Tag: IFC

IFC, HSBC announce final close of REGIO fund to further develop green bond market

Frank

AFRICA – IFC, a member of the World Bank Group, and HSBC Asset Management have announced the final closing of the HSBC Real Economy Green Investment Opportunity GEM Bond Fund (REGIO), boosting access to climate finance and helping further develop the market for green bonds. REGIO, the first green bond fund focused on well-diversified climate-smart investments in “real economy” issuers in emerging market countries, closed with total investor commitments of US$538 million following further investment from two European investors. The aim of the fund is to help these economies in…

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Nedbank gets US$200m loan from IFC to drive renewables in South Africa

Frank

SOUTH AFRICA – Financial services group Nedbank has received a US$200 million loan from the International Finance Corporation (IFC), a member of the World Bank, to drive renewable energy projects in South Africa. Arvana Singh, head of sustainable finance solutions at Nedbank’s Corporate Investment Banking (CIB), said the US$200 million loan facility will complement Nedbank’s already well-established green finance operations, grow its climate portfolio, and expand its support of renewable energy projects that are key to the continued evolution of South Africa’s green economy. The announcement comes a week after the country’s…

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KCB Bank secures US$150m credit for SMEs and green projects

Frank

KENYA – Kenya Commercial Bank has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those run by women. US$101.7 million of the money will come from the International Finance Corporation (IFC) while Belgian Investment Company for Developing Countries (BIO) will provide US$22 million and Sanad fund, which finances SMEs in the Middle East and sub-Saharan Africa, and Symbiotics, the investment platform targeting companies in emerging markets, will contribute US$15 million and US$11.2 million respectively. “This support from IFC and our…

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IFC appoints Amena Arif as new country manager for East Africa and Malawi

Frank

EAST AFRICA – The International Finance Corporation (IFC), a member of the World Bank Group, has announced the appointment of Amena Arif as its new Country Manager for Kenya, Tanzania, Uganda, Rwanda, Burundi, Somalia, and Malawi, with immediate effect. Arif joined IFC in 2012 after building a career in commercial banking with Citibank and ABN AMRO Bank. She led IFC’s debt and equity investment transactions working with financial institutions in Pakistan, Afghanistan, and Lebanon and most recently, Arif served as IFC’s Country Manager for Sri Lanka and the Maldives, based in Colombo. As IFC Country Manager…

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Kenya-based Savannah Fund launches US$25m Africa tech seed fund

Frank

KENYA – Seed capital fund Savannah Fund, has announced a US$25 million fund that will invest in early-stage startups across Sub-Saharan Africa with a focus on supporting women entrepreneurs and disruptive companies in high-growth sectors.  Savannah Fund is one of the earliest Sub-Saharan Africa-focused tech venture capital firms, starting its investment activities in 2012 when it launched its first accelerator programme in Kenya.   In 2016 and led by Mbwana Alliy and Paul Bragie, it transitioned completely to seed and Series A investments, and has to date invested in 31 companies across…

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Fintech group Adumo gets US$15m funding from IFC for expansion

Frank

SOUTH AFRICA – Fintech group Adumo of South Africa, has announced $15 million in new funding from the International Finance Corporation (IFC), a member of the World Bank Group, and the IFC Financial Institutions Growth Fund to expand access to electronic payment solutions, especially for underserved small and medium businesses. In a statement, Adumo says IFC’s investments will support the company to make digital payments systems more affordable and accessible to smaller businesses in Africa, many of which currently rely on cash transactions. Adumo is South Africa’s largest independent payment provider, with a presence…

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E-hailing firm Bolt gets US$23.8m capital injection from IFC for Africa, Eastern Europe expansion

Frank

SOUTH AFRICA – E- hailing service provider Bolt has received a US$23.8 million capital injection from the International Finance Corporation (IFC), to expand mobility solutions that create earning opportunities, improve access to transportation, and stimulate entrepreneurship in African and Eastern European markets. The IFC investment will be directed towards Eastern Europe, including Ukraine, and African markets, such as Nigeria and South Africa, and support Bolt’s ongoing work to empower drivers while creating new economic opportunities. The investment from IFC comes as Bolt is growing in South Africa  and the rest of the Africa and…

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Liquid Telecom raises US$840m in bond issue

Frank

SOUTH AFRICA – Africa’s leading data, voice and IP provider Liquid Telecom has raised US$840 million in a bond sale to refinance debt and further expansion into Africa. The sale was conducted by joint bookrunners JPMorgan Chase & Co, Standard Chartered and Standard Bank Group, Liquid chief financial officer Kate Hennessy told TechCentral. The amount raised included a US$100-million investment by the International Finance Corp. The offering was 5.5 times oversubscribed, Hennessy said. “The level of interest from high-quality investors has been unprecedented for an African issuer and reflects an…

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IFC partners Titan Trust Bank Limited to launch online platform to empower business owners

Frank

NIGERIA – Titan Trust Bank Limited has partnered with International Finance Corporation (IFC) to launch an online platform that will empower business owners with knowledge to manage and grow their businesses amid the COVID-19 pandemic. This is part of Titan Trust Bank’s initiative to continuously support entrepreneurs in the country by providing financial and advisory services for the growth of their businesses. In her remarks, executive director, Titan Trust Bank, Adaeze Udensi, Ph.D, said that the bank recognises the needs of businesses and is focused on delivering simple digital and…

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Co-operative Bank of Kenya to get US$15m Swedfund loan for SMEs support

Frank

KENYA – The Co-operative Bank of Kenya (Co-op Bank), which is the fourth-largest bank in Kenya by assets, will benefit from a long-term syndicated loan of US$15 million from the Swedish development bank -Swedfund. The Kenyan top tier lender will use the resources to increase its support to Small and Medium Enterprises (SMEs) and finance green projects. “We have an important role in supporting strong and healthy financial institutions like Co-operative Bank to help them to continue lending to local businesses and entrepreneurs. By providing long-term funding to Co-operative Bank that…

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