IsDB approves US$20m loan for rural electrification project in Togo

Islamic Development Bank Group

TOGO – The Islamic Development Bank (IsDB) has approved a €17.38 million (US$20.11m) loan for rural electrification project in Togo that relies mainly on solar mini-grids provided by private companies. The Islamic Development Bank (IsDB) financing was approved at its 342nd Board of Directors meeting in Jeddah, Saudi Arabia. It is a loan of €17.38 million (US$20.11m) for the electrification of rural areas of Togo through small autonomous solar power plants, connected to mini-grids. These solutions are particularly appropriate for rural areas where the extension of the national electricity grid…

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MTN Group appoints Adekunle Awobodu as new Chief Financial Officer for Digital and FinTech

AFRICA – MTN Group, a telecommunication company, has announced the appointment of Adekunle Awobodu as our new Chief Financial Officer for Digital and FinTech. Kunle is a seasoned business and finance professional who has spent most of his career at MTN, including serving as CFO for MTN Nigeria and for the MTN Irancell joint venture. “We are thrilled that Kunle has joined the dynamic DigiFin team and look forward to what we know will be a valuable contribution,” says MTN Group Chief Digital and Fintech Officer Serigne Dioum. In his…

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Investment app Ejara raises US$2m to help Francophone Africa region access crypto services

WEST AFRICA – Ejara, an app for Africa and its diasporas to access various investment, has raised US$2 million to help the Francophone Africa region pioneer the use of crypto and investment services. Ejara is one-year-old company founded by Nelly Chatue-Diop that offers fractional shares, commodities, cryptocurrency, and more. The round was led by CoinShares Ventures and Anthemis Group. Mercy Corps Ventures, Lateral Capital, LoftyInc Capital, and NetX Fund have joined them. A syndicate social fund and two angel investors, Pascal Gauthier of Ledger and Jason Yanowitz of Blockworks also took…

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Tech company Klasha raises US$2.4m seed fund to improve on its infrastructure

NIGERIA – Klasha, cross-border technology company, has announced that it has raised US$2.4 million in seed funding that it plans to use to build the necessary technology infrastructure for cross-border commerce in Africa. Greycroft led Klasha’s funding round, while Seedcamp, Berrywood Capital, AVG Basecamp Fund, Practical VC, Plug and Play, First Round VC, Expert Dojo, 2.12 Angels, MiLA Capital and several angel investors also participated in the effort. Klasha will use the new money to help international B2B and B2C businesses take in online payments in African currencies from consumers…

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Ghanaian Roberta Annan launches US$115m fund for fashion entrepreneur in Africa

GHANA – Ghanaian businesswoman and entrepreneur Roberta Annan launched a €100 million (US$115.59m) fund to channel investment into small and medium African creative and fashion enterprises in Africa. The Impact Fund for African Creatives (IFFAC) will award grants of up to €50,000 (US$57,793) to selected projects to accelerate development of the continent’s creative sector. The fund was launched during Paris Fashion week and was attended by fashion industry experts. The Africa Investment Forum, a flagship initiative of the African Development Bank, aims to channel investment into Africa. Annan, who also…

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AfDB appoints Souley Amadou as General Counsel and Director of Legal Services

AFRICA – The African Development Bank (AfDB), has announced the appointment of Dr. Souley Amadou as General Counsel and Director of the Legal Service Department, effective 1st November 2021. A transactional lawyer, Dr. Souley Amadou has over 25 years of substantive legal work experience, including over 20 years spent at the African Development Bank Group and also assumed the role of Acting Corporate Secretary & General Counsel of Africa50 from 2015 to 2018. A highly recognized legal professional for his strategic leadership and management skills in multicultural settings, Dr. Amadou…

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Power producer KenGen receives fifth ISO re-certification

KENYA – Kenya Generating Electricity Company (KenGen) PLC has received its fifth ISO re-certification after successfully going through rigorous audits conducted by Bureau Veritas, a world leader in testing, inspection, and certification services to confirm the company’s conformity to the international standards. KenGen Quality Management Systems (QMS) and Environmental Management Systems (EMS) were audited in June 2021 and found to be compliant with ISO 9001:2015 and 14001:2015 standards respectively, leading to the re-certification which was formally presented to the company. Speaking after receiving the certificate from the certifying body, Bureau…

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Teraco completes phase one of Cape Town data center

SOUTH AFRICA – Vendor-neutral data center and interconnection services provider Teraco Data Environments, has completed the multibillion-rand first phase of Cape Town 2 (CT2), its new hyperscale data center in Brackenfell, Cape Town, the largest data center in the Western Cape. The data center is positioned for cloud providers and enterprises in telecoms, financial services, e-commerce, logistics, and retail. The completion of CT2 phase one follows the August 2021 announcement that Teraco had completed construction of its JB3 data center facility, located within the Isando Campus in Ekurhuleni, east of…

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African Trade Insurance Agency welcomes Cameroon as its new member state

KENYA – Cameroon has joined African  Trade Insurance Agency (ATI) as the 19th African Member State with a subscribed capital contribution of US$13.12 million from the financial support of the European Investment Bank (EIB). Cameroon’s membership in ATI will enable the Central African nation to benefit from ATI’s Guarantees to support increased exports, attract more foreign direct investments, and boost regional and international trade. ATI’s membership drive is supported by EIB, which to date has provided a combined US$110 million in concessional lending for the membership expansion of ATI in…

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