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Week commencing 29 January 2018
The state and the European Bank for Reconstruction and Development (EBRD) have signed a memorandum of understanding to prepare a co-financing product dedicated to green projects led by SMEs and very small businesses. Since 2013, the European Bank has granted more than €1.5bn in loans to Morocco for private sector financing.
Morocco World News 25 January
Republic of Guinea
InfraCo Africa, part of the Infrastructure Development Group, will invest up to $3.1m to fund early-stage development costs for the Khoumagueli Solar PV project and provide resources through its contracted developer, Aldwych Africa Developments Ltd. The firm signed a joint development agreement with Solvéo Energie, Solvéo Guinea Renewable Energy and Solvéo International Investments for a 45% equity stake in the solar project. Khoumagueli will be Guinea’s first grid-connected solar power plant, adding 40MW of renewable energy to the country’s 566MW national grid.
Africa Global Funds 25 January
Ghanaian investment advisory firm Injaro Investments and Belgian Investment Company for Developing Countries (BIO) have teamed up to build an egg production farm with an annual capacity of more than 35-million eggs for AviNiger, a purpose-built poultry farm tasked with ensuring animal welfare. This investment will make AviNiger the largest egg producer in Niger and will seek to contribute towards food security in the country.
Africa Global Funds 24 January
DEG, a German development finance institution and a subsidiary of KfW Group, has invested €4m in M-BIRR, a cashless money transfer and payment service in Ethiopia. Other investors include the European Investment Bank, while Finnish development finance company Finnfund has been a shareholder since 2012. The new capital is earmarked for business expansion and for increasing outreach in the country. It will create 60 new jobs, with additional indirect employment of over 400 agents.
Liquid Africa 26 January
Off Grid Electric – a rooftop solar provider in Africa, has secured $55m in a funding initiative led by healthcare IT services provider Helios, with support from GE Ventures and existing investors across Africa. Off Grid Electric and UK energy firm EDF will expand their partnership into West Africa by offering off-grid solar solutions to households in Ghana and support its continued expansion and new product development. The firm already provides power to more than 150,000 homes and businesses across Tanzania, Rwanda, Côte d’Ivoire and Ghana under its consumer brand, Zola.
Tech Moran 20 January
JP Morgan plans to expand its African presence into countries including Ghana and Kenya. The investment bank has unveiled a $20bn investment plan which will see it hike wages, hire more staff and open new branches as it takes advantage of changes to US tax laws and a more favourable regulatory environment. The five-year plan will see the US bank ramp up overseas investment in addition to its domestic growth plans.
Joy Online 24 January
German based Olco Multibusiness, a company focused on crowd funding, job search and educational consultancy, has opened offices in Nigeria. The company will carry out its operations through three subsidiaries which include Fundmie, a local crowd funding portal, Workmie, a job search portal, and its own Olco Study, a programme that facilitates tuition-free educational opportunities. The firm intends to use the event to create awareness about crowd-funding in the Nigerian market.
The Vanguard 24 January
Global real estate developer First Group will launch two malls containing administrative and commercial units and clinics in February. The first mall is in its Kenz Compound project and the second in Gamal Abdel Nasser Axis. The company has completed the third phase of KENZ Compound and is developing the fourth phase on 120,000 m² for an estimated $42.4m and has delivered more than 300 units thus far.
Daily News Egypt 22 January