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Week commencing 31 July 2017
One of India’s largest cancer treatment hospital chains, HealthCare Global Enterprises (HCG), has partnered with Cancer Care Kenya and MP Shah Hospital to invest in a cancer treatment centre in Nairobi. Through HCG Kenya, the firm will have a 77.6% stake in the facility while MP Shah Hospital will have 10%, with other partners controlling 12.4%. The aim of the centre is to mitigate the economic impact on Kenyan patients who travel to India, South Africa, Egypt and Morocco, for treatment.
Daily Nation 26 July
Alibaba founder Jack Ma has announced the creation of a $10m African Young Entrepreneurs Fund, set to begin operations this year, to support African online businesses. Ma will also be working with the United Nation’s Conference on Trade and Development to help bring 200 budding African business people to China to learn from Alibaba. In addition, Ma plans to roll out a partnership with African universities to teach internet technology, artificial intelligence and e-commerce.
My Joy Online 27 July
Electronic payment processing company Verve International has attracted 13 Nigerian banks and mobile money operators to a strategic partnership to facilitate countrywide infrastructure for cardless transactions. Tagged “Paycode”, the payment platform will make it possible for Nigerians to withdraw money at ATMs as well as make payments at point of sale systems without using debit or credit cards.
The Guardian Nigeria 27 July
New Finance Bank has boosted its capital base following an agreement with MyBucks to inject an initial $3,5m into the bank, raising the global fintech company’s stake in the bank to 50%. MyBucks uses technology to provide financial products and services to the low- and middle-income customer segments, predominantly in high-growth emerging markets. The aim of the agreement is to strengthen the bank’s financial position, allowing it to intensify efforts to close the gap between the banked and unbanked masses in Malawi.
Business Malawi 26 July
Emerging Africa Infrastructure Fund (EAIF) and Dutch Development finance institutions, FMO are jointly lending $29.3m of senior debt to the 13MW Bugoye hydro-electric power plant, situated in Western Uganda, which is owned by the Africa Renewable Energy Fund (AREF), Berkeley Energy‘s $200m renewable energy fund. The proceeds will be used to repay the balance of EAIF’s original loan as well as construction loans made by AREF. In addition, some of the capital will be used to fund repair works for the power plant, which has been producing electricity for Uganda’s national grid since 2008.
Africa Capital Digest 23 July