South Africa’s Planet42 raises US$10m in debt round to scale globally

SOUTH AFRICA – South Africa-based Estonia car rental startup Planet42, a car subscription company that helps individuals ignored by banks to get access to a personal vehicle, has announced a US$10 million debt funding round to help it scale its operations and move into new markets. Launched as CarGet in 2017, Planet42 partners with dealerships across South Africa to offer access to a personal car to its largely underbanked clientele. The startup uses an automated scoring algorithm to process client applications based on credit bureau, affordability, and alternative data. If the application…

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Eurobond holders reject Zambia’s US$3b payment deferral request

ZAMBIA – Zambia’s US$3 billion Eurobond holders have rejected a request from the Southern Africa’s nation government to defer interest payments, risking it to become Africa’s first COVID-19 era sovereign default. The government of Zambia had requested its Eurobond holders to grant it a deferral of interest payments until April 2021, as it struggled with the dual burdens of fighting the pandemic and a dwindling economy. However, The Zambia External Bondholder Committee, which holds more than 40% across all Zambia’s bonds and a blocking stake in each issue, had already…

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DFC commits US$5m loan to BIX Capital to provide debt financing to SMEs

AFRICA – U.S. International Development Finance Corporation (DFC), formerly the Overseas Private Investment Corporation (OPIC), has committed a US$5 million loan to BIX Capital. In addition, FMO, the Dutch entrepreneurial development bank has reclassified part of its existing US$5 million commitment to mezzanine financing, showing their continued commitment to clean cooking and to BIX Capital. The loan from DFC will be used to provide debt financing to SMEs that enable access to high-impact products such as cookstoves and water purification systems, primarily in Sub Saharan Africa. The beneficiaries will be…

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Safari operator Asilia Africa secures US$9m debt financing from IFU and Norfund

KENYA – The Investment Fund for Developing Countries (IFU) and Norfund a Norwegian private equity company, have jointly provided US$9 million in debt financing to Asilia Africa, a safari operator in East Africa, to fund the company during the COVID-19 crisis and sustain the impact until the safari tourism is back to normal. For many years, Asilia’s 19 safari lodges in Kenya and Tanzania have been giving tourists a unique experience and insight into the wildlife and people of East Africa. The company offers eco-safari experiences that contribute to the…

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