Equity Group DRC subsidiary to receive US$50m loan from IFC loan to support SMEs

DRC – Equity BCDC, a subsidiary of Equity Group Holdings based in the Democratic Republic of Congo, is set to receive a US$50 million loan from the International Finance Corporation (IFC) to finance cash-starved small and medium-sized enterprises (SMEs) in the country. Access to capital is one of the greatest challenges faced by small and medium-sized enterprises in the Democratic Republic of Congo and Equity BCDC, which has 74 branches spread across the DRC will use the IFC loan to help small businesses fund their operations and expansion in the aftermath of…

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Swedish investment platform Trine and Altech Group join forces to bring clean energy to DRC

DRC – Swedish-based investment platform Trine has partnered with Altech Group, a market leader in the Democratic Republic of Congo (DRC), distributing world-class clean energy products and services to bring clean energy to the country. This comes at a crucial time where nearly 90% of the population of over 80 million are without access to electricity. The first debt financing round will reach over 14,000 people with clean energy across 21 of Democratic Republic of Congo’s 26 provinces and is estimated to reduce 1,300 tons of CO2.  The new partnership, totaling US$6…

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Gridworks, AEE Power and Eranove ink concession agreements with DRC on US$100m solar-hybrid power project

DRC- A consortium led by Gridworks including Eranove and AEE Power, have signed three concession agreements with the Ministry of Hydraulic Resources and Electricity of the Democratic Republic of Congo (DRC) to develop, build and operate three large scale solar hybrid off grid utilities. The infrastructure will transform the lives and livelihoods of half a million people by providing power to three cities, Gemena, Bumba and Isiro in the north of the country. The three cities currently have no grid connection, and struggle to access reliable, affordable, and clean power. The consortium…

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Glencore to restart operations at Mutanda copper, cobalt mine in DRC in 2022

DRC – Anglo-Swiss multinational mining company Glencore has announced plans to restart operations at Mutanda, the world’s biggest cobalt mine that also produces large amounts of copper in the Democratic Republic of Congo in 2022, a source with direct knowledge of the matter told Reuters. Glencore, one of the world’s largest copper producers and leading cobalt producer, said in February 2021 that the process to resume production at Mutanda was underway, but did not give a specific date. Copper is a vital material for the power and construction industries, and it…

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Equity Group buys KfW’s US$9.3m stake in Congo bank

DRC – Equity Group  acquired an additional 7.7 per cent stake in Equity Bank Congo (EBC) from German sovereign wealth fund KfW for US$9.3 million as part of a strategy to consolidate its banking subsidiaries in the Democratic Republic of the Congo. This raised its ownership in EBC to 94.3 per cent and marked the latest investment in the subsidiary since the Kenyan banking multinational purchased its initial 79 per cent stake in September 2015 for Sh4.5 billion. “On November 27, 2020, Equity bought shares previously held by KfW in Equity…

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Ivanhoe Mines Energy and La Société Nationale d’Electricité sign MoU to strengthen hydropower in DRC

DRC – Ivanhoe Mines Energy has signed a Memorandum of Understanding in a public-private partnership with the DRC’s state-owned power company La Société Nationale d’Electricité (SNEL) to deliver reliable, clean, and renewable hydropower to the Kamoa Mine. Ivanhoe Mine’s Co-Chairs Robert Friedland and Yufeng ‘Miles’ Sun explained that Ivanhoe Mines Energy DRC’s (which is a sister company of Kamoa Copper SA) public-private partnership with SNEL is aimed at working together to strengthen the grid’s capacity. This objective is to be met with renewable energy through the upgrade of a major…

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Equity Group unveils EquityBCDC in the Democratic Republic of Congo

DRC – Kenya’s President Uhuru Kenyatta, has unveiled the new brand of EquityBCDC, a subsidiary of Kenya’s Equity Group Holdings Plc located at the towering 18 floor Equity Centre building in Kinshasa. The head office of Equity BCDC which will also serve as the head office for the Central Africa region where Equity is looking for its next phase of regional expansion. Speaking during the unveiling ceremony, President Uhuru congratulated Equity for the milestone of its successful acquisition, integration and merger to create EquityBCDC which is now the second largest…

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AIIF3 secures US$37.1m guarantees from MIGA for clean off-grid solar energy in Central and East Africa

AFRICA –  The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, has issued guarantees of up to US$37.1 million to African Infrastructure Investment Fund (AIIF3), to cover the fund’s equity and quasi-equity/shareholder loan investments in Bboxx Capital (Bboxx) subsidiaries in Rwanda, Kenya, and the Democratic Republic of the Congo (DRC), for up to 10 years. An additional guarantee of up to US$5.9 million has also been issued to the Facility for Energy Inclusion’s Off-Grid Energy Access Fund (FEI-OGEF LP) of Mauritius, a US$100 million energy access…

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Chinese car battery maker CATL buys stake in DRC cobalt mine for US$137.5m

DRC – Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) has announced that its subsidiary would take a stake in China Molybdenum Co’s Kisanfu copper/cobalt mine in the Democratic Republic of Congo (DRC) for US$137.5-million. The investment gives CATL access to one of the world’s largest undeveloped sources of cobalt, an ingredient in electric vehicle (EV) batteries. Cobalt prices are up more than 50% this year on surging EV demand and concerns of a supply squeeze. Under a strategic partnership agreement, Ningbo Brunp CATL New Energy Co will take…

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Liquid Intelligent Technologies deploys fiber rollout in DRC

DRC – Liquid Intelligent Technologies has deployed its fibre network in the Democratic Republic of Congo (DRC). According to the tech company, this expansion “connects millions of DRC citizens and thousands of businesses to the ‘One Africa’ broadband network” totalling more than 73,000kms across the continent. The company added that most major cities in the DRC, including Kinshasa, are now connected directly to economic hubs like London, San Francisco, and Singapore. “Our terrestrial fibre network connects Muanda, a town lying on the west Atlantic coast of the country, to cities…

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