IFC partners BMCE Bank to support cross-border trade in Africa

MOROCCO – The International Finance Corporation (IFC), a member of World Bank, and BMCE Bank International Plc UK announced a partnership designed to support cross-border trade in Africa and prevent shortages of essential goods, including grains and building materials, amid the COVID-19 crisis. IFC will enter into a risk-sharing facility with BMCE Bank International Plc UK, a leading regional lender, allowing the bank to scale up the financing it provides to importers and exporters. That capital, known as trade financing, is considered the backbone of the international trading system. The…

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Amethis divests its minority stake in Sodigaz APC to AIIM

BURKINA FASO – Amethis, an investment fund manager, has announced the sale of its minority stake in Sodigaz APC to African Infrastructure Investment Managers (AIIM). Sodigaz APC is the leading gas bottle (LPG) distributor in Burkina Faso with a market share exceeding 60% and a unique distribution network of 2,200 gas resellers. Created in 1977 by Amidou Bolly, Sodigaz APC has genuinely participated to the development of the butane gas market in Burkina Faso and in the fight against deforestation. The company employs now over 780 people. “The partnership with…

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Logistics company DIGGIPACKS acquires ecommerce solutions provider FWRUN

EGYPT – DIGGIPACKS, a Saudi Arabia-based last-mile delivery and logistics services provider, has acquired FWRUN, an Egyptian ecommerce solutions provider, in order to extend its footprint in the Egyptian market. DIGGIPACKS raised US$400,000 in pre-Seed fundraising from YOUXEL Ventures, OQAL, and other Saudi angel investors in April. DIGGIPACKS, founded by Hasan Jabarti in 2020, brings together last mile and fulfillment firms to make it easier for retailers to transport their packages. Riyadh-based Diggipacks began operating in the Kingdom of Saudi Arabia in the sphere of e-commerce and retail in 2020,…

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Trine and Solarise Africa ink US$5.9m infrastructure framework agreement

AFRICA – Swedish-based impact investment platform Trine is collaborating with Solarise Africa, a pan-African energy leasing company, to invest in renewable projects on the continent.  The first debt financing round provided by Trine will finance five solar projects in South Africa and Kenya.  Demand for on-site renewable energy assets is growing rapidly as businesses are faced with rising energy costs and a desire to improve the sustainability of their operations. Building on-site microgrid assets require significant capital outlay and building owners and operators have few other options today to take…

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Fintech company Fawry tops as most powerful financial technology applications – Forbes MEA

MEA – Fawry, a fintech company, has announced that its application ‘myFawry’ topped the list of the 15 most powerful financial technology applications in the Middle East for the year 2021, according to a report published by Forbes Middle East magazine. According to the report, the mobile application had more than 1.6 million downloads during the past year. “In view of the intense competition in the Egyptian market as the fastest growing market in the Middle East in the field of electronic payment and with the vision of the Egyptian…

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ASX-listed Zip acquires fintech Payflex as it eyes Africa expansion

SOUTH AFRICA – Fintech Payflex, a buy now pay later startup has been acquired by Australia Securities Exchange (ASX)-listed Zip as the latter takes its global expansion plans into Africa. Founded in 2018, Payflex allows consumers to shop now and pay later, interest-free, launched with Superbalist.com in 2019 and is now offered at over 1,000 online merchants.  Zip, for its part, is a leading player in the digital retail finance and payments industry. The company offers point-of-sale credit and digital payment services to the retail, home, health, automotive and travel industries.  With…

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Cellulant partners GAINDE 2000 to offer technology infrastructure and payments solutions

SENEGAL – Cellulant, a Pan-African technology company, has entered into a 5-year partnership with Senegal based GAINDE 2000 to offer an end-to-end Pan-African technology infrastructure and payments solutions for trade, revenue & tax collection for governments and multinational companies. GAINDE shall bundle its e-government solutions with Cellulant’s payments solutions offering the most comprehensive regional end to end technology and payments solution. This partnership will offer a digital payments platform that will help governments improve their trade environment and meet the challenges of payments & modern customs administration through reduction of…

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EBRD appoints Antoine Sallé de Chou as director of operations in Morocco

MOROCCO – The European Bank for Reconstruction and Development (EBRD) has announced the appointment of two new managers in the Maghreb. The Frenchman Antoine Sallé de Chou will take up his post as director of operations for the bank in Morocco. He succeeds the French-Canadian Marie-Alexandra Veilleux-Laborie. Antoine will be responsible for the EBRD’s investments and operations in the country and report to Heike Harmgart, the Bank’s Managing Director for the southern and eastern Mediterranean (SEMED) region. “I am honoured to take on this new responsibility. I am committed to…

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Amazon launches officially in Egypt, replaces Souq.com

EGYPT – Amazon, a global online shopping platform, officially launched Amazon.eg to replace Souq.com in the local market following the inauguration of its warehouse in Egypt. The launch came a month after the online shopping titan had announced its intention to have an official presence in Egypt. It clarified that the website will feature millions of items from local and international brands across a range of categories including electronics, apparel, home and kitchen, grocery, and Amazon products and Devices like Kindle e-readers. Existing Souq.com customer credentials, wish lists, orders, delivery…

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Oil and gas company Eni discovers oil in block CI-101 offshore Ivory Coast

IVORY COAST – Eni, an oil and gas company, has announced a major oil discovery in block CI-101 offshore Ivory Coast which is operated by Eni with Petroci Holding, who hold 90% and 10% respectively in the exploration phase.  The discovery well has been drilled on the Baleine prospect, with the support of the Government in the difficult context of the pandemic-covid-19. Baleine-1x discovered light oil (40° API) in two different stratigraphic levels. An evaluation program will be carried out to assess the significant upside potential of the overall structure…

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