African Diaspora Central Bank to invest US$9b in electric vehicle startup Mandrolli

SOUTH AFRICA – The African Diaspora Central Bank has committed to invest US$9 billion in Mandrolli, a solar and battery-powered electric vehicle (EV) startup based in Johannesburg, South Africa, and a base in the U.S. Mandrolli describes itself as an electric vehicle start-up that is set to drive electric mobility pioneering in Africa. The startup is co-founded by Tami Mase, Ndileka Mandela, and B. Taylor. The investment means that Mandrolli is the first in the EV space to raise investment for the entire full production in one round. “This move…

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COMESA, Djibouti sign US$3m agreement to upgrade Galafi border post

DJIBOUTI – The COMESA Secretariat and the Government of Djibouti have signed an agreement that sub-delegates the implementation of coordinated border management activities at the Galafi border post, on the Djibouti- Ethiopia border. A total of US$3 million is allocated to this project under the European Union-funded Trade Facilitation Programme (TFP). The objective of the sub-delegation agreement is to enhance Djibouti’s progressive participation in regional and international integration agenda through progressive removal of trade barriers at the border. Djibouti will receive support in the development of improved and harmonized regulatory…

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Zambia commissions 150MW Kafue hydroelectric power plant

ZAMBIA – Chinese company Sinohydro has commissioned the first 150MW unit of the Kafue hydroelectric power station and eventually add 750 MW of power to Zambia’s national grid. The Kafue hydropower project is being implemented by Sinohydro, about 50 kilometers south of Lusaka. The Chinese company has built an earth and rockfill dam with a concrete spillway with four radial gates on the Kafue River, a tributary of the Zambezi River. The dam is 139 meters high with a crest width of between 8 and 10 meters and a length…

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Back female owned-DLO Resources acquires Conco Energy Solutions

SOUTH AFRICA – DLO Resources, a black female-owned strategic investor has acquired 51% of Conco Energy Solutions, the subsidiary of Consolidated Power Projects, to create South Africa’s first majority-black female-owned EPC and O&M in the automation and protection space. Conco Energy Solutions has been acquired by a 100% black-owned company with a 51% female majority shareholding held by Linda Mabhena-Olagunju. Mabhena-Olagunju is a Founder and CEO of DLO Resources Group, a 100% female-owned renewable energy developer and strategic investor. The move will see the company change its name to DLO…

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Qatar Investment Authority invests US$200m in Airtel Africa’s mobile money unit

AFRICA – Telecoms operator Airtel Africa has announced that it has secured another investment from Qatar Holding LLC for its mobile money arm. Qatar Holding LLC IA is an affiliate of the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar with over US$300 billion in assets. The Middle Eastern corporation is set to invest US$200 million into AMC BV through a secondary purchase of shares from Airtel Africa. In April 2021, Mastercard invested US$100 million in Airtel Mobile Commerce BV (AMC BV) — the mobile money business of telecom Airtel Africa…

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Sibanye-Stillwater to acquire French nickel refinery Eramet for US$77m as it advances its battery metals strategy

SOUTH AFRICA – Precious metals miner Sibanye-Stillwater has taken the next step in expanding its footprint in the battery metals sector by entering into an exclusive put option agreement with French mining group Eramet to acquire the Sandouville nickel hydrometallurgical processing facility, in France, for €65 million (US$77.4 million) according to Mining Weekly. The companies expect the deal to conclude by the end of 2021, pending regulatory approvals. Eramet can exercise the put option upon the completion of the consultation process with the relevant Eramet works councils, which is standard for…

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IHG Hotels & Resorts launches four new Hotel Indigo branded properties in Egypt

EGYPT – IHG Hotels & Resorts, one of the world’s leading hotel companies, is expanding its presence in Egypt with four new Hotel Indigo branded properties. As part of a Management Agreement signed with real-estate specialists Mountain View, IHG will introduce the world’s first globally branded boutique hotel brand, Hotel Indigo, to Egypt with Hotel Indigo Mountain View North Coast, Hotel Indigo Mountain View iCity New Cairo, Hotel Indigo Mountain View iCity 6th of October City and Hotel Indigo Mountain View Ain El Sokhna. The four new hotels will reflect…

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UK’s Caracal Gold Plc to list at the Nairobi Securities Exchange

KENYA – Caracal Gold Plc, a gold mining company, based in the UK, has picked Faida Investment Bank as its financial adviser and joint broker as it plans to do a Kshs 2 Billion (US$18.4 million) listing at the Nairobi Securities Exchange (NSE). Caracal Gold Plc listing at the Nairobi Bourse will make it only the second Company to have a dual listing at both the NSE and London Stock Exchange (LSE). The Economic Partnership Agreement (EPA) that was ratified between Kenya and the UK in May 2021 to boost trade between…

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Mergence Investment Managers Lesotho launches two unit trusts

LESOTHO – Mergence Investment Managers Lesotho has launched two unit trust investment products – the Mergence Lesotho Equity Unit Trust Fund and the Mergence Lesotho CPI + 4% Fund. Both unit trusts are available for retail and institutional investors. Semoli Mokhanoi, Managing Director of Mergence Lesotho, said that the unit trusts will go a long way to opening up investments for the Basotho people who wish to save for their future. “The main saving that most people make is into their company’s retirement fund, but if you have spare cash…

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IFC backs Kasada Capital to support the hospitality sector in Sub-Saharan Africa

SSA – Kasada Capital Management (Kasada), the investment platform within Kasada Group dedicated to hospitality investments in Sub-Saharan Africa, has announced that IFC will form a partnership with Kasada Hospitality Fund LP by providing senior loan financing to accelerate Kasada’s strategy of building a strong and resilient hotel portfolio across sub-Saharan Africa. IFC will extend up to US$160 million of debt funding to Kasada, backing its plan to support the hospitality sector and instill globally recognized ESG practices in its hotels. The first loan granted by IFC, in collaboration with…

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