (Click for More ...)
Recent discoveries in natural resources in Kenya, particularly oil, coal, and rare earths are opening new avenues in an already diversified economic landscape. Kenya’s extractive industries have generated a great deal of interest amid signs that mineral reserves could be commercially viable. To better exploit the benefits from incursion into these new activities, resources must be well-managed from the outset.
- What is the most appropriate licensing and taxation framework?
- What is the role of transparency in getting resource wealth management right?
- How can productivity in other sectors be raised quickly to prevent the emergence of imbalances?
Moderator: AKERE T. MUNA (Vice-Chairperson, Transparency International )
AKERE T. MUNA is founder and former President of Transparency International (TI) Cameroon. Called to the Bar of England and Wales in 1978, he is a lawyer by training. He is President of the African Union’s Economic, Social and Cultural Council, President of the Pan African Lawyers Union, and former president of the Cameroon Bar Association. In January 2010 he was elected to the Panel of Eminent Persons, which oversees the African Peer Review process. Akere Muna is member of the High Level Panel on Illicit Financial Flows from Africa and Sanctions Commissioner of the African Development Bank. He serves on several national commissions on legal reform and curbing corruption. Actively involved in the TI working group that helped draft the AU Convention on Preventing and Combating Corruption, he authored a guide to the Convention. He was elected Vice-Chair of TI’s Board in 2005 and again in 2008 and 2011.
The Case for Socially Responsible Mining,
IAN SATCHWELL (Director, International Mining for Development Centre)
IAN SATCHWELL is Director of the International Mining for Development Centre, a joint venture between The University of Western Australia and The University of Queensland, supported by the Australian Government though AusAID. The Centre provides practical advisory, education and training services to developing nations across mining-related issues. It is part of Australia’s Mining for Development Initiative that seeks to help developing countries to develop sustainable mining and petroleum industries to underpin economic growth. Ian has 27 years of experience in mining and development policy at national and international levels, operating at the business-government-community interface. For the past 10 years, he has held management roles in national economics consultancy firms, advising industry and government on a broad range of issues. Previously, Ian was a manager within four different minerals and energy industry bodies. Ian is a regular visitor to countries in Africa, Asia and Latin America.
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Maximizing the Benefits of Natural Resource Wealth,
DAVIS CHIRCHIR (Cabinet Secretary, Energy and Petroleum)
DAVIS CHIRCHIR is the Cabinet Secretary Energy and Petroleum. Mr.Chirchir has a depth of experience in project development, management and execution and is skilled in strategic analysis and financial management. He previously served as a Commissioner at the Interim Independent Electoral Commission. Prior to this, he was the General Manager at Kenya Posts and Telecommunications Corporation where he coordinated its restructuring to create Telkom Kenya, Communication Commission of Kenya, Postal Corporation of Kenya and the Staff Pension Fund. He also coordinated the privatization of Telkom Kenya and establishment of Safaricom. Mr. Chirchir holds a Masters of Business Administration in International Management from Royal Holloway School of Management, University of London and a Bachelor of Science degree in Computer Science and Physics from the University of Nairobi.
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PHILIP DANIEL (Advisor, Fiscal Affairs Department, IMF)
PHILIP DANIEL is Advisor, Immediate Office, Fiscal Affairs Department (FAD), at the International Monetary Fund (IMF), where he coordinates FAD’s work on extractive industries, and was formerly Deputy Head, Tax Policy Division in FAD. Philip has conducted technical assistance projects in all regions of the world on fiscal regimes for resource industries, on resource revenue management, and general tax policy. He is also Coordinator for FAD of the IMF’s multi-donor Managing Natural Resource Wealth Topical Trust Fund. Before joining the IMF in 2006, Philip advised many governments on commercial negotiations and policies for extractive industries. He is co-editor, with Michael Keen and Charles McPherson of The Taxation of Petroleum and Minerals: Principles, Problems and Practice and also a principal author of Fiscal Regimes for Extractive Industries—Design and Implementation. Philip has been Distinguished Lecturer in Mineral Economics at the Colorado School of Mines (USA), is Honorary Faculty of the Centre for Energy, Minerals and Petroleum Law and Policy at the University of Dundee (UK), and currently serves on the Advisory Board of the Oxford (UK) Centre for the Analysis of Resource Rich Economies.
