World Bank approves US$100m grant to support MSMEs, foster inclusive growth in Mozambique

MOZAMBIQUE – The World Bank has approved a US$100 million grant from the International Development Association (IDA), in support of the Government of Mozambique’s Economic Linkages for Diversification Project, which supports Micro, Small, and Medium Enterprises (MSMEs), develop their capacities to provide goods and services to larger businesses, as well as serve the growing cities in the centre and north of Mozambique, thus fostering linkages and economic diversification. “Mozambique’s growth has been driven by Foreign Direct Investments (FDI) into capital-intensive industries, which has not translated into adequate levels of job…

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Access Bank Rwanda appoints Faustin Rukundo as new Managing Director

RWANDA – Access Bank Rwanda Plc. Has announced the appointment of Mr. Faustin Rukundo Byishimo as Managing Director, effective May 1, 2021. He succeeds Mr. Jean-Claude Karayenzi who has been deployed to the Access Bank Group. Mr. Faustin Rukundo Byishimo has a wealth of experience of over 20 years of which 18 in the Banking industry and joins Access Bank from another financial institution where he was, in his last assignment and for the past 5 years, the Executive Director for Business Development. In this role, he led and oversaw…

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World Bank plans to invest US$200m to improve Ethiopia’s telecommunications, calls for fair competition

ETHIOPIA – The World Bank has announced plans to invest US$200 million in Ethiopia’s telecommunications industry but wants the country’s government to open this market up to competition. Ousmane Dione, World Bank country director for Ethiopia, Sudan, South Sudan and Eritrea said the organisation will invest in Ethiopia’s digital economy and drive a new Digital Ethiopia Foundations project. He said the project will provide funds to strengthen the regulator, Ethiopia Communications Authority, and to prepare the legal and regulatory building blocks for the digital ecosystem. Part of the plan is…

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Investment firm Convergence Partners gets green light to acquire Ctrack

SOUTH AFRICA – The Competition Commission of South Africa has granted investment firm Convergence Partners regulatory approval to acquire Ctrack, vehicle tracking, fleet management, and insurance telematics solutions company. Convergence Partners, a tech investor in Africa, initially announced in February 2021 that it had entered into an agreement with Inseego to acquire 100% of Ctrack’s operations in Africa and the Middle East. The Ctrack investment was conducted though the Convergence Partners Digital Infrastructure Fund (CPDIF) and required customary conditions, including approval by the Competition Commission (CompCom), which has now been granted. Announcing…

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