LG Electronics to open 20 new stores in East Africa expansion drive

EAST AFRICA – South Korean multinational conglomerate corporation LG Electronics is expanding its market footprint in East Africa by opening new shops in four countries in response to the growing demand for home appliances, entertainment and air conditioning solutions.   LG Electronics East Africa now says it will refurbish 20 shops and launch additional ones, in Tanzania, Ethiopia, Sudan and Kenya, targeting an increasingly tech-savvy, environmentally conscious consumer seeking premium products to match their lifestyle.  The company is also keen on the growing market for wearables, driven by lifestyle changes due…

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African Trade Insurance Agency invests in Malawi’s Salima Solar plant

MALAWI – The African Trade Insurance Agency (ATI), under its Regional Liquidity Support Facility (RLSF), has supported the Salima Solar PV plant, by providing a revolving liquidity guarantee that can be drawn following any payment delays by the national off-taker – Electricity Supply Corporation of Malawi Limited (ESCOM). This is the second project in the country to benefit from RLSF, the first project being Phase 1 of the Nkhotakota Solar Power Plant, with an initial installed capacity of 21MW. The 60MW Salima Solar PV plant, being one of the most…

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Ecobank International secures US$50m finance facility from CDC Group to broaden economic opportunities

AFRICA – CDC Group, the UK’s Development Finance Institution and impact investor, has announced a US$50 million trade finance facility for Ecobank International (EBI SA), the France based member of the Ecobank Group. This marks CDC’s first partnership with EBISA with the commitment aimed at providing systemic liquidity to underserved markets and crucial trade finance support to local banks and businesses across Africa. EBI SA, the international subsidiary of Togo-based Ecobank Group, is an ideal partner to boost CDC’s impact across Africa and help strengthen financial support for local banks…

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Nedbank raises US$64.5m to finance green projects in South Africa

SOUTH AFRICA – Financial services group Nedbank has raised R910 million (US$64.5 million) to finance green infrastructure projects in South Africa. The capital raise comes as the South African government is driving renewable energy in the country to boost energy security. This, as power utility Eskom, which provides over 90% of South Africa’s power needs, has battled to keep the lights on, much to the detriment of the economy. In a statement, Nedbank says a total of R910 million (US$64.5 million) was raised through the issuance, which took place in…

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Institute for Research in Solar Energy and New Energies launches charging stations for electric cars

MOROCCO – Institute for Research in Solar Energy and New Energies’ (Iresen) Green Energy Park platform, has inaugurated a production line of charging stations for electric cars intended for the local and African market. The unit will be located in Benguerir, a town in the Marrakech-Safi region. The factory was developed and built by the Green Energy Park, a solar energy testing, research and training platform set up by Iresen. Green Energy Park worked on this project together with EDEEP, a company based in the Moroccan city of El Jadida.…

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Tysilio set to install containerised solar system with battery storage in Senegal

SENEGAL – Tysilio, a French company, is set to install its containerised solar system with battery storage in a community agricultural estate (DAC) in Sédhiou, southern Senegal. This is after Tysilio signed a partnership agreement with Senegal’s National Programme for Community Agricultural Estates (Prodac). This solution, called the Tysilio Solar Station (TSS), will reduce farmers’ dependence on highly polluting generators. The installation will consist of a small 32 kWp solar plant connected to inverters and batteries installed in a container. The storage system will be capable of accumulating 60 kWh…

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Ad-tech startup AIfluence closes US$1m in seed funding round

KENYA – Nairobi-based influencer marketing platform, AIfluence Inc, has closed US$1 million in Seed funding round led by Dubai-based EQ2 Ventures, and joined by Antler East Africa, Nigerian VC OUI Capital, ArabyAds and a European family office. AIfluence was part of Antler’s inaugural Nairobi cohort in 2020. The startup says the funds will be used to expand into the rest of Africa, the Middle East & Asia by the end of 2021, and to further invest into AIfluence’s tech and SaaS platform. AIfluence leverages advanced machine learning algorithms to match influencers with a…

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Sidian Bank gets US$4.6m from AGF for SME loans

KENYA – Financial institution Sidian Bank has secured KSh500 million (US$4.6 million) from African Guarantee Fund (AGF) for onward lending to local Small and Medium Enterprises (SMEs). The bank said the agreement is part of the effort to bridge the financing gap facing SMEs in the country and that the partnership would support the growth of small businesses through the provision of guarantees for the bank’s customer loan facilities. The AGF Loan Portfolio Guarantee will enable Sidian Bank to scale up its lending activities to Small and Medium-sized enterprises through…

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Crown Paints raises US$5.95m from rights issue

KENYA – Leading paint and coating manufacturer Crown Paints, has raised Ksh.642.7 million  (US$5.95 million) from its just-concluded rights issue/additional shares issuance. Proceeds from the rights issue represent the acceptance of the issuance of 64.3 million more shares by the company. Shareholders nevertheless registered an over-subscription of bids for the rights issue under which they sought 81 million more shares for a combined Ksh.809.6 million (US$7.5 million). The new shares are expected to be processed on a day before their eventual listing and trading on the Nairobi Securities Exchange (NSE).…

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Online travelling company Wakanow appoints Adenike Macaulay as its CCO

NIGERIA – Wakanow, an online travel company, has announced the appointment of Mrs. Adenike Macaulay as the company’s Chief Commercial Officer (CCO). According to a statement issued by the company on Monday, the Chief Executive Officer, Wakanow, Mr Bayo Adedeji, expressed confidence in the capacity of the new CCO. They said Macaulay would bring on board an invaluable and dynamic contribution to the company by expanding the already thriving commercial opportunities in the business, thereby enhancing the objectives and continuous growth of the company. Speaking on her appointment, Macaulay said…

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