Read the Paper
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1:15-1:30
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Question and Answers
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1:30 pm-2:30pm
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Lunch Break
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2:30pm-4:15pm
Session 4
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Fiscal Priorities to Support Growth: (Click for More ...)
Kenya has transformed its administration of fiscal resources by strengthening the management of its public finances, enhancing expenditure efficiency, and raising the relative share of growth-enhancing development expenditures in the budget. Moreover, in line with the objectives of the new Constitution, the country has just embarked on a process of fiscal decentralization that is expected to lead to enhanced accountability and timely delivery of social services at the county level. Maintaining fiscal discipline in the face of new spending pressures will remain essential to safeguard the country’s overall sound debt dynamics and to preserve adequate buffers to face unanticipated shocks.
- Can all these different objectives be reconciled?
- Are remaining challenges being addressed in a timely manner?
- How can fiscal policy ensure efficient public services while contributing to preserve stability and support growth at the same time?
Moderator: KWAME OWINO (Chief Executive Officer, Institute of Economic Affairs)
KWAME OWINO is the Chief Executive Officer (CEO) of the Institute of Economic Affairs, a think tank on public policy that is based in Kenya. Prior to taking the office, he worked as a programme officer, leading research and policy dialogue in the policy area of economic regulation and competition policy and has diverse interests on economic regulation, employment economics and public sector reform. He undertakes and oversees research in IEA-Kenya’s key policy areas on public expenditure and revenue analysis, international trade, economic regulation and the use of futures methodologies to inform public affairs in Kenya.
Delivering Better Services through Fiscal Reforms and Decentralization,
HENRY ROTICH (Cabinet Secretary, National Treasury)
HENRY ROTICH is the Cabinet Secretary for National Treasury. Prior to this appointment, Rotich was the Head of Macroeconomics at the Ministry of Finance since March 2006. Under this capacity, he was involved in formulation of macroeconomic policies that ensured an affordable and sustainable path of public spending aimed at achieving the Government’s development priorities. In addition, he was also involved in preparation of key budget documents including the Budget Statements, as well as providing strategic coordination of structural reforms in the fiscal area and the financial sector. Prior to joining the Ministry of Finance, Mr. Rotich worked at the Research Department of the Central Bank of Kenya. He was attached to the International Monetary Fund (IMF) local office in Nairobi as an economist between 2001 and 2004. Mr. Rotich holds a Master’s Degree in Public Administration (MPA) from the Harvard Kennedy School, Harvard University. He also holds Master’s Degree in Economics and a Bachelor’s Degree in Economics (First Class Honors), both from University of Nairobi.
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Managing Public Debt to Lower Risks,
HARON SIRIMA (Deputy Governor,
Central Bank of Kenya)
HARON SIRIMA is the Deputy Governor, Central Bank of Kenya since October 2011. He joined the Bank in 1986 and rose through the ranks to serve at senior positions. In the period between 2004 and 2011, he served as Deputy Director, Debt Management Department in the Ministry of Finance on secondment from the Bank. Dr Sirima has extensive experience in public finance and sovereign debt management. He has been instrumental in the implementation of comprehensive public debt management reforms in Kenya. He holds a PhD in Entrepreneurship from Kenyatta University and a Master of Arts degree in Economics from Manchester University, UK.
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Addressing Development Needs while Maintaining a Sustainable Fiscal Stance,
ROGER NORD (Deputy Director, IMF African Department)
ROGER NORD is a national of the Netherlands. Currently Deputy Director of the IMF’s African Department, he oversees country operations in East Africa and francophone West Africa. He also leads the work on public finance issues in Africa. Previously, he was IMF mission chief for several African countries, including Tanzania, Uganda, Cameroon, and Gabon. Among his recent publications, he was the lead author of Tanzania – The Story of an African Transition (2009). Before joining the African Department, he was advisor to IMF Managing Director Horst Köhler and the IMF’s regional representative in Central Europe.
