aYo Holdings partners MTN, Sanlam Life to launch two insurance products

CÔTE D’IVOIRE – aYo Holdings, a microinsurance FinTech, has partnered with telecommunication company MTN and insurance company Sanlam Life to launch two innovative insurance products in Côte d’Ivoire. The two insurance products will contribute towards MTN subscribers enjoying peace of mind. Two of the biggest operators on the continent, Sanlam and MTN, are forming ties to conquer Africa’s insurance market. The two companies announced that they are joining forces in an exclusive strategic alliance across Africa, a deal whose goal is to change the face of insurance on the continent.…

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Côte d’Ivoire shopping mall owner issues first corporate green bond

CÔTE D’IVOIRE – Emergence Plaza, the promoter of the Cosmos Yopougon shopping center in Abidjan, succeeded in mobilizing the 10 billion FCFA (US$18.1m) sought as part of its bond loan launched in July. The firm announces that it has closed the oversubscribed operation which is the first issue of private initiative green bonds from Frenchspeaking West and Central Africa. “It is encouraging to see the success of Francophone West and Central Africa’s debut green bond, which we believe will be the first of many in the region,” said Kadi Fadika-Coulibaly,…

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ECP Power & Water Holding becomes a shareholder in Eranove group after US$250m investment

COTE D’IVIORE – ECP Power & Water Holding has become a shareholder in the Eranove group after a US$250 million investment, whose numerous subsidiaries based in several African countries produce and distribute water and electricity. ECP Power and Water Holding, will prioritise clean energy investments and help Eranove increase its supply of electricity and clean water to millions. The new shareholder is a joint venture between several investment companies active on the African continent. ECP Power and Water Holding is a company formed by fund managers Emerging Capital Partners (ECP),…

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Ivoire Hydro Energy secures US$29m from EAIF for the development of 44MW hydro electricity generation plant

CÔTE D’IVOIRE – Ivoire Hydro Energy (IHE) has secured €25 million (US$29.46m) from The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, for over 18 years build a 44MW hydro electricity generation plant. The plant will be on the Bandama River near the village of Singrobo in Côte d’Ivoire and is forecast to take some 36 months to build. Financial close is expected in late Q3 2021. “The new facility being built at Singrobo is the country’s first hydroelectric development by an independent power producer,” Paromita…

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Impact investor Oikocredit provides US$2.72m loan to Fin’Elle for SMEs

CÔTE D’IVOIRE – Oikocredit, a social impact investor, has provided a loan of €2.3 million (US$2.72m) to Fin’Elle, a microfinance institution (MFI) focused on empowering women entrepreneurs by providing microfinance and mesofinance loans to women-owned small to medium enterprises (SMEs) in Côte d’Ivoire. Fin’Elle’s mesofinance products cater to the needs of SMEs that need a loan but would be seen as too small for commercials banks and too big for MFIs. In addition to the loan, Oikocredit plans on further supporting Fin’Elle with technical assistance to help them improve women’s…

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Orange Côte d’Ivoire launches US$415m investment fund to support innovative startups

CÔTE D’IVOIRE – Orange Côte d’Ivoire, a telecommunication company, has launched a €350 million (US$415m) technological investment fund to promote the growth of innovative startups in the fields of networking and information technology, digital industries, and cybersecurity. This fund, known as Orange Venture, was announced during an information session and aims to target startups that provide solutions to the Ivorian market’s fundamental challenges as well as promote the emergence of future technological champions at the service of the transition to a more digital and responsible world. The fund’s administrators emphasize…

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E-commerce platform Afrikrea launches an on-demand software solution for micro-retailers

CÔTE D’IVOIRE – E-commerce platform Afrikrea has announced the launch of Anka, an on-demand software solution that will provide e-commerce, payments and global shipping services for thousands of micro-retailers. Launched in partnership with DHL and VISA will empower micro retailers and businesses on the continent and around the world, as it continues to power e-commerce for Africa. The launch of Anka (which means “ours” in Bambara and Djoula) coincides with the fifth anniversary of Côte D’Ivoire-based Afrikrea. The platform, a marketplace with more than 7,000 vendors selling African-inspired fashion, accessories,…

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Mastercard Foundation invests US$10m in IP2E to support education sector

WEST AFRICA – The Mastercard Foundation has partnered with Investisseurs & Partenaires (I&P) to invest US$10.5 million in its I&P Education to Employment (IP2E) Fund to support businesses in the education sector to recover from the impact of COVID-19. The 3-year investment program will accelerate 30 education entrepreneurs (edupreneurs) in Côte d’Ivoire, Ghana, and Senegal by addressing key challenges related to access, quality, and relevance faced within the sector. The education start-ups and SMEs will be selected based on their capacity to offer quality education and training, while promoting employability…

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Endeavour Mining to sell its 85% interest in Agbaou mine to Allied Gold

CÔTE D’IVOIRE – Endeavour Mining, a multi-asset gold producer focused on West Africa, has announced that it has entered into an agreement to sell its 85% interest in its non-core Agbaou mine in Côte d’Ivoire to Allied Gold for a consideration of up to US$80 million with further upside through its equity exposure and a net smelter return royalty. When the transaction closes, the Bonikro-Agbaou operation will comprise multiple openpits, and two processing plants with a total milling capacity of over five-million tons a year, producing a potential 285 000…

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Petroci, Sahara Energy to construct US$43M LPG storage facility to increase consumption autonomy

CÔTE D’IVOIRE – Petroci, Côte d’Ivoire’s national oil company, in partnership with Sahara Energy and under advisory of international law firm Gide and Ivorian law firm SCPA 3K, is set to construct a 12,000-metric ton liquefied petroleum gas (LPG) storage facility in Abidjan. The total cost of the project is 23.9 billion CFA francs (US$43 million) and will increase the storage capacity of LPG in the country by 60%, thereby increasing consumption autonomy from 15 to 27 days and securing domestic LPG supply. The project will thus promote the uptake…

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