Italian Trade Agency launches first E-Lab Innova in Nigeria

NIGERIA – The Italian Trade Agency, has launched the first E-Lab Innova in Nigeria, as part of its commitment to boost trade relationships with Nigeria. The E-Lab Innova is an educational training program for the agri-food sector in Nigeria which will be implemented in collaboration with the Nigerian Export Promotion Commision (NEPC) alongside other Italian partners, such as MACFRUT, a…

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DFC invests US$10m in Nithio FI to scale clean energy financing in Africa

AFRICA – The U.S. Development Finance Corporation (DFC), has invested US$10 million in Nithio’s Financial Intermediary, Nithio FI, an AI-enabled clean energy financing platform, to scale clean energy financing in Africa. Strongly aligned with DFC’s climate-focused investments agenda, this investment enables Nithio to scale its data-driven financing to impact more than 3.5 million people by 2025 and drive climate change adaptation efforts in Kenya, Uganda, and Nigeria.…

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European auto parts company Aptiv set to construct US$43.8 million automotive plant in Morocco

MOROCCO – Aptiv, the European auto parts company, has entered into an agreement with the Council of the Oriental Region (CRO), the Regional Investment Center (CRI) of the Orient, and provincial authorities of the Oriental region of Morocco to bring to the region a new automotive plant with approximately US$43.8 million in investment funds. The new auto factory’s construction is…

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Absa Kenya partners with Melanin Kapital to support startups

KENYA – Absa Bank Kenya has joined hands with Pan African impact investment platform Melanin Kapital, to launch an investor readiness program for startups, reports The Star. The initiative places startups driving social impact on the path to accessing up to Sh3 million (US$27,181) in unsecured lending. Dubbed Tuungane2x to See Her Empowered, it is expected to reach 1,000 women-focused startups…

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Imperial and Sasol ink pact to co-develop hydrogen mobility ecosystem

SOUTH AFRICA – Imperial Logistics (Imperial) and Sasol South Africa (Sasol) have entered into an agreement to collaborate in exploring options and solutions for improving freight sustainability and efficiency in Southern Africa. The two companies will also be evaluating potential cross-border collaboration. Sasol’s aspiration is to play a leading role in the co-creation and development of hydrogen ecosystems, which aims…

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IFC partners ACAPS to promote digitization of insurance sector in Morocco

MOROCCO – The International Finance Corporation (IFC), a member of the World Bank Group and the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) have entered into a partnership. The partnership is aimed at defining strategic orientations, promoting the acceleration of the digitization of the insurance sector in Morocco, to enable it to adapt to major digital…

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ADF approves US$116m loan to upgrade road corridor in Tanzania

TANZANIA – The Board of Directors of the African Development Fund has approved a loan of around US$116 million to the Tanzanian government to upgrade a 160-kilometer Mnivata-Newala-Masasi road corridor in the southern part of the country. The Bank’s loan represents 98.71% of the project cost; the government of Tanzania will provide the remaining 1.29% in funding. The project will…

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Premium dried fruit snack company ReelFruit secures US$3m funding to expand production

NIGERIA – Nigeria’s leading dried fruit snack brand, ReelFruit, has raised a Series A investment of US$3 million to expand its production fivefold, increase its product offerings and double down on exports to the US and other international markets. The funding round was led by Alitheia IDF which invested 67 per cent or US$2 million, while other investors including Samata…

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Sahel Capital, KfW launch US$24m Social Enterprise Fund for Agriculture in Africa

NIGERIA – Lagos-based  private equity firm Sahel Capital has launched a US$24 million Social Enterprise Fund for Agriculture in Africa (SEFAA), sponsored by the German development bank, KfW. Sahel will act as investment adviser to SEFAA, an impact fund with the goal of reducing poverty by investing in social agricultural enterprises (SAEs) in sub-Saharan Africa. In addition to SEFAA’s targeted impact of reducing…

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The Foschini Group acquires Flat Circle team to sharpen digital offerings

SOUTH AFRICA – TFG Labs, the new technology arm of local retail chain The Foschini Group (TFG), has completed the talent acquisition of the Flat Circle team, a specialist mobile app development agency based in Cape Town. Launched in 2021, TFG Labs has the mandate to attract the continent’s best tech talent, as the retailer invests significantly in technical capabilities to accelerate…

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