Agricultural Finance Corporation taps NOCK’s George Kubai to be its new Managing Director

KENYA – Development finance institution Agricultural Finance Corporation (AFC), has appointed George Kubai as its new managing director effective April 2021. Prior to his appointment, Mr Kubai was the General Manager, Downstream Operations at the National Oil Corporation of Kenya (NOCK). The new boss takes over from the lender’s Corporation Secretary Mrs Rose Ochanda who has been the acting Managing Director since the retirement of the long-serving CEO Lucas Meso who stepped down in October 2020 after almost 10 years at the helm. Announcing the appointment, AFC Board Chairman Franklin…

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Gridworks seeks US$35m in funding for off-grid project in DRC

DRC – Gridworks, a company dedicated to developing and investing in transmission, distribution, and off-grid electricity infrastructure primarily in Africa which is developing the “Essor A2E” solar project with the Eranove group and the AEE (Association of Energy Engineers) is seeking capital for its launch. The project will enable the electrification of vulnerable populations in the Democratic Republic of Congo (DRC) via solar off-grid. The development and investment platform hopes to mobilise US$35 million in capital grants from international development finance institutions (DFIs). The “Essor A2E” project of the government…

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Financial institution FinDev Canada CEO set to step down after completing its start-up phase

GLOBAL – Development Finance Institute Canada (FinDev Canada), a financial institution that supports inclusive private sector growth and sustainability in developing markets has announced that its CEO, Paul Lamontagne, is stepping down. “I’m leaving FinDevCanada after successfully completing its start-up phase. DFI is now globally recognized as a gender-lens investor. As its first CEO, I wish to thank our Team, Board & Advisory Council for their support. It’s been a real honour to lead FinDev Canada,” Paul said in a tweet. Paul Lamontagne has played a pivotal role in launching…

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Ghana COCOBOD launches US$600m syndicated loan facility to boost sector operations

GHANA – The Ghana Cocoa Board (COCOBOD) has officially launched the US$600 million syndicated loan facility which it signed with some Development Finance Institutions (DFI) to finance key components of the organisation’s productivity enhancement programmes. The loan facility aims to implement production, warehousing and processing interventions, adding value to Ghana’s cocoa sector. According to a statement by COCOBOD, the institutions providing the funds include the Japan International Cooperation Agency (JICA), the African Development Bank (AfDB), the Development Bank of South Africa (DBSA) and Cassa Depositi e Prestiti Spa (CDP), as well…

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lDCZ avails funding for local industry to bolster investments

ZIMBABWE – The Industrial Development Corporation of Zimbabwe Limited (IDCZ) has begun availing loans to industry in a move set to revive some faltering firms as well as start up several greenfield bankable projects. According to The Herald, the funding will see successful companies getting anything between US$1 million and US$5 million and will attract a nominal interest of 15 percent per annum making the fund lucrative in the face of about 50 percent interest which is being charged by most financial institutions. This comes on when the Government had…

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