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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Investment firm SunFunder closes US$70m solar energy fund

AFRICA – Investment company SunFunder, a company specializing in solar energy, has completed the financial mobilisation for its Solar Energy Transformation (SET) fund worth US$70 million. The multi-investor fund has been closed thanks to an investment by Oesterreichische Entwicklungsbank AG (OeEB). The SET Fund was launched by SunFunder with the aim of accelerating the electrification process in Africa and this financing mechanism has attracted many other investors like Swedfund which injected US$12 million in September 2020. The fund has also received investment from American Development Finance Corporation (DFC), Calvert Impact…

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DFC and Shell Foundation partner to invest US$145m on renewable energy in Africa and Asia

AFRICA – The U.S. Development Finance Corporation (DFC) and the Shell Foundation have signed a partnership to strengthen their investments in renewable energy in Africa and Asia to the tune of US$145 million by 2025. The two partners are thus committed to mobilising the resources to support the African private sector, particularly small electricity producers who install clean energy systems in rural areas. As part of the partnership, DFC is committed to providing US$100 million in debt and equity to support early-stage companies. For its part, the Shell Foundation aims…

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Africell wins mobile telecommunication operator licence in Angola

ANGOLA – Africell Holding. Africa-focused mobile network operator, has secured a mobile telecommunications operator’s licence in Angola, joining three other operators Movicel, Unitel and Angola Telecom which are already serving the country. Africell is a holding company of telecommunications operations with its headquarters in London, United Kingdom with operations in Uganda, Democratic Republic of Congo, The Gambia, and Sierra Leone. In 2018, the company secured a US$100 million loan from the U.S. Development Finance Corporation to fund an expansion strategy that included growing mobile payments and micro-finance offerings, alongside upgrading its 2G,…

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Africa Finance Corporation secures US$250m from DFC to strengthen investment capacity

AFRICA – Africa Finance Corporation (AFC), an investment grade multilateral finance institution, has secured a US$250m tier-2 capital loan from US International Development Finance Corporation (DFC). The facility will strengthen AFC’s investment capacity by enabling it to provide competitive financing solutions for closing Africa’s infrastructure deficit. It also further complements AFC’s strategy of diversifying its investor base. “Africa and the United States have enjoyed a longstanding partnership spanning several decades. Indeed, AFC has partnered with the US on several infrastructure initiatives, including the Power Africa initiative, and regularly receives investments from US-based investors in…

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