Tullow Ghana, Invest in Africa to empower its SMEs suppliers who were affected by COVID-19

GHANA – Tullow Ghana, an oil and gas explorer and producer, has partnered with Invest in Africa (IIA) to deliver training to a number of its small and medium enterprises (SME)suppliers as part of the Access to Finance programme. The Access to Finance programme is an eight-month long programme, to be delivered in two parts, designed to equip selected suppliers with the requisite knowledge, skills and support to effectively engage with financial institutions in the areas of refinancing, restructuring of existing funding arrangement to improve liquidity. The programme is designed…

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Sidian Bank signs US$9m deal with Oikocredit for SME lending in Kenya

KENYA – Sidian Bank, a mid-tier bank focusing on Small and Medium Enterprises (SMEs) in Kenya has signed US$9 million deal with the Netherlands-based social impact investor, Oikocredit. The bank secured a funding deal that will enable the bank to support onward lending to the SME sector in Kenya. The funding will be utilized to support the bank’s growth plans to further its strategy of providing affordable credit to its SME clients and privately-owned business enterprises as it works towards empowering entrepreneurs to realize their potential through providing tailor-made financial…

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Fintech Pezesha closes 7-figure seed funding for Africa expansion

KENYA – Pezesha, a Kenyan fintech startup that is creating an expansible lending framework for Small and Medium Enterprises and institutions, has raised a seven-figure seed extension round in a bid to expand further across Africa and fulfill its mission of facilitating access to affordable working capital for SMEs. The extension round was piloted by GreenHouse Capital, with on-lending liquidity support from Venture Garden Group which is a sister company to GreenHouse Capital. Founded in 2016, Pezesha is working hard to solve the continent’s US$82 billion in working capital and…

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Amethis Mena Fund raises US$100m to finance small and medium-sized enterprises

MOROCCO – Amethis Mena Fund II (AMF II), a fund by investment fund manager Amethis, has announces a fundraising of US$100.81 million for growing small and medium-sized enterprises (SMEs) in Africa, five months after its first commitment in Morocco. Amethis’ fundraising aims to finance small and medium-sized enterprises (SMEs) with a strong economic, social and environmental impact. Amethis will reinvest the funds in SMEs based in Morocco, Egypt, Tunisia and Jordan. Amethis Mena Fund II (AMF II) is the second North African investment fund launched by Amethis this year. The…

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IFC, Rwanda Capital Markets Authority and Central Bank partner to boost access to long-term finance for SMEs

RWANDA – To support the development of Rwanda’s capital markets, IFC, the National Bank of Rwanda and Rwanda’s Capital Markets Authority (CMA) have announced a four-year partnership that will help expand access to long-term local currency finance in Rwanda for key sectors such as housing, agribusiness, and smaller businesses. Liquid, diverse and well-regulated local capital markets are an essential source of local-currency financing for the government, financial sector participants, and end-users such as small businesses. Under the Rwanda Capital Market Development project, IFC will advise the National Bank of Rwanda,…

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State owned FONSIS partners KfW to launch US$35m Oyass Capital for SMEs

SENEGAL – Fonds Souverain d’Investissements Stratégiques S.A. (FONSIS) the Senegalese Sovereign Wealth Fund has launched Oyass Capital in partnership with KfW, the German Development Bank. Oyass capital is an investment fund which, through its own and risky financing, intends to provide technical assistance to local SMEs. The Fund is initially capitalised with EUR30 million (US$35.18m) investment from FONSIS and is anticipated to be co-financed by the World Bank, subject to due diligence and further evolution of the Fund’s strategy and capital structure. Oyass will be a single country closed-end fund…

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QNB ALAHLI secures US$50m loan from EBRD for SMEs

EGYPT – The European Bank for Reconstruction and Development (EBRD) is boosting small businesses and green investments in Egypt with a US$50 million loan to QNB ALAHLI, one of Egypt’s largest commercial banks. The loan, which includes US$7.5 million of concessional finance from the Green Climate Fund, will be used for on-lending to households and local small and medium-sized enterprises (SMEs). QNB ALAHLI is the first bank in Egypt to benefit from a loan under the GCF GEFF Regional Egypt Framework, the second Green Economy Financing Facility (GEFF II) in…

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IFC and FMO partner with I&M Bank to support SMEs in Kenya

KENYA – To help smaller businesses across a range of sectors in Kenya access financing for working capital, expansion, and to weather the effects of COVID-19, IFC and FMO, the Dutch entrepreneurial development bank, have announced a loan to I&M Bank Limited of US$50 million. With IFC contributing US$30 million and FMO contributing US$20 million, the loan will strengthen I&M Bank Ltd.’s regulatory capital position, allowing the bank to boost economic activity in Kenya by lending to small and medium-sized enterprises mainly in the trade, manufacturing and construction sectors.  As…

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AfDB launches new Transaction Guarantee to support SMEs and trade in Africa

AFRICA – The African Development Bank (AfDB), through its Financial Sector Development’s Trade Finance operations, has launched a Transaction Guarantee instrument designed to provide up to 100% cover for non-payment risk to regional and international banks, for trade transactions initiated by local banks in Africa. The guarantee will cover an array of trade finance instruments, including confirmed letters of credit, trade loans, irrevocable reimbursement undertakings, avalized bills and promissory notes. In opening remarks at the virtual launch of the guarantee held 29 July 2021, Bank Director for Financial Sector Development,…

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Ecobank, consortium partner to provide SMEs with digital skills and knowledge

AFRICA – Ecobank Group, a pan-African banking group, in partnership with Microsoft, LinkedIn, GitHub and Ecobank Academy is set to provide training to equip Small and Medium-sized Enterprises (SMEs) across sub-Saharan Africa. This training will provide SMEs digital skills and knowledge to succeed in today’s digital world. SMEs have been significantly impacted by the COVID19 pandemic with its attendant lockdowns and disruptions to supply chains, plummeting sales, lost revenue and operational challenges. “The COVID-19 pandemic has turbocharged the shift towards digital. It is essential that businesses adapt so that they…

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