EBRD to invest US$19m green bond for Morocco’s national railway operator

MOROCCO – The European Bank for Reconstruction and Development (EBRD) has announced a €19.2 million (US$19.50m) investment in a green bond issue by Morocco’s national railway operator Office National des Chemins de Fer du Maroc (ONCF). The investment in a certified green bond of €95 million (US$96.50m) by the rail operator will be utilised for the refinancing of debt used…

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Ethiopian Airlines becomes the 1st African carrier to order Airbus A350-1000

ETHIOPIA – Ethiopian Airlines Group, the flag carrier of Ethiopia, Africa’s largest airline group, has upsized four of its A350-900 on order to the largest variant of the A350 Family, the A350-1000, becoming Africa’s first customer for the aircraft. The aircraft will give the state-owned carrier a competitive edge over its African peers like Kenya Airways (KQ) and South African…

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Access Bank secures US$280m investment from DFC to support SMEs

NIGERIA – DFC, the U.S. International Development Finance Corporation, is set to invest US$280 million in Access Bank in Nigeria alongside Access Bank Managing Director Roosevelt Ogbonna. The loan will help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses. “DFC’s investment…

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170 cybersecurity trainees graduate from USIU Cyber Shujaa program

KENYA – The first cohort of 170 trainees has graduated from the Cyber Shujaa program run by the United States International University-Africa (USIU-Africa) in partnership with Kenya Bankers Association and Serianu Limited. The program is funded by the Challenge Fund for Youth Employment (CFYE) and it seeks to address existing gaps within the ICT and Cybersecurity sector in Africa. This…

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Amea Power set to build 30MWp solar photovoltaic plant in Djibouti

DJIBOUTI – UAE-based independent power producer (IPP) Amea Power has signed agreements to build a 30 MWp solar photovoltaic plant in Djibouti. This will be done in the framework of a public-private partnership (PPP). The agreement for the implementation and joint development of the project was signed on Monday, July 18, 2022, between the managers of Amea Power and Yonis…

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Housing development financier Shelter Afrique records US$1.04m in net profit for 2021

AFRICA – Pan African housing development financier Shelter Afrique has posted an operating profit of US$1.04 million up from operating loss of US$0.58 million the Company recorded in 2020, backed by impairment recoveries and effective cost control measures.  The Company contained its operating expenses at US$8.04 million in 2021 down from US$8.44 million in 2020, representing a 10% decline. It…

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Radisson Hotel Group continues with its Africa’s expansion spree in first half of 2022

AFRICA – Radisson Hotel Group, a multi-national hospitality company, has continued its ambitious African growth strategy in the first half of 2022 and confirmed more than eight hotel openings and market entries with over 1,000 rooms across the region. At the start of 2022, the Group set out plans to add more than a dozen hotels across the continent and…

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LMI Holdings secures US$30m from IFC for industrial development in Ghana

GHANA – The International Finance Corporation (IFC), a member of the World Bank, and LMI Holdings, a construction company, have announced a partnership to provide essential infrastructure services to manufacturing companies in Ghana. They will support job creation and greener, more sustainable and more competitive industrial development in LMI-operated special economic zones in the country. Under the partnership, LMI will…

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Telecoms company Safaricom appoints John Ngumi as Director and Chairman of its Board

KENYA – The Board of Safaricom Plc has announced the appointment of investment banker Mr. John Ngumi as a director and Chairman of the Board with effect from 1st August 2022. The telco said the appointment is subject to regulatory approval. Mr Ngumi takes over from Safaricom first CEO Michael Joseph who is set to retire. John Ngumi is the…

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