EIB gives US$94.3m towards geothermal power production in SSA

SSA – A total of seven Sub-Saharan Africa nations are set to benefit from €80 million (US$94.3 million) funding from the European Union investment arm European Investment Bank (EIB) to increase geothermal power production. The European Investment Bank (EIB) approved the funding on 17th July 2021targeting private sector-led geothermal power projects in East Africa. The funding will benefit projects in Kenya and 17 other countries, including Ethiopia, Rwanda, Tanzania, Uganda, Mauritius, Mozambique, and Madagascar. “Eligible projects will typically include greenfield development and brownfield expansions, with proven geothermal resources,” said EIB.…

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Citigroup launches hiring spree in Africa as it overtakes rivals in debt arrangements

AFRICA – American multinational investment bank and financial services corporation Citigroup could add close to 100 new employees to its businesses across the African continent as it surges past rivals to reclaim the top spot in arranging debt sales in the region. The New York-based bank has already started filling roles to add muscle to its local operations in anticipation that the headcount in sub-Saharan Africa will swell by about 10% from nearly 900. It’s also introduced a new corporate finance and structuring unit to help attract business from international…

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5G subscriptions in Sub-Saharan Africa to reach 70 million by 2026 – Ericsson

SSA – Ericsson, a Swedish multinational networking and telecommunications company projects that 5G mobile subscriptions will hit 70 Million in Sub-Sahara Africa by 2026. The forecast, which features in the latest Ericsson Mobility Report, confirms the expectation that 5G will become the fastest adopted mobile generation and is expected to surpass a billion subscriptions two years ahead of the 4G LTE timeline for the same milestone.  The report features breakout statistics from Sub-Saharan African markets where around 15 percent of mobile subscriptions were for 4G at the end of 2020.  Mobile…

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Renewables developer Statkraft partners SolarAid to address energy poverty in Africa through solar power

AFRICA – European renewable energy developer Statkraft is partnering with the international development charity SolarAid to address energy poverty through solar power in sub-Saharan Africa over the next three years. In the agreement, Statkraft will give US$2.7 million in cash and equipment in that time to support SolarAid’s work and the donations will go towards providing clean, safe and simple solar lighting in an effort to ensure that by 2030 all homes, schools, and clinics have energy access in the region. According to Statkraft, 548 million people in Sub-Saharan Africa…

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IFC, Rockefeller Foundation partner to advance clean energy access in Sub-Sahara Africa

SSA – The International Finance Corporation (IFC), the private sector arm of the World Bank Group, and The Rockefeller Foundation (RF), one of the most famous philanthropies, have announced a new partnership that aims to deploy US$150 million of RF’s catalytic capital in blended finance to mobilize up to US$2 billion of private sector investment in distributed renewable energy solutions. The partnership will prioritize countries in Sub-Saharan Africa and select other regions, where both organizations have identified immediate opportunities and ultimately, the list of countries where this partnership will deploy…

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Sub-Saharan Africa records 2.4% economic decline, worst recession in 60 years – World Bank

SSA – The economic output of economies in Sub-Sahara Africa declined by 2.4% in 2020 due to the COVID-19 pandemic, the region’s first economic contraction in a generation and the deepest recession since the 1960s, latest World Bank reports indicates.  However, the recession was milder than previously projected as the virus spread more slowly than anticipated and agricultural activity was unexpectedly intense in some countries such as Benin, Ethiopia, Kenya, Nigeria. According to the June 2021 issue of the  Global Economic Prospects Reportby the World Bank, growth in the Sub-Sahara region has…

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E-commerce booms in South Africa, Nigeria and Kenya – Visa

SSA – Report by global payments solution company Visa, shows that over the last three years, South Africa, Nigeria and Kenya have maintained their positions as the top three market contributors to e-commerce in the Sub-Saharan Africa region. In 2020, West African nation Ghana also broke ground, tied in third place with Kenya. The report dubbed “E-commerce developments across Sub-Saharan Africa” white paper, highlights Sub-Saharan Africa’s steady growth potential, despite it being one of the smallest regions for e-commerce globally. Visa’s research reveals that during the COVID-19-induced lockdown, Sub-Saharan Africa…

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Media company GroupM expands its presence in Kenya, Nigeria

AFRICA – Media investment company GroupM Sub-Saharan Africa, has extended its GroupM Academy Gradx program established in South Africa in 2020 to Kenya and Nigeria with plans to add other markets in the future. The New York headquartered firm has also appointed a steering committee for Sub Saharan Africa that will harmonise processes across owned offices and affiliates. According to Federico de Nardis, GroupM Sub-Saharan Africa Chief Executive Officer, GroupM has had a strong and direct presence in all key markets in Sub-Saharan Africa for a long time. “GroupM has…

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BPC Banking Technologies appoints Frank Molla as MD for Sub-Saharan Africa

AFRICA – BPC Banking Technologies, a provider of digital payment solutions has appointed Frank Molla as its Managing Director for Sub-Saharan Africa. Frank is a former Director of Business Development East Africa for Growth Markets at MasterCard. He has also previously worked at American Express where he led efforts to identify, grow and defend market share in Sub Saharan Africa in the corporate multinational space and bank partnerships. Frank is also one of the most elite individuals who have achieved Mastercard’s most prestigious sales awards in excellence, leadership and achievement…

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