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,…

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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,…

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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…

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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…

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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…

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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.…

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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,…

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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…

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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…

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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…

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