Read the Paper
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4:00 pm-4:15pm
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Questions and Answers
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4:15pm-4:45pm
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Coffee Break
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4:45pm-6:00pm
Session 5
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Anchoring a Stable Monetary and Financial Outlook:(Click for More ...)
Foreign investors are increasingly attracted to Kenya because of its low-inflation environment, a flexible but stable exchange rate, and the smooth functioning of its financial system. Prudent monetary policy and a focus on achieving the Government’s medium term inflation target, accompanied by a pro-active approach to facilitate financial innovation and deepening have been key in transforming the macroeconomic environment into an emerging-market type backdrop.
- Is Kenya ready to take the next step and move towards policies consistent with an inflation targeting framework?
- Are money market operations supporting the growth and deepening of financial intermediation?
- How has Kenya benefitted from a strategy of moving towards a more market-friendly policy framework?
Moderator:PHUMELELE MBIYO (Head of Macroeconomic Research, Stanbic Bank)
PHUMELELE MBIYO has been working for Standard Bank since June 2006, as part of a team conducting macroeconomic research on African countries outside of South Africa. His principal focus has been on countries in East and Southern Africa. Prior to joining Standard Bank, He worked in the investment management industry in a similar capacity, first with Alliance Capital Management and then Investec Asset Management both in South Africa. In the public policy arena, he has been part of the macroeconomic modeling team at the South African Reserve Bank as well as at the National Electricity Regulator. He holds a Master of Arts degree in Economics and a Bachelor of Commerce degree in Economics and Statistics from the University of the Western Cape.
Monetary Policy and the Transition Towards Inflation Targeting, NJUGUNA NDUNG’U (Governor, Central Bank of Kenya)
NJUGUNA NDUNG’U is the Governor of the Central Bank of Kenya since March 2007. Prior to this appointment, he was the Director of Training at the African Economic Research Consortium (AERC). He has taught economics at the University of Nairobi, has worked with the International Development Research Centre (IDRC) and at the Kenya Institute of Public Policy Research and Analysis (KIPPRA). A member of various boards in the financial sector and in the Vision 2030 Delivery Secretariat, the Governor was also the chair of the Steering Committee of the Alliance for Financial Inclusion (AFI) based in Bangkok, Thailand from 2009 till Sept 2012. He is now the Chair of the newly launched African Mobile Phone Financial Services Policy Initiative (AMPI), a sub-network of AFI. Prof. Ndung’u is a researcher and trainer in various fields of economics. He has published widely in journals and chapters in volumes on inflation, exchange rate, economic growth and poverty reduction. He holds a PhD in economics from Gothenburg University, Sweden, a Bachelors and Masters of Arts in Economics from the University of Nairobi and is an Associate Professor of Economics from the University of Nairobi.
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DOMENICO FANIZZA (Assistant Director, IMF African Department)
DOMENICO FANIZZA is an Assistant Director with the African Department of the International Monetary Fund (IMF). He has been leading the IMF team working on Kenya since January 2010. Previously, he held positions in the Middle Eastern Department, where he led missions to Lebanon, Morocco, Algeria, and Tunisia. Mr. Fanizza holds a Ph. D. in Economics from Northwestern University.
Read the Paper
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5:30pm-6:00pm
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Questions and Answers
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7:00pm-9:00pm
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Dinner Reception
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Day Two—18 September, 2013
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8:30am-10:30am
Session 6
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The Financial Sector: Shifting Gears, (Click for More ...)
Kenya's digital financial inclusion journey has been globally acclaimed. While mobile financial services have transformed Kenya's financial sector in the last seven years, and helped position Nairobi as a regional financial services hub, more remains to be done to allow the financial sector to drive Kenya's Vision 2030 development agenda.
- How can the financial sector and capital markets be deepened?
- Is Kenya ready to address the challenges arising from emerging trends, like private equity investments and an expansion of regional bond markets?
- How is Kenya positioned to take advantage of the growing interest of foreign financial institutions for channeling savings into the region?
