French FEV Vehicle and UTAC CREAM to open first development and testing center in Africa

MOROCCO – French groups, FEV Vehicle, a powertrain developer, and UTAC CERAM, a testing specialist, are to open the first development and testing center on the African continent, in Oued Zem, Morocco. The facility will feature a variety of endurance and reliability rigs, alongside test tracks and a 4km coast-down track. Powertrain, acoustics and ADAS development facilities will also be present as well as capacity for driver training. Utac Ceram, a service provider in all areas of land transport, and FEV, a globally leading service provider of vehicle and powertrain…

Read More

Constructions works of DEFISSOL solar power plant kicks off, financed by EU and France

BENIN – The European Commission have announced the launch of the construction of 25 MWp DEFISSOL solar power plant in Benin financed with the support of the European Union (EU) and France. This project aims to facilitate the population’s access to renewable energy at an affordable price. The mayor of the municipality of Pobè, Dinan Simon, handed over a 96-hectare plot of land to the consortium responsible for building the solar power plant, Société béninoise d’énergie électrique (Defissol). The solar plant to be built in the village of Illoulofin in…

Read More

AFD finances Rwanda with more than US$56m for developments and response to COVID-19 pandemic

RWANDA – Rwanda and France, through the French Development Agency (AFD), have signed several financing agreements for almost 50 million euros (US$56m), to fight against COVID-19 and strengthen training professional and developing vocational training systems. This funding is part of the revival of the partnership between France and Rwanda, desired by Presidents Paul KAGAME and Emmanuel MACRON. AFD’s contribution will ensure the fungibility and flexibility necessary for the Government of Rwanda to adapt the use of resources to the evolution of the disease. The first agreement is a concessional budget…

Read More

French locomotive giant, Alstom to buy Bombardier rail unit for up to US$6.7 bn

FRANCE – Alstom SA, a French multinational company with interests in the locomotive industry, has agreed to buy the rail division of Canada’s Bombardier Inc for up to 6.2 billion euros ($6.7 billion). The agreement between Alstom and Bombardier would unite companies with an estimated $17 billion in combined revenue. Reuters reports that the acquisition will create the world’s No. 2 train manufacturer and better position the European company to take on Chinese leader CRRC Corp. The French firm said the two were complementary geographically, adding Bombardier’s European footprint was…

Read More

France partners with African start-ups, SMEs to create jobs for youths

AFRICA – As part of its initiative to help create jobs for the youth in Africa, France has partnered with Africa based start-ups and the Micro, Small and Medium Size Enterprises (MSMEs). While speaking to journalists, Mr Djalal Khimdjee, Deputy Chief Executive Officer of PROPARCO- a French Development Agency (AFD) Group said  that 450 million African Youth  would soon enter the labour market and serious challenges would plague the continent if Jobs were not created for them. He also noted that Africa is the continent with the largest proportion of…

Read More

Louis Vuitton owner LVMH acquires American Jeweler Tiffany for US$16.2bn

FRANCE –  LVMH, a French multinational luxury goods conglomerate and owner of the  Louis Vuitton brand  has agreed to buy Tiffany for $16.2 billion in its biggest acquisition yet. The $135-per share cash deal will boost LVMH’s smallest business, the jewellery and watch division that is already home to Bulgari and Tag Heuer, help it expand in one of the fastest-growing industry sections and grow its U.S. presence. Growth in jewellery outpaced that of other luxury businesses such as fashion in 2018, according to consultancy Bain & Co, which forecast…

Read More

France’s automotive company Sealynx inaugurates new US$24m factory in morocco’s industrial city of Tangier

MOROCCO – Sealynx Automotive Morocco, a subsidiary of French automotive company, Sealynx International (GMD group) has inaugurated a new production unit specialized in the manufacture of automotive gaskets in Tangier. The new US$24 million production unit is spread over an area of 12,600 square meters and comes with the ambition of providing more than 180 direct jobs.  Morocco’s Minister of Trade and Industry Moulay Hafid Elalamy during the plant’s inaugration said that the plant comes to meet the “strong demand of the Moroccan automotive ecosystem whose performance is well established.”…

Read More

UK, France, Netherlands commit US$350m in support of Africa’s solar energy

Tunisia to join International Solar Alliance

AFRICA – France, The Netherlands and the United Kingdom have committed to invest US$350 million in solar energy and electricity storage in Africa, Afrik21 reported in September this year. The strategic investment comes at a time when Africa is relying on renewable energy to provide access to electricity for its population. Countries in sub-Saharan Africa will benefit from the new funds to improve electricity supply. Of the three countries, the United Kingdom is the greatest financier of the US$350 million commitment. The Dutch Government plans to invest $44 million to…

Read More

Engie acquires Mobisol Solar solution company to light up Africa

KENYA – French multinational electric utility company Engie has acquired Mobisol, a Berlin-based off-grid solar solutions firm whose regional operations are headquartered in Nairobi. Mobisol is the pioneer of off-grid solar solutions to expand its decentralized energy offering in Africa. Mobisol was founded in 2011 and has operations in Tanzania, Rwanda, and Kenya. The company has installed more than 150,000 solar home systems providing clean and reliable energy to over 750,000 people in Sub-Saharan Africa. The acquisition now gives Engie foothold in nine countries across Africa as well as extend…

Read More

AfDB secures US$251m to support women entrepreneurs in Africa

AFRICA – The African Development Bank (AfDB) through its Affirmative Finance Action for Women in Africa (AFAWA) initiative has secured US$251 million financial package to support women entrepreneurs. The financial commitment was revealed during this years G-7 summit, Held in in Biarritz, Nouvelle-Aquitaine, France.  The 2019 G7 summit held in Biarritz, France, committed to boost women entrepreneurs in Africa through AFAWA, a joint initiative of African Development Bank (AfDB) and the African Guarantee Fund (AGF) with French President Emmanuel Macron announcing the move. Led by the president of France President…

Read More