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Week commencing 8 July
International beverage company Coca-Cola plans to invest $300m to expand its business in Ethiopia in the next five years as the east African nation opens up its economy to more foreign investors. The company, founded in Ethiopia six decades ago, will immediately spend $70m to build a fourth plant in Sebeta, Addis Ababa.
Bloomberg 28 June
Nigerian healthtech platform 54gene has secured $4.5m in seed investment from several international investors including Y Combinator, Fifty Years, Better Ventures, KdT Ventures, Hack VC and Techammer. The platform aims to improve drug discovery by researching genetic diversity.
Liquid Africa 3 July
The World Bank announced additional financing of $500m to expand efforts to strengthen Egypt’s social safety nets to ensure they are reaching the most vulnerable households while also building sustainable paths out of poverty.
Daily News Egypt 5 July
Internet service provider Liquid Telecom has rolled out South Sudan’s first fibre broadband network, expanding its operations to 13 African countries. The company plans to reach nearly 13-million Sudanese citizens in phase one, which is set to be completed by year-end.
Business Daily 3 July
Maroc Telecom has completed the acquisition from Millicom of 100% of its subsidiary, Tigo Chad, for an undisclosed amount. Maroc Telecom will use its expertise to promote the long-term development of new technologies in Chad.
Liquid Africa 27 June