French IPP Qair begins work on 30MWp solar power plants in N’Djamena, Chad

CHAD – French Independent Power Producer (IPP) Qair, formerly Qadran International, has commenced the construction of two solar power plants with a total capacity of 30MWp near the Chadian capital N’Djamena, expected to be operational in 2022. Qair, which is partly owned by the oil company Total, has been awarded two plots of land, one to the north and one to the south-east of N’Djamena, in the districts of Lamadji and Gassi. The Lamadji solar power plant will occupy a 40-hectare site while the second park under construction in the…

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Data analytics firm IDinsight appoints Frida Njogu as East Africa regional director

KENYA – Data analytics, research, and advisory firm–IDinsight has picked Frida Njogu-Ndongwe as its regional director for East Africa amongst other changes at the regional office.   Frida will oversee IDinsight’s projects, partnerships, and collaborations in East Africa, enabling decision-makers to use high-quality evidence to further their goals of improving lives. Frida is a medical doctor, public health specialist, entrepreneur, and development and management consultant. Prior to IDinsight, she was the director of programmes at the Centre for Health Solutions – Kenya and a consultant at McKinsey & Company’s Africa Delivery Hub. She served most recently…

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Virtual labs startup PraxiLabs to enhance science education through 3D simulations

TUNISIA – PraxiLabs, a virtual labs startup, is working to provide people with equal opportunities to obtain an enhanced science education by providing 3D interactive virtual simulations that are safe, affordable and accessible anytime, anywhere, for educational institutions and students alike. Launched in 2016, PraxiLabs is an online learning platform providing interactive science labs for students, even enabling scientific experiments that are not doable in the real lab. “While a lot of educational areas have benefited and progressed through ed-tech, the labs situation remained “as is”. It is important to…

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Law firm Al Tamimi & Company opens new office in Port Said Egypt

EGYPT – Al Tamimi & Company, a law firm in the Middle East and North Africa, has expanded its footprints with a new office in Port Said Egypt, one of the region’s leading transhipment hubs. Al Tamimi & Company will provide critical guidance to companies navigating complex cross-border transactions in the maritime, shipping and customs sectors. “We have ambitious plans for the future and continue to invest in the region. We see many opportunities, especially in the African continent, and expanding our service offering and building on our presence in…

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FiveT Capital Holding launches world’s first clean hydrogen investment fund

 AFRICA – FiveT Capital Holding, an independent asset manager, has launched a private infrastructure fund, FiveT Hydrogen Fund, dedicated to delivering clean hydrogen infrastructure projects at scale. The Euro-denominated Fund intends to raise a total of US$1,189 billion (€1 billion) from a combination of financial and industrial investors. It will make largely minority co-investments into greenfield projects with key industrial players. The Fund has already received combined commitments intentions of US$218,7 million (€260 million) from Plug Power, Chart Industries Inc and Baker Hughes. In addition, Francisco Fernandez, founder and former…

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Ecobank appoints Tomisin Fashina as Group Executive for Operations & Technology

AFRICA – Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, has announced the appointment of Tomisin Fashina as its new Group Executive for Operations & Technology, a position he will now hold in addition to his existing role of Managing Director of eProcess International. Dr. Fashina succeeds Eddy Ogbogu as Group Executive, Operations & Technology, following Eddy’s recent retirement after serving the Group for 11 years. Tomisin has over 30 years of experience, predominantly in technology management and financial services. Before joining the Ecobank Group, Tomisin was the…

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Technology company Wärtsilä signs agreement to maintain Gas power plants in Nigeria

NIGERIA – Wärtsilä, a Finnish company which manufactures and services power sources and other equipment in the marine and energy markets, has signed a long-term optimised maintenance agreement covering three Nigerian gas power plants owned by Paras Energy. Wärtsilä will maintain the three plants in Ikorodu and Ogijo, which are owned by the Nigerian energy provider. All three plants covered by the five-year agreement use gas-fuel engines, which produce a combined total output of 132MW. Based on an average connected capacity of 6.5kW for a Nigerian home, this represents the…

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Fintech startup Dash raises US$500,000 to simplify remittances, announces plans to launch in Kenya and Ghana

KENYA – Fintech startup Dash App has raised US$500,000 pre-seed financing to expand its operations to Kenya and Ghana.  Founded in 2019 by Prince Boakye Boampong, Dash App, allows users to simplify money remittances, bill payments and allow them to send, receive, spend, and save their money, all in a single app.  Sending and receiving money to/from a dash user is free and users can send money across countries instantaneously and one can also send money to any Mobile Money user, 80% cheaper than traditional means. Dash also allows users to send money to…

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Fintech Paymob raises US$18.5m Series A round to expand its merchant network

EGYPT – Cairo-based fintech Paymob has announced that it raised US$18.5 million in a Series A round led by Global Ventures, Egypt’s largest-ever Series A round raised by a fintech company. A15 and FMO, the Dutch entrepreneurial development bank, were also involved in the transaction. The company aims to accelerate its expansion to Saudi and other regional markets this year. It will also use the funds to expand its merchant network and further enhance the suite of products. The round is made up of US$15 million in glowing funding and…

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VC firm Algebra Ventures launches US$90m fund to address specific market gaps in various sectors

EGYPT – Algebra Ventures, a venture capital firm, has announced the launch of its US$90 million second fund, which is targeting a first closing in the third quarter (Q3) of 2021 and aims to double down on the success of its first fund. The new fund will pursue opportunities in fintech, agri-tech, ed-tech, logistics and healthcare by partnering with high-potential founders to address specific market gaps in these sectors. Four years into its first US$54 million fund, Algebra Ventures has invested in 21 startups, including Trella, elmenus, GoodsMart, and Halan,…

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