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Week commencing 30 September
Finnish impact investor FinnFund has made its first direct investment in Zambia with a $6m commitment to aquaculture company Yalelo. FinnFund focuses on sustainable investment opportunities in developing countries. Yalelo plans on using the capital to double its annual production of tilapia fish from 12,000 tonnes to 25,000 tonnes.
Liquid Africa 23 September
MaxAB, an Egyptian business-to-business e-commerce start-up, has secured $6.2m in seed funding in one of the largest seed rounds raised by a start-up in the Middle East-North Africa region. MaxAB, which connects informal food and grocery retailers with suppliers via an app, aims to reach 50% of Egypt’s population within two years. The funding round was co-led by Beco Capital, 4DX Ventures and Endure Capital.
Daily News Egypt 27 September
The Abu Dhabi Islamic Bank-Egypt and Ora Developers Egypt, a member of Gemini Holding, have signed a $12,3m financing agreement for the development of the Sheikh Zayed Central Park. The transformed park will have sports complexes, restaurants and other facilities for residents.
Daily News Egypt 24 September
Tia+, an Estonia-based logistics start-up, has launched its online business in Kenya enabling truck drivers to connect directly and in real time with cargo shippers. Tia+ reckons the app will address logistical challenges in the sector by enhancing trust and transparency in cargo handling.
Daily Nation 26 September
Entrepreneurial development bank FMO has provided an $8.7m loan to Niche Confectionary, which supports local cocoa processing in Ghana. Ghana produces the world’s highest quality bulk cocoa and is responsible for 20% of the world’s cocoa harvest. Niche will purchase manufacturing equipment with the loan which it uses to produce chocolate spreads, chocolate milk and chocolate bars.
Africa Global Funds 24 September