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Week commencing 10 April 2017
Biogaran SAS, a closely held French pharmaceuticals manufacturer, plans to tap into Nigeria’s $1.3bn drugs market as a launchpad for its expansion into Africa. The unit of France’s second-largest drug maker, Les Laboratoires Servier, acquired Nigeria’s Swipha after an initial $500,000 investment. Biogaran expects Nigeria’s pharmaceuticals industry to grow by more than 12% annually.
Bloomberg 6 April
Lidya, a fintech platform based in Nigeria, has closed a $1.25m seed funding round to further its mission of easing access to finance for small and medium enterprises across Africa. The round was led by Accion Venture Lab, the seed-stage investment initiative of Accion, which invests capital in fintech startups that increase access to and reduce the cost of financial services for the underbanked.
African Business Central 3 April
In its first private investment in public equity (PIPE) deal for its $63m second fund, private equity fund manager Kibo Capital Partners acquired a stake in the Rwandan business of long-term partner, I&M Bank. The transaction took place via an IPO on the Rwandan Stock Exchange. The size of the investment was undisclosed.
Africa Capital Digest 9 April
The World Bank’s executive board approved a $150m project to increase the efficiency of trade logistics in Ethiopia. The project will focus on improving the Modjo Dry Port, a transportation hub that handles 95% of Ethiopia’s trade, but which is a major bottleneck on the Ethio-Djibouti trade corridor. It will support investments in physical infrastructure and ICT systems, as well as regulatory improvements.
2Merkato.com 5 April
The International Finance Corporation has made a combined investment and mobilisation of $11m into Insta Products, which produces ready-to-use therapeutic food, helping people afflicted with acute hunger in East Africa. The investment will help Insta expand its operations and supply food to an additional 350,000 people annually.
Liquid Africa 6 April