AfDB, Afreximbank & FCI launch Grant to support Capacity Building of Emerging Factoring Firms

AFRICA – The African Export-Import Bank (Afreximbank) together with the African Development Bank (AfDB) and FCI announced the creation of a special purpose Grant authorized and funded by the AfDB’s Trust Fund to support the capacity building of emerging factoring firms in Africa that will benefit many SMEs across Africa. The Grant will be mobilized by the African Private Sector Assistance (FAPA), a bi-lateral, multi-donor fund and will allow FCI and Afreximbank to increase its positive impact on the African population and support its mission to grow factoring in the…

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Nawah Scientific raises US$1m fresh funds to further expand its research facilities

EGYPT – Nawah Scientific, Cairo-based life science startup, has raised US$1 million in fresh funds in a round led by its existing investor Egypt Ventures, with the participation of newly launched Alexandria Fund, Cairo Angels, Alex Angels, Hult Alumni Angels, and a few other investors. The round, which comprised of both equity and debt, takes Nawah Scientific’s total capital raised to date to US$2 million. The startup will use the funding to further expand its research facilities. It plans to offer different types of research and analytical services to companies…

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Ovamba and Singularity partners to deliver financial inclusion in Egypt

EGYPT – TradeTech innovator, Ovamba Solutions and financial services provider, Singularity Finance have partnered to deliver financial inclusion and growth capital to small and growing businesses in Egypt. Singularity are the first to sign a Reseller Agreement with Ovamba in the region. This new partnership gives Singularity the rights to sell Ovamba’s digital solutions to banks, microfinance institutions and other alternative providers of trade finance to small and medium enterprises in Egypt. “With this partnership we at Singularity have been able to expand our financial eco-system offering; by adding a…

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MTN: Connecting Africa and the World

Founded in 1994 as M-Cell, the MTN Group has outgrown its humble beginnings in South Africa to become a formidable force in the telecommunications industry. Today, with a mobile subscriber base of about 273 million, MTN is the eight largest mobile network operator in the World and the largest in Africa. With a workforce that is believed to be in excess of 19,000, an asset base valued at US$19.43 billion and revenues exceeding US$9 billion as at 2019, MTN controls significant wealth in the continent, making it a true herald…

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Logistic company MVXchange partners Japanese Standage to strengthen trade links

NIGERIA – MVXchange, a Nigerian logistics startup, has partnered Japanese firm Standage, a logistics company that launched its Nigeria office in December 2017, in a move that will strengthen and simplify trade links between the two countries. Launched in 2019, MVXchange is a maritime trade and logistics platform with platforms that match demand for offshore support vessels in the energy industry and provide digital freight forwarding, customs and in-land logistics services. Standage is the firm behind DiGiTRAD, a comprehensive trade service that can complete all trade operations, from matching buyers…

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Global logistics company CEVA Logistics acquires ASTI Group Morocco

MOROCCO – CEVA Logistics, a global logistics and supply chain company, has announced the acquisition of ASTI Group in Morocco, a move that is further helping CEVA Logisitics’ strategic expansion plan across the African continent. CEVA Logistics and ASTI have been long-term partners for more than two decades and have delivered a range of multi-modal services to customers across the North African country in that time. “The acquisition of ASTI further enhances our standing in the African market and shows our ambition for the continent as a whole.  We believe…

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Radisson opens its first Radisson Collection Hotel in Bamako, Mali

MALI – Radisson Hotel Group has announced the opening of Radisson Collection Hotel Bamako, Mali, the brand’s debut in Africa. Located in the capital and largest city of Mali, the Radisson Collection Hotel, Bamako is 20 minutes from Bamako’s Modibo Keita International Airport and in close proximity to the city’s embassies, corporate headquarters, and government precinct. Bamako is a metropolis with several museums displaying Mali’s rich history and culture, such as the National Museum or the Muso Kunda Museum. “We are delighted to open the doors of our first Radisson…

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Qatari Diar Company inaugurates US$1bn St. Regis Hotels & Resorts Cairo

EGYPT – The Qatari Diar Company, a real estate investment company, has launched the St. Regis Hotels & Resorts, part of Marriott International, in Egypt. The St. Regis Cairo was inaugurated in the presence of the Qatari Minister of Finance, Ali Sherif Al-Emadi, the US Secretary of Treasury, Steven Mnuchin, and the Egyptian Minister of Finance, Mohamed Maait. “By investing through Qatari Diar in this distinguished project, Qatar practically affirms its commitment to contribute to supporting the tourism sector for its vital role in economic development and creating job opportunities.…

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