Investment bank Societe Generale secures US$3.6m loan from Proparco to support SMEs in Mozambique

MOZAMBIQUE – Proparco, the private arm of the French Development Agency (AFD), has pledged a guaranteed loan of €3 million (US$3.6 million) to French multinational investment bank and financial services company Société Générale’s subsidiary in Mozambique to support small and medium-sized enterprises (SMEs). The guarantee will target companies operating in high-impact sectors, with a focus on agribusiness. The agreement will also support women-owned businesses. “Proparco is pleased to be able to count on a key partner like Société Générale to support SMEs in a country where financial inclusion remains a huge…

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Equity Group signs US$100m credit facility with European lenders to support MSMEs

KENYA – Equity Group Holdings has signed a US$100 million loan facility to support Micro, Small, and Medium Scale Enterprises (MSMEs) during the three years the Covid-19 pandemic is expected to adversely affect the business operating environment as a result of the adoption of Covid-19 coping and containments measures.   The Kenyan lender has signed the facility with leading European development banks namely, Team Europe, Germany’s DEG, the Netherlands FMO and the UK’s CDC Group. To cushion businesses from Covid-19 crisis, Equity launched an offensive and defensive approach to support customers to…

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Solar off-grids developer Nuru secures US$1.2m from Proparco to expand in DRC

DRC – Nuru, a developer of hybrid solar off-grids, has just obtained €1 million (US$1.2m) from Proparco, the subsidiary of the French Development Agency (AFD) group responsible for financing the private sector, to deploy its off-grid solutions in several provinces of the Democratic Republic of Congo (DRC). The company aims to electrify 5 million people by 2024 in the DR Congolese provinces of North Kivu, Maniema, Ituri, Haute Uélé and Kasaï. Nuru has already commissioned a 1.33 MW hybrid solar power plant, one of the largest off-grid power generation facilities…

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Proparco, Digital Africa launch support fund for African start-ups impacted by Covid-19

AFRICA – Proparco, a French private investor, has partnered with Digital Africa, a multi-platform documentary project, to launch Bridge Fund, their support fund for African start-ups impacted in their development by Covid-19. The Bridge Fund is a co-investment worth €5 million (US$5.9m). It was designed to meet the financing needs of African start-ups whose economic impacts have caused the cancellation or delay in fundraising. To be eligible for the Bridge Fund, candidate innovative tech companies will have to prove that they have been in existence for at least 18 months…

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Proparco and Bpifrance launches Averroès Africa fund targeting US$117m

AFRICA – Bpifrance and Proparco have announced the first closing of Averroès Africa, their fourth fund-of-funds (FoF) for Africa at US$65million with a target size of US$ 117million. Gregory Clemente, CEO of Proparco, said “The launch of the 4th Averroès fund-of-funds demonstrates the growing ambition of the partnership between Proparco and Bpifrance. This new vehicle aims to mobilize public and private capital and direct it towards some of the most dynamic and high-impact sectors in Africa.” “AFD and Proparco’s experience, tools and network of partners in Africa make them key players…

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Emerging Africa Infrastructure Fund, Proparco back WIOCC expansion

AFRICA – Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF) has loaned $40m over 10 years in a debt package of $100m raised by the West Indian Ocean Cable Company (WIOCC). Proparco, the French development finance institution was the transaction’s mandated lead arranger of the debt finance and is lending $60m of the $100m. The new finance is part of the company’s corporate development programme. It is forecast to involve capital spending of at least $379m across Eastern and Southern Africa. Financial close was achieved on…

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Kenya’s Equity Group, Proparco sign partnership to support MSMEs

KENYA – Equity Groups Holding Plc has announced its new partnership with Proparco, a French Development Finance Institution which will allow the Kenyan bank to grow and continue its support to the private sector and its deep commitment to Micro, Small and Medium Enterprises, (MSMEs) women entrepreneurs and development of rural areas through dedicated products. The agreement was signed in Paris on the sidelines of President Uhuru Kenyatta’s high-level trade delegation to France by Dr. James Mwangi and witnessed by Agence Française de Développement Group’s (AFD) CEO, Remy Rioux. Dr.…

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Energy Access Ventures makes follow-on investment in Solarise Africa for clean energy

AFRICA – Energy Access Ventures (EAV) has announced a follow-on investment in Solarise Africa, a pan-African clean energy and energy efficiency leasing company. The round was led by French development finance institution, Proparco, which invested the US$4.74 million in quasi equity through the AFD Group EU-funded African Renewable Energy Scale-Up facility, alongside existing investors, EAV and EDFI ElectriFI, an EU-funded impact investment facility. “We are grateful for the support we have received by EAV as our anchor investor and by the confidence our existing investors EAV and Electrifi have shown…

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Proparco disburses US$18.7m financing to Kenya Nut Company to spearhead developmental projects

KENYA – Proparco, a subsidiary of the French Development Agency (AFD), is supporting Kenya Nut Company, East Africa’s largest nut processing firm, with a US$ 18.7m loan financing. Kenya Nuts Company is one the world’s largest exporter of cashew and macadamia nuts and is known for brands like; Out of Africa, Nutfields, Morendat, and Leleshwa. The long-term financing, according to Proparco, is providing an amount, grace period and maturity that are currently unavailable on the local banking market. It will mainly finance the company’s 2019-2021 development plan. In addition, it will…

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Nigeria’s Access Bank secures US$93.8 syndicated loan from FMO, Proparco, and Symbiotics

NIGERIA – Access Bank, Africa’s largest bank by customer base, has secured a syndicated loan amounting to US$93.8 from FMO, Proparco and Symbiotics to enable it support its ambitious African expansion strategy. Part of Access Bank’s strategy is also to deepen the footprint in the retail segment as well as increasingly support local Micro, Small, and Medium-size Enterprises, thereby supporting job creation in the Nigerian economy. The facility according to a report by African Global Funds is structured as a “10 years non-call 5 years” subordinated debt instrument and thus…

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