IFC | CEO Business Africa

IFC appoints Madalo Minofu as country manager for Ethiopia, Malawi and Zambia

October 22, 2022October 22, 2022

AFRICA – Development finance institution the International Finance Corporation (IFC) has appointed Madalo Minofu as country manager for Ethiopia, Malawi and Zambia. This appointment will strengthen the role of the private sector in energy, telecommunications, manufacturing and agribusiness development to create jobs and opportunities as the region continues its Covid-19 recovery and confronts new economic challenges. Minofu will be based…

Redefine Properties secures support from IFC for green buildings in South Africa

September 20, 2022September 20, 2022

SOUTH AFRICA – International Financial Corporation (IFC) and Redefine Properties Ltd., a leading South African-based Real Estate Investment Trust (REIT) announced the issuance of a green bond, with IFC as anchor investor, to help promote sustainability and climate-smart commercial real estate in South Africa. Redefine will use the bond’s proceeds to improve the environmental sustainability of eligible buildings in its…

Nigeria-based Jubaili Agrotec secures US$35m financing from IFC to support farmers

September 16, 2022September 16, 2022

NIGERIA – The International Finance Corporation (IFC) has offered a US$35 million financing package to Jubaili Agrotec, a Nigeria-based agrochemicals manufacturer and distributor, to increase smallholder farmers’ access to key input and boost food production to strengthen food security in sub-Saharan Africa. The bank said that the financing package would help Jubaili expand its production capacity in Nigeria, Ghana, Tanzania…

IFC, Scatec and EDF sign agreement to co-develop hydropower project in Malawi

September 7, 2022September 7, 2022

MALAWI – The Government of Malawi (GOM), IFC, Scatec and EDF have signed a binding commercial agreement to undertake the co-development of the Mpatamanga hydropower project. The agreement, signed under Malawi’s Public-Private Partnership framework, concludes the selection process undertaken by the Government of Malawi to competitively select a private sector partner to finance, build, and operate the Mpatamanga hydropower plant.…

KCB Group secures US$150m loan from IFC, raises stake in Rwandan subsidiary

September 6, 2022September 6, 2022

KENYA – KCB Group, a financial service holding company, has obtained a loan of US$150 million (KSh18 billion) from the International Finance Corporation (IFC) to support its lending to eco-friendly ventures. IFC disclosures on the new credit line say the new facility will have a maturity of seven years, with a grace period of two years, and will also include…

Uhuru Investment Partners secures US$20m from IFC as growth capital

August 17, 2022August 17, 2022

WEST AFRICA – International Finance Corporation (IFC), a member of the World Bank, has invested in Uhuru Growth Fund I, a fund managed by Uhuru Investment Partners, a middle-market private equity firm in West Africa. IFC’s support includes an equity investment of up to US$10 million from IFC’s capital and an additional US$10 million from the Blended Finance Facility of…

Zener SA secures financing from IFC to promote cleaner energy solutions in Togo

August 3, 2022August 3, 2022

TOGO – IFC, a member of the World Bank, has announced a financing package for Zener SA, a leading integrated energy provider, to help reduce the use of polluting fuels for cooking in the country and mitigate climate change. The EUR16.2 million (US$16.50m) IFC-led financing package for Zener, which operates across Togo’s full liquified petroleum gas (LPG) value chain, comprises…

Absa bank secures US$124m loan from IFC to increase access to affordable housing

August 2, 2022August 2, 2022

SOUTH AFRICA – The International Finance Corporation (IFC) and Absa Bank Limited, one of the leading providers of residential mortgages in South Africa have partnered to support the expansion of housing finance targeting lower-to-middle income households IFC’s local currency loan of up to 2 billion South African rand (US$124 million) will help expand Absa’s affordable housing mortgage portfolio in South…

LMI Holdings secures US$30m from IFC for industrial development in Ghana

July 29, 2022July 29, 2022

GHANA – The International Finance Corporation (IFC), a member of the World Bank, and LMI Holdings, a construction company, have announced a partnership to provide essential infrastructure services to manufacturing companies in Ghana. They will support job creation and greener, more sustainable and more competitive industrial development in LMI-operated special economic zones in the country. Under the partnership, LMI will…

Elsewedy Electric secures US$150m loan from IFC to increase renewable energy access

July 18, 2022July 18, 2022

EGYPT – The International Finance Corporation (IFC), alongside First Abu Dhabi Bank and Europe Arab Bank, have extended a US$150 million loan to Egyptian electrical components manufacturer, Elsewedy Electric. Elsewedy will use the loan to support its expansion, modernization, and enhancement of their sustainable manufacturing operations. According to the IFC, the finance will help increase access to renewable energy in…