Moderator: MARTIN ODUOR-OTIENO (Senior Advisor, Deloitte East Africa)
MARTIN ODUOR-OTIENO is a Partner in the professional services firm, Deloitte East Africa, where he also serves as Senior Advisor, Financial Services Industry since May 2013. Prior to this, he was Chief Executive Officer of Kenya Commercial Bank (KCB) Group, a leading Bank in Eastern Africa. He has also worked in senior positions with Barclays Bank, BAT Kenya, PBM (now Ernst &Young) as well as serving between 1999 and 2001 as Permanent Secretary, Ministry of Finance & Planning in the Government of Kenya. He holds Executive MBA and Bachelor of Commerce degrees and is a Fellow of both the Kenya Institute of Bankers and Institute of Certified Public Accountants of Kenya, as well as a member of the Institute of Certified Public Secretaries of Kenya. He has also been awarded an Honorary Doctor of Business Leadership degree by KCA University.
Kenya’s Mobile Banking: A Revolution in the Financial Landscape,
NJUGUNA NDUNG’U (Governor, Central Bank of Kenya)
NJUGUNA NDUNG’U is the Governor of the Central Bank of Kenya since March 2007. Prior to this appointment, he was the Director of Training at the African Economic Research Consortium (AERC). He has taught economics at the University of Nairobi, has worked with the International Development Research Centre (IDRC) and at the Kenya Institute of Public Policy Research and Analysis (KIPPRA). A member of various boards in the financial sector and in the Vision 2030 Delivery Secretariat, the Governor was also the chair of the Steering Committee of the Alliance for Financial Inclusion (AFI) based in Bangkok, Thailand from 2009 till Sept 2012. He is now the Chair of the newly launched African Mobile Phone Financial Services Policy Initiative (AMPI), a sub-network of AFI. Prof. Ndung’u is a researcher and trainer in various fields of economics. He has published widely in journals and chapters in volumes on inflation, exchange rate, economic growth and poverty reduction. He holds a PhD in economics from Gothenburg University, Sweden, a Bachelors and Masters of Arts in Economics from the University of Nairobi and is an Associate Professor of Economics from the University of Nairobi.
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Financial Deepening: What Role for the Stock Market and Private Equity,
AYISI MAKATIANI (Managing Partner and CEO, Fanisi Capital Ltd)
AYISI MAKATIANI is the Managing Partner and CEO at Fanisi Capital Ltd, a private equity and venture capital firm that makes direct investments in high growth businesses across diverse industry sectors in the East African market. He has accumulated extensive management experience and operational knowledge on African Markets. Ayisi co-founded African Online Holdings Ltd and served as its CEO. He has been a director of Kenya Airways Ltd since August 2005 and has been voted among the leading top 15 CEOs in East Africa three years in a row in the Annual PWC- Nation Media Group survey of the top CEO’s in Kenya, Uganda, Tanzania and Rwanda. Previously he served as the CEO and Managing Director of African Management Services Company and Managing Partner of Gallium Partners Investments.
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Bond Market Developments and Prospects: A Regional Point of View,
KITILI MBATHI (Regional Chief Executive, Standard Bank)
KITILI MBATHI is the Regional Chief Executive for Standard Bank with responsibility for the oversight of subsidiary banks in Kenya, Uganda, Tanzania, Malawi and Zambia. He has 25 years of banking and financial services experience in East Africa with a four year stint in the United States. Prior to his current position he was the Managing Director of Stanbic Bank Uganda where he oversaw the acquisition of Uganda Commercial Bank and its transformation from statutory management into the leading bank in the country. While in Uganda, Mr. Mbathi served on the Presidential Investors ‘Round Table. Mr. Mbathi was seconded to the Government of Kenya in 2000 as part of an Economic Recovery Team as Investment Secretary in charge of Privatization. He has a Bachelors Degree in Economics and Political Science from the University of Michigan, U.S.A. and a Masters Degree in Banking and Finance for Development from Instituto Finafrica in Milan Italy. Kitili Mbathi is the Chairman of the Kenya Tourist Board and a member of the University of Nairobi Council. He is also a member of the Advisory Group for Sub-Saharan Africa for the Director for Africa of the International Monetary Fund.
