DEG finances toy company Steiff’s African production facility to safeguard jobs during the pandemic

TUNISIA – DEG, a German development finance institution, is providing German toy company Steiff’s African production facility with financing via the AfricaConnect programme, using funds from the Federal Ministry for Economic Cooperation and Development. This loan will help to strengthen an important employer in a less industrially developed region of Tunisia, thereby safeguarding jobs throughout the pandemic. Steiff employs some 800 people in its factory in Sidi Bouzid. Steiff, which is known for its soft toy animals and high-quality children’s clothing, has its headquarters in the town of Giengen in…

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Ghana’s First National Bank secures US$85m loan from European DFIs to support private sector development

GHANA – First National Bank Ghana has secured a long-term loan of US$85 million from European development finance institutions (DFIs) to help minimize the impact of the pandemic on the private sector, particularly on SMEs. “The world at large is still dealing with the impact of the pandemic. We cannot downplay the importance of scaling up financial support that will help minimize the impact of the pandemic, particularly on SMEs,” Dominic Adu, CEO of First National Bank Ghana emphasized “That is why we will capitalize on funding from institutions like…

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DEG to support Helios Tower in the issue of its second bond

AFRICA – German Investment Cooperation (DEG), a Development Finance Institution and a subsidiary of KfW Group is supporting its long-standing customer, the African communications infrastructure provider Helios Towers, in the successful issue of the second bond in its corporate history. The funds raised by Helios Towers will serve to improve and stabilise the company’s current financing structure. The bond replaces an existing bond that was set to mature in 2022, among other things. The placement also gives the company more liquidity for future investments. Helios Towers has specialised in building,…

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Naivas set to bag US$15m for sale of its minority stake to IFC, Amethis, DEG and MCB Equity Fund

KENYA – Kenyan retail chain Naivas supermarkets is set to receive US$15 million for the sale of its minority stake to IFC, a member of the World Bank Group alongside French private equity fund Amethis Finance, DEG and MCB Equity Fund. “IFC seeks to make an equity investment alongside Amethis which will result in a minority stake in the company,” IFC said in a disclosure. The new capital injection is earmarked for expansion in the highly competitive local supermarket business that has attracted major players across the globe. “Through the…

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Eranove wraps up financing for its 390 MW power plant in Côte d’Ivoire

CÔTE D’IVOIRE – The Pan-African industrial group Eranove, the International Finance Corporation (IFC), member of the World Bank Group, and the State of Côte d’Ivoire have signed the agreements and all the documentation for the mobilization of funding of US$44.64 million for the construction of a new power plant in Côte d’Ivoire. Financial mobilisation was carried out by the IFC from the African Development Bank (AfDB); the Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a subsidiary of the Kreditanstalt für Wiederaufbau (KfW) Group and the German development agency. The Netherlands Development Finance…

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IFC arranges US$342m credit facility for development of Eranove’s Atinkou Power Plant in Côte d’Ivoire

COTE D’IVOIRE— IFC has succeeded in arranging a US$ 341.98m (EUR 303m) credit facility for the financing of a new a gas fired power project in Côte d’Ivoire. The new plant – called Atinkou – is  being developed by Eranove, an independent producer and the delegated manager of public services in the water and electricity sectors in Ivory Coast. According to an IFC statement, the new plant  will boost power generation and supply in a country, where, as of 2017, only 66 percent of the population had access to electricity.…

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CAK approves acquisition of minority stake in Naivas by French PE fund

KENYA – The Competition Authority of Kenya (CAK) has approved acquisition of a minority stake in Kenyan retail chain Naivas by French private equity fund Amethis Finance. Amethis has made the acquisition alongside its partners DEG, MCB Equity Fund and IFC, a member of the World Bank Group. The watchdog while approving the acquisition directed the merged entity to honour all current contracts made by Naivas with local suppliers besides payment of all exiting debts. The approval sets the stage for the continued expansion by Naivas as it seeks to…

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Côte D’Ivoire’s Azito Energie secures US$31m from EAIF to fund power plant expansion

COTE D’IVORE – The Emerging Africa Infrastructure Fund (EAIF), a member of the Private Infrastructure Development Group (PIDG), has lent €28m (about US$30.98 million) to fund the expansion of the Azito Energie gas-fired power station in Côte D’Ivoire. Martijn Proos, Director at EAIF’s fund managers, Investec Asset Management, said:“Azito Energie is a proven business with a management team that has  operated  a successful plant for a number of years.” Proos explained that expanding Côte D’Ivoire’s base load electricity capacity will improve the resilience of the economy, help stimulate business activity…

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Fairafric Ghana secures US$2.2m from DEG for establishment of a chocolate production plant

GHANA – Fairafric Ghana limited, Ghana’s first chocolate manufacturing company has secured a US$2.2 million loan from the German development finance institution, DEG to establish a new chocolate manufacturing plant in the West African nation. Fairafric Ghana Limited is a subsidiary of the Munic based startup fairafric GmbH that was started in 2014 with the aim of producing the first made in Africa chocolate. The startup went ahead to successfully launch its fairafric chocolates in 2016 that have since become popular especially in the German market. The chocolates are currently…

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