Bajabulile Tshabalala appointed as Senior Vice President of the AfDB Group

AFRICA – The African Development Bank Group (AfDB), has announced the appointment of Ms. Bajabulile “Swazi” Tshabalala as Senior Vice President effective 1 November 2021 Ms. Tshabalala, a South African national, has been Vice President of Finance and Chief Financial Officer of the African Development Bank Group since joining the Bank Group in August 2018. She was appointed by President Adesina as Acting Senior Vice President in March 2020, following the retirement of the incumbent, Mr. Charles Boamah. Over the past three years, Swazi has served in several key leadership…

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French government commits additional US$150m funding for African tech start-ups

AFRICA – French President Emmanuel Macron has made a new EUR130 million (US$150 million) commitment to support 500 African startups as part of a rejigged Digital Africa initiative. Launched in 2018 with the mission to equip African tech entrepreneurs with capabilities to design and scale-up ground-breaking innovations for the real economy, Digital Africa brings together startups, academia, incubators, institutional financiers, venture capitalists and technology clusters to help develop the African startup space. President Macron’s renewed financial commitment of EUR130 million, made at the New Africa-France Summit last week, covers the…

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Africa50 launches new fund to catalyze investment flows in Africa

AFRICA – Africa50, an investment bank for infrastructure in Africa, has launched Africa50 Infrastructure Acceleration Fund, a new fund aimed at catalyzing further investment flows into African infrastructure. The Fund is targeting US$500 million in multiple closings. The Fund is a result of a long-haul effort by Africa50 to mobilize further capital to help bridge Africa’s infrastructure financing gap. The Fund’s mandate is to deliver attractive risk-adjusted returns for institutional investors looking for exposure to African infrastructure assets, while playing a critical role in financing medium and large-scale infrastructure projects…

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Digital Africa commits US$150m for next 3 years to support entrepreneurship in Africa

AFRICA – France President Emmanuel Macron has announced at the New Africa-France Summit a renewed financial commitment of €130 million (US$150.53m) for the next three years and defined Digital Africa’s new ambitions to support entrepreneurship and technological innovation on the continent. In terms of financing, Digital Africa announced the Fuzé project, that focuses on Francophone Africa and aims to support at least 200 tech start-ups as of early 2022 by launching a new small ticket fund taking the form of repayable loans. In terms of skills, Digital Africa joins forces…

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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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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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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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EU, GIZ extends US$65 million to Nigerian to support its renewable energy sector

NIGERIA – The Nigerian electricity sector is set to receive a US$65 million boost through its Nigerian Energy Support Programme (NESP), from the European Union in collaboration with Germany’s Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). With the extension, the EU has granted an additional US$20 million funding to the initial US$27 million dedicated to supporting the Nigerian renewable energy sector while the total funding for the programme now comprises US$47million, from the EU, while US$17 million is from the German government. Head of Cooperation for the EU Delegation to Nigeria…

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AfDB secures US$115m from German government for its SEFA projects

AFRICA – The German government will contribute €100 million (US$115.83m) to the African Development Bank’s Sustainable Energy Fund for Africa (SEFA), affirming its commitment to efforts to tap Africa’s renewable energy potential and drive its transition to clean energy sources. The funding will go to unlock private sector investment in green-baseload projects, a SEFA priority focus. Specifically, it will support technical assistance and investment in power generation, transmission and distribution to increase penetration of renewable power in African grids. The funding follows Germany’s initial contribution to SEFA of €50 million…

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IFC partners Sodigaz to boost access to cleaner energy solutions

BURKINA FASO – The International Finance Corporation (IFC) and Sodigaz, an energy company, have announced an agreement to boost access to cleaner energy solutions for thousands of households and businesses in Burkina Faso.  Under the agreement, IFC’s Advisory Services team will support Sodigaz to upgrade and expand its liquified petroleum gas (LPG) distribution and service stations, increase solar home kit sales, and introduce solar mini grid solutions. The company is the country’s leading distributor of LPG and in 2019 also launched solar power solutions. The goal is for LPG to…

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