AfDB approves US$99m loan for second phase of Electricity and Green Growth Support Program

EGYPT – The African Development Bank (AfDB) through its Board of Directors, have approved an €83 million (US$99.07m) loan to finance the second phase of Egypt’s Electricity and Green Growth Support Program. The funding is part of the Bank’s budget support to the Egyptian government to strengthen its electricity infrastructure, which is expected to bolster the private sector and accelerate recovery from the Covid-19 crisis. The program seeks to enhance the power sector’s financial sustainability, governance and operations. It will also advance the provision of clean, reliable energy to drive…

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Transport startup eMushrif acquires Cairo-based EdTech startup Tareeqi

EGYPT – Tareeqi, a startup with an application used to track the bus fleets of schools, universities and institutions in the MENA region, has been acquired by eMushrif, an Oman-based startup specialising in digital transport tracking systems. Founded by Alfarouk Saleh and Mohamed Monier in 2018, Tareeqi aims to solve the problems that face millions of people daily and will now be managing the expansion of eMushrif in the Egyptian market. Saleh said he was excited about the deal since eMushrif tries to solve the same problems as Tareeqi. “Both…

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Absa Kenya unveils 25-year mortgage facility targeting middle income earners

KENYA – Financial institution Absa Bank Kenya has introduced a 25-year mortgage facility targeting middle-income families seeking affordable homes within Nairobi, Kenya.  The proposition seeks to increase mortgage uptake by prospective homeowners, offering options towards homeownership such as construction loans and home loans for self-employed individuals (SMEs) with a dedicated team of experts who will walk customers through every step of buying or constructing their dream home. Absa customers will also benefit from established partnerships with players in the homeownership value chain such as property developers, furnishing partners and home…

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Africa Renewable Energy Fund II closes US$155m funding round

AFRICA – Berkeley Energy’s Africa Renewable Energy Fund II (AREF II) has closed €130 million (US$155m) in new funding round to focus on the development, construction, and operation of renewable energy assets and technologies across Sub-Saharan Africa. Berkeley Energy is a leader in the development and operation of clean energy projects across emerging markets. €15 million (US$17.93m) of the investment in the new AREF II Fund came from a subsidiary of Agence Française de Développement (AFD), Proparco, while other development finance institutions also contributed including CDP, CDC, FMO, Swedfund, Sustainable…

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NAMCOR, ReconAfrica ink agreement to develop Kavango basin in Namibia

NAMIBIA – The National Petroleum Corporation of Namibia (NAMCOR), and Reconnaissance Energy Africa (ReconAfrica), have announced the execution of a Joint Operating Agreement (JOA), to develop the resource potential of the Kavango Sedimentary Basin, Northeast Namibia. Under the agreement, the two companies will jointly pursue an ongoing petroleum exploration program in the Kavango East and Kavango West regions of Namibia, with ReconAfrica covering the full costs to commerciality. The two companies initially entered into a Petroleum Exploration Agreement with the Government of the Republic of Namibia in 2015, under which…

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Global digital marketplace IAA, Inc. enters Nigerian market by partnering Boacon Autos

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NIGERIA – IAA, Inc., the global digital marketplace connecting vehicle buyers and sellers, has partnered with Nigeria’s Boacon Autos, a general automotive repair business. As the company’s official partner in Nigeria, Boacon Autos will operate the local IAA Auction Center in the city of Lagos, the most populous Nigerian city. Through this new alliance, Boacon Autos will provide local services and assistance, helping buyers efficiently purchase vehicles from IAA in the United States. The company will offer support including bidding assistance, transportation, shipping and importing, reducing risk and increasing convenience…

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Smart irrigation company SupPlant raises US$10m to grow its South African market

SOUTH AFRICA – Precision agriculture company SupPlant has raised US$10 million to widen the reach of its smart irrigation technology in the South African market. The company partnered with private equity firm Boresight Capital, social impact fund Menomadin Foundation, Israel-listed Smart-Agro Fund and Israel-based investment company Mivtah Shamir on the company’s latest fundraising round, bringing its total funding to US$19 million. SupPlant considers the South African market one of great potential, since farmers are dealing increasingly with unpredictable weather patterns, as a result of climate change. The SupPlant technology saves…

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NAS wins airport lounge tender for the new terminal at Kenneth Kaunda International Airport

ZAMBIA – National Aviation Services (NAS), airport services provider, and NAC2000 Corporation have been awarded a tender to operate an airport lounge in the new terminal at Kenneth Kaunda International Airport (KKIA) in Lusaka, Zambia. The five-year tender includes building a 588M2 exclusive departure lounge that will cater to all passengers travelling out of the airport in Lusaka that will offer a comfortable space for passengers to relax, enjoy a meal, or catch up on last-minute work before boarding their flight. The new Pearl Lounge will be part of more…

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Automotive digital marketplace Odiggo expands to Dubai

MEA – Odiggo, the Cairo-based automotive digital marketplace, has opened in Dubai, with the goal of becoming the top Autotech business in the Middle East and Africa. The automotive tech app was founded in 2019 by Ahmed Omar and Ahmed Nasser. It sells car parts and accessories directly from various vendors. In the first seven months of service, the startup had 2000 customers onboard. Odiggo claims to have the largest catalog of auto spare parts in the region. The startup makes money by charging 7 to 22 percent commission on…

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Ethiopia’s edtech startup Gebeya launches its revamped marketplace

ETHIOPIA – Gebeya, the Pan-African source for freelance professional talent, has expanded its revamped marketplace, the first of its kind in terms of reach in Africa.  Prior to investment, Gebeya operated mostly a manual non-scalable marketplace model.  The firm raised a US$2M seed investment in February 2020, co-led by Partech and Orange Ventures and followed by Consonance Investment Managers, to set up the machine for scale, fully automated and digitized.  Gebeya.com connects Start-ups and Small and Medium Enterprises to professional talents from across the continent and the platform offers a…

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