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Week commencing 20 May
French car company Peugeot will open a $620m factory in Kenitra, Morocco to produce smaller models such as the Peugeot 208. The company is aiming to produce 20,000 cars in 2019 and 100,000 next year, with a long-term production target of up to 200,000 cars annually.
Morocco Wold News 9 May
The digital investment unit of German financial services company Allianz Group, Allianz X, has invested an undisclosed amount in SafeBoda, an African ride hailing platform based in Kampala, Uganda.
Africa Global Funds 15 May
Kenya’s biggest lender by assets, KCB Group, expects to complete its acquisition of National Bank of Kenya (NBK) by October this year. KCB offered to buy National Bank through a share swap of one KCB share for every 10 of NBK, joining a wave of consolidation in Kenya’s banking industry.
Reuters 16 May
The Moroccan Agency for Nuclear and Radiological Safety and Security has signed a memorandum of understanding with the Rwanda Utilities Regulatory Authority. The agreement aims at furthering bilateral collaboration between the two companies in areas related to nuclear energy use and radiological safety.
Morocco World News 13 May
US-based technology company Microsoft has launched its first Africa Development Centre (ADC) with two initial sites in Nairobi and Lagos. The ADC will cost $100m across its first five years of operation, serving as a centre of engineering and recruiting African talent.
The Guardian (Nigeria) 17 May
The World Bank is investing $50m to develop an early-stage investment network in Egypt. The bank is expecting to invest the funds in privately managed risk capital intermediaries such as angel funds, accelerators, venture capital funds and investment firms.
Liquid Africa 14 May