Inspiring Sustainable Business in Africa
KENYA – SBM Bank Kenya, a commercial bank, has inked a risk-sharing agreement with the African Guarantee Fund (AGF) that will see them avail KSh1.2billion (US$9.93m) to women-led businesses and climate-focused Micro Small, and Medium Enterprises (MSMEs) in the country. The fund seeks to mitigate the challenge of access to affordable credit with favourable terms, a major challenge MSMEs and…
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EGYPT – The European Bank for Reconstruction and Development (EBRD) is supporting the green economy in Egypt with a US$100 million loan to Banque Misr for on-lending to local small and medium-sized enterprises (SMEs). The loan follows the success of the Green Economy Financing Facility (GEFF) in Egypt and will support an expansion of green lending in Egypt to under-served…
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NIGERIA – DFC, the U.S. International Development Finance Corporation, is set to invest US$280 million in Access Bank in Nigeria alongside Access Bank Managing Director Roosevelt Ogbonna. The loan will help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses. “DFC’s investment…
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AFRICA – Visa, a digital payments company, has partnered with Flocash, FT Africa’s fastest growing fintech 2022, to promote digital capabilities for African SMEs through digital payments, supplier solutions and access to financial services. The first step in this partnership is the launch of Flostore, powered by a Visa digital wallet and the Flocash pan -African payment platform, which can…
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EGYPT – The European Investment Bank (EIB) and Banque Misr have partnered to enhance cooperation to further strengthen support for SME lending and increase financing for companies in Egypt. The first technical assistance programme will further strengthen credit risk management and the adoption of SME financing best practice to enable Banque Misr to increase financing for smaller companies. The second…
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ZIMBABWE – First Capital Bank Limited in partnership with the European Investment Bank (EIB) and the European Union (EU) have secured a developmental line of credit to the tune of EUR 12.5 million (US$13.7m). The funding is set to develop eligible investment projects undertaken by Small to Medium Enterprises (SMEs) and MidCap companies under First Capital Bank Limited locally. “We…
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AFRICA – Untapped Global, an investment and technology company, has raised a US$10.3 million debt and equity pre-seed round to help it scale its smart asset financing model, which finances revenue-generating assets for entrepreneurs and SMEs in Africa and Latin America. Based in San Francisco, Africa, and Europe with an all-female investment leadership team, Untapped Global aims to empower the…
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KENYA – Bamburi Cement PLC has partnered with International Finance Corporation (IFC) to boost the participation of women in the Kenyan supply chain. The partnership will support the company increase procurement opportunities for women-owned enterprises in Kenya. Bamburi Cement has made three commitments under the partnership; to develop and implement a gender-inclusive sourcing strategy, collect gender disaggregated procurement data, and…
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AFRICA – Swedish Development Finance Institution Swedfund has announced an additional investment of US$4.45 million in African Rivers Fund 3 (ARF 3). This increases Swedfund’s total commitment to US$14.45 million. ARF 3 primarily provides loan & equity financing to small and medium-sized companies in DRC (Democratic Republic of Congo), Uganda and Angola. “Small and medium-sized companies need access to long-term…
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EGYPT – International Finance Corporation (IFC) has partnered with Egypt’s Medium, Small, and Micro-Enterprise Finance Federation to expand access to finance for micro-business across Egypt. Through the partnership, IFC and the Egyptian MSME Finance Federation will provide training, coaching, and mentoring to 41 of Egypt’s smaller MFIs. The training will be on corporate governance, credit methodology, risk management, internal audits,…
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