Solar energy producers in Zimbabwe granted tax relief for five years

ZIMBABWE – As part of its policy to encourage investment in solar energy, the Zimbabwean government plans to exempt investors from paying taxes for a period of 5 years in addition to the exemption of import duties on solar power equipment into Zimbabwe. The Zimbabwean government wants to take its strategy of attracting investment from solar energy producers in the country a step further. The country’s Minister of Energy said the government was looking into the possibility of exempting solar energy investors from taxes for a period of five years.…

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World Bank approves US$500m to accelerate electrification process in Ethiopia

ETHIOPIA – The World Bank’s Board of Directors has approved a US$500 million loan to Ethiopia to help the horn of Africa nation accelerate electrification process as demand for electricity increases. The funds have been allocated by the International Development Association (IDA), a member of the World Bank Group. The Ethiopian government is focusing on extending and strengthening the national electricity grid in the country’s major cities. The Access to Distributed Electricity and Lighting in Ethiopia (ADELE) project ADELE is a component of Ethiopia’s National Electrification Programme (NEP), which aims…

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Tunis based Vneuron completes second fundraising for expansion to new markets

TUNISIA – Vneuron, a Tunis-based company that specializes in software development and IT services, has just completed its second fundraising from Tunisian American Enterprise Fund (TAEF), to conquer new international markets. Tunisian American Enterprise Fund (TAEF) is fully a funded US$100 million fund, backed by the U.S. Agency for International Development (USAID) for a 10-year term after the fifth year. TAEF expects to actively invest through 2027, at which point it would begin a period of winding down through exits and dis-investments. Vneuron did not disclose the exact amount involved…

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TSFE commits US$16m to the EFG Hermes Education Fund’s third close

EGYPT – The Sovereign Fund of Egypt (TSFE) and EFG Hermes announced that TSFE has committed EGP 250 million (US$16 million) to the EFG Hermes Education Fund’s third close. TSFE and GEMS Egypt also signed a memorandum of understanding to develop and operate two premium national schools west of Cairo, which will be built over 30,000 sqm with a capacity of 2,500 students each. The schools will be constructed on TSFE-owned land, in line with its mandate to create value out of previously unutilised assets. “These investments made by TSFE…

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Medical underwriter AAR Insurance to shut its Tanzania unit

TANZANIA – Medical underwriter AAR Insurance has commenced the process of winding-up of its Tanzania business citing financial difficulties. The move comes just after the Kenyan business recorded a 55 per cent drop in performance for the year ended December 2020, attributed to high claims due to Covid-19 pandemic. In a memo to staff, AAR Health Care Limited Acting CEO Andrew Rowell said the firm has been facing financial difficulties “for some time” now worsened by the failure of the medical insurance model in Tanzania, the Covid-19 pandemic, and a…

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Sawari Ventures secures US$28m to invest in Egyptian startups

EGYPT – Sawari Ventures, the Cairo-based investment management firm, has announced the close of its Egyptian fund with new commitments of US$28 million (EGP440 million) to invest in Egyptian startups both seed-stage and growth-stage. The investment was from Misr Insurance Group, Kuwait Investment Authority’s Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank. The investments in seed-stage companies will be made through Flat6Labs in Egypt and Tunisia, Hany Al-Sonbaty, the co-founder and Managing Partner of Sawari Ventures said. “Ten percent of the fund is earmarked…

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Digital financer Baobab+ secures US$4m to support its growth and expand its range

AFRICA – Baobab+, a digital finance company focusing on financial inclusion, has secured US$4.73 million from the Energy Entrepreneurs Growth Fund (EEGF), managed by Triple Jump, and the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI-OGEF), managed by LHGP Asset Management. The company obtained dual financing of US$2.37 million to support its growth and expand its range to new products and therefore promote socio-economic development in rural areas in Senegal and Côte d’Ivoire. “We are very pleased to team up with Baobab+ for EEGF’s first investment, and work towards…

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Bell Helicopters delivers first Bell 505 to a Ugandan aviation company, BAR

UGANDA – Bell Textron Inc., a Textron Inc. company, has announced the delivery of a Bell 505 helicopter equipped with the Med-Pac Inc. LLC Emergency Medical Services Lite Interior to BAR Aviation, a leading aviation company in Uganda, marking the first Bell 505 in Uganda and the first Bell 505 designed to complete medical evacuation (medevac) missions in Africa.  “We are elated that BAR Aviation has chosen the Bell 505 as its Helicopter Emergency Medical Services (HEMS) platform and will operate the first medevac Bell 505 in Africa,” said Lynette Loosen, regional sales…

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