Xylem Pty acquires 72.05% stake in Madison Financial Services Zambia for US$35 million

ZAMBIA – Xylem Trading (Pty), a company and investment vehicle incorporated in South Africa will acquire 72.05% shares in Madison Financial Services (MFS), Zambia for US$35 million. The transaction was facilitated by Lyco Business Solutions, a Business Advisory and Capital Raising firm which is represented in Zambia, SADC region, Europe, and the USA. MFS is “a Zambian company deeply enshrined in securing the future of its clients and the stability of its employment environment, while seeking to maximize returns to all stakeholders,” read a statement from MSF. MFS was incorporated…

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The OPEC Fund boosts sustainable agriculture in Malawi with US$20m development loan

MALAWI – The OPEC Fund for International Development (the OPEC Fund) has signed a US$20 million development loan agreement with Malawi to improve the livelihoods of around 1.3 million people living in rural areas. The financing will support the ‘Transforming Agriculture through Diversification and Entrepreneurship’ program, aligning with Sustainable Development Goal 2 on food security, improved nutrition, and sustainable agriculture. The objective of the program is to strengthen value chains and improve the resilience and capacity of Malawi’s smallholder farmers and rural organizations. The program will provide better infrastructure ,including…

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China’s LONGi solar appoints Maryzad to be distributor and partner in Africa

EGYPT – LONGi, a Chinese manufacturer of photovoltaics and a developer of solar projects, has announced the appointment of Maryzad, a Saudi-Egyptian company founded in 2012, as a new major distributor and partner, leveraging its strengths in the field of solar, alternative and renewable energy as it expands its presence in Africa. Water requirements in Egypt have grown over recent years due to an increase in population, improving living standards and agricultural expansion, agriculture currently accounting for the largest share of the country’s total water consumption. “Solar energy is the…

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South Africa’s Mondi acquires Turkish corrugated packaging player Olmuksan

SOUTH AFRICA – Paper and packaging product group Mondi has said it will acquire Istanbul-listed Olmuksan, a Turkish corrugated packaging player, for US$81.5 million. Mondi said in a Johannesburg Stock Exchange regulatory filing that it would buy 90.38 percent of the outstanding shares in Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.S (Olmuksan), from International Paper. The implied enterprise value of the Turkish company, on a 100 percent basis, would amount to around US$108.6 million. Olmuksan is a well-established corrugated packaging player in Turkey and its five plants provide a…

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Telecom Egypt partners with Google to provide it with mesh solution

EGYPT – Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, has signed an agreement with Google to provide Google with the first of its kind layer three meshed solution on multiple Telecom Egypt’s redundant and resilient Egypt crossing network infrastructure. As part of the agreement, Google will also be provided capacity on Telecom Egypt’s Mediterranean submarine cable, TE North. The project is expected to go live in the first half of 2021. This mesh project connects several cable landing stations…

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CIC Group appoints Fred Ruoro as new managing director for its general insurance unit

KENYA – The board of CIC Insurance group Plc has announced the appointment of Mr. Fred Ruoro as the managing director of CIC General Insurance Limited effective from January 4, 2021. Fred holds a bachelor’s degree in Mathematics and Physics from the University of Nairobi. In addition, he is a senior Certified Insurance Professional from the Australian and New Zealand Institute of Insurance and Finance and is a fellow of the Life Management Institute. Fred also holds a Diploma in management accounting from the Chartered Institute of Management Accountants (CIMA).…

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Ed-tech startup Akhdar secures funding from EdVentures to provide smart learning experience

EGYPT – Akhdar, an Egyptian book summary mobile app, has raised a six-figure US dollar seed funding round from EdVentures, the venture capital arm of Egypt’s Nahdet Misr Publishing Group, to help it further develop its product. Akhdar will use the funding to add various new categories and topics its library and to provide readers with a smart learning experience to make the most of the content available on the platform. Founded in 2017 by Mohamed Osama, Akhdar began life as a YouTube channel summarising books through short and engaging…

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Arab Investment Bank selects Temenos to power its digital customer experience

EGYPT – Temenos, a banking software company, has announced that Arab Investment Bank has selected Temenos to power its digital customer experience. Arab Investment Bank chose the market-leading capabilities of Temenos Infinity and Temenos Payments to improve performance, drive its digital growth strategy and provide a boost to financial inclusion for millions of Egyptians. Arab Investment Bank, which is among one of the fastest growing banks in Egypt, provides personal and business banking products as well as investment and Islamic banking services. With Temenos Infinity, the bank has embarked on…

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BUA Cement partners with China’s Sinoma CBMI to construct 3 new cement plants

BUA to establish mega cement manufacturing complex in Nigeria

NIGERIA – BUA Cement, a part of BUA Group, has signed an agreement with Sinoma CBMI of China for the construction of three new cement plants of 3million tonnes each per annum in Edo, Sokoto and Adamawa states of Nigeria to be completed by the end of 2022. Upon completion, this will bring BUA Cement’s total capacity to 20million metric tonnes by 2022. At 9million tonnes combined capacity, this is the single largest contract ever awarded in the Nigerian Cement Industry for the construction of new cement plants at the…

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TADB: FINANCING TANZANIA’S AGRICULTURAL FUTURE

Raising financial resources in Africa remains one of the biggest impediments to the growth and sustainability of agriculture – especially in Tanzania, which is one of the countries with the brightest prospects to boost agricultural productivity in the Continent. Tanzania Agricultural Development Bank’s Managing Director outlines how the Bank is seeking to change this narrative The transformation of Tanzania’s agriculture sector offers huge opportunities for acceleration of job creation, economic growth and poverty reduction – in a country with vast land resources, adequate water and fertile soils. Looking at key…

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