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Tag: Infrastructure

InsurTech start-up Evolutics secures US$250k to add digital infrastructure in its offering

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NIGERIA – EvoluticS, an InsurTech start-up that offers software solutions, has secured US$250,000 in funding to offer digital infrastructure to insurance companies in Africa. The funding round led by Mercurial Advisory and Dinku Transnational of Dubai will enable Evolutics provide digital support to help drive penetration in both life and general insurance as well as healthcare in the continent. The…

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Engineering infrastructure provider ieng secures US$20m from BluePeak Private Capital

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AFRICA – BluePeak Private Capital, an alternative asset management firm, has invested US$20 million in ieng, a pan-African provider of engineering and construction, operations and maintenance, and hybrid power solutions to telecommunications and power industries across Africa. The growth capital supports ieng’s geographic expansion plan across the continent, enabling the company to provide innovative and cost-effective solutions to a broader…

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MIGA issues US$212m guarantees to support Kenya’s Roads Annuity Program

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KENYA – The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees of US$212 million covering equity by Mota-Engil Africa as well as loans from Stanbic Bank to support Kenya’s Roads Annuity Program (Lots 15 and 18), which aims to improve the country’s national road network. MIGA is an international financial institution which offers political risk insurance and credit enhancement guarantees…

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Kenyan telecom operator Safaricom signs infrastructure agreement with Ethiopia

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ETHIOPIA – Safaricom, the newest telecom operator in Ethiopia, has signed a five-year lease agreement with state-owned power utility to share dark fiber-optic infrastructure in Ethiopia, the first infrastructure deal with the nation. Safaricom says it has finalised preparations to launch commercial operations to provide telecom service to Ethiopians, becoming the first private and foreign entity to offer these services…

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Guinea Bissau secures US$30M AfDB grant to finance infrastructure projects

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GUINEA BISSAU – African Development Bank Group has announced a financial package of US$30 million to Guinea -Bissau to finance infrastructure, budget, and governance. The funding has been announced by African Development Bank Group President Dr. Akinwumi A. Adesina during his visit to the country. Of this amount, US$14 million will be allocated to building road networks between Guinea Bissau…

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AD Ports signs MoU with Egypt for new terminal in Safaga Port

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EGYPT – AD Ports Group has signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian ministry of transportation, for the development and operation of a multipurpose terminal in Safaga Port. Under the MoU, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to developing…

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DP World joins forces with CDC to invest US$1.7b in African ports

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AFRICA –  DP World, a multinational logistics company based in Dubai, has partnered with the UK’s development finance institution and impact investor CDC Group to create a US$1.7 billion investment platform aimed at modernization and expansion of ports and inland logistics across Africa, starting in the ports of Dakar in Senegal, Sokhna in Egypt and Berbera in Somaliland. Trade enabled…

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Africa50 launches new fund to catalyze investment flows in Africa

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AFRICA – Africa50, an investment bank for infrastructure in Africa, has launched Africa50 Infrastructure Acceleration Fund, a new fund aimed at catalyzing further investment flows into African infrastructure. The Fund is targeting US$500 million in multiple closings. The Fund is a result of a long-haul effort by Africa50 to mobilize further capital to help bridge Africa’s infrastructure financing gap. The…

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ADF approves US$116m loan to upgrade road corridor in Tanzania

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TANZANIA – The Board of Directors of the African Development Fund has approved a loan of around US$116 million to the Tanzanian government to upgrade a 160-kilometer Mnivata-Newala-Masasi road corridor in the southern part of the country. The Bank’s loan represents 98.71% of the project cost; the government of Tanzania will provide the remaining 1.29% in funding. The project will…

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AFC launches US$500m climate-resilient infrastructure fund

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AFRICA – The Africa Finance Corporation (AFC) has announced the creation of an investment fund for climate-resilient infrastructure that will be managed by the new fund manager AFC Capital Partners. The Climate Resilient Infrastructure Fund (CRIDF) aims to improve the quality of ports, roads, bridges, railways, telecommunications facilities, clean energy production and logistics in Africa. The fund aims to provide…

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