CIH Bank secures US$73.06m from European Investment Bank to support SMEs

MOROCCO – The European Investment Bank (EIB) has provided Moroccan CIH Bank with a €60 million (US$73.06m) funding destined to support SMEs affected by the global health crisis generated by Covid-19 pandemic. The EIB funding is part of the European Union’s external lending mandate and falls under the Bank’s Covid-19 response and the Team Europe program. The support is intended to help develop the private sector by focusing on SMEs, increasing competitiveness, and creating jobs. The financing agreement provides for sharing the EIB’s expertise in promoting green financing and optimizing…

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Israel’s airline Israir to begin direct flights to Morocco in July

MOROCCO – Israir, an Israel based airline, has announced plans to begin flights between Israel and Morocco in July after normalizing their relations in 2020, opening the way for direct flights. Israir says it will start flying regularly between Tel Aviv and Marrakesh from July 19. If the flights take off as planned, they will be the first scheduled services between the two countries. Israir’s booking engine currently has flights available from the stated start date of July 19. The Times of Israel report has five services running a week.…

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World Bank backs Mombasa LPG import terminal with US$23.2m loan

KENYA – Mombasa Gas Terminal, a company specialising in the importation, storage, and marketing of liquified petroleum gas (LPG), has received a World Bank-IFC financing facility for the construction of the first phase of an LPG import and storage terminal that will enable a sustained increase in the uptake of clean energy fuels in Kenya. The funding was announced by the International Finance Corporation arm of the World Bank on 2nd June 2021 and comes after the company secured regulatory approvals from the national and county governments. “We confirm that…

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Fintech startup Kuda gives its early investors opportunity to exit investment

NIGERIA – Kuda, a fintech startup, has presented an opportunity for early investors to exit their investments through a secondary sale after recently closing US$37 million Series A round. An investor, SM River, the consortium consisting of Raj Kulasingam, Haresh Aswani, Vishal Agarwal and Alwin Magimay (which was the lead investor of Kuda’s US$1.6m pre-seed round) recently existed through a secondary sale. “It was important to give Kuda’s earliest investors an exit opportunity, and we are delighted that we have been able to repay their early backing of the company…

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Ghana Gas set to construct second Gas Processing Plant to increase gas capacity

GHANA – Ghana Gas, part of the Oil & Gas Exploration & Production Industry, has announced through their CEO Dr Ben KD Asante, that it will construct a second Gas Processing Plant to increase the capacity from 150 to 240MMscfd (Million standard cubic feet per day). The new facility would be cited north of the current Plant at Atuabo in the Western Region. Dr Asante said they were also looking at installing a 278km gas pipeline onshore between Takoradi and Tema and that Takoradi and Tema were the two critical…

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Real estate services firm Avison Young join hands with Empact CRES, opens first office in Africa

SOUTH AFRICA – Global commercial real estate services firm Avison Young has announced an expansion of its service delivery to clients across Europe, Middle East, and Africa with the addition of Empact Corporate Real Estate Services (Empact CRES), a full-service commercial real estate services firm in South Africa. It will rebrand as Avison Young and provide customized real estate solutions throughout South Africa and in sub-Saharan Africa. “The team in South Africa share a fundamental belief in delivering the positive impact that commercial real estate can make in people’s lives across the African content,” said Mark Rose,…

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Mobile tech company Africell secures US$105m loan facility from international financial institutions

AFRICA – Africell, a mobile technology company, has announced the successful closing of US$105 million syndicate loan facility from a group of blue-chip international financial institutions. The move validates Africell’s long-term expansion strategy in Africa and gives the Group the financial strength required to maintain its growth across the continent. The syndicate consists of a mix of new and existing lenders to Africell, all distinguished by their experience and track record of investing successfully in emerging markets. The facility was structured and anchored by Gemcorp Capital, with Gramercy Funds Management…

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Renewable power producer Scatec bags 540MW solar plant projects in South Africa

SOUTH AFRICA – Scatec, a leading renewable power producer has been awarded Preferred Bidder status on three projects totalling 150MW (3x50MW) of Contracted Capacity, by the Department of Mineral Resources and Energy in South Africa under the technology agnostic Risk Mitigation Power Procurement Programme (RMIPPP). The tariffs awarded to the projects fall within the range of the previously awarded preferred bidders. The three projects (Kenhardt 1-3), in total consisting of 540MW solar and 225MW/1,140 MWh battery storage, were bid based on sites located in the sun-drenched Northern Cape Province of…

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Uganda secures US$200m from World Bank to accelerate digital transformation and inclusiveness

UGANDA – The World Bank has approved US$200 million financing to expand access to high-speed and affordable internet, improve efficiency of digitally enabled public service delivery, and strengthen digital inclusion in Uganda. The new Uganda Digital Acceleration Project-GovNet (UDAP-GovNet) will support the extension of 1,000 kilometres of the national backbone fibre infrastructure, an additional 500 kilometres of fibre optic network links between towns, mobile broadband connections for 900 government administrative units and service centres in underserved areas, and 828 Wi-Fi hotspots in select locations to support access to online services among rural and peri-urban,…

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Gridworks, AEE Power and Eranove ink concession agreements with DRC on US$100m solar-hybrid power project

DRC- A consortium led by Gridworks including Eranove and AEE Power, have signed three concession agreements with the Ministry of Hydraulic Resources and Electricity of the Democratic Republic of Congo (DRC) to develop, build and operate three large scale solar hybrid off grid utilities. The infrastructure will transform the lives and livelihoods of half a million people by providing power to three cities, Gemena, Bumba and Isiro in the north of the country. The three cities currently have no grid connection, and struggle to access reliable, affordable, and clean power. The consortium…

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