IFC partners BMCE Bank to support cross-border trade in Africa

MOROCCO – The International Finance Corporation (IFC), a member of World Bank, and BMCE Bank International Plc UK announced a partnership designed to support cross-border trade in Africa and prevent shortages of essential goods, including grains and building materials, amid the COVID-19 crisis. IFC will enter into a risk-sharing facility with BMCE Bank International Plc UK, a leading regional lender,…

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Amethis divests its minority stake in Sodigaz APC to AIIM

BURKINA FASO – Amethis, an investment fund manager, has announced the sale of its minority stake in Sodigaz APC to African Infrastructure Investment Managers (AIIM). Sodigaz APC is the leading gas bottle (LPG) distributor in Burkina Faso with a market share exceeding 60% and a unique distribution network of 2,200 gas resellers. Created in 1977 by Amidou Bolly, Sodigaz APC…

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Logistics company DIGGIPACKS acquires ecommerce solutions provider FWRUN

EGYPT – DIGGIPACKS, a Saudi Arabia-based last-mile delivery and logistics services provider, has acquired FWRUN, an Egyptian ecommerce solutions provider, in order to extend its footprint in the Egyptian market. DIGGIPACKS raised US$400,000 in pre-Seed fundraising from YOUXEL Ventures, OQAL, and other Saudi angel investors in April. DIGGIPACKS, founded by Hasan Jabarti in 2020, brings together last mile and fulfillment…

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Trine and Solarise Africa ink US$5.9m infrastructure framework agreement

AFRICA – Swedish-based impact investment platform Trine is collaborating with Solarise Africa, a pan-African energy leasing company, to invest in renewable projects on the continent.  The first debt financing round provided by Trine will finance five solar projects in South Africa and Kenya.  Demand for on-site renewable energy assets is growing rapidly as businesses are faced with rising energy costs…

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Fintech company Fawry tops as most powerful financial technology applications – Forbes MEA

MEA – Fawry, a fintech company, has announced that its application ‘myFawry’ topped the list of the 15 most powerful financial technology applications in the Middle East for the year 2021, according to a report published by Forbes Middle East magazine. According to the report, the mobile application had more than 1.6 million downloads during the past year. “In view…

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ASX-listed Zip acquires fintech Payflex as it eyes Africa expansion

SOUTH AFRICA – Fintech Payflex, a buy now pay later startup has been acquired by Australia Securities Exchange (ASX)-listed Zip as the latter takes its global expansion plans into Africa. Founded in 2018, Payflex allows consumers to shop now and pay later, interest-free, launched with Superbalist.com in 2019 and is now offered at over 1,000 online merchants.  Zip, for its part, is…

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Cellulant partners GAINDE 2000 to offer technology infrastructure and payments solutions

SENEGAL – Cellulant, a Pan-African technology company, has entered into a 5-year partnership with Senegal based GAINDE 2000 to offer an end-to-end Pan-African technology infrastructure and payments solutions for trade, revenue & tax collection for governments and multinational companies. GAINDE shall bundle its e-government solutions with Cellulant’s payments solutions offering the most comprehensive regional end to end technology and payments…

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EBRD appoints Antoine Sallé de Chou as director of operations in Morocco

MOROCCO – The European Bank for Reconstruction and Development (EBRD) has announced the appointment of two new managers in the Maghreb. The Frenchman Antoine Sallé de Chou will take up his post as director of operations for the bank in Morocco. He succeeds the French-Canadian Marie-Alexandra Veilleux-Laborie. Antoine will be responsible for the EBRD’s investments and operations in the country…

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Amazon launches officially in Egypt, replaces Souq.com

EGYPT – Amazon, a global online shopping platform, officially launched Amazon.eg to replace Souq.com in the local market following the inauguration of its warehouse in Egypt. The launch came a month after the online shopping titan had announced its intention to have an official presence in Egypt. It clarified that the website will feature millions of items from local and…

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Oil and gas company Eni discovers oil in block CI-101 offshore Ivory Coast

IVORY COAST – Eni, an oil and gas company, has announced a major oil discovery in block CI-101 offshore Ivory Coast which is operated by Eni with Petroci Holding, who hold 90% and 10% respectively in the exploration phase.  The discovery well has been drilled on the Baleine prospect, with the support of the Government in the difficult context of…

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