DFC appoints Lauren Cochran as Vice President of Equity and Investment Funds

GLOBAL – U.S. International Development Finance Corporation (DFC) has appointed Lauren Cochran as Vice President of Equity and Investment Funds. In this role, Cochran will provide executive leadership to DFC’s equity portfolio, building DFC’s strategy to commit private capital into both direct equity and fund investments in emerging market economies globally. She will help drive the agency’s efforts to advance the Biden-Harris Administration’s Build Back Better World (B3W) initiative, including the call for applications for climate-focused investment funds announced by the agency in April 2021. “We are thrilled to welcome…

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100MW Kipeto wind power commences commercial operations

KENYA – Pan-African developer BTE Renewables and Kenyan-owned renewable developer Craftskills, has announced that Kipeto Energy Plc has completed the Kipeto wind farm, located in Kajiado County South of Nairobi. All of the project’s 60 wind turbines are now producing power to the national grid, making Kipeto Kenya’s second-largest wind power project providing power to the equivalent of approximately 250,000 households. Kipeto is BTE Renewables’ fifth project to reach commercial operations in the last year, now having 384MW in operations in Kenya and South Africa. Dr. Kenneth Namunje, Chairman and…

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FSD Africa Investments injects US$4.5m to improve off-grid energy access in Africa

AFRICA – FSD Africa Investments (FSDAi), the investing arm of FSD Africa, has pumped US$4.5 million in Nithio FI, a renewable energy financing intermediary focused on the Pay as You Go (PAYG) off-grid solar sector, to provide reliable and sustainable renewable energy solutions for households and small businesses in Kenya, Nigeria, and Uganda. Nithio Holdings is an Artificial Intelligence (AI)-enabled energy financing platform whose mission is to standardize credit risk assessments and therefore drive more capital to the sector, including by investing directly and efficiently in off-grid solar companies. Over the next…

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Christopher Lundh appointed as Chief Executive Officer for Africell Angola

ANGOLA – Africell Group has announced the appointment of Christopher Lundh as Chief Executive Officer of Africell Angola. Under Mr. Lundh’s stewardship, Africell is expected to deliver on its promise to transform the Angolan telecoms sector by providing affordable, reliable and high-quality mobile telecommunications services to millions of consumers. Christopher Lundh joins Africell after five years as a Managing Director and Chief Commercial Officer of Afghan Wireless. The American national previously held senior leadership roles at companies including Telecel Congo, Africa Online, and Gateway Communications and has extensive experience in…

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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…

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Africa Healthcare Network secures US$5m loan from DFC

EAST AFRICA – US International Development Finance Corporation (DFC) has announced the first disbursement of a US$5 million direct loan to Africa Healthcare Network (AHN), the largest operator of dialysis centers in East Africa. The project is part of DFC’s comprehensive COVID-19 Response through which the agency is mitigating the economic and health impacts of the COVID-19 pandemic, and DFC’s Global Health and Prosperity Initiative, under which the agency is working to strengthen global health systems. “DFC continues to support global health and sustainable economic growth in developing countries during…

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DFC, FMO launch US$75m financing facility for SMEs and new investment

AFRICA – United States International Development Finance Corporation (DFC) and FMO, the Dutch entrepreneurial development bank, have announced the DFC-MASSIF COVID-19 Response Co-Financing Facility. The US$75 million facility seeks to bring liquidity to financial intermediaries to support micro-, small- and medium-sized enterprises impacted by the COVID-19 crisis and promote new investment to support economic sustainability in developing countries. It is also focused on low-income countries and underserved groups like women, youths, and entrepreneurs active in agriculture or rural areas. “As the COVID-19 pandemic continues to adversely affect financial markets, especially…

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WaterEquity secures US$25m funding from DFC to finance water and sanitation projects

AFRICA – The U.S. Development Finance Corporation (DFC) has provided US$25 million to WaterEquity Fund, a facility designed to support institutions that finance water and sanitation projects in Africa and other regions of the world. The US$25 million is the first tranche of a US$100 million loan. “At least five million people will be able to access improved water and sanitation services on these three continents,” said the DFC. The loan is being provided with “the issuance of fixed income instruments in accordance with the International Capital Market Association (ICMA) guidelines on…

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DFC to invest US$100m in private companies seeking financing for distributed renewable energy

AFRICA – U.S. International Development Finance Corporation (DFC) has announced a Call for Applications from private companies seeking financing for distributed renewable energy (DRE)-related investments. DFC seeks to commit US$100 million in support for DRE-related investments in DFC-eligible countries within one year of launching this Call for Applications. Investments can be used for business expansion, working capital, and growth capital. Special consideration will be given to projects that provide energy solutions related to the COVID-19 response, such as those projects that will provide needed electricity to healthcare facilities, and those…

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Asset finance company Tugende raises US$3.6m in series A funding

UGANDA – Tugende, a technology-enabled asset finance company, has raised US$3.6 million equity financing in its Series A round of funding. The investors who took part in the round include San Francisco and Paris-based VC firm, Partech, and Enza Capital. The investment follows the US$6.3 million raised in November 2020 and led by Toyota Tsusho investment fund Mobility 54 bringing Tugende’s total Series A financing to US$9.9 million. Founded in Kampala, the capital of Uganda by Michael Wilkerson in 2012, the company provides a technology-based medium for micro, small and medium…

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