Canadian fintech startup Periculum launches in Nigeria

NIGERIA – Canadian fintech startup and credit assessment company Periculum has launched in Nigeria to tackle the challenge of domestic credit to the underserved markets. Focused on improving financial inclusion in emerging markets through automated credit assessment tools that close the consumer credit gap and help financial institutions provide credit facilities to the financially excluded while making smarter decisions. The…

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AfDB, Canada launch CAFC fund for climate change related projects

AFRICA – African Development Bank (AfDB) has signed an agreement with the Government of Canada to formalize the Canada–African Development Bank Climate Fund (CACF), a transformative special fund aimed at providing concessional loans to climate change-related projects with a strong gender-responsive component. The fund will be capitalized through a combination of a CAD 122.9 million (US$104.8 million) repayable contribution, aimed…

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E-health startup VRapeutic joins Canada’s MakerLaunch programme in its expansion plans

EGYPT – VRapeutic, Egyptian e-health startup that uses virtual reality (VR) technology to help treat learning difficulties and developmental disorders, has joined the MakerLaunch programme at the University of Ottawa, moving it one step closer to expanding into the Canadian market. Launched in 2017 by Ahmad Al-Kabbany, VRapeutic, who researched VR for his PhD in electrical engineering, uses virtual reality…

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Pfizer, BioNTech Covid-19 vaccine shows 90% efficacy

WORLD – American multinational pharmaceutical corporation Pfizer Inc has said its experimental vaccine was more than 90 percent effective in preventing COVID-19 based on initial data from a large study, a major victory in the fight against a pandemic that has killed over 1 million people, roiled the world’s economy and upended daily life. Pfizer and German partner BioNTech SE…

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Satellite communications company Globalstar receives terrestrial authorization in Kenya

KENYA – American satellite communications company Globalstar Inc. has obtained terrestrial authorizations in Kenya, Brazil and Canada. The three countries represent an additional covered population of 300 million and 3.7 billion MHz-Pops, bringing the company’s total terrestrial authority to over 9 billion MHz-Pops and coverage of a total population of approximately 700 million. “Since completing the FCC licensing process for…

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Financial institution FinDev Canada CEO set to step down after completing its start-up phase

GLOBAL – Development Finance Institute Canada (FinDev Canada), a financial institution that supports inclusive private sector growth and sustainability in developing markets has announced that its CEO, Paul Lamontagne, is stepping down. “I’m leaving FinDevCanada after successfully completing its start-up phase. DFI is now globally recognized as a gender-lens investor. As its first CEO, I wish to thank our Team,…

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Namibia Critical Metals secures US$4.37m investment from Alumina Partners

NAMIBIA – Namibia Critical Metals Inc., a Canadian public company, has secured an N$65 million (US$4.37m) investment from Alumina Partners (Ontario) Ltd in Canada. Announcing the investment facility recently, company president Don Burton said the financial injection is structured to provide the company timely access to private placement financing in times of need and help expedite exploring for gold deposits…

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French locomotive giant, Alstom to buy Bombardier rail unit for up to US$6.7 bn

FRANCE – Alstom SA, a French multinational company with interests in the locomotive industry, has agreed to buy the rail division of Canada’s Bombardier Inc for up to 6.2 billion euros ($6.7 billion). The agreement between Alstom and Bombardier would unite companies with an estimated $17 billion in combined revenue. Reuters reports that the acquisition will create the world’s No.…

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Airbus, Quebec join forces in bid to buy out Bombardier’s A220 stake

FRANCE– Airbus has teamed up with the Quebec government to buy Bombardier’s 33.5% stake in the A220 passenger jet program. The deal completes Bombardier’s exit from civil aviation and boosting Airbus’s position in a new battleground with Boeing. Montreal-based Bombardier first ceded control of the A220 program to Airbus in 2018 for a token as part of broader efforts to…

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