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Tapping Foreign Savings: Kenya’s Sovereign Bond Issue,
CARMEN ALTENKIRCH (Director, FitchRatings)
CARMEN ALTENKIRCH is a director in Fitch Ratings’ sovereign group, where she focuses on sub-Saharan Africa. Prior to joining Fitch in 2012, she worked as an economist at Nedbank Ltd in South Africa, where she assessed sovereign risk for a broad range of countries as well as focused on macroeconomic developments in South Africa. She graduated cum laude with a Master’s degree in Economics from the University of Stellenbosch in South Africa, focusing on macroeconomics, international economics as well as econometrics.
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10:30am-11:00am
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Coffee Break
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11:00am-1:20pm Session 7
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Closing the Infrastructure Gap, (Click for More ...)
To ensure that the envisaged acceleration of investment becomes a reality, it is crucial to address infrastructural bottlenecks decisively. In particular, significant investments in transport and energy are set to accelerate further in the context of Vision 2030, and will be clear priorities to unleash Kenya’s growth potential. Potential economic gains are multiple. On transportation projects, the development of a comprehensive national road network, the implementation of the regional railway project, and the modernization of the port infrastructure will ensure sizable cost reductions that would support Kenya’s competitiveness in the global economy. Renewable energies would guarantee adequate power supply as the economy expands, reducing vulnerability to volatile international energy prices.
- What is the right cost-benefit balance for infrastructure investment decisions?
- What are the most appropriate and sustainable sources of financing?
- What are the main lessons from successful experiences abroad with public private partnerships?
Moderator:EDDIE NJOROGE (Former Managing Director & CEO of Kenya Electricity Generating Company)
EDDIE NJOROGE is the immediate former Managing Director & CEO of Kenya Electricity Generating Company (KenGen) since March 2003. He is also the immediate former President of the Association of Power Utilities in Africa and Chairman of World Energy Council, Kenya Chapter. Chairman of the Nairobi Securities Exchange and Telkom Kenya Ltd. Prior to joining KenGen, he served in the Private Sector as the founder and Chairman of ABCON Ltd., a diversified group of companies involved in chemicals, water treatment and manufacture of industrial detergents and breakfast cereals. Mr. Njoroge has been involved in social service through the Round Table Movement and was the President of Association of Round Tables of East Africa (ARTEA) 1986 and Africa Regional Chairman 1987 and a member of the World Council Board 1989.
Opening Remarks -- ENGINEER MICHAEL KAMAU (Cabinet Secretary, Transport and Infrastructure)
ENGINEER MICHAEL KAMAU the Cabinet Secretary, Transport and Infrastructure has been in the Civil Service since 1981. He was appointed Permanent Secretary in the Ministry of Transport in October, 2007 and is a key architect of the infrastructure upgrade in the country over the past 10 years. He holds a Bachelor of Science in Civil Engineering from the University of Nairobi, Master of Science in Engineering from the University of New Castle Upon Tyne, United Kingdom. He has received extensive training in the field of engineering and management both locally and internationally. He is registered as a Professional Consulting Engineer by Engineers Board of Kenya. He is a fellow of the Institution of Engineers of Kenya and also a fellow of the Kenya Institute of Management. He is an associate member of the Chartered Institute of Arbitrators.
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Expanding Kenya’s Transport Infrastructure in the Regional Context, representative from the People’s Republic of China.
Maximizing Kenya’s Renewable Energy Potential,
GABRIEL NEGATU (Regional Director, East Africa Resource Center, African Development Bank)
GABRIEL NEGATU is the African Development Bank Regional Director for East Africa Regional Center, based in Nairobi. In this capacity, Mr. Negatu has direct oversight responsibility for six countries in the region, namely Kenya, Tanzania, Uganda, Burundi, Rwanda, and the Seychelles. His responsibilities also include implementation support for the Bank’s portfolio in thirteen countries in the region. Prior to his current position, Mr. Negatu was Director of the Bank’s Governance, Economic & Financial Management Department; with operations responsibility for economic and financial reforms and the promotion of good governance, in over 30 countries across the continent. Mr. Negatu started his career in the Bank’s Policy and Review Department, where he managed the Bank’s relation with CSOs, the work on Social Impact Assessments, Harmonization and Alignment around the Paris Declarations; among other positions he held within the institution.
