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Week commencing 27 March 2017
Diamond Trust Bank (DTB) is set to acquire Habib Bank for $17.5m. It will use its own shares to compensate owners of the small lender. Habib investors, who already own 11.97% of DTB, have been offered a 4.75% interest in the Nairobi Securities Exchange-listed firm as consideration for the buyout. They will be allotted 13.2-million shares in DTB at a price of $1.33.
Daily Nation 21 March
World Bank Group President Jim Yong Kim has announced $57bn in financing for sub-Saharan African countries over the next three years. The bulk of the financing – $45bn – will come from the International Development Association, the World Bank Group’s fund for the poorest countries.
World Bank 19 March
African Capital Alliance and the International Finance Corporation (IFC), the World Bank’s development finance institution, are backing a greenfield hospital development in Lagos sponsored by AXA Mansard Insurance. Half of the development will be funded in equity and the other 50% in debt. African Capital Alliance will provide 40% of the equity via its CAPE IV fund, with AXA Mansard furnishing 20% of the equity.
Liquid Africa 20 March
CDC, the UK’s development finance institution, and AgDevCo, a social impact investor targeting sub-Saharan Africa, have invested $11.5m in Jacoma Estates Group to expand its Malawian farming operations. The new financing will help Jacoma expand its farming operations at its Tropha Estates in Northern Malawi, where it produces macadamia nuts, chilli and paprika.
Africa Global Funds 15 March
Oasis Africa Fund, which is looking to raise $50m to invest in small and medium-sized businesses in Côte d’Ivoire and Ghana, has received a $7m commitment from Proparco, the French development finance institution. It’s expected that the fund will make combined equity and debt investments, with individual transactions ranging from $500,000 up to $5m in size.
Africa Capital Digest 19 March