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Week commencing 1 July
Chinese car manufacturer Nexteer Automotive has opened its first factory in Africa in Kenitra, Morocco. The facility will manufacture car parts including electric power steering systems for Groupe PSA (formerly PSA Peugeot Citroen). The facility will also manufacture driveline systems for Fiat Chrysler Automobiles and the Renault-Nissan-Mitsubishi Alliance.
Morocco World News 27 June
Swvl, an Egyptian app for booking buses, has raised $42m for expansion into other parts of Africa, including Nigeria. The company was founded two years ago and already operates in Kenya. It raised the funding from venture-capital firms including Sweden’s Vostok, Dubai-based BECO Capital, China’s MSA and Endeavor Catalyst, based in New York.
Liquid Africa 21 June
The uMunthu fund, through its West Africa partner Alitheia Capital, has acquired a stake in MAX.ng, an app-based motorcycle company based in West Africa. MAX is a mobility platform that connects users to a network of vetted professional motorcycle taxi drivers (known as MAX Champions) via mobile apps.
Africa Global Funds 24 June
Unicef Kenya has teamed up with Finnish technology company Nokia to form venture to increase equitable access to digital literacy in Kenya. The co-operation aims to boost technology capacity among the most disadvantaged children in Kenya.
Business Daily 26 June
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending has signed a memorandum of agreement and action with the World Bank on agro-processing, productivity enhancement and livelihood Improvement support for $200m. The funding is a World Bank project for the development, financing, and support of agribusiness projects in Nigeria.
The Guardian (Nigeria) 25 June
Nigerian distributed utility company, Arnergy, has raised $9m in a series A round of funding led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries, European Development Finance Institutions, ElectriFI and others. The development would help Arnergy in achieving its expansion drive.
The Guardian (Nigeria) 26 June