Geothermal Power Potential: Lessons from Iceland,
GUNNAR ORN GUNNARSSON (Chief Operating Officer, Reykjavik Geothermal)
GUNNAR ORN GUNNARSSON has been in a leadership position in several industrial companies in Iceland and been a board member in many small and middle size companies. Gunnar represented the Government on the negotiating team in negotiations with Alcoa to secure its 340 tpa aluminum smelter which is now in full operation. Later he was a CEO of a Venture Capital Fund. For the last seven years Gunnar has been working in the power sector on business development specializing himself in contracting and financial matters. Gunnar holds a MSc. degree in Engineering.
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Investing for Development
APURVA SANGHI (World Bank’s Lead Economist,
Kenya)
APURVA SANGHIbased in Nairobi, is the World Bank’s Lead Economist for Kenya, Rwanda and Eritrea. Prior to that, he led the economic growth cluster of the World Bank’s Poverty Reduction and Economic Management (PREM) Department in Washington DC. Apurva is also a lead author for the Intergovernmental Panel on Climate Change’s (IPCC) Special Report on Extreme Events, and was the team leader for the joint World Bank – UN flagship project on the economics of disasters. He has worked on development topics ranging from infrastructure and climate change to microfinance and agricultural economics. Before joining the World Bank, Apurva worked in private sector consulting; for the Thailand Development Research Institute; and held teaching and research positions at the University of Chicago, Thammasat University (Bangkok), and Yale University. He holds degrees in physics and economics, and a PhD from the University of Chicago, where his core training was on growth and macroeconomics.
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Making Public Private Partnerships Work: Korea’s Experience
DR. JONGYEARN (JON) LEE (Korea Development Institute)
DR. JONGYEARN (JON) LEE joined Korea Development Institute (KDI) as Fellow in June 2012. His research fields are Industrial Organization, Applied Econometrics, and Applied Microeconomics. More specifically, he is interested in empirical aspects of consumer choices, social interactions, Public-Private Partnerships, and risk management in project financing. He works at the Public and Private Infrastructure Investment Management Center (PIMAC), KDI, where he does research on forecasting demand for cultural and sports facilities and identifying risks in overseas development projects. Dr. Lee attended Korea Advanced Institute of Science & Technology (KAIST), receiving a Bachelor of Science degree in Chemistry and Industrial Management. He also has a Master of Arts degree in Economics from Techno economics and Policy Program at Seoul National University and Master of Science degree in Management Science and Engineering from Stanford University. He then attended University of Michigan, where he was awarded Master of Arts degrees in Economics and Statistics and Ph.D. degree in Economics.
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1:00-1:20pm
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Questions and Answers
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1:20pm-2:30pm
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Lunch Break
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2:30pm-4:30pm Session 8
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Making Inclusive Growth a Reality, (Click for More ...)
Kenya’s history shows that it has the capacity to grow at levels that will enable it to reach middle income status within the next decade. Translating this into improved living conditions for all and stronger social protection for those who are most at risk is an additional challenge that Kenya needs to face at the outset to make a dent in poverty, and to ensure the support of the majority of the population in its endeavors.
- What are the policies for fostering inclusive growth that are applicable to Kenya in the current juncture?
- What are the mechanisms that have proved to work in building consensus for reform?
How can broadening the reach of financial services have a fundamental impact on pulling people out of poverty?
- How can direct cash transfer programs simultaneously shield the poorest and stimulate economic activity?
- What are the policy measures necessary to support job creation?
Moderator: KATRINA MANSON (East Africa correspondent for the Financial Times)
KATRINA MANSON is East Africa correspondent for the Financial Times, based in Nairobi since 2011. She has reported from African countries for eight years, and was previously Reuters correspondent in DR Congo, Tanzania, Sierra Leone and Burkina Faso, and editor of Africa investor magazine. She read Modern History and Politics at Balliol College, Oxford University, where she took a double first and was a prizewinning scholar.
