Jambo startup secures US$30m Series A funding to expand its business

CONGO – Jambo, a Congo-based startup that is democratizing access to crypto-based income-generation opportunities through ‘learn, play, earn,’ has received US$30 million in Series A funding led by Paradigm, a firm known for backing disruptive crypto and Web3 firms and protocols. ParaFi Capital, Pantera Capital, Delphi Ventures, Kingsway Capital, Gemini Frontier Fund, BH Digital, Graticule Asset Management Asia, Shima Capital,…

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Jambo startup raises US$7.5m to launch its beta version

CONGO – Jambo, a Congo-based startup that is building Africa’s web3 user acquisition gateway by democratizing access to crypto-based income-generation opportunities through “learn, play, earn,” has raised US$7.5 million in seed funding. Coinbase Ventures, Three Arrows Capital (3AC), Alameda Research, Tiger Global, Delphi Ventures, AllianceDAO, DeFiance Capital, Yield Guild Games, and Polygon Studios all contributed to the funding round. Sandeep…

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Congo to construct US$600m oil refinery at the port city of Pointe-Noire

CONGO – The government of Congo has launched the construction of a US$600 million oil refinery near the port city of Pointe-Noire, an initiative that aims to increase domestic refining capacity and offset chronic fuel shortages in the country. The ground-breaking ceremony was presided over  by President Denis Sassou Nguesso and represented as a pivotal moment for the nation’s energy sector. According…

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Congo government launches work on hybrid solar power plant

CONGO –  The government of Congo has launched construction works on a hybrid solar power plant in Impfondo, Likouala region. The 3.4MW solar power project will be undertaken by Produits de construction de Brazzaville (Procob), a subsidiary of the Belgian company ABC Contracting. Produits de construction de Brazzaville will implement this project in several phases and the solar part of…

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Papillion set to acquire Mayflower Capital shares in two gold companies

AFRICA – Papillon Holdings has signed a binding Heads of Agreement with Mayflower Capital Investments to acquire certain contractual production and exploration rights held by Mayflower in two gold assets located in Kenya and Congo Brazzaville. Goldplat subsidiary Gold Mineral Resources (GMR) in July conditionally agreed to sell Kilimapesa to Mayflower for an initial consideration of US$1.5 million in shares.…

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Congo Republic seeks debt deal with Glencore and Trafigura before IMF review

CONGO – Congo Republic aims to reach a deal with energy traders Glencore and Trafigura to restructure a US$1.7 billion debt before a meeting with the International Monetary Fund (IMF) in April 2020. Maixent Raoul Ominga, director general of state-owned SNPC, said lawyers for Congo Republic were working with representatives of Glencore and Trafigura to get all the parties talking.…

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African Development Bank lends Congo US$80.75m to set up agricultural value chains

CONGO – The Board of Directors of the African Development Bank have approved a loan of US$80.75 million for the Republic of Congo to set up agricultural value chains for the benefit of more than 350,000 people. The Integrated Agricultural Value Chain Development Project in Congo (PROVIDAC), which will be implemented for six years, must cover the corridors of the…

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KCB Group set to expand in Congo, Ethiopia and Somalia in growth plans

KENYA – Kenya Commercial Bank (KCB), is looking to set up subsidiaries in Somalia and the DR Congo as it looks to grow its regional footprint to 10 countries chief executive Joshua Oigara. The lender is looking at additional markets for expansion while awaiting a licence to operate in Ethiopia, where it already has a representative office from 2016. It…

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