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Week commencing 25 February
South Korean car manufacturer Hyundai Motor has opened a 10,000-a-year vehicle capacity assembly plant in Addis Ababa, its first factory in East Africa. The plant is big enough to assemble for Kenya, Ethiopia, Somalia, Djibouti, Eritrea and Sudan.
Reuters 22 February
Bank Audi Egypt has begun due diligence on buying the National Bank of Greece’s branches in Egypt. The due diligence will be completed by the end of February. The website of National Bank of Greece’s Egyptian unit lists 18 branches in the country.
Egypt Business Directory 21 February
Saudi Arabian refined products trader and shipping operator Aramco Trading Company has signed a deal with Egypt’s Arab Petroleum Pipeline Company (Sumed) to provide 222,000m³ of gas oil storage facilities. The companies also signed a second deal to supply fuel oil storage capacity of 165,000m³ in the Red Sea port of Ain Sokhna.
Egypt Business Directory 18 February
Finnfund, a Finnish development finance company, has provided a €2.5m secured loan to Africado, a Tanzanian avocado producer. Africado was established in 2007 as Tanzania’s first commercial and international grade producer of avocados. The company farms 137 hectares around the Kilimanjaro area.
Africa Global Funds 18 February
Indian-owned Bharti Airtel and Telkom Kenya announced a deal to operate under a joint venture company that will be named Airtel-Telkom. Kenya’s second- and third-largest mobile phone operators are merging to create a stronger challenger to the market leader, Safaricom. The two entities will continue to run independently but will combine efforts to enhance their range of products, marketing services and offerings.
The New Times 14 February
The Overseas Private Investment Corporation (Opic) has provided initial financing to SunFunder’s $85m Solar Energy Transformation Fund. The fund supports businesses providing solar solutions to people in sub-Saharan Africa and India who lack access to electricity.
Liquid Africa 21 February