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…

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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…

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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…

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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…

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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…

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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…

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UK impact investor CDC appoints Andrew Brown as MD/Deputy CIO

UNITED KINGDON – CDC Group, UK’s impact investor for Africa and South Asia, has appointed Andrew Brown as Deputy Chief Investment Officer and a Managing Director in a move to further strengthen its management team. According to a press release by CDC, Mr Brown has a wealth of experience in the emerging markets private equity arena. The release revealed that Brown has held senior positions at Société Générale Asset Management Alternative Investments, Amundi and ECP. Andrew Brown said: “CDC has been making successful investments in Africa for over 70 years.…

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CDC commits US$75m to Africa Development Partners II Fund

AFRICA – CDC, UK’s development finance institution, announced a new commitment of US$75 million to the Africa Development Partners II LP Fund (ADP II), managed by Development Partners International (DPI). The Fund will invest throughout Africa, providing much-needed risk capital to businesses to help them grow, develop and increase the contribution they make to their local economies, including providing employment. The ADP II fund will take significant minority stakes in businesses across a range of sectors, focusing on high growth companies that are seeking to expand into newly liberalising countries,…

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Nigeria’s SME fund group set to receive US$15m form CDC

NIGERIA – CDC, the UK’s development finance institution has committed a US$15 million investment to CardinalStone Capital Advisors Growth Funds (CCA). CCA is a Nigerian fund group that targets Small and Medium Enterprises across major segments in agriculture, industrials, Fast moving consumer goods, healthcare, financial services and education. Clarisa de Franco, CDC’s Managing Director said that the funding will help boost the financial access to SME’s within the segments. “As a pioneering investor in African private equity we are delighted to be supporting CardinalStone’s first fund that will bring investment…

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CDC announces US$25m Nigeria deal, plans to invest US$4.5b in Africa

NIGERIA – CDC Group plc, the UK’s development finance institution, has announced a commitment of US$25 million to a local fund backing small and medium-sized businesses in Nigeria. The investment in Nigerian-led, Synergy Private Equity Fund II (“Synergy II”), which invests in high-growth SME businesses in Nigeria and its West African neighbours, will enhance CDC’s goal of supporting SMEs to help build sustainable businesses, create jobs and improve economic prosperity in the region.  The investment has enabled Synergy II to raise a total of US$232 million of capital, with the fund…

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