Stanchart backs Devki Steel Mills with US$3m funding as part of its Covid-19 financing initiative

KENYA – Standard Chartered Bank Kenya, a subsidiary of the British multinational financial conglomerate Standard Chartered headquartered in London, has allocated US$3 million funding to Devki Group which is the bank’s Covid-19 financing initiative to support companies and communities during Covid-19 recovery. Devki utilized part of the financing to supply oxygen cylinders to hospitals across the country which are serving individuals affected by the Covid-19. Devki Group Chairman Narendra Raval, said, ‘’This financing enabled us to fund a noble cause by supplying free oxygen cylinders to both public and private hospitals…

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HiiL opens applications for Justice Accelerator for Southern Africa startups

SOUTHERN AFRICA – The Hague Institute for Innovation of Law (HiiL) is calling on all game-changing justice startups that want to grow their social impact and business to participate in this year’s HiiL Innovating Justice Challenge. Successful applicants will earn a place in the prestigious international HiiL Justice Accelerator programme, along with US$11,771 in funding and a package of tailored local support. The programme is searching for promising startups and social enterprises who are solving a pressing justice problem in a way that is high impact and sustainable.  Themba Mahleka, co-head of the…

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Aerospace manufacturer Bell becomes first rotorcraft customer to use sustainable aviation fuel for training

WORLD – American aerospace manufacturer Bell Textron Inc., a Textron Inc. company, has announced that it will begin incorporating Sustainable Aviation Fuel (SAF) into all Bell Training Academy (BTA) and customer demonstration fleet aircraft. Bell will be the first rotorcraft customer to receive SAF supply from global aviation fuel supplier, Avfuel Corporation. “Bell is an active supporter of the General Aviation Manufacturers Association’s sustainable fuel initiative, and we are committed to seeking eco-friendlier solutions for rotorcraft,” said Michael Thacker, Executive Vice President, Technology and Commercial Business. “As the industry moves…

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Fintech startup Tanda secures seed funding for regional expansion

KENYA – Kenyan fintech  startup, Tanda has secured backing from HAVAÍC, Zedcrest Capital, DFS Lab, Victor Asemota, and 3 more investors and is now expanding its operations regionally.  The agency banking startup closed a funding round in February 2021. Tanda has also secured key strategic partnerships with Mastercard & Interswitch which will further accelerate this growth. The growth comes on the back of successfully pioneering and proving the viability of the interoperable agent and merchant model in Kenya, a model that has only been validated in West Africa prior to…

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Shelter Afrique to issue US$500m Kenya currency bond

KENYA – Pan African housing development financier Shelter Afrique is set to issue Us$500 million local currency bond in the Kenyan market after returning to profitability in the year ended December 2020. The real estate and housing financier has said the East Africa bond will be listed in Nairobi Securities Exchange (NSE) before the end of the year 2021, with the proceeds being deployed in Rwanda, Uganda, and Tanzania. The firm  issued a similar-sized US$500 million bond in Nigeria in March 2021. This comes after the company recorded a net…

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