Banque Misr, Microsoft Egypt launch innovation program for startups

EGYPT – Banque Misr, a financial service provider, has signed a Memorandum of Understanding (MoU), with Microsoft Egypt to launch the first open innovation program in the Egyptian market, enabling a spurt in fintech startup growth. The collaboration between the two parties aims to enable startups to contribute to digital transformation efforts that are driven by multi-disciplined digital technologies, while enhancing the fintech and entrepreneurial capabilities of these companies. This is in addition to supporting the business environment by establishing joint fintech innovation centers and developing financial and digital services…

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Zambia signs MoU with REEEP to improve rural electrification efforts

ZAMBIA – The Rural Electrification Authority of Zambia and the Renewable Energy & Energy Efficiency Partnership have signed a Memorandum of Understanding to monitor and support the country’s electrification efforts through data collection and analysis. The MoU outlines a joint effort to leverage the Edison data platform that was originally developed to monitor and support Zambia’s broader electrification efforts with advanced data collection and analysis on behalf of the Rural Electrification Authority (REA). The move underscores both organizations’ commitment to promoting and engendering access to modern, clean energy for rural…

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Tech company Huawei appoints Terry HE as President for Northern Africa

NORTH AFRICA – Huawei, a multinational technology company, has announced the appointment of Terry HE as President of Huawei Northern Africa to strengthening Huawei’s investment in digital infrastructure and training of young talent in Africa. In this role, he will be responsible for coordinating the group’s overall operations in the 28 African countries in the region. With his dynamic approach, participatory leadership, managerial skills and constant drive for efficiency, his appointment marks an important milestone for the group as African stakeholders look to meet the challenge of the fourth industrial…

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The MarQ Developments launches its US$127m latest project in New Cairo

EGYPT – The MarQ Developments, a real estate developer, has announced the launch of its latest project dubbed The Water MarQ in New Cairo, with investments worth LE2 billion (US$127.42m), as part of its expansion plan in the market and increasing its projects portfolio in east Cairo. Amr Badr, chairman of The MarQ Developments, said that the company’s new project The Water MarQ in New Cairo is being developed over 20 acres at the land of Azad project. The MarQ Developments purchased the land plot in New Cairo from Development…

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Dimension Data eyes more investment in South Africa’s data center market

SOUTH AFRICA – Information technology services company Dimension Data is looking to further invest in the data centre market, to expand its infrastructure, as the world sees Africa as the next economic frontier in the digital economy. Dimension Data says that together with parent company NTT, it has ambitions to be a strong data centre player in South Africa and the rest of the continent, as it positions for increased demand for data centre capability, amid Africa’s cloud computing boom. The companies operate 11 data centres with up to 10MW…

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UAE company Investera opens Kenya office to link start-ups with global funds

KENYA – UAE-based business intelligence and investment firm Investera has launched operations in Kenya that will see it guide foreign investors seeking to invest locally and link-local firms to foreign opportunities. The entry is through a partnership deal with their local counterparts, Investera Plus Africa. The firm will provide market research, due diligence, investment advisory and financial intelligence services to investors, businesses, and entrepreneurs. Raising start-up capital and access to markets are some of the biggest challenges for budding Kenyan entrepreneurs, with banks requiring collateral that most of them do…

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Crédit Agricole Egypt extends partnership with Visa for 5 years

EGYPT – Crédit Agricole Egypt, an Egypt-based bank, has announced that it has signed a new five-year partnership agreement with Visa, a multinational financial services corporation. Under the new agreement, Visa and Crédit Agricole will continue to cooperate to provide innovative card payment solutions. “At Credit Agricole Egypt, our priority is our customer’s satisfaction, while ensuring the bank’s continuing growth,” Jean-Pierre Trinelle, Crédit Agricole Egypt Managing Director, commented on the new partnership. “Therefore, we are proudly extending our 17-year cooperation with Visa to open up new horizons in cards payment…

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Imvula Education Empowerment Fund acquires 23% of Ellies Holdings for US$1.3m

SOUTH AFRICA – Imvula Education Empowerment Fund Trust has concluded its first investment in a Johannesburg Stock Exchange-listed company through its BroadBased Black Economic Empowerment (B-BBEE) agreement with Ellies Holdings. The transaction will see Imvula invest R18.5 million (US$1.3 million) of its capital to acquire more than 185 million ordinary Ellies shares at 10 cents a share, representing a 23 percent stake in the company. Additionally, unlike other B-BBEE agreements, Imvula’s share purchase did not attract any discount to the prevailing market price at the time of closing the deal,…

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Mining company Base Titanium to extend mining operations in Kenya by one year

KENYA – Australian mining company–Base Titanium will extend its operations in Kenya by one year under a new license.  Kenya’s Petroleum and Mining ministry is processing a license for the company which currently has about 15 months of mine life at its current licensed area, where operation is expected to cease in October 2022. According to Cabinet Secretary John Munyes, the firm’s application for mining has been approved. However, mining activities cannot take place without a ‘deed of variation’ to extend its Special Mining Lease boundary, which was pending. “We have looked at the application…

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Unaitas secures US$9.3m funding from Dutch PE firm Oikocredit for SME lending

KENYA – A leading progressive Sacco in Kenya Unaitas Sacco, has secured KShs1 billion (US$9.3 million) funding from Dutch private equity Oikocredit International for onward lending to small and medium enterprises. (SMEs) The Sacco said the funds will be repaid over six years allowing them to offer loans to over 5,000 farmers’ groups and cooperatives, individual farmers, farm input dealers and transporters. The funds are part of the Sacco and Dutch PE firm’s efforts to help firms recover from an economic fallout caused by the Covid-19 pandemic that has led…

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