Fintech startup Chari secures US$1m from Endeavor Catalyst to strengthen its expansion plan

MOROCCO – Chari, a B2B e-commerce and fintech startup, becomes the first Moroccan startup to receive US$1 million (10.9 million MAD) from Endeavor Catalyst, an investment fund that is part of the Endeavor network. Endeavor Catalyst’s investment is part of Chari’s Serie-A round. This funding round allows the Moroccan startup to strengthen its continental expansion and begin its shift to…

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World Bank approves US$335m to scale up rural electrification in Tanzania

TANZANIA – The World Bank approved additional financing of US$335 million to support Tanzania’s efforts to scale up grid extension and grid densification, following the country’s achievement as one of the fastest electricity access expansion rates in Sub-Saharan Africa over the past decade. The new International Development Association (IDA) credit to the Tanzania Rural Electrification Expansion Program (TREEP) will facilitate…

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InfraCo Africa, Equatorial Power set to roll out access to clean power in DRC and Rwanda

DRC – InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement with Equatorial Power (EP), committing US$1.7 million to scale the company’s innovative mini-grid model in the Democratic Republic of the Congo (DRC) and Rwanda. The project will see the companies co-develop four new mini-grids and four agri-processing hubs (APHs) on Idjwi Island, DRC, followed…

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CrossBoundary Energy Access, ENGIE to build US$60m mini-grids in Nigeria

NIGERIA – CrossBoundary Energy Access Nigeria (CBEA) and ENGIE Energy Access Nigeria (ENGIE) have announced a project finance agreement to build a US$60 million portfolio of mini-grids that will connect over 150,000 people to electricity in Nigeria. ENGIE has developed a pipeline of mini-grids to build over the next four years. As part of the agreement, CBEA will finance all…

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B2B trucking marketplace Trella secures debt facility from Contact Financial Holding

EGYPT – Egyptian B2B trucking marketplace Trella has secured a significant debt facility from Contact Financial Holding, the leading Egyptian non-banking financial services company, to expand its business in a number of ways. The two companies are partnering up through four different subsidiaries within Contact – Contact Factoring, Contact Leasing, Contact Credit, and Contact Creditech. Each agreement provides a tailored…

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#APPOINTMENT; Visa appoints new Country Head for South Africa, Oceana appoints new CFO, TechPR Nigeria appoints new CEO, MTN appoints new Executive for Group Legal

Visa appoints Lineshree Moodley as its new Country Head for South Africa SOUTH AFRICA – Global payments company Visa has appointed Lineshree Moodley as its new Country Head for South Africa (SA). Lineshree will be responsible for the development and implementation of Visa’s growth strategy in the region and will be part of the Sub-Saharan Africa (SSA) leadership team at…

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