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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TADB, Clinton Development Initiative partner to unlock soybean value-chain in Tanzania

TANZANIA – Tanzania Agricultural Development Bank (TADB), has entered into a strategic partnership with the Clinton Development Initiative (CDI), an initiative of the Clinton Foundation, that will allow the agri-bank to disburse up to TZS1.15 billion (US$500,000) to unlock the soybean value-chain in Iringa Region, Tanzania. According to the Memorandum of Understanding (MoU) signed between the two parties, the partnership aims at enhancing financial accessibility to 29 Agriculture Marketing Cooperatives (AMCOs), which will impact 2,900 CDI supported farmers engaged in the production and marketing of soybeans, for a period of…

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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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OPEC Fund signs US$30m loan to boost productivity for smallholder farmers in Uganda

UGANDA – The OPEC Fund for International Development has signed a US$30 million loan facility agreement with Uganda to help improve food security and incomes for more than 120,000 smallholder households in the northern and north-eastern regions engaged in the production and marketing of oilseeds (groundnuts, sunflower, sesame and soy).   The National Oil Seeds Project is co-financed by the International Fund for Agricultural Development (IFAD) and the Ugandan government. The Ugandan government’s latest Agricultural Sector Strategic Plan highlights oil seeds as part of the four strategic commodities expected to…

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Fintech startup CreditFins secures Pre-Seed funding round

EGYPT – CreditFins, Credit Card management platform and fintech startup, has successfully acquired an undisclosed amount in a Pre-Seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with backgrounds in technology and investment. This latest funding round adds to the 10PP growth in early-stage investments (of ticket sizes lower than US$500,000) Egypt observed in H1 2021 YoY. Fintech startup CreditFins helps users repay their Credit Card debt while saving money. It is a cheaper, more convenient solution for debt repayment through fixed, lower…

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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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Fintech startup Piggyvest acquires Savi.ng to build its customer base

NIGERIA – Piggyvest, a fintech startup which helps around three million users save and invest money, has acquired counterpart Savi.ng as it looks to build its customer base further. Launched in 2016 as Piggybank before a 2019 rebrand, Piggyvest is an online savings and investment platform targeted primarily at low and middle income Nigerians, allowing them to deposit and put aside small amounts on a daily, weekly or monthly basis. The startup has seen strong growth, repaying billions of naira to its users and already surpassing its 2020 figures in…

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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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