EIB approves US$35.7m loan for clean water supply in Malawi

MALAWI – The European Investment Bank (EIB) has approved $35.7 million loan to extend the drinking water network in southern Malawi. The project is to be implemented by the state-owned Southern Region Water Board (SRWB). The soft loan is to be repaid over 20 years with a grace period of 5 years. The EIB funding is for the extension of the drinking water network in the southern region of Malawi, particularly in Balaka and Liwonde. According to the SRWB, part of the funding will be used for the development of…

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IFC, Co-op Bank and Philips in US$281m deal to support SMEs in health sector in Africa

KENYA – The International Finance Corporation (IFC), part of World Bank Group, has announced partnerships with health technology firm Philips and the Co-operative Bank of Kenya to help small businesses in the health sector purchase essential medical equipment and strengthen their response to Covid-19 and other pressing healthcare challenges. The deal is designed to provide risk-sharing facilities to help small businesses access up to US$281 million in loans and leases. The partnership with is aimed at supporting healthcare providers in Cameroon, Côte d’Ivoire, Kenya, Rwanda, Senegal, Tanzania, and Uganda. The…

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South African government gets US$1b Covid-19 emergency program loan from New Development Bank

SOUTH AFRICA – The New Development Bank (NDB) has approved a US$1 billion Covid-19 Emergency Program Loan to the Government of the Republic of South Africa for supporting the country’s economic recovery from the Covid-19 pandemic. The loan will support the Government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery. The loan will be used to finance creation of employment opportunities in South Africa, in particular the first phase of the Presidential Employment Stimulus (PES) aimed to create and support…

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World Bank approves US$500m to accelerate electrification process in Ethiopia

ETHIOPIA – The World Bank’s Board of Directors has approved a US$500 million loan to Ethiopia to help the horn of Africa nation accelerate electrification process as demand for electricity increases. The funds have been allocated by the International Development Association (IDA), a member of the World Bank Group. The Ethiopian government is focusing on extending and strengthening the national electricity grid in the country’s major cities. The Access to Distributed Electricity and Lighting in Ethiopia (ADELE) project ADELE is a component of Ethiopia’s National Electrification Programme (NEP), which aims…

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Equity Group and FMO sign US$50m loan guaranty facility to support entrepreneurs

KENYA – Equity Bank has entered into a partnership with the Netherlands development bank FMO with the signing of a NASIRA loan portfolio guarantee facility to support Kenyan entrepreneurs. The US$50 million facility is the second NASIRA guarantee signed with Equity with the support of European Union funding. With the funding, Equity Bank Kenya will further support Kenyan entrepreneurs during these challenging times with a special focus on micro, small and medium enterprises (MSMEs), it said in a press statement. The FMO funding will provide a NASIRA loan portfolio guarantee…

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

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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Tanzania secures US$245m loan from World Bank for phase 3 of Dar Bus Rapid Transit

TANZANIA – The government of Tanzania has secured a total of US$245 million in loans from the World Bank for the construction of phases 3 and 4 of the Bus Rapid Transit (BRT), a senior official has revealed to The Citizen newspaper Phase Three of the BRT project involves the construction of infrastructure projects across the 23.6-kilometre stretch of Nyerere Road from Gongo la Mboto to City Centre and parts of Uhuru Road from Tazara to Kariakoo Gerezani while phase 4 involves the construction of a 16.1-kilometre stretch along Bagamoyo…

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AfDB lends Angola US$530m for hydropower transmission

ANGOLA – The African Development Bank (AfDB) has approved a US$530 million loan to Angola which will be used to build a transmission line to link the north and south of Angola, as well as to connect households to the national electricity grid. Of the funding allocated by the African Development Bank, US$480 million represents a loan from the pan-African financial institution while the other US$50 million of the funding comes from the Africa Growing Together Fund (AGTF), a US$2 billion fund established in 2014 by the AfDB and the…

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Bboxx secures US$500,000 loan from UNCDF for the deployment of its clean cookers in DRC

DRC – The United Nations Capital Development Fund (UNCDF), is availing US$500,000 in funding to British energy company Bboxx to deploy its clean cooking solution in several provinces of the Democratic Republic of Congo (DRC). The funding is intended for the development of Bboxx’s second core business in the DRC, namely the distribution of environmentally friendly cookers. The company, which mainly supplies solar home systems, wants to implement its partnership with UNCDF in the DRC provinces of Goma, Bukavu and Lubumbashi, where the rate of access to clean cooking is…

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OPEC Fund gives Burundi US$20m loan to strengthen food security

BURUNDI – The OPEC Fund for International Development (OFID) has signed a US$20 million public sector loan agreement with Burundi to co-finance a project that will improve food security, expand access to marketplaces and social services, and strengthen the resilience of agricultural production systems. More than 700,000 people in the central plateau region in Burundi are expected to benefit. Burundi is ranked 185th out of 189 countries on the 2020 United Nations Development Programme’s human development index, and eight out of ten people in the country live below the poverty…

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