CDC commits US$50m to expand digital connectivity in Sub-Saharan Africa

SUB-SAHARAN AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, has announced commitments totalling US$50.9 million to expand digital infrastructure, boost rural connectivity and accelerate digital technology access for rural and underserved communities across sub-Saharan Africa. The capital will support the continued growth of the ICT sector in the continent, helping to boost the development of necessary infrastructure and providing rural and underserved communities with access to affordable mobile connectivity. The first investment is a US$40 million commitment to Convergence Partners Digital Infrastructure Fund (CPDIF), managed…

Read More

AfDB and several consortium partner to invest US$80bn in private sector of Africa

Ethiopia secures US$165M in grant funds from AfDB to bolster COVID-19 emergency response efforts

AFRICA – The private sector arm of the African Development Bank (AfDB), has committed to investing US$80 billion together with the G7 DFIs, the IFC, EBRD and the European Investment Bank, in the private sector over the next five years to support sustainable economic recovery and growth in Africa. This investment will create jobs, boost economic growth, help tackle climate change and fight poverty.  “The UK is proud to back this commitment by world leaders at the G7 Summit to invest more than US$80 billion in Africa’s private sector over…

Read More

MCF, TAEF, CDC launch private debt vehicle INMA Finance for MSMEs

TUNISIA – Mediterranean Corporate Finance (MCF), the Tunisian American Enterprise Fund (TAEF) and the Caisse des Dépôts et Consignations (CDC) have announced the launch of the private debt vehicle INMA Finance. INMA Finance is intended to support directly or indirectly (through microfinance or leasing etc.) the development of Tunisian micro, small and medium enterprises (MSMEs) by offering them tailor-made financial instruments adapted to their needs and constraints. “Resolutely turned towards boosting the development of MSMEs and with a view to deploying its Smart Capital in an inclusive and innovative way,”…

Read More

Safaricom gets 56% stake in Global Partnership for Ethiopia consortium

ETHIOPIA – Mobile network operator Safaricom,  has raised its controlling stake in Global Partnership for Ethiopia, the consortium that has made a bid for one of two telecoms licences in Kenya’s northern neighbour, to 56 percent from the 51 percent. The details of the consortium’s latest ownership structure were disclosed by South Africa-based Vodacom Group which owns a 34.9 percent stake in the Nairobi Securities Exchange-listed telco. “The consortium is 56 percent owned by Safaricom, 6 percent by Vodacom, 25 percent by Sumitomo the Japanese conglomerate and 10 percent by CDC, the…

Read More

Kenya Airways slashes Nairobi – New York flights to one weekly

KENYA – National carrier Kenya Airways (KQ) has reduced Nairobi – New York flights to once per week after demand failed to grow since resuming operations on route on November on fresh Covid-19 restrictions. The airline said the Covid-19 fears and restrictions has affected demand on the US route, prompting the national carrier to scale down frequency from the planned two weekly flights. New travel rules require all international air travellers aged two years and older to present a negative coronavirus test taken within three calendar days of travel or proof…

Read More

Phatisa Food Fund 2 reaches its final close following investments from group of DFIs

AFRICA – Phatisa Food Fund 2 (PFF 2), a sector-specific African private equity fund manager, has reached a US$143 million final close following an US$82 million joint commitment from a group of development finance institutions (DFIs). The DFIs include CDC, Norfund, Finnfund, FinDev Canada, and BIO which committed to the Fund’s final close with US$30 million, US$20 million, US$15 million, US$10 million and US$7 million, respectively. “We are pleased to welcome this multinational group of investors to Phatisa Food Fund 2, a fund focused on increasing investment in the undercapitalised…

Read More

Greenlight Planet Inc. secures $90 million funding for expansion

KENYA – Greenlight Planet Inc., the largest provider of solar-powered home energy products in sub-Saharan Africa and South Asia, has secured $90 million in new funding to expand its Pay-As-You-Go (PAYG) solar consumer financing business and consolidate its debt portfolio. Under its Sun King brand, Greenlight Planet operates the largest direct-to-consumer PAYG solar distribution and service network in the world, having delivered over 1.3 million PAYG solar products to date in Kenya, Tanzania, Uganda, and Nigeria, expanding at a rate of over 65,000 new rooftop solar installations per month. The…

Read More

Companies unite against COVID-19 in Kenya, launch Safe Hands Alliance

KENYA – A broad alliance of Kenyan companies has launched Safe Hands Kenya to deploy free soap, hand sanitizer, surface disinfectant and masks to all Kenyans, as a first line of defence against COVID-19. The alliance includes technology-based distribution companies, input suppliers, manufacturers, media houses and community organisations and has assembled a full-time project team that includes experts across supply chains, user experience and behavioural change. All members have pledged to uphold three key principles: 1) zero margin: this is for impact, not profit; 2) speed is critical: every day…

Read More

Mediterrania Capital Partners III secures US$27.6m from CDC to support local brands in North Africa

NORTH AFRICA – CDC Group plc, the UK’s development finance institution and impact investor, has announced a €25 million (about 27.59 million) commitment to Mediterrania Capital Partners III (MCP III), a generalist fund primarily targeting investments in North Africa. “Our investment in MCP III will support well-established local firms that demonstrate strong potential for growth to become regional leaders, providing the capital and expertise for them to expand. This investment allows  us to begin a partnership with a team which has the potential to become a leading mid-cap pan-African fund…

Read More

CDC invests US$75million in risk sharing facility with Absa to bolster lending to African businesses

AFRICA – CDC Group Plc, UK’s development finance institution and impact investor, has in October this year, announced a US $75 million risk sharing facility with Absa Group Limited, One of Africa’s largest and most diversified financial services groups. This is one of CDC’s largest trade finance commitments in Africa and CDC hoped that the enhanced capacity will benefit local businesses and their growth as they take advantage of trade opportunities domestically and internationally. “We know that by committing US $75 million to Absa, Sub-Saharan Africa’s third largest bank with…

Read More