IFC partners with Absa to boost trade finance in Sub-Saharan Africa

SUB-SAHARAN AFRICA – The International Finance Corporation (IFC), HAS welcomed Absa Bank to its Global Trade Liquidity Program (GTLP) to boost access to trade finance in sub-Saharan Africa, especially in low income and fragile countries, supporting a vital driver of growth that has been strained by the COVID-19 pandemic. Through a combined investment of US$250 million, IFC and Absa Bank, one of Africa’s largest financial institutions, will channel credit to a portfolio of trade transactions that are expected to facilitate up to US$1.6 billion in trade over the next three…

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Attijari bank Tunisia secures US$45.36m from IFC to strengthen its capital base

TUNISIA – IFC, a member of the World Bank Group, is providing a €40 million (US$45.36m) subordinated loan to Attijari bank Tunisia, a leading private bank in Tunisia, part of the Attijariwafa bank Group, to help strengthen its capital base and grow its lending operations. IFC’s first loan to Attijari bank Tunisia will help increase its volume of long-term financing for climate-related projects and smaller businesses. The bank has been a pioneer in developing green financing to finance investments such as photovoltaic units, waste treatment plants, and energy efficiency projects,…

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IFC partners Equity BCDC to help MSMEs access local currency financing

DRC – International Finance Corporation (IFC), a member of the World Bank, has partnered with Equity Banque Commerciale du Congo (Equity BCDC), a subsidiary of Equity Group, to support the growth of micro, small and medium enterprises (MSMEs). IFC’s loan to Equity BCDC, of up to the equivalent of US$50 million in Congolese francs, will help the bank provide additional local currency loans to underserved MSMEs in the DRC, many of which have suffered cash-flow disruptions because of the COVID19 pandemic. Providing loans in local Congolese francs will help borrowing…

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Liquid Technologies partners IFC to expand its data center capacity

AFRICA – The International Finance Corporation (IFC), a member of the World Bank Group, in its support of universal and affordable broadband access in Africa has partnered with Liquid Intelligent Technologies to expand data center capacity and the rollout of fiber-optic cable on the continent. The partnership with Liquid Intelligent Technologies, Africa’s leading independent fiber and digital services provider, aims to increase digital connectivity and inclusion in Africa and to support the region’s growing digital ecosystem. IFC’s equity and debt investments in Liquid Intelligent Technologies, which to date total approximately…

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Atlas Tower Kenya to invest US$48.9m on 4G towers installation

KENYA – Telecommunications infrastructure firm Atlas Tower Kenya is investing US$48.9 million to install 4G towers, targeting mobile network operators Safaricom, Airtel Kenya and Telkom Kenya, reports Business Daily. The telcos are in a race to cover most of the country with the fourth generation (4G) broadband cellular technology to attract and retain subscribers using smartphones. Atlas, owned by Kalahari Capital LLC and Adrian Group Limited, will fund part of the investment using loans from the International Finance Corporation (IFC). “The total project cost is estimated at US$48.9 million (Sh5.4…

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Grit Real Estate to acquire Orbit Africa facility in Kenya

KENYA – Mauritius-based Grit Real Estate Income Group has secured funding of US$31.5 million for the acquisition, expansion, and redevelopment of the Orbit Africa warehousing and manufacturing facility in Nairobi, Kenya. The funding was secured from Mezzanine Partners GP Proprietary Limited and BluePeak Private Capital with backing from an International Finance Corporation (IFC) debt facility. “The total purchase consideration of US$53.6 million will be settled by way of US$25 million in senior debt finance negotiated with the International Finance Corporation, a member of the World Bank Group, and US$28.6 million…

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Guaranty Trust Bank gets US$14.46m from IFC loan for SME lending

KENYA – Guaranty Trust Bank Kenya is set to receive Kshs 1. 6 billion (US$14.46 million) from The International Finance Corporation (IFC) for onward lending to small and medium-sized firms (SMEs). The loan is part of IFC’s funding of financial institutions in emerging markets under its Covid-19 crisis response program. The loans are designed to be disbursed to companies whose cash flows have been disrupted by the pandemic, helping to boost their working capital among other needs. “The proposed loan of US$14.46 million is a one-year loan, with the option…

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IFC partners Sodigaz to boost access to cleaner energy solutions

BURKINA FASO – The International Finance Corporation (IFC) and Sodigaz, an energy company, have announced an agreement to boost access to cleaner energy solutions for thousands of households and businesses in Burkina Faso.  Under the agreement, IFC’s Advisory Services team will support Sodigaz to upgrade and expand its liquified petroleum gas (LPG) distribution and service stations, increase solar home kit sales, and introduce solar mini grid solutions. The company is the country’s leading distributor of LPG and in 2019 also launched solar power solutions. The goal is for LPG to…

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IFC partners ACAPS to promote digitization of insurance sector in Morocco

MOROCCO – The International Finance Corporation (IFC), a member of the World Bank Group and the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) have entered into a partnership. The partnership is aimed at defining strategic orientations, promoting the acceleration of the digitization of the insurance sector in Morocco, to enable it to adapt to major digital trends, but also to strengthen financial inclusion and reduce vulnerabilities. As part of this technical assistance program, IFC will support ACAPS in the development of a roadmap to accelerate the…

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BCI Holding secures US$30m from IFC to further expand its production

AFRICA – BCI Holding SA is set to receive a US$30 million financing package from IFC to further expand its production in Algeria, Egypt, and Nigeria, creating hundreds of direct and indirect jobs. BCI a regional manufacturer and distributor of polyurethane (PU) raw materials, systems and specialities with headquarters in the UAE. IFC’s will support the company’s expansion of its existing production facility in Egypt and the commissioning of new factories in Algeria and Nigeria. The financing will help BCI develop regional supply chains for polyurethane, a versatile product used…

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