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Week commencing 8 October
US luxury hospitality group Marriott International has signed a franchise agreement with Nairobi’s five-star hotel, the Sankara Nairobi. The Sankara hotel will trade as a Marriott brand from early next year. Marriott operates two hotels in Nairobi and the group is planning to launch the Radisson Hotel Group in Kenya.
Business Daily 4 October
US company LeapFrog Investments has invested an undisclosed amount in Pyramid Group, the largest specialty distributor for cardiac and orthopaedic equipment in East Africa. Pyramid’s products are distributed in countries across Africa including Tanzania, Kenya, Uganda, Rwanda, Mozambique, Ethiopia, Nigeria and Ghana.
Liquid Africa 1 October
The Mauritius Commercial Bank (MCB) has secured a $150m credit facility from French finance company Proparco and German Investment Corporation subsidiary DEG. It will be used to to finance long-term corporate and infrastructure projects in Mauritius and sub-Saharan Africa.
Africa Global Funds 4 October
The Dutch Development Bank has approved a loan of $40m to I&M Bank Kenya to boost lending to small and medium-sized enterprises in the country. The bank has a loan portfolio of $1.2bn of which almost 30% consists of loans to SME clients.
Africa Global Funds 3 October
Pan African private equity firm Development Partners International (DPI) has made an investment in Moroccan irrigation systems and solutions business, Compagnie Marocaine de Goutte à goutte et de Pompage (CMGP). DPI made the investment through its African Development Partners II fund, which recently acquired a majority stake in CMGP for $100m.