Shelter Afrique settles its commercial debts, eyes regional bonds

KENYA – Shelter Afrique, a Pan-African housing development financier, has fully paid commercial debts owed to eight lenders, giving the company the leverage to underwrite new debt. In 2018, Shelter Afrique signed a Debt Restructuring Agreement with the eight lenders – six DFIs and two commercial banks to restructure its debt with a new 5 – Year tenor to run from June 2019 to June 2024. The US$186 million including accrued interest owed to African Development Bank, Agence Française de Developpement, Commercial Bank of Africa, European Investment Bank, German KFW,…

Read More

AFC launches US$500m climate-resilient infrastructure fund

AFRICA – The Africa Finance Corporation (AFC) has announced the creation of an investment fund for climate-resilient infrastructure that will be managed by the new fund manager AFC Capital Partners. The Climate Resilient Infrastructure Fund (CRIDF) aims to improve the quality of ports, roads, bridges, railways, telecommunications facilities, clean energy production and logistics in Africa. The fund aims to provide an effective response to rising temperatures due to climate change. The fund manager will be headed by Ayaan Zeinab Adams, a climate investment specialist who has worked with the United…

Read More

United Airlines to start Washington D.C–Lagos flights in November 2021

NIGERIA – United Airlines has announced a new service between Washington, D.C. and Lagos, Nigeria beginning November 29. 2021, subject to government approval. The airline will operate three weekly flights connecting the U.S. capital to Nigeria’s largest city, which is also the top Western African destination for U.S-based travelers.  “This new flight to Lagos has been highly anticipated by our customers and offers the first-ever nonstop service between Washington, D.C. and Nigeria, as well as convenient, one-stop connections to over 80 destinations throughout the Americas including Houston and Chicago,” said…

Read More

Radisson Hotel Group announces a record year in Africa with 13 signings

AFRICA – Radisson Hotel Group, one of the world’s leading hotel groups, has announced a hotel expansion record in Africa with 13 signings to date, translating to a new hotel signed every 20 days. The Group’s expansion drive, adding 2,500 rooms to its African portfolio, includes the announcement of nine hotels in Morocco, the Group’s debut in Djibouti and the introduction of the Radisson Individuals brand in Africa.  Adding to this expansion milestone, the Group has also opened five hotels to date in 2021, including Africa’s second Radisson RED in South Africa and four Radisson Blu resort…

Read More

Orange picks Ericsson for mobile money in Africa

AFRICA – Orange Middle East and Africa is set to deploy Ericsson’s Mobile Financial Services solutions across fourteen of the countries in its Orange Money footprint. Starting with Senegal, Ericsson’s solutions will be rolled out in phases and once operational will provide a more agile and compliant IT architecture to enhance performance in managing the flow of transactions. In addition, by strengthening Orange’s core mobile money platform, Ericsson will help promote financial inclusion and economic development across the continent. “Stable, secure, reliable and compliant mobile financial services are fundamental to…

Read More

FirstRand to stop funding new coal power plants and mines

SOUTH AFRICA – FirstRand Limited, one of South Africa’s largest banks, has announced that it will no longer finance new coal-fired power stations, and from 2026 will no longer provide direct project finance to new coal mines. The company made the announcement after publishing its Climate Change Policy and an updated Energy and Fossil Fuel Policy on 15th September 2021. FirstRand’s Climate Change Policy and Energy and Fossil Fuel Policy outline how the group is tackling the impact of climate change and cover the management of the company’s own emissions…

Read More

Accor expands luxury footprint in Sub-Saharan Africa with Fairmont in Djibouti

DJIBOUTI – Accor, a world augmented hospitality group with over 400 hotels across India, Middle East, Africa and Turkey, is adding a new flagship property to its portfolio in Africa with Fairmont Djibouti. Set to open in 2024, the hotel will feature 155 rooms and 10 serviced apartments, with five food and beverage outlets combined with 1,398 sqm of Meetings & Events facilities. Located in Djibouti City, the capital of Djibouti and one of the country’s most affluent areas, the property will be strategically located by the beach in Plateau…

Read More

Vodacom eyeing additional stake in Safaricom Telecommunications Ethiopia

ETHIOPIA – Vodacom Group has signed a deal that could see it buy an additional 10.9 percent stake in Safaricom Telecommunications Ethiopia from UK’s sovereign wealth fund CDC Group at a cost of US$1.74 billion in the coming years. The deal, if completed, will raise Vodacom’s interest in the newly formed telco to 17.1 percent. The South African telco currently owns a 6.2 percent stake in the Ethiopian firm through the Netherlands-registered investment vehicle Vodafamily Ethiopia Holding Company. “As part of the transaction agreements, Vodacom has granted a put option…

Read More

Construction-tech startup ConDigital raises pre-seed funding round

EGYPT – ConDigital, an Ethiopian construction-tech startup, has raised an undisclosed amount in pre-seed funding round to help it cement its presence at home and expand into the wider East African region. The pre-seed funding round was piloted by an angel investor in the United States of America and included other angel investors from East Africa, Asia and Europe. “We created ConDigital to serve real issues that have dire effects on our country and continent. Infrastructure is at the heart of the African renaissance; we envision that ConDigital will play…

Read More

Amped Innovation secures US$6m working capital facility from EDFI ElectriFI

NIGERIA – EDFI ElectriFI, an impact investment facility funded, is injecting a US$6 million revolving working capital facility to Amped Innovation, a company designing and supplying high efficiency, lower-cost solar home systems (SHS) and appliances for distributors across the world. US$4 million will come from EDFI EectriFI’s global facility and US$2 million from the Nigeria Country Window. Amped Innovation focuses on solar equipment with integrated pay-as-you-go functionality such as high-performance lighting, televisions, cold-chain appliances and DC-AC inverters. The company’s products offer high quality, reliable technology solutions that are also affordable…

Read More