Afreximbank invests US$200m in Banque du Caire for its expansion across Africa

EGYPT – The African Export-Import Bank (Afreximbank) and Banque du Caire have signed an agreement that will formalise Afreximbank’s US$200 million Intra-African Investment Finance Facility. The facility is designed to finance Banque du Caire’s expansion across Africa, and investments in new branches and subsidiaries, while promoting Egyptian trade with the rest of the continent. Under its three-year expansion strategy, Banque du Caire aims to penetrate several countries across Africa. This ambitious plan builds on the Bank’s existing operational reach, including its 100% stake in Cairo Bank Uganda (CBU), a commercial…

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IFC, Rockefeller Foundation partner to advance clean energy access in Sub-Sahara Africa

SSA – The International Finance Corporation (IFC), the private sector arm of the World Bank Group, and The Rockefeller Foundation (RF), one of the most famous philanthropies, have announced a new partnership that aims to deploy US$150 million of RF’s catalytic capital in blended finance to mobilize up to US$2 billion of private sector investment in distributed renewable energy solutions. The partnership will prioritize countries in Sub-Saharan Africa and select other regions, where both organizations have identified immediate opportunities and ultimately, the list of countries where this partnership will deploy…

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Fintech startup Khazna, partners launch Khazna Card to empower Egypt’s labor force

EGYPT – Khazna, a fintech startup in Egypt, has partnered with ADIB Egypt & Masria Digital Payments (MDP), to launch Khazna Card, the first of its kind Meeza prepaid card, linked to Khazna’s super app to empower Egypt’s labor force by extending world-class financial services. Their project has received approval from Egypt’s Central Bank. Khazna’s super app provides its users with earned wage access, bill payment and purchases of electronics and household products all in-app, thereby significantly minimizing cash transactions. Through the Khazna Card, Khazna’s users have instant 24/7 access…

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Imperial Logistics acquires Namibia’s Deep Catch for US$45m as it eye new markets and customers

NAMIBIA – Logistics and mobility company Imperial Logistics has entered into an agreement to acquire 100% of the issued share capital of perishable foods company Deep Catch Namibia for US$45 million. Deep Catch is owned by private equity investment management firm Salt Capital Ventures and development finance institution German Investment Corporate DEG, as well as management shareholders Christoph Kubirske, Jared-Dwight Geyser, and Lewton Geyser. Deep Catch wholesales, distributes and provides cold storage transport of perishable foods, mainly poultry, fish and dairy products, in Namibia and in the broader Southern Africa region. Headquartered in Namibia and with subsidiaries…

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Radisson Hotel Group debuts third hotel in Morocco – Radisson Hotel Casablanca Gauthier La Citadelle

MOROCO – Radisson Hotel Group has announced the debut of its second brand and third hotel in Morocco with the signing of Radisson Hotel Casablanca Gauthier La Citadelle in partnership with Al Hoceinia Hospitality. With construction already underway, the hotel is scheduled to open in 2023 and will consist of 133 guestrooms and suites. Located in the heart of Casablanca’s vibrant and exclusive Gauthier district, one of the prominent corporate, financial and entertainment districts, Radisson Hotel Casablanca Gauthier La Citadelle is just 2.5 km from the glistening La Corniche, the…

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MTN Group appoints Eliane Houphouet-Boigny as the CEO of MTN Guinea-Bissau

GUINEA-BISSAU – MTN Group, the South African multinational mobile telecommunications company, has announced the appointment of Eliane Houphouet-Boigny as the CEO of MTN Guinea-Bissau, effective 1 July 2021. “I would like to welcome Eliane to the MTN family and look forward to her taking MTN Guinea-Bissau to new heights, as we work to lead digital solutions for Africa’s progress,” said MTN Group President and CEO Ralph Mupita. Eliane is a seasoned professional with a career spanning more than 20 years, and experience across multiple markets in Europe and Africa. Most…

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PwC outlines US$1b investment in new digital strategy

SOUTH AFRICA – Professional services company PwC has earmarked US$12 billion over the next five years for a new global strategy, with US$1 billion to be channelled towards its digital initiatives. In a webinar this week, the multinational professional services network detailed its new landmark strategy, “The New Equation” with the company saying it is based on analysis of global trends and thousands of conversations with clients and stakeholders. The new strategy is aimed at responding to fundamental changes in the world, including technological disruption, climate change, fractured geopolitics and…

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Mobile network operators in Uganda given one year to sell 20% of shares to locals

UGANDA –  Mobile phone operators in Uganda have been directed to list on the local bourse Uganda Stock Exchange (USE) within 12 months beginning June 2021. According to authorities, listing on Uganda Stock Exchange will encourage local ownership of the telecommunications industry. Chairperson of the Capital Markets Authority (CMA) Jacqueline Kobusingye said there was no turning back on the issue of listing after years of engagement with operators. The chairman said despite the engagement, operators have been largely unwilling to list, however, listing is now mandatory and a prerequisite to…

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Vodacom unveils lofty fiber, fintech, IOT investment plans as it entrenches itself as a tech company

SOUTH AFRICA – Mobile communication company Vodacom is fortifying its business model, scaling up fibre, financial services, Internet of things (IOT) and network expansion plans in a bid to become the dominant telco in all its markets. The telco says it remains focused on entrenching Vodacom as a top Pan-African technology company through investments in these sectors to augment its relationships with the 100 million plus customers it serves across Africa. The intensified desire to pursue opportunities in fibre, financial services and IOT comes at a time the telco is transitioning into…

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CDC Group commits US$50m to 100MW renewable power project in South Africa

SOUTH AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, has announced a US$50 million project finance direct debt investment to ACWA Power’s Redstone Concentrated Solar Power Project in South Africa. The investment marks CDC’s re-entry into the South African market in direct investment. The project will provide 200,000 South African households with clean and reliable energy and help to offset approximately 480,000 tons of carbon per year, equivalent to the per capita emissions of 67,000 South Africans. CDC has partnered AfDB, FMO, DEG and DBSA…

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