Ethiopia issues new telecoms license application deadline

ETHIOPIA – The government of Ethiopia has once again extended the deadline for telecom companies to bid for new operating licences. In a communication through social media, the Ethiopian Communications Authority (ECA) said it had taken the eleventh-hour decision in response to requests from bidders, pushing the deadline from 5 April to 26 April, 2021 10am local time. ECA said on Twitter: “Due to requests by bidders to have more time to finalize their offer in light of Covid-19 market environment, ECA determined their question to be appropriate and the…

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World Bank approves US$500m to accelerate electrification process in Ethiopia

ETHIOPIA – The World Bank’s Board of Directors has approved a US$500 million loan to Ethiopia to help the horn of Africa nation accelerate electrification process as demand for electricity increases. The funds have been allocated by the International Development Association (IDA), a member of the World Bank Group. The Ethiopian government is focusing on extending and strengthening the national electricity grid in the country’s major cities. The Access to Distributed Electricity and Lighting in Ethiopia (ADELE) project ADELE is a component of Ethiopia’s National Electrification Programme (NEP), which aims…

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Nedbank gets US$200m loan from IFC to drive renewables in South Africa

SOUTH AFRICA – Financial services group Nedbank has received a US$200 million loan from the International Finance Corporation (IFC), a member of the World Bank, to drive renewable energy projects in South Africa. Arvana Singh, head of sustainable finance solutions at Nedbank’s Corporate Investment Banking (CIB), said the US$200 million loan facility will complement Nedbank’s already well-established green finance operations, grow its climate portfolio, and expand its support of renewable energy projects that are key to the continued evolution of South Africa’s green economy. The announcement comes a week after the country’s…

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World Bank approves US$22.5m additional financing for ROGEP to increase electricity access

WEST AFRICA – The Executive Directors of the World Bank have approved an additional financing of US$22.5 million for the Regional Off-Grid Electrification Project (ROGEP) to be implemented in 19 countries. The funds, which come from the International Development Association (IDA), a subsidiary of the World Bank, and the Clean Technology Funds (CTF), are for the ROGEP, which will increase access to electricity in 19 countries in West and Central Africa. ROGEP, launched in 2019, is undergoing a new development. The West African Development Bank (BOAD), which is piloting the…

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Congo government launches work on hybrid solar power plant

CONGO –  The government of Congo has launched construction works on a hybrid solar power plant in Impfondo, Likouala region. The 3.4MW solar power project will be undertaken by Produits de construction de Brazzaville (Procob), a subsidiary of the Belgian company ABC Contracting. Produits de construction de Brazzaville will implement this project in several phases and the solar part of the installation will cover a fenced area of 11 hectares. Procob will install 11,520 solar panels with a capacity of 6,480 kVa and the installation of the solar power plant…

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Fintech group Adumo gets US$15m funding from IFC for expansion

SOUTH AFRICA – Fintech group Adumo of South Africa, has announced $15 million in new funding from the International Finance Corporation (IFC), a member of the World Bank Group, and the IFC Financial Institutions Growth Fund to expand access to electronic payment solutions, especially for underserved small and medium businesses. In a statement, Adumo says IFC’s investments will support the company to make digital payments systems more affordable and accessible to smaller businesses in Africa, many of which currently rely on cash transactions. Adumo is South Africa’s largest independent payment provider, with a presence…

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World Bank readies Covid-19 vaccine funds for 30 African countries

AFRICA – The World Bank is preparing emergency financing to help about 30 African countries access Covid-19 vaccines, the global lender told Reuters, as the continent scrambles to secure doses and start immunising vulnerable groups. Only a few African governments have launched mass vaccination campaigns, whereas some countries in wealthier parts of the world have already administered millions of doses. Many rely on the World Health Organization’s vaccine-sharing scheme COVAX, which delivered its first doses last week with a shipment to Ghana. The World Bank said financing projects were being…

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Ethiopia secures US$200m World Bank loan for digital transformation

ETHIOPIA – The World Bank has announced a new support for Ethiopia’s digital transformation with an investment of US$200 million. The institution is currently working on a new project called Digital Ethiopia Foundations, under which it plans to invest about US$200 million to support the country’s digital economy. The announcement was made recently  by Ousmane Dione, the World Bank’s Country Director for Eritrea, Ethiopia, Southern Sudan, and Sudan. According to Mr. Dione, the project will provide funds to further strengthen the regulator and to prepare the legal and regulatory elements of…

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Angola receives US$250m from World Bank to enhance electricity access

ANGOLA – The government of Angola has received US$250 million from the World Bank to improve the operational performance of the electricity sector utilities and increase electricity access in selected cities of Angola. The  Electricity Sector Improvement and Access Project will finance electrification investments in the provinces of Luanda, Benguela, Huila, and Huambo, delivering 196,500 new electricity connections that will benefit close to one million people and 93,857 public lights. The project will focus on electricity access expansion and improvement of revenue collection, electricity service improvement, capacity improvement of the…

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World Bank appoints Makhtar Diop as IFC’s Managing Director and Executive Vice President

AFRICA – World Bank Group, through President David Malpass, has announced the appointment of Makhtar Diop as Managing Director and Executive Vice President to head the International Finance Corporation (IFC), an arm of the World Bank Group effective March 1, 2021. The 61-year-old Senegalese national becomes the first African to head the financial arm of the Bretton Woods institution. “Makhtar Diop has deep development and finance experience and a career of energetic leadership and service to developing countries in both public and private sectors,” said Malpass. “Makhtar’s skills at IFC…

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