Seychelles gets US$20m loan from AfDB to support Covid-19 recovery

SEYCHELLES – The Board of Directors of the African Development Bank Group (AfDB) has approved a US$20 million flexible loan to finance Seychelles’ Governance and Economic Reforms Support Program, expected to help drive the island nation’s macroeconomic stability and recovery from Covid-19 in the medium-term. The government program aims to deepen reforms introduced through the Bank’s Covid-19 Crisis Response Budget Support Program, approved in June 2020 for US$10 million. The reforms are expected to advance fiscal sustainability, improve the business environment and Seychelles’ climate change and environmental resilience. The Bank’s…

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Sidian Bank gets US$4.6m from AGF for SME loans

KENYA – Financial institution Sidian Bank has secured KSh500 million (US$4.6 million) from African Guarantee Fund (AGF) for onward lending to local Small and Medium Enterprises (SMEs). The bank said the agreement is part of the effort to bridge the financing gap facing SMEs in the country and that the partnership would support the growth of small businesses through the provision of guarantees for the bank’s customer loan facilities. The AGF Loan Portfolio Guarantee will enable Sidian Bank to scale up its lending activities to Small and Medium-sized enterprises through…

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KCB injects US$28m capital in its subsidiary National Bank

KENYA – Financial services group KCB,  has given the National Bank of Kenya a US$28 million long-term loan to help the subsidiary meet minimum capital requirements. The Nairobi Securities Exchange-listed lender made the disclosure in its latest annual report. “In Kenya, the group injected US$47 million into National Bank of Kenya, the subsidiary the group acquired in 2019. In 2021, KCB has increased the capital in NBK via tier-II debt of approximately US$28 million to enable the subsidiary to meet the capital adequacy requirements and also to bolster its resources,” the…

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Absa Bank gets US$150m loan from IFC for green financing in South Africa

SOUTH AFRICA – The International Finance Corporation (IFC0, a member of the World Bank Group, will provide Absa Bank, one of Africa’s largest financial services groups, with a loan of up to US$150 million  to support the bank’s strategy to expand its climate finance business and help South Africa meet its greenhouse gas reduction targets. Africa’s first certified green loan, announced by the International Finance Corporation to Absa Bank, would increase funding for biomass and other renewable energy projects in South Africa, supporting the country’s power sector and economic recovery…

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AfDB approves Sudan’s proposal to clear US$413 million loan arrears

SUDAN – The Boards of Directors of the African Development Bank Group (AfDB) has approved a proposal for the clearance of about US$413 million in arrears on loans owed by Sudan to the institution, marking a major milestone in the country’s re-engagement with international financial institutions and the global economy. The proposal enables the Bank to proceed with clearing Sudan’s arrears with the African Development Bank Group, with the support of the United Kingdom and Sweden. The U.K will provide bridge financing to clear Sudan’s arrears to the African Development…

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Heva Fund partners AFD to support creative businesses in Kenya with up to US$92,000

KENYA – HEVA Fund, an East African fund that invests in the transformative social and economic potential of the creative economy sector in the East African region, in collaboration with Agence Française de Développement (AFD), has opened round 2 of its Growth Fund facility for creative businesses in Kenya. Starting from 19th April 2021, businesses will now be able to apply for the facility through the Growth Fund page, a fund which is open to mature creative businesses in Kenya who need financing of between US$46,000 to US$92,000. The fund will…

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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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