东非私人资本政策监测

In this Issue 10Breaking Boundaries:Cracking the Code ofTax and Private Equityin Eastern Africa 6Shaping the Future ofPrivate Capital in EastAfrica: A Call for SmartRegulation 8Global Standards,Local Context: Insightsfrom Global PrivateCapital Regulation for 16Tokenisation: UnlockingAfrica’s Private EquityPotential 14Exploring Exits Optionsin East Africa’s PrivateCapital Space beyondthe Traditional Exit 12Structuring for Growth:Navigating TransferPricing 21Ethiopia One Year On:Valuing Exits in thePost-Liberalization Era 20Unlocking InvestmentPotential in EastAfrica with Tailored 18Mitigating TransactionRisk and ComplianceChallenges in EmergingMarkets: Legal Tools 28Kigali’s Rise asAfrica’s Premier FundDomiciliation Hub 25Tanzania: East Africa’sNew EconomicPowerhouse – andWhat This Means for 23Tanzania’s Moment:Building an InvestableFuture Through Startupand Private Capital 30The Intersection ofAccounting, Financeand Sustainability:Implications for Private Foreword nowaccounting for nearly one-third of Africa’s private capital deals.Startup funding into the region hasmore than doubled over the last five score the region’s ambition to createa harmonised, investor-friendly envi- At EAVCA, policy engagement is acontinuousmandate to strength-en the foundations of East Africa’sinvestmentecosystem.This journalreflectsthat commitment—captur-ing practitioner and partner insights, Christine MainaEAVCA CEO Policymakers are making boldstrides to attract and retain capital:Tanzania has enacted a Startup Actand PE/VC regulations, Uganda hasintroduced Partnership Regulations,Ethiopiahas launched its capitalmarket and stock exchange, Kenyahas strengthened CMA regulationsalongsideincentives through the Africa Private Capital Policy Moni-tor.This publication comes at a piv-otal time for our region, as East Africanavigates a dynamic investment andregulatorylandscape shaping the As we launch this publication, we re-affirm our dedication to advancingpoliciesthat balance risk,impact,and return, and to positioning East In recent years, East Africa has be-come one of the continent’s mostdynamicinvestment destinations, Editor’s Note Wethen cover critical operation-aland market issues that impactprivatecapital deals and growthlike navigating transfer pricing andcracking the code of tax in private We invite you to engage with the in-sights in this edition. For future edi-tions, we would welcome your per-spectives as we continue to forge Biancah KomoraResearch Lead, EAVCA Thisjournal offers insights frombroad regional context, through We extend our sincere gratitude toour partners atViva Africa Consult-ing LLPwho collaborated with us onthis publication and have tirelessly The journal then follows with invest-mentexit strategies and outlookto round off prospects for investors,wherewe explore exits options inEast Africa’s private capital space challenges and innovations, to regu-latory and exit strategies. The journalcovers macro-to-micro context fo-cusing on East Africa’s private capitalreforms and investment opportuni-ties. It blends regional scope with in-depth country nuances, operationalchallenges, innovation and investor Special thanks to the team of privatecapital professionals whose insightshave greatly enriched this inaugu-ral issue of the EAVCA East AfricaPrivate Capital Policy Monitor: Am-icorp, Bowmans, Cliffe Dekker Hof-meyr (CDH) Kenya, Clifford Chance,Deloitte, IKM (DLA Piper), Jersey Fi-nance, Kigali International Financial Thejournal then looks at coun-try-specificopportunities and de-velopments, where authors guide usthrough key markets and their uniquereformsand growth prospects inEthiopia, Tanzania, and Rwanda. We Beginningwith the regional over-view and investment potential to setthe stage, the authors discuss howwe can unlock investment potential For any questions, Contact: BiancahKomora, Research Lead - EAVCA atbiancah@eavca.org Introductory Note Anne Mubia-MurungiPartner, Viva Africa Consulting LLP Allan Wang’ang’a Associate, Viva Africa Consulting LLP creased energy and food prices, andheightened investor caution acrossfrontier markets. In this evolving con-text, private capital is increasingly harmonized across jurisdictions, anddesigned in close partnership with Foundations for the Future:Private Capital and Forward- Thelast few years have beenmarkedby interesting develop- Amidst these crosscurrents, privatecapital in East Africa has remainedremarkably resilient and has contin-ued to support innovation, financescalable enterprises and strengthenmarketecosystems.However,re-silience is not enough to unlock the scape in East Africa. As participantsin the private capital ecosystem, weexperiencethe need to navigatethroughunprecedentedpoliticalchange, rapid technological devel- At a regional level, political transi-tions in various East African coun-trieshave brought shifts in eco-nomicorientation and regulatoryenforcement thereby creating bothopportunitiesand new uncerta