Category: LATEST NEWS

DFC to invest US$100m in private companies seeking financing for distributed renewable energy

Frank

AFRICA – U.S. International Development Finance Corporation (DFC) has announced a Call for Applications from private companies seeking financing for distributed renewable energy (DRE)-related investments. DFC seeks to commit US$100 million in support for DRE-related investments in DFC-eligible countries within one year of launching this Call for Applications. Investments can be used for business expansion, working capital, and growth capital. Special consideration will be given to projects that provide energy solutions related to the COVID-19 response, such as those projects that will provide needed electricity to healthcare facilities, and those…

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Paratus Telecom appoints Martin Cox as new Group Chief Commercial Officer

Frank

NAMIBIA – Paratus, a Pan-African quality network provider, has appointed Martin Cox as its Group Chief Commercial Officer. According to the company, Cox brings a wealth of experience as a founder shareholder of Neotel and Executive for Strategy, Commercial and M&A at Internet Solutions. He will run the commercial operation for Paratus from Johannesburg, South Africa, where he will focus on driving the company’s aggressive growth plans for its expansion in Africa. In a statement released to the media, Paratus said Cox, a qualified lawyer and MBA graduate, began his…

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Musician Akon to build a sustainable city in Uganda

Frank

UGANDA – Senegalese – American rapper Badara Akon Thiam popularly known as Akon, has announced the construction of a second futuristic and sustainable Akon City in Uganda. The new futuristic and sustainable city project comes at a time when Akon City in Senegal has entered its construction phase at a cost of US$6 billion. While his ties to Ugandan President Yoweri Museveni are causing controversy in  his native Senegal, the RnB singer wants to launch a new pharaonic project in East Africa. The Ugandan government, through its Minister of Lands,…

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Real estate developer Skyway to launch US$44m new project in NAC

Frank

EGYPT – Skyway Development, a real estate developer, has announced plans for launching the Bayadega, Downtown New Capital project in the towers area of the New Administrative Capital (NAC). The project is anticipated to receive EGP 700 million (US$44.63m) in investments. The real estate development company is also eyeing Gulf investors in developing other projects through the next phase. According to Daily News Egypt, the company acquired a plot in the Downtown New Capital area to develop an administrative, commercial, and medical project that will be constructed according to international…

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Oil and gas trader B.B. Energy acquires Solarcentury Africa

Frank

AFRICA – B.B. Energy (BBE), a London  based oil and gas trader, has announced the acquisition of Solarcentury Africa, the subsidiary of solar energy provider Solarcentury. Through its local subsidiary, Solarcentury supplies solar energy to industrial and commercial (C&I) customers and its assets will now be part of BBE Renewables, BBE’s subsidiary. With this transaction, BBE is now targeting the dynamic solar energy market for commercial and industrial (C&I) customers in Africa. Solarcentury has an installed capacity of 2.1 GW in Africa. Commenting on the acquisition, Chahid Jarmouni, Global Head…

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Tokyo based Samurai Incubate closes its US$18m second African focused fund

Frank

AFRICA – Samurai Incubate, a Tokyo-based venture capital firm, has announced that it has closed its “Samurai Africa 2nd General Partnership” fund, totalling 2.026 billion yen (US$18.6 million). According to the firm, the fund was oversubscribed as it targeted 2 billion (US$18.4 million) and a total of 54 investors joined as LPs. One notable LP is the Toyota Tsusho Corporation, which has a diverse network across the continent. The firm founded Mobility 54, a corporate venture capital (CVC) looking to invest US$45 million into African mobility, logistics, and fintech startups.…

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Growthpoint Properties receives a US$546m offer to sell real estate assets in Europe

Frank

SOUTH AFRICA – Growthpoint Properties, one of South Africa’s largest real estate investment companies, has received an offer to sell the 65.2 million shares, representing its 29.5% stake in a London-listed real estate company active in Central and Eastern Europe. Growthpoint Properties manages a portfolio of more than 500 properties in Europe, Australia, and South Africa, Two Luxembourg companies made the offer, Aroundtown South Africa, and CPI Property Group South Africa, which own 51.5% of Globalworth Real Estate Investments Limited (Gwi). The two investors are offering €7 (US$8.4) for each share…

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E-commerce platform Kemit secures seed fund to expand its service

Frank

EGYPT – Kemit, an Egypt-based E-commerce platform, has secured a six-figure seed fundraise from a group of Saudi Angel investors, which enables it to expand its variety and its reach all over Egypt with the maximum quality and the minimum price by partnering with a network of manufacturers. Founded in 2017, Kemitt’s online platform allows customers to access over 15,000 SKUs, with an on-demand manufacturing option and 7-12 day delivery services to their doorstep, which saves their time by fully digitising the shopping experience, and using the best tech in…

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Fintech startup Flutterwave partners Forter to eliminate fraudsters

Frank

NIGERIA – Forter, an e-commerce fraud prevention company, has announced a partnership with Flutterwave, Africa’s payments technology company to enable merchants accurately identify legitimate buyers from fraudsters. The partnership, the first of its kind in Africa, will result in increased transaction approvals and reduced friction in the purchasing experience, all without the fear of fraud. Servicing more than 290,000 businesses and processing over 140 million transactions worth over US$9 billion worldwide since inception, Flutterwave is Africa’s largest payment service provider. “We are excited about this partnership and our entry into…

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EIB approves US$35.7m loan for clean water supply in Malawi

Frank

MALAWI – The European Investment Bank (EIB) has approved $35.7 million loan to extend the drinking water network in southern Malawi. The project is to be implemented by the state-owned Southern Region Water Board (SRWB). The soft loan is to be repaid over 20 years with a grace period of 5 years. The EIB funding is for the extension of the drinking water network in the southern region of Malawi, particularly in Balaka and Liwonde. According to the SRWB, part of the funding will be used for the development of…

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