AfDB lends Angola US$530m for hydropower transmission

ANGOLA – The African Development Bank (AfDB) has approved a US$530 million loan to Angola which will be used to build a transmission line to link the north and south of Angola, as well as to connect households to the national electricity grid. Of the funding allocated by the African Development Bank, US$480 million represents a loan from the pan-African financial institution while the other US$50 million of the funding comes from the Africa Growing Together Fund (AGTF), a US$2 billion fund established in 2014 by the AfDB and the…

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Banque du Caire secures US$100m financing from EBRD for on-lending MSMEs

EGYPT – Banque du Caire, a full-service bank, has secured US$100 million financing package from The European Bank for Reconstruction and Development (EBRD) for trade financing and on-lending to local micro-, small and medium-sized companies (MSMEs). The EBRD will provide a US$50 million loan to help Banque du Caire increase the amount of funding it makes available to Egypt’s MSMEs and support the bank in expanding its MSME lending outside the Greater Cairo region. The EBRD is also extending a US$50 million trade finance limit under the EBRD’s Trade Facilitation…

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Fertilizer company OCP Group secures US$350m loan facility from Afreximbank

MOROCCO – African Export-Import Bank (Afreximbank), the Pan-African multilateral EXIM Bank, has signed a 7-year US$350 million Term Loan Facility to provide financing to OCP Group, a phosphate mining and leading fertilizer company, to support its expansion plans across Africa. The financing is part of Afreximbank’s remit to advance regional trade in Africa where its support is prioritized towards activities of African multinational corporations dubbed “Intra-African Trade Champions” – reflecting their status as key actors in the expansion and acceleration of Intra-African trade. Prof. Benedict Oramah, President of Afreximbank, observed…

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Trade and Development Bank launches US$75m SME off-grid facility

BURUNDI – The Trade and Development Bank (TDB), formerly PTA Bank, has launched a US$75 million TDB Small and Medium Enterprise Off-Grid Facility which will facilitate access to debt financing for Small and Medium Enterprises (SMEs). Primarily targeted at renewable energy SMEs in the off-grid energy sector, the facility is also available to SMEs in the broader infrastructure value chain operating in the region served by TDB. The aim is to “preserve household economic activity in the short-term and support firm productivity in the medium-term by enhancing the liquidity of…

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Fintech firms M-Kopa, Pula get US$1.3m in grants from AfDB for market research

KENYA – Financial technology firms M-Kopa and Pula Advisors are set to receive grants totalling $1.3 million from a fund backed by the African Development Bank Group (AfDB) to conduct market research on women access to digital financial services. Pula, which offers insurance and digital products to help small-scale farmers, will receive US$1 million while mobile phone-based solar kit reseller M-Kopa will get US$300,000. Pula was founded by Rose Goslinga and Thomas Njeru in 2015. The research by the two companies will seek to find ways of enhancing women’s access to digital financial services…

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Lancet Laboratories taps Laborex Kenya boss Mwende Musunga for CEO post

KENYA – Pathologists Lancet Kenya (PLK) has appointed Ms Mwende Musunga as its new Chief Executive Officer, replacing the retiring founding partner and the group managing director Dr Ahmed Kalebi. In a newspaper advertisement, the board of directors disclosed that  will be joining Lancet Group of Laboratories East Africa from June 1. Ms Musunga has been Laborex Kenya Ltd chief executive for the past four years. Dr Kalebi, who founded PLK in 2009 before it was acquired by French and South African partners, announced early this month that he would…

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Ethiopian Airlines and African Union partner to implement trusted Travel Pass Test

ETHIOPIA – Ethiopian Airlines has announced partnership with the African Centres for Disease Control & Prevention (Africa CDC) for the implementation of the African Union Trusted Travel Pass to make continental travel easier and safer amidst the Covid -19 pandemic. The Trusted Travel pass program will ensure country regulations regarding Covid-19 travel requirements are met with minimal room for error and hassle to the travelling public. The Ethiopian Airlines‘ customers will now enjoy a hassle-free travel experience with their travel pass helping them verify whether their medical information meets various Covid-19…

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Hapag-Lloyd set to acquire container shipping specialist NileDutch upon approval

AFRICA – Hapag-Lloyd, a German container shipping company, and NileDutch, a container shipping company, have signed a sale and purchase agreement to acquire all shares of the Dutch container shipping company Nile Dutch Investments B.V. The sale and purchase agreement are subject to the approval of antitrust authorities. Rotterdam-headquartered NileDutch is among leading providers of container services from and to West Africa. The company currently offers 10 liner services, around 35,000 TEU of transport capacity and a container fleet of around 80,000 TEU, the company connects Europe, Asia and Latin…

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Kenya’s geothermal power producer GDC gets US$5m grant from AU for exploration

KENYA – State-owned Geothermal Development Corporation (GDC) has secured a US$5 million grant from the African Union (AU) for geothermal exploration of the Paka Geothermal Project in Baringo in Rift Valley, Kenya. The move comes after the signing of an agreement for the Geothermal Risk Mitigation Facility (), a risk mitigation facility that was set up in 2012 by the African Union Commission (AUC). According to GDC Managing Director and CEO, Jared Othieno, the funding will go towards the cost of the exploration drilling and is expected to support 40%…

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E-commerce startup zVendo raises six-figure seed funding round for SMEs

EGYPT – zVendo, an e-commerce startup, has raised a six-figure seed funding round led by EFG EV Fintech investors along with some undisclosed angel investors to enable it digitize SMEs in the region. Founded in 2018 by Sameh Abdel Fattah and Tarek Bakry, zVendo is a SaaS platform that enables small businesses to build online stores in Arabic via its freemium offerings. zVendo has already expanded its footprint to the UAE and Saudi Arabia and plans to expand to the rest of the GCC countries with this latest round of…

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