AGRA partners Aceli to enhance capital flows for SMEs in agriculture sector

AFRICA – Alliance for a Green Revolution in Africa (AGRA), has announced a partnership with Aceli Africa, a market incentive facility, to enhance capital flows for SMEs in the agriculture sector and support a financially inclusive agricultural transformation across Africa. AGRA and Aceli have signed a letter of intent committing to jointly work together to test and scale up innovations that substantially drive down the cost and risk of financing SMEs in the agriculture space. “AGRA firmly believes that it is vital to unlock the potential of SMEs for agricultural…

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Siemens Energy, Turboden to develop gas compressor station in Egypt

EGYPT – Siemens Energy, working with Turboden S.p.A., a Mitsubishi Heavy Industries Group Company, started development on the GASCO Dahshour gas compressor station (GCS) in Egypt. The GCS will increase gas compression by 25%, without further fuel consumption, while reducing CO2 emissions by 120’000 tons per year. Siemens Energy will supply 20 MWe electric motor driven (EMD) compressors, which will be coupled with Turboden’s 28MWe Organic Rankine Cycle (ORC) system, which is the largest high-temperature ORC system ever built. The GASCO Dahshour GCS project is a first of its kind.…

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Raya Holdings to sell its subsidiary BariQ for Techno and Advanced Industries

EGYPT – Raya Holding Group for Financial Investments has signed a contract to sell one of its subsidiary companies, BariQ for Techno and Advanced Industries, to Intro Waste Management and Material Recovery Holding Ltd. The deal involved the direct stake of Raya Holding, which accounts for 98.76% of the BariQ shares, and its indirect share through its subsidiaries, amounting to 1.24%. This means a total of 6.5 million shares. The Board of Directors at BariQ decided to authorise its Chairperson to take the necessary measures to implement the sale amounting…

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BioTherm Energy completes four of its projects in South Africa

SOUTH AFRICA – Pan-African renewable energy company BioTherm Energy, has announced the completion of all four of its renewable energy projects in South Africa, with the latest project having come on stream in the Eastern Cape. The company’s US$451 million investment connects 284MW into South Africa’s national grid and is partnered by Thebe Investment Corporation (TIC), which has a 37.5% stake in all four projects. The 123MW Golden Valley Wind Energy Facility reached commercial operations 1 May 2021 and is expected to generate over 477GWh of renewable power each year,…

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Logistics startup Flextock raises US$3m to strengthen its presence in Egypt

EGYPT – Flextock, a tech-enabled logistics startup, has raised pre-seed funding of US$3.25 million to scale its logistics solution across the MENA region and reach up to 1 million merchants. Flextock, with the help of the funding, wants to capture a large portion of MENA’s US$25 billion e-commerce logistics market. The company plans to put the funding into strengthening its presence in Egypt, technology, recruitment and regional expansion before the end of the year. Participating investors in the round include Egyptian VC, Foundation Ventures, Y Combinator, CRE Ventures, B&Y Ventures…

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Insurtech Lami Technologies raises US$1.8m to bolster API insurance adoption across Africa

KENYA – Insuretech company Lami Technologies has raised US$1.8 million to spur the growth of its digital insurance product to traditional insurance companies in Kenya. Lami offers its API to insurance companies who then can tailor their products to their customers using the digital platform. “Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customise the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time,” the company said.…

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Catalyst Development set to develop US$286m administrative and commercial projects

EGYPT – Catalyst Developments, a real estate developer, has announced plans to deliver five administrative and commercial projects in New Cairo during 2021 with investments worth EGP4.5 billion (US$286.84m). The company’s Chairperson Moataz Abdel Shafi said that Catalyst Developments plans to launch a new administrative offices project in the fourth quarter (Q4) of 2021, and other new projects in 2022. The size of the new projects investments may record more than EGP3 billion (US$191.23m). Abdel Shafi pointed out that the implementation rate at the Cairo Capital Center (CCC) project has…

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MTN posts strong Q1 results looks to sell towers in South Africa

SOUTH AFRICA – Mobile telecommunication giant MTN, has reported stellar results during the first quarter of 2021, boosted  by its South African operations, growth in data as well as fintech services. The mobile operator announced a strong and resilient operational and financial performance in the first quarter of 2021, with growth in service revenue exceeding medium-term guidance, driven by gains in data and fintech revenue. In a statement announcing the results to shareholders, MTN also said it is looking to conclude the sale of its tower infrastructure in South Africa…

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Perseus Mining Ltd releases its CY20 Sustainable Development Report and future plans

WEST AFRICA – Perseus Mining Limited, a gold producer, developer and explorer, has released its CY20 Sustainable Development Report that details the company’s progress over the past 12 months. The company has recorded great progress in its 2020 sustainability report as it moves forward in delivering sustainable gold production of 500,000 ounces per annum by financial year 2022. It reports its delivery on its commitment to responsible mining operations in Côte d’Ivoire and Ghana, including an overall economic benefit to host countries totalling about USD$385 million. The report confirms the…

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Kaspersky partners DataGroupIT to help with its expansion in West African market

NIGERIA – Kaspersky, a cybersecurity and anti-virus provider, has partnered with value-added distributor DataGroupIT who will provide the global cybersecurity company with access to new markets in Nigeria and Ghana, as part of its strategy to grow its business in West Africa. The partnership between the two organisations will further enhance Kaspersky’s rapidly expanding footprint in Africa. It is designed to empower customers to leverage Kaspersky’s knowledge, market intelligence, and world-class cyber security professionals with best-in-class local market support. “DataGroupIT is a well-known distributor in Africa with a clear value-add…

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