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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AIIF3 secures US$37.1m guarantees from MIGA for clean off-grid solar energy in Central and East Africa

AFRICA –  The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, has issued guarantees of up to US$37.1 million to African Infrastructure Investment Fund (AIIF3), to cover the fund’s equity and quasi-equity/shareholder loan investments in Bboxx Capital (Bboxx) subsidiaries in Rwanda, Kenya, and the Democratic Republic of the Congo (DRC), for up to 10 years. An additional guarantee of up to US$5.9 million has also been issued to the Facility for Energy Inclusion’s Off-Grid Energy Access Fund (FEI-OGEF LP) of Mauritius, a US$100 million energy access…

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Escotel secures US$25m from World Bank’s MIGA for solar power generation in West Africa

WEST AFRICA – Escotel Mauritius, an energy services company, has secured a guarantee of up to US$25.6 million from MIGA, a member of the World Bank Group, to cover its investments in solar power generation in Sierra Leone and Liberia for a period of up to ten years. The MIGA guarantees provide protection to Escotel Mauritius against the risks of Transfer Restriction, Expropriation, and War and Civil Disturbance. MIGA’s guarantees will support the provision of electricity and logistical services to power existing and future cell phone towers (Telecommunication Network Sites…

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