Invictus Energy starts drilling exploration well in Zimbabwe, announces private placement

ZIMBABWE – Invictus Energy, an independent upstream oil and gas company, expects to start drilling its first exploration well for oil and gas in the northern part of Zimbabwe. The first well, Mukuyu-1, situated in the Muzarabani-Mbire area, will be 3.5 kilometres (km) deep at a cost of US$16 million, said Paul Chimbodza, managing director of the Australian company’s local…

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Safaricom Ethiopia set to receive US$160m from IFC to boost its capital expenditure

ETHIOPIA – The World Bank’s private investment arm, the International Finance Corporation (IFC), has announced plans to inject up to US$160 million in equity into telecoms firm Safaricom Ethiopia to help fund its capital expenditure. Safaricom Ethiopia, partly owned by Kenyan telecoms operator Safaricom, started phased operations in August in the country’s Dire Dawa city and Haramaya this month. IFC…

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Mobility company Abou Ghaly Motors secures US$10m loan from EBRD to expand its business

EGYPT – Abou Ghaly Motors (AGM), a provider of integrated mobility solutions, has secured a US$10 million loan from EBRD to purchase 250 electric vehicles with extended range (REEV) for its cab services. EBRD is backed by a guarantee from the European Fund for Sustainable Development (EFSD), the financial arm since 2016 of the European Union’s (EU) External Investment Plan…

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Fintech startup NowNow raises US$13m to improve financial inclusivity across Africa

NIGERIA – NowNow Digital Systems, a fintech startup has raised US$13 million in a seed fund round to improve financial inclusivity across Africa and drive empowerment, as well as introduce new products that will further enhance its already existing services. The funding round saw participation from NeoVision Ventures Ltd., DLF Family Office and Shadi Abdulhadi. This follows a year in…

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Carnegie Mellon University and Mastercard partner to drive youth-led digital transformation in Africa

RWANDA – Carnegie Mellon University–Africa in Kigali, Rwanda, the only American campus on the entire continent, together with the Rwandan government and the MasterCard Foundation have announced a “transformational” US$275.7 million investment in the institution, and higher education development across Africa. According to a statement from the university, US$175 million of the foundation’s investment will go to expanding engineering and…

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Fintech Bitmama raises US$1.65m to expand its operational presence

NIGERIA – The US and African-based blockchain payments startup Bitmama Inc. has raised an additional US$1.65 million, bringing its total pre-seed round to about US$2 million. Bitmama closed this funding from a group of foreign and domestic investors ten months after its initial pre-seed round of US$350,000. The latest round is led by Unicorn Growth Capital and Launch Africa Ventures,…

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