Interact Climate Change Facility secures US$60m from FMO, OeEB and Swedfund

AFRICA – FMO, OeEB and Swedfund have agreed to invest €50 million (US$60.38m) to the Interact Climate Change Facility (ICCF), a co-financing facility providing financing to climate-related investments in emerging markets. FMO, a Dutch development bank, will commit €20 million (US$24.15m) while OeEB, the Development Bank of Austria, will provide €15 million (US$18.11m) and Swedfund, a Sweden’s Development Finance Institution, will commit €15 milion (US$18.11m). ICCF offers co-financing for its funders for senior loans, mezzanine debt and guarantees with a maximum tenor of 18 years. The funding capacity of ICCF…

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Digital logistics company iMile officially launches its operations in Egypt

EGYPT – iMile, a technology-driven delivery service, has officially launched into Egypt with operations in Cairo and Suez. Dubai-based, iMile specialises in delivering goods from eCommerce sellers in China to customers in the MENA region. iMile’s recent expansion into Egypt is part of its commitment to continue supporting efficient cross-border eCommerce across the region. This comes a year after the company raised US$10 million pre-series A round led by a Chinese VC firm. The company was to use the finance for regional expansion to Egypt, Kuwait, and Morocco. The funding…

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CDG Invest invests US$0.34m in GOAcommerce to expand its offering

MOROCCO – CDG Invest, the investment arm of the CDG Group, has just taken a stake of MAD 3 million (US$0.34m) in the startup GOAcommerce, operating in the e-commerce delegation. This Seed financing comes within the framework of a roundtable with several investors. It will allow GOAcommerce to take a step forward by moving from the seed phase to the acceleration phase, which will allow the young startup to boost its growth in the MENA region, starting with Egypt. This phase will also help strengthen the startup’s expertise across the…

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Oil & gas company bp launches gas production in Raven field, Egypt

EGYPT – bp, a British multinational oil and gas company, has announced gas production from Raven field, the third stage of its major West Nile Delta (WND) development off the Mediterranean coast in Egypt. The approximately US$9 billion WND development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore concession blocks in the Mediterranean Sea. bp and its partners, working with the Ministry of Petroleum, have developed the WND in three stages. Raven follows the Taurus/Libra and Giza/Fayoum projects, which started production in 2017 and 2019…

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Banque Misr signs US$70.15m grant with Inertia Egypt to finance its coast project

EGYPT – Banque Misr, a financial service provider, has signed an eight and a half-year Modaraba Islamic financing with Inertia Egypt to grant the company EGP 1.1 billion (US$70.15m), which will be used to finance the fourth phase of the company’s Coast project; Jefaira. Jefaira, a fully integrated coastal city, spans over 5.5 mn square meters in the North Coast, with a capacity of 12,000 to 14,000 units and total investments reaching EGP66 billion.  The project offers a wide range of services, including medical, educational and entertainment services to be…

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Edtech start-up Kidato raises US$1.4m seed for online learning

KENYA – Kidato, an online class for K-12 students in Africa, has announced that it has closed its US$1.4 million seed investment. This seed round has been backed by Y Combinator, a significant backer of most of the continent’s well-known start-ups Investors who were in this funding round include such firms as Launch Africa Ventures Fund, Graph Ventures, Learn Start Capital, and Century Oak Capital, among other angel investors. The idea behind Kidato is the brainchild of Kenyan entrepreneur Sam Gichuru, who set it up in 2020. The Y Combinator-backed start-up says…

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Rwanda to host Coventry University Group Africa hub

RWANDA – Public research university Coventry University Group of England, is to open a new overseas hub in Rwanda to support its links in Sub-Saharan Africa and help extend its corporate functions across the world. The hub will open in Kigali to coincide with the Commonwealth Heads of Government Meeting in the capital in June 2021. The move is part of the university’s plan to develop a sustainable network of multi-faceted overseas offices whose ambition is to have a presence near to its stakeholders in key regions and follows the…

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Off-grid power provider Daybreak Power Solutions to receive US$20m from IFC

NIGERIA – The International Finance Corporation (IFC) has announced that it is considering providing US$20 million to Nigerian off-grid power service provider, Daybreak Power Solutions, a subsidiary of Daystar Power Group. The investment is still undergoing regulatory approval by the IFC, according to a statement from the organization. When approved, the funds will be used as part of a US$40 million Phase 1 capacity expansion project. The US$20 million investment will be made up of a US$10 million loan given in local currency from IFC’s account as well as another…

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DSV Panalpina buys Agility’s Global Integrated Logistics business for US$4.1b

WORLD – After the acquisition of Panalpina, a Swiss logistics company in August 2019, Denmark-based DSV Panalpina is now eyeing a larger acquisition of Agility Global Integrated Logistics (GIL) with a value of US$4.1 billion. GIL is part of Agility and one of the top freight forwarding and contract logistics providers (3PL). In 2020, the company generated  US$4 billion in revenue, mainly related to air & sea freight and a workforce of approximately 17,000 employees. Recently, DSV completed the integration of the company’s largest acquisition to date, Panalpina, and with the acquisition…

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Private equity fund ADP III secures US$26m from Finnfund to expand regionally across Africa

AFRICA – Finnfund, a Finnish development financier and impact investor, has announced a US$26 million commitment to African Development Partners III (ADP III), a pan-African private equity fund. ADP III aims to support established and growing consumer focused businesses to improve their processes and expand regionally across Africa. The fund provides companies with growth capital and know-how aiming to contribute to job creation, climate change mitigation, and gender balance. In addition, the fund will bring liquidity to developing markets, helping African businesses to recover from the economic and social consequences…

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