IFC invests in bond to support access to affordable housing in Tanzania

TANZANIA – To help increase access to longer-term, affordable mortgages and housing in Tanzania, the International Finance Corporation (IFC), has subscribed to a corporate bond issued by the Tanzania Mortgage Refinance Company (TMRC) as a strategy to make longer-term, affordable mortgages and housing accessible in Tanzania. TMRC was listed on the Dar es Salaam Stock Exchange on July 15th. The TMRC bond will support access to mortgages, helping Tanzanians more easily purchase homes in a country where access to longer-term financing has traditionally been constrained. The listing follows approval granted…

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IFC appoints Kalim M. Shah as its Senior Country Manager for Nigeria

NIGERIA – The International Finance Corporation (IFC), an international financial institution, has appointed Kalim M. Shah as its Senior Country Manager for Nigeria in its support for the long-term, inclusive growth of Nigeria’s private sector. In his new role, Shah will lead IFC’s efforts to help strengthen Nigeria’s economy, create jobs and opportunities, and support the country’s private sector as it recovers from the effects of COVID-19. A national of Trinidad and Tobago, Shah joined IFC in 1998 after building a career in commercial banking in his home country and…

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Fund manager Vantage Capital announces the launch of its fourth mezzanine fund

SOUTH AFRICA – Vantage Capital, Africa’s largest mezzanine fund manager, has announced the successful first close on its fourth mezzanine fund with US$207 million of commitments from European and US-based commercial investors as well as development finance institutions (DFIs), including IFC, CDC Group and SIFEM. Vantage Mezzanine Fund IV is now on track to reach its target total fund size of US$350 million. The fund will provide mid-sized African businesses with flexible capital that will enhance job creation and facilitate much-needed economic opportunities and growth – especially necessary for post-Covid-19…

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Nedbank partners with IFC to support trade in Mozambique

MOZAMBIQUE – Nedbank Mozambique S.A., has joined International Finance Corporation’s (IFC) Global Trade Finance Program (GTFP) to boost a vital economic engine of growth that has been strained by the COVID-19 pandemic. IFC announced a trade finance facility guarantee of US$10 million under its GTFP to Nedbank Mozambique which will provide support to strengthen the bank’s trade finance operations and assist in redesigning its trade solutions to promote Mozambique’s cross-border trade. IFC has already started to provide Nedbank Mozambique with technical expertise under the GTFP through a workshop that took…

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IFC, Kobo360 identifies global innovators to pilot sustainable cooling innovations in Nigeria

NIGERIA – IFC in partnership with Kobo360, an African digital logistics platform, have selected eleven global innovators to take part in the recently launched TechEmerge Temperature-Controlled Logistics Nigeria program. Under the program, the selected participant will partner with 15 leading Nigerian companies, to pilot cost-effective and climate-smart technologies to strengthen the country’s temperature-controlled logistics supply chain. The sustainable cooling innovation program is funded by the UK Government’s International Climate Finance and offers a total pool of US$1 million in grant funding to support field-testing over the next 12-18 months. The…

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Daystar power secures US$20m loan from IFC to invest in hybrid renewable energy systems

WEST AFRICA – Daystar Power, a provider of hybrid solar power solutions to businesses, has announced the successful completion of a US$20 million loan from the International Finance Corporation (IFC). The loan will be used to invest in hybrid renewable energy systems by Daystar Power’s Nigerian subsidiary. The financing consists of a US$10 million subordinated loan from the Canada-IFC Renewable Energy Program for Africa and a US$10 million IFC local currency loan. Daystar is also collaborating with the IFC’s Energy2Equal program, which is supported by the Canadian government, to address…

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International financiers inject US$700.5m into Aspen to bolster its operations amid Covid-19 vaccine drive

SOUTH AFRICA – Aspen Pharmacare has secured a US$700.5 million financing package led by International Finance Institution (IFC),  to support the pharmaceutical firm’s operations, including the production of vaccines. Joining the largest healthcare investment and mobilization globally to date were French development institution Proparco, German development finance corporation DEG and the US International Development Finance Corporation. The World Bank’s private sector arm, the International Finance Corporation (IFC), is mobilising the deal and contributing US$237 million, Proparco is providing US$184.8 million; Germany’s development institution DEG, US$170.5 million; and the US Development…

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AIIM, Adenia and IFC invests US$130m in Eastcastle Infrastructure, acquires majority stake

AFRICA – Infrastructure-focused private equity fund managers, The African Infrastructure Investment Managers (AIIM), Adenia Partners (Adenia), a private equity firm investing in Africa, and IFC, a member of the World Bank Group, have partnered to invest a total of US$130 million to support Eastcastle Infrastructure (Eastcastle), a company specializing in Africa’s telecoms tower sector. The funding will support Eastcastle’s build-to-suit strategy, to develop new telecom towers initially in the Democratic Republic of Congo, Nigeria and Côte d’Ivoire. The number of towers across the region needs to increase significantly to accelerate the deployment of bandwidth…

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IFC and East Africa Bank unveils US$5m trade finance guarantee to support businesses in Djibouti

DJIBOUTI – The International Finance Corporation (IFC), a member of the World Bank Group, has announced a US$5 million trade finance guarantee facility to Djibouti- based East Africa Bank (EAB) to help local companies engage in cross-border trade. The support is a vital engine of economic growth that has been strained by the COVID-19 pandemic, IFC’s trade finance facility guarantee of up to US$5 million under its Global Trade Finance Program (GTFP) will help EAB provide financing to importers and exporters in Djibouti, supporting the local economy and helping maintain…

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IFC, Rockefeller Foundation partner to advance clean energy access in Sub-Sahara Africa

SSA – The International Finance Corporation (IFC), the private sector arm of the World Bank Group, and The Rockefeller Foundation (RF), one of the most famous philanthropies, have announced a new partnership that aims to deploy US$150 million of RF’s catalytic capital in blended finance to mobilize up to US$2 billion of private sector investment in distributed renewable energy solutions. The partnership will prioritize countries in Sub-Saharan Africa and select other regions, where both organizations have identified immediate opportunities and ultimately, the list of countries where this partnership will deploy…

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