Opening Remarks – ANNE WAIGURU (Cabinet Secretary, Devolution and Planning)
ANNE WAIGURU is the Cabinet Secretary for Ministry Devolution and Planning. She served as the Director, Integrated Financial Management and Information System (IFMIS), and, Head of Governance at the National Treasury. She also served as the Alternate to the Permanent Secretary/National Treasury in the Public Procurement Oversight Authority and Advisory Board and, the Women Enterprise Fund Board. Ms Anne Waiguru holds a Masters degree in Economic Policy from the University of Nairobi, and has specialized experience in public finance, financial management systems, public service reform and capacity building, and, governance.
Financial Inclusion Has Made a Difference,
ALFRED HANNIG (Executive Director
Alliance for Financial Inclusion)
ALFRED HANNIG is the Executive Director of the Alliance for Financial Inclusion, an international initiative dedicated to providing the world’s 2.5 billion unbanked safe access to the formal financial system through smart policy initiatives. Before officially launching the organization in 2008, Dr. Hannig spent three years leading the design and development of AFI’s unique institutional peer to peer knowledge network concept, aimed at giving international recognition to developing and emerging policymakers as world leaders in the financial inclusion field. While serving as Executive Director, Dr. Hannig has overseen the growth of AFI from an organization with a few enthusiastic members, into a global alliance of financial inclusion institutions from over 80 developing and emerging nations. Before his work with AFI, Dr. Hannig served in leading management, policy advisory, training and research focused positions around the world including: Director of GIZ’s Sustainable Economic Development Programs in Indonesia; Head of the Financial System Development Program in Uganda; Specialist Consultant with the Superintendencia de Bancos in Bolivia; and Head of the Financial Systems Development Unit at German Technical Cooperation. Dr. Hannig received his Ph.D. on financial sector reform from Freie Universität Berlin and has authored several publications focused on development finance.
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Building Consensus Through Transfers to the Poor: Lessons from Brazil
OTAVIANO CANUTO (Senior Adviser on BRICS Economies, World Bank)
OTAVIANO CANUTO is the Senior Advisor on BRICS in the Development Economics Department, a new position established by President Kim to bring a fresh research focus to this increasingly critical area. He previously served as the Bank’s Vice President and Head of the Poverty Reduction Network (PREM), a division of more than 700 economists and other professionals working on economic policy, poverty reduction, gender equality and analytic work for client countries. He also served as an Executive Director of the Board of the World Bank from 2004-2007. Outside of the Bank he has held leadership positions at the Inter-American Development Bank where he was Vice President for Countries and for the Government of Brazil where he was Secretary for International Affairs at the Ministry of Finance. He also has an extensive academic background, serving as Professor of Economics at the University of São Paulo and University of Campinas (UNICAMP) in Brazil.
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Creating Jobs for Kenya’s Youth,
VIMAL SHAH (Chief Executive Officer, BIDCO Group)
VIMAL SHAH is the Chief Executive Officer of the BIDCO Group, a leading manufacturer, marketer and distributor of edible oils, fats and hygienic products. Vimal has transformed BIDCO from a small and an unknown company to East Africa’s most respected manufacturing company. The Group has interests in the FMCG sector as well as Agribusiness and Real Estate in the whole of EAST AFRICA – with presence in Kenya, Uganda, Tanzania and Rwanda. Vimal Shah is a management graduate from the United States International University and has been associated with the Group, since its inception. He has been instrumental in the establishment of state-of-the art processing facilities and adoption of information and communication technology across all operations of the Group. He is currently the Chairman of the Kenya Private Sector Alliance – KENYA as well as Chairman of the East African Business Council in ARUSHA, EAST AFRICA.
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4:10pm-4:30pm
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Questions and Answers
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4:30pm-5:15pm
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Closing Remarks by IMF Antoinette M. Sayeh, Director African Department, IMF and Henry Rotich, Cabinet Secretary, National Treasury
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5:15pm-6:00pm
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Press conference
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