Algeria Venture partners Google to launch startup acceleration program

ALGERIA – state-owned Algeria Ventures has partnered with Google for start-ups MENA to launch startup acceleration program in Algeria. The new program was launched in the presence of Yacine El-Mahdi Oualid, Minister Delegate to the Prime Minister responsible for the knowledge economy and start-ups. The program, dubbed ‘Boost Competencies Entrepreneurship (BCEP)’  has already promoted 14 start-ups from seven provinces across…

Read More

France’s energy company Voltalia to develop 117MW solar capacity in Morocco

MOROCCO – French renewable power plants operator, Voltalia has been awarded a contract to develop two photovoltaic (PV) solar plants with a combined total capacity of 117MW in Morocco. The contracts have been awarded under the competitive tendering process for the Noor 2 PV Program which will see Voltalia develop a 69 MW plant in Ain Beni Mathat and a…

Read More

Lodging owner-operator Ascott launches its first serviced residence in Kenya

KENYA – Ascott Limited, a Singaporean wholly owned lodging business, has opened its first property in Kenya, the Somerset Westview Nairobi, as it seeks to expand to the wider East Africa region and Africa. The property is in proximity to a variety of international schools, healthcare centers, restaurants, and shopping malls, including the popular Yaya Centre. The property hosts the…

Read More

Safaricom to launch its fintech business M-pesa in Ethiopia following new legislation

ETHIOPIA – Ethiopia has started changing its national payments law to clear the way for Safaricom to introduce its popular M-Pesa in the market of 110 million people, reports Business Daily. Ethiopia’s central bank has drafted a Bill that will allow foreign investors to offer mobile money services, boosting firms such as Safaricom that are seeking to start operations in…

Read More

Worley wins FEED contract for Nigeria-Morocco gas pipe project

NIGERIA – Australian engineering group Worley has been awarded a contract to provide main front-end engineering design (FEED) services for the Nigeria-Morocco Gas Pipeline (NMGP) project. The project is being promoted by the Office National des Hydrocarbures et des Mines (ONHYM) of Morocco and the Nigerian National Petroleum Corporation (NNPC) of Nigeria. The NMGP pipeline is expected to traverse 13…

Read More

We-Fi announces US$15M funding round to support women entrepreneurs in Africa

AFRICA – The Women Entrepreneurs Finance Initiative (We-Fi), has announced US$15 million funding to develop and extend digital financial solutions to women-owned small and medium businesses in African countries. We-Fi is a partnership among 14 governments, eight multilateral development banks (MDBs), and other public and private sector stakeholders. The funding is under the African Development Bank’s Africa Digital Financial Inclusion…

Read More

AfDB approves US$180m loan for extension of electricity in rural areas

RWANDA – The African Development Bank (AfDB) has approved two loans amounting to US$180 million to co-finance a major energy project that will extend electricity access to rural areas and reduce greenhouse gas emissions in Rwanda. This follows earlier approval for US$84.2 million from the resources of the African Development Fund (ADF), the concessional window of the Bank Group, for…

Read More

Nigerian fintech startup Afriex secures US$10M series A funding round for expansion

NIGERIA – Afriex, a Nigerian blockchain-based money transfer startup has secured US$10 million series A funding round to expand its blockchain money transfer app. The round was led by Sequoia Capital China and Dragonfly Capital with participation from Goldentree, Stellar Foundation, and Exceptional Capital, among others. The startup will use the funds to develop a stable coin and has already…

Read More

Edtech startup Sayna raises US$638k in seed round to expand geographically

MADAGASCAR – Sayna, a Madagascar-based edtech and crowdsourcing platform, has raised US$638,000 in its first seed round of funding from international venture capital firms including Launch Africa Ventures, Orange Ventures, and the MAIC Investors Club. This funding will enable the Malagasy startup to grow into other geographies, transforming it into a global enterprise. “This funding will enable us to complete…

Read More