Fintech Galaxy raises US$2m Seed funding, partners GIZ

MENA – Fintech Galaxy, the UAE-based open innovation platform, has raised US$2 million in Seed funding to further bolster the development and rollout of its Open Finance platform, as it looks to expand its reach and boost financial inclusion across key Middle East and North Africa (Mena) markets. The Seed round was led by Jordan’s Ahli Fintech and joined by Raz Holding Group, OMQ Investments, Egypt’s EFG EV Fintech and INSEAD Saudi Angel Investors. Fintech Galaxy is building an Open Finance platform, with a vision to redesign financial services with…

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EU, GIZ extends US$65 million to Nigerian to support its renewable energy sector

NIGERIA – The Nigerian electricity sector is set to receive a US$65 million boost through its Nigerian Energy Support Programme (NESP), from the European Union in collaboration with Germany’s Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). With the extension, the EU has granted an additional US$20 million funding to the initial US$27 million dedicated to supporting the Nigerian renewable energy sector while the total funding for the programme now comprises US$47million, from the EU, while US$17 million is from the German government. Head of Cooperation for the EU Delegation to Nigeria…

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GBE, GIZ set to finance installations of solar systems for productive use in Ivory Coast

IVORY COAST – Green Energy for African Citizens (GBE) and the German International Development Cooperation Agency (GIZ) are launching a financing programme based on the results of installations of solar systems for productive use in Ivory Coast. Launched in 2017 by the German Ministry for Economic Cooperation and Development (BMZ), Green Energy for African Citizens (GBE) is an initiative jointly implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and the German Development Bank (KfW). It aims to develop and secure sustainable energy supplies for people living in rural areas…

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GIZ, Endure Capital, Changelabs launch programme for first-time VC funds

EGYPT – GIZ Egypt, in partnership with Endure Capital and Changelabs, has launched the “VC University” programme, targeting first-time venture capital (VC) funds. GIZ works in Egypt on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). Endure Capital is an early-stage investment fund headed by entrepreneurs looking for startup teams. Changelabs offers a unique way to get students, youth, communities, and businesses to launch transformational impact-centered business in the 21st century. The year-long programme, which is expected to trigger €100 million (US$120 million) worth of investments,…

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