Durban to host Intra-African Trade Fair 2021 after Kigali pulls out

SOUTH AFRICA – The second Intra-African Trade Fair (IATF2021) will be taking place in Durban, the organizers have announced. This event is organized by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) secretariat and is expected to take place from November 15 until November 21. The continental trade fair was previously due to be held in Kigali, Rwanda. The decision to move the fair to Durban was made by the Advisory Council of IATF2021 and was arrived at after formal…

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Standard Bank to buy remaining insurer Liberty Holdings stake for US$729m

SOUTH AFRICA – Standard Bank, Africa’s largest bank by assets has announced plans to acquire 100% ownership in financial services firm, Liberty Holdings, an acquisition that is expected to expand the bank’s network across the continent. The top bank already owns 54% of Liberty Holdings but wants to purchase 100% ownership of the company at a price of US$729 million. “We are creating a more united group that will bring our banking, insurance and asset management businesses much closer together to create something really special,” said Standard Bank Group CEO…

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Safaricom Telecommunications Ethiopia granted operator license

ETHIOPIA – The Ethiopian Communications Authority (ECA) has announced that Safaricom Telecommunications Ethiopia PLC has been issued with a final licence even as reports surface that over half of the winning consortium’s financing could be in doubt due to US sanctions. The ECA awarded the final licence “following the incorporation of the local company and business registration by the Global Partnership for Ethiopia” (GPE Consortium). The Safaricom-led consortium received a designated licence in May 2021 after winning the bid and was given 45 days to register a local company. “The…

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IPP Legendre Energie signs contract for its 50 MWp solar power plant

MALI – Independent Power Producer (IPP) Legendre Energie, the subsidiary of the French group Legendre, has just signed a 25-year concession contract for its 50 MWp solar power plant in Fana with the Malian Ministry of the Economy and Finance and the Ministry of Energy The future solar photovoltaic power plant will be built under the BOOT (Build-Own-Operate-Transfer) model, a form of public private partnership (PPP). “The project aims to promote the national economy through the development of the energy sector. By increasing the electricity production capacity of the national…

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Ethiopian Airlines, Liege Airport extend long-standing partnership

ETHIOPIA – Ethiopian Airlines Cargo and Logistics Services and Liege Airport have announced the renewal of their long-standing partnership agreement until 2026. Liege Airport, Belgium’s largest cargo airport and the 6th largest cargo airport in Europe, will continue to be Ethiopian Airlines cargo hub serving as a freighter gateway between Africa and Europe for the next five years. Ethiopian Airlines Cargo and Logistics Services, Africa’s largest cargo network operator, has been working with Liege airport for its freighter operations between Africa and Europe. Ethiopian Airlines Cargo and Logistics Services Acting…

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IFC invests in bond to support access to affordable housing in Tanzania

TANZANIA – To help increase access to longer-term, affordable mortgages and housing in Tanzania, the International Finance Corporation (IFC), has subscribed to a corporate bond issued by the Tanzania Mortgage Refinance Company (TMRC) as a strategy to make longer-term, affordable mortgages and housing accessible in Tanzania. TMRC was listed on the Dar es Salaam Stock Exchange on July 15th. The TMRC bond will support access to mortgages, helping Tanzanians more easily purchase homes in a country where access to longer-term financing has traditionally been constrained. The listing follows approval granted…

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Morocco’s insurance company Wafa Assurance launches in Egypt

EGYPT – Wafa Assurance, a leading insurance company in Morocco, has announced its expansion into Egypt and the appointment of Abeer Helmy Saleh as the chief executive of Wafa Life Insurance Egypt. Wafa Life Insurance Egypt currently has a valuation of US$9.5 million, but that number is expected to quickly grow. Through new business operations, the company plans to extend its reach internationally. The African insurance industry is experiencing rapid growth, and current estimates put the value at approximately US$68 billion. The North African market represents the second most valuable…

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Startup Ada Animation secures pre-seed funding from Unicorn Group to enable growth & expansion

KENYA – Ada Animation, an entertainment tech company, has announced a pre-seed capital raise from Nigerian venture capital firm Platform Capital through its technology firm Unicorn Group. The investment is set to elevate entertainment companies in Africa as potential partners in the VC investments realm. Founded in 2020, Ada Animation was born out of the desire to build capacity in the animation industry, tell animated African stories and catalyze the animation industry for growth. The company produces content in 2D and 3D animation, motion graphics, whiteboard animation, VFX, content creation, character design, voiceovers,…

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Ride hailing startup Plentywaka patners Autochek Africa for efficient services to its customers

NIGERIA – Plentywaka, an on-demand ride hailing startup, has announced a partnership with Autochek Africa to facilitate vehicle inspection, financing and maintenance for its teeming number of vehicle partners.  This partnership comes in the wake of plans to expand the Plentywaka Dailywaka ride-sharing service to over 7 new routes in a few days. “Just like Plentywaka, Autocheck Africa was born out of a need to disrupt an underutilized and unstructured industry,” Speaking on the partnership Onyeka Akumah, Co-Founder and CEO of Plentywaka said. “Now, a partner or heroes on Plentywaka…

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Lending startup Akiba Digital raises US$1.1m pre-seed funding to scale up

SOUTH AFRICA – Akiba Digital, a fintech startup that is lowering the barriers to entry to enable small businesses to unlock financing through their lending partners, has raised over US$1.1 million in pre-seed funding to help it grow its market share. Founded in 2017, Akiba Digital enables lenders to better extend capital to small businesses and individuals, providing nuanced credit insights and real-time lending decisions. The startup uses alternative datasets to provide inclusive scores that allow lenders to score people and small businesses that cannot be reached by traditional credit bureaus –…

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