Kenya Airways increases flights to European routes as summer demand surges

KENYA – National carrier Kenya Airways has increased frequencies to Europe following high demand from passengers seeking air travel for summer holidays. The carrier has increased weekly flights to Paris from three to four starting Saturday, July 17, 2021, London will get an additional flight from one to two starting July 27 while Amsterdam will get two frequencies beginning August 2, 2021. The rise in demand is the product of increased travel to Kenya and other East Africa countries by western tourists seeking safari visits and a view of the wildebeest migration in…

Read More

Afreximbank and Portugal’s ANJE join hands to promote textile and manufacturing sector in Africa

AFRICA – The African Export-Import Bank (Afreximbank) has announced a three-year partnership with Portugal’s National Association of Young Entrepreneurs (ANJE – Associação Nacional de Jovens Empresários) to support Africa’s fashion apparel and textile manufacturing sector. The partnership is in line with Afreximbank’s Creative Africa Nexus (CANEX) program launched in 2020 to organize a series of events in the run-up to the Intra-African Trade Fair 2021, which will take place in Kigali, Rwanda. “We believe that the vast creative talent pool on the continent is an opportunity to accelerate Africa’s economic…

Read More

Vista Group Holdings SA secures US$69m Intra Africa Investment Finance Facility from Afreximbank

WEST AFRICA – African Export-Import Bank (Afreximbank) has closed a €59.2 million (US$69.72m) Intra Africa Investment Finance Facility to finance Vista Group Holdings SA’s acquisition of majority stakes in two banks. The banks are Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) and Banque Internationale pour le Commerce, l’Industrie et l’Agriculture du Burkina (BICIAB). The stakes in the two banks, which operate in Guinea and Burkina Faso respectively, are being acquired from BNP Paribas who is exiting these markets for operational reasons. The shift to African control…

Read More

Private equity fund Kibo Capital Partners sells its stake in I&M Bank Rwanda

RWANDA – Private equity fund Kibo Capital Partners, the Mauritius-based private equity fund, has sold its shares in I&M Rwanda to Egide Gatera, a business magnate, assisted by Enexus Finance. Established in 1963 as Banque Commerciale du Rwanda and bought by I&M Group in 2012, I&M Rwanda is considered the second largest bank in Rwanda. With this investment, Gatera indirectly becomes the third-largest shareholder of I&M Rwanda, after I&M Group and Africinvest. Gatera, a prominent business tycoon in Rwanda, owns a chain of companies with interests in agribusiness, finance and…

Read More

FMDQ admits NSP-SPV PowerCorp Plc US$121m green bond issuance

NIGERIA – FMDQ Securities Exchange Ltd has added another green bond to Nigeria energy market with the listing of the NSP-SPV PowerCorp PLC Series 2 Green Bond. This bond is listed under FMDQ Securities Exchange Limited’s US$121.6 million (N50 billion) Bond Issuance Programme. The proceeds from this issuance will be used to fund the development of a 15MW Pre-Phase 1 Solar Project and the transmission and evacuation infrastructure for NSP PowerCorp PLD’s Solar project. “This landmark transaction reinforces our belief and commitment in promoting clean energy generation in Nigeria. It…

Read More

Acorn Holdings sees oversubscription of final tranche of its Green Bond

KENYA – Property developer Acorn Holdings Limited has closed the final tranche of its Medium-Term Green Note Programme under which the first Green Bond was launched. In a statement, the company says the bond has raised KSh2.096 billion (US$19.4 million) against a target of KSh1.438 billion (US$13.3 million) representing a subscription rate of 146 percent. The green bond was launched in October 2019 for KSh5 billion (US$46.2 million), becoming the first of its kind in Kenya. In the process, the first tranche of the issue raised KSh4.262 billion (US$39.4 million)…

Read More

Quest Electricity Nigeria Limited acquires Yola Electricity Distribution Company

NIGERIA – Quest Electricity Nigeria Limited has acquired the Yola Electricity Distribution Company (YEDC) with a bid price of N19 billion (US$46.16m). The Bureau of Public Enterprises (BPE) in a statement by Amina Othman, Head, Public Communications indicated that the Share Sale and Purchase Agreement (SSPA) for the privatisation of YEDC was signed between the agency and the investor. According to BPE Director General Mr. Alex Okoh, the new investor has committed to a Performance Improvement Programme which would involve an investment of N28 billion (US$68.02m), over a period of…

Read More

Ride-hailing firm Little sets eyes on the Ethiopian market

ETHIOPIA – Kenyan ride-hailing firm Little is expanding to Addis Ababa, Ethiopia joining Safaricom and several other Kenyan firms in the race to crack the Ethiopian market that has so far remained closed to foreign companies. The firm’s  Chief Executive Officer Kamal Budhabhatti told Business Daily that the company will invest US$5 million in the next five years, with plans to inject an additional US$5 million based on its growth projections. The company, which competes with global players Uber and Taxify in Kenya, Uganda, Zambia, and Tanzania, will start Ethiopia…

Read More

EIB gives US$94.3m towards geothermal power production in SSA

SUB-SAHARAN AFRICA – A total of seven Sub-Saharan Africa nations are set to benefit from €80 million (US$94.3 million) funding from the European Union investment arm European Investment Bank (EIB) to increase geothermal power production. The European Investment Bank (EIB) approved the funding on 17th July 2021targeting private sector-led geothermal power projects in East Africa. The funding will benefit projects in Kenya and 17 other countries, including Ethiopia, Rwanda, Tanzania, Uganda, Mauritius, Mozambique, and Madagascar. “Eligible projects will typically include greenfield development and brownfield expansions, with proven geothermal resources,” said…

Read More

British Arab Commercial Bank announces major appointments to strengthen its leadership

AFRICA – British Arab Commercial Bank (BACB), an international wholesale bank dedicated to specialist markets, has announced a series of key appointments to strengthen the bank’s leadership. These appointments, that follow the naming of Eddie Norton to the CEO’s post in October 2020, are expected to enhance its risk strategy framework and focus on growing trade finance flows in key North African markets and re-positioning its UK Real Estate business. Stephen Bell has been appointed as Managing Director and Chief Risk Officer. Recently serving as Chief Executive and Chair of…

Read More