Telecom Egypt secures US$500m loan to support its capital expenditure

EGYPT – Telecom Egypt has announced obtaining a new US$500 million medium-term syndicated loan to be used to support its capital expenditure and refinance existing short-term facilities. According to Telecom Egypt, First Abu Dhabi Bank PJSC and Mashreq Bank PSC were mandated as Joint Coordinators, Underwriters, Bookrunners, and Initial Mandated Lead Arrangers of the facility, similar to the medium-term syndicated loan obtained in October 2018. It added that FAB is also the Facility Agent for the transaction and Mashreq the designated Account Bank and the Documentation Agent. “I am very…

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AfDB approves US$137m loan for Botswana’s post-Covid-19 economic recovery

BOTSWANA – The Board of Directors of the African Development Bank Group (AfDB) has approved a US$137 million loan to support Botswana’s economic recovery from the Covid-19 pandemic. The funds, extended under the Bank Group’s Botswana Economic Recovery Support Program, will be used to enact multi-sector reforms that will increase spending efficiency, create jobs and drive inclusive growth. The project has three components: enhancing domestic resource mobilization and mitigating fiscal risks to enhance macroeconomic performance and create fiscal space for spending on social safety nets; supporting private sector-led agriculture and…

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Angola secures US$1.1b financing from World Bank for its mega Bita water project

ANGOLA – The government of Angola has secured a new US$1.1 billion financing package from the World Bank and the French Export Credit Agency to enable the completion of its’s mega Bita drinking water project. This is part of a US$1.1 billion financial transaction, consisting of a US$910 million loan from the World Bank through its subsidiary, the International Bank for Reconstruction and Development (IBRD). The other part of the loan is provided by the French Export Credit Agency. Standard Chartered, a British multinational banking and financial services company, arranged…

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Micro-lender Letshego gets US$50m loan from IFC to boost affordable housing in Namibia

NAMIBIA – Pan African microlender Letshego has received a KSh5.49 billion (US$50 million) loan from the International Finance Corporation (IFC) to boost affordable housing lending in Namibia with the potential to expand the partnership to other countries including Kenya. The IFC, the World Bank’s private-sector lending arm said it is committed to working with partners across Africa to help increase access to affordable housing, including supporting the development of sustainable and responsible mortgage markets. The lender’s new loan will help it finance up to 4,000 home developers in Namibia, the…

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OPEC Fund signs US$30m loan to boost productivity for smallholder farmers in Uganda

UGANDA – The OPEC Fund for International Development has signed a US$30 million loan facility agreement with Uganda to help improve food security and incomes for more than 120,000 smallholder households in the northern and north-eastern regions engaged in the production and marketing of oilseeds (groundnuts, sunflower, sesame and soy).   The National Oil Seeds Project is co-financed by the International Fund for Agricultural Development (IFAD) and the Ugandan government. The Ugandan government’s latest Agricultural Sector Strategic Plan highlights oil seeds as part of the four strategic commodities expected to…

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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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