Tag: IFC

Atlas Tower Kenya to invest US$48.9m on 4G towers installation

Frank

KENYA – Telecommunications infrastructure firm Atlas Tower Kenya is investing US$48.9 million to install 4G towers, targeting mobile network operators Safaricom, Airtel Kenya and Telkom Kenya, reports Business Daily. The telcos are in a race to cover most of the country with the fourth generation (4G) broadband cellular technology to attract and retain subscribers using smartphones. Atlas, owned by Kalahari Capital LLC and Adrian Group Limited, will fund part of the investment using loans from the International Finance Corporation (IFC). “The total project cost is estimated at US$48.9 million (Sh5.4…

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Grit Real Estate to acquire Orbit Africa facility in Kenya

Frank

KENYA – Mauritius-based Grit Real Estate Income Group has secured funding of US$31.5 million for the acquisition, expansion, and redevelopment of the Orbit Africa warehousing and manufacturing facility in Nairobi, Kenya. The funding was secured from Mezzanine Partners GP Proprietary Limited and BluePeak Private Capital with backing from an International Finance Corporation (IFC) debt facility. “The total purchase consideration of US$53.6 million will be settled by way of US$25 million in senior debt finance negotiated with the International Finance Corporation, a member of the World Bank Group, and US$28.6 million…

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Guaranty Trust Bank gets US$14.46m from IFC loan for SME lending

Frank

KENYA – Guaranty Trust Bank Kenya is set to receive Kshs 1. 6 billion (US$14.46 million) from The International Finance Corporation (IFC) for onward lending to small and medium-sized firms (SMEs). The loan is part of IFC’s funding of financial institutions in emerging markets under its Covid-19 crisis response program. The loans are designed to be disbursed to companies whose cash flows have been disrupted by the pandemic, helping to boost their working capital among other needs. “The proposed loan of US$14.46 million is a one-year loan, with the option…

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IFC partners Sodigaz to boost access to cleaner energy solutions

Frank

BURKINA FASO – The International Finance Corporation (IFC) and Sodigaz, an energy company, have announced an agreement to boost access to cleaner energy solutions for thousands of households and businesses in Burkina Faso.  Under the agreement, IFC’s Advisory Services team will support Sodigaz to upgrade and expand its liquified petroleum gas (LPG) distribution and service stations, increase solar home kit sales, and introduce solar mini grid solutions. The company is the country’s leading distributor of LPG and in 2019 also launched solar power solutions. The goal is for LPG to…

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IFC partners ACAPS to promote digitization of insurance sector in Morocco

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MOROCCO – The International Finance Corporation (IFC), a member of the World Bank Group and the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) have entered into a partnership. The partnership is aimed at defining strategic orientations, promoting the acceleration of the digitization of the insurance sector in Morocco, to enable it to adapt to major digital trends, but also to strengthen financial inclusion and reduce vulnerabilities. As part of this technical assistance program, IFC will support ACAPS in the development of a roadmap to accelerate the…

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BCI Holding secures US$30m from IFC to further expand its production

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AFRICA – BCI Holding SA is set to receive a US$30 million financing package from IFC to further expand its production in Algeria, Egypt, and Nigeria, creating hundreds of direct and indirect jobs. BCI a regional manufacturer and distributor of polyurethane (PU) raw materials, systems and specialities with headquarters in the UAE. IFC’s will support the company’s expansion of its existing production facility in Egypt and the commissioning of new factories in Algeria and Nigeria. The financing will help BCI develop regional supply chains for polyurethane, a versatile product used…

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IFC partners BMCE Bank to support cross-border trade in Africa

Frank

MOROCCO – The International Finance Corporation (IFC), a member of World Bank, and BMCE Bank International Plc UK announced a partnership designed to support cross-border trade in Africa and prevent shortages of essential goods, including grains and building materials, amid the COVID-19 crisis. IFC will enter into a risk-sharing facility with BMCE Bank International Plc UK, a leading regional lender, allowing the bank to scale up the financing it provides to importers and exporters. That capital, known as trade financing, is considered the backbone of the international trading system. The…

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IFC private sector financing in MEA hits record US$10.4b

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MEA – The International Finance Corporation (IFC), a member of the World Bank Group provided record financing in the fiscal year 2021 in the Middle East and Africa to help thousands of small businesses access finance, connect people and businesses to reliable digital infrastructure, trade and services, and help to meet critical health needs amid the COVID-19 pandemic with the financing reaching US$10.4 billion. IFC’s financing included short-term finance (US$2.9 billion) and mobilization (US$4.2 billion), with 70 percent of IFC’s own account financing going to low-income and fragile and conflict-affected…

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Kenya launches web portal to boost investment in special economic zones

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KENYA – With support from IFC, Kenya’s Special Economic Zones (SEZ) Authority has launched a one-stop-shop web portal to boost communication, transparency, and service provision for current and potential investors in special economic zones, a pillar of the country’s industrial policy. The web portal will help the SEZ Authority adapt its investor outreach, retention, and after-care strategies to an interactive online platform, supporting investment, growth, and job creation in Kenya. SEZs are demarcated areas with unique rules of business and they provide private firms with quality, cost-effective, reliable infrastructure, efficient customs…

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Somalia launches trade information portal to boost cross-border trade

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SOMALIA – To facilitate cross-border trade and provide more transparent trade information for businesses, Somalia’s Ministry of Commerce and Industry, supported by IFC, today launched a trade information portal to lower costs and simplify trade procedures for Somali importers and exporters. The portal provides a single source for all cross-border trade information and over 90 laws, regulations, procedures, and other trade-related measures from over a dozen government agencies can now be accessed online. Businesses can also access licenses, permits, and applicable fees.  The portal will provide Somalia’s business community with…

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