Malawian small-holder farmers to benefit from US$12.3m issued by European Investment Bank

MALAWI – European Investment Bank (EIB) and First Capital Bank (FCB) have signed a 7-year €12.5 million (US$12.3m) loan facility to support sustainable agriculture for socioeconomic development and poverty alleviation