IFC launches Start Maghreb program for startups in North Africa

TUNISIA – International Finance Corporation (IFC), the main development institution of the World Bank Group focused on the private sector in emerging countries, has launched Start Maghreb to help start-ups based in North Africa. The startup to be helped with the technical assistance program will be in Tunisia, Algeria, Libya and Morocco and will be enabled to grow and develop across North Africa. The Start Maghreb program brings together start-ups, incubators, accelerators, investors, public institutions and donors, in order to share knowledge, identify blocking points and find solutions to promote…

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Telecoming, Ounousa to distribute trendy digital contents for North African women

NORTH AFRICA – Telecoming, an international technology company specialized in digital services monetization, has signed an agreement with the leading lifestyle publisher Ounousa to distribute trendy digital contents for North African women’s entertainment and inspiration. The partnership applies, for the moment, to Tunisia and Egypt. This alliance with Ounousa is part of Telecoming’s strategy to create differential services for the African mobile market users. Ounousa will offer lifestyle content aimed at women, to meet the growing need for digital entertainment in the market. “The combination of localized quality content and…

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Tech giant IBM appoints Angela Kyerematen-Jimoh as its Regional Head for Africa

AFRICA – Ghanian Angela Kyerematen-Jimoh has been appointed by technology giant, IBM Corporation, as its Regional Head for North, East and West Africa. She was IBM’s first female country head and becomes the first woman and first African to be appointed Regional Head in Africa. She will be responsible for IBM operations in over 40 countries in Africa including Morocco, Nigeria, Kenya, Senegal, Uganda, Ghana and Tunisia. Over the years, she has garnered experience working in the information technology, banking and services industry. The strong business development professional is skilled…

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COVID19 pushes North Africa’s economy into contraction, growth not expected until 2021

NORTH AFRICA – The Covid-19 pandemic has adversely affected the North African economy to an extent of plunging it into a contraction, a new African Development Bank Economy forecast has shown. According to the African Development Bank, the North African region will face an economic contraction forecast between 0.8 and 2.3%. The economic outlook report by AfDB suggests that the pandemic’s negative impact on global demand and the prices of basic goods is likely to increase fiscal deficits and current account imbalances in the region.  In the worst-case scenario, AfDB…

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Humania secures US$125m financial package to boost the healthcare system in North Africa

NORTH AFRICA – IFC, Finnfund and other financial institutions have supported the development of high-quality hospital, Humania a private healthcare company in Egypt and Morocco, to expand health services and improve medical care by developing a network of multispeciality hospitals and healthcare assets.  Humania has received a financing package amounting to US$125m where Finnfund’s share of the total financing facility is US$18.75 million. IFC said that it will provide Humania with US$35 million for its own account. OPEC Fund for International Development, European Bank for Reconstruction and Development and the…

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IFC invests in private equity fund to boost growth in North Africa

NORTH AFRICA – International Finance Corporation (IFC), a member of the World Bank Group, is investing up to US$20 million in SPE AIF I, the direct investment fund that focuses on Egypt and North Africa. The Fund, which is managed by SPE Capital Partners will focus mainly on Egypt, Morocco and Tunisia, where access to equity is especially constrained because of the macro-economic and political challenges. The investment is part of IFC’s strategy to partner with selected fund managers in key regions to meet the needs of fast-growing companies, to…

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Nuwa Capital launches US$100m fund for startups in North and East Africa

AFRICA – Former Wamda Capital managing partner Khaled Talhouni has launched Nuwa Capital, a new fund to invest in tech startups in the Middle East North Africa (MENA) region, as well as in East Africa, Pakistan and Turkey. The fund was launched at the Step Conference in Dubai by its managing partner, Talhouni. The fund is targeting a first closing of US$100 million. Nuwa Capital’s team is already in talks with various startups and expects to close a few investments in the coming weeks. Talhouni said the Dubai and Riyadh-based…

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Mediterrania Capital Partners III secures US$27.6m from CDC to support local brands in North Africa

NORTH AFRICA – CDC Group plc, the UK’s development finance institution and impact investor, has announced a €25 million (about 27.59 million) commitment to Mediterrania Capital Partners III (MCP III), a generalist fund primarily targeting investments in North Africa. “Our investment in MCP III will support well-established local firms that demonstrate strong potential for growth to become regional leaders, providing the capital and expertise for them to expand. This investment allows  us to begin a partnership with a team which has the potential to become a leading mid-cap pan-African fund…

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North Africa’s Taxi App Yassir expands into Morocco with the launch of night taxi rides in Casablanca

MOROCCO – Algerian based ride hailing app Yassir has in October this year expanded its operations into Morocco with the launch of night taxi services in the country’s largest city, Casablanca. The taxi hailing mobile app service is coming into Morocco to replace the vacuum left by Uber which suspended its operations in the Maghreb country in February 2018 after taxi drivers went on strike claiming unfair competition from Uber. Although the application works in the same ways as the ridesharing service Uber, it employs a different engage formula with…

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