AFD launches US$84m fund for renewable energy in Nigeria

NIGERIA – The Agence Francaise de Developpement (AFD) is supporting access to renewable energy for Nigerian manufacturers with €70 million (US$84.35m) under the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria Programme for renewable energy. The fund would be administered through the Access Bank Plc and the United Bank for Africa Plc. The AFP described energy efficiency projects (EEP) as capital expenditure projects that would allow energy consumers to use less energy for achieving the same level of energy service. However, only renewable energy projects like solar, wind,…

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Investment firm Gulf Capital exits its investment in oil & gas company ECDC

MEA – Gulf Capital, a leading growth markets alternative investment firm, has announced the successful and full exit of its investment in ECDC, a leading oil & gas drilling and production services provider in the Middle East and Africa. The company is part of ADES Investments Holding Ltd which is the major shareholder in ADES International, a publicly listed company on the London Stock Exchange (LSE). “We are proud to have supported the exceptional management team at the Group since 2014, which was instrumental to the success of the group…

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Real estate financer Shelter-Afrique partners with Togo to build low-cost housing units

TOGO – Shelter-Afrique, a real estate finance institution, and the Togolese government have announced the building of 3,000 low-cost housing units in Lomé. Shelter-Afrique, a pan-African finance institution, committed to partially finance the project and, as lead arranger, mobilize other investors to secure the remaining amount. For its part, the Togolese government will provide the needed land, infrastructure, and tax incentives for its smooth realization. This is in a context where the housing deficit in the Togolese capital surged over the past decade, due to population growth and accelerated urbanization. …

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Delivery startup Glovo launches in its fifth market, Ghana

GHANA – Glovo, a Spanish delivery startup, has launched its operations in Ghana, making it the second market in West Africa and the fifth African country after Kenya, Morocco, Uganda and Cote d’Ivoire where the firm has established operations. The on-demand platform aims to make the lives of Ghanaians easier by providing access to convenient delivery services. From today, Glovo’s users will be able to receive deliveries anywhere in Accra from local restaurants, stores and businesses in the city. Through the Glovo app, users can simply log on and order…

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Brick maker Brikor acquires 40% stake in transportation services provider Zingaro Holdings

SOUTH AFRICA – Brick manufacturer and supplier Brikor has acquired a 40% shareholding in multi-product road transportation services provider Zingaro Holdings for US$3.4 million. Zingaro primarily operates in South Africa and mostly services short to medium distance routes in Gauteng, North West, Mpumalanga, and Limpopo, with a fleet of more than 100 specialised transportation vehicles and trucks. Zingaro also specialises in providing turnkey services for mine activities, such as loading, hauling, stockpile management and haul road maintenance by using a range of specialised trucks and earthmoving equipment. The company’s specialised…

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Standard Bank hires an advisor to assess its involvement in the East Africa oil pipeline project

EAST AFRICA – Standard Bank of South Africa has hired an independent environmental and social advisor to help assess its involvement in Total’s East African Crude Oil Pipeline that environmental lobby groups have opposed, the lender has said. Approximately 263 civil society organisations from around the world, have urged the chief executives of 25 banks not to participate in loans to fund the construction of the US$3.5 billion East Africa Crude Oil Pipeline. They environmentalist have argued in an open letter that this pipeline would pose immense threats to local…

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Electricity distributor Kenya Power to rollout electric car charging stations

KENYA – Public utility Kenya Power  has announced plans to roll out electric vehicle charging stations in Kenya as it eyes new revenues streams and boost demand for electric cars. The electricity distributor said it would build a nationwide network of public charging points, removing one of the hurdles for use of electric cars in Kenya. Kenya has joined the global push to promote the use of electric vehicles and reduce reliance on petrol and diesel, the country’s biggest import item. Analysts acknowledge the high price of electric cars would not…

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Palm Hills Developments acquires 28% stake in Palm Hills Education from MMID

EGYPT – Palm Hills Developments, a leading real estate company in the Egyptian market, through its Board of Directors, has approved the purchase of a 28.16% stake in its education subsidiary, Palm Hills Education, from Mansour-Maghraby Investment and Development Company (MMID) for EGP 4.195 bilion (US$267m). The Board also approved the purchase of MMID’s 11% stake in East New Cairo for Real Estate Development, estimated at EGP 11 million (US$0.7m). This preliminary figure does not include the monetisation of Botanica or the commercial areas in Palm Hills New Cairo, Palm…

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Courtyard Hotel Rosebank Johannesburg reopens after refurbishment

SOUTH AFRICA – Courtyard Hotel Rosebank in Johannesburg has refurbished its rooms and reopened to accommodate its first group of guests since its temporary suspension of services at the start of Covid-19 lockdown. With fresh furniture, furnishings and air-conditioning units, the hotel is keen to welcome back guests. The 83-room Courtyard Hotel Rosebank is located in a trendy business and leisure neighbourhood of Johannesburg’s northern suburbs, directly opposite the Gautrain Rosebank Station. The hotel guests have easy access to a string of interleading malls and outdoor spaces consisting of The…

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Greenwich Merchant Bank Limited appoints Bayo Rotimi as new MD/CEO

NIGERIA – Greenwich Merchant Bank Limited, a financial services provider, has announced the appointment of Mr. Bayo Rotimi as its new Managing Director/Chief Executive Officer. Bayo Rotimi, as MD/CEO, will provide leadership and direction to the Management Team and be responsible for driving the Company’s overall strategic objectives and operational performance towards delivering optimal value for stakeholders in line with global best practice. Mr Rotimi is an experienced investment banking professional with over 27 years’ experience. He worked for various financial institutions such as Lead Merchant Bank and FCMB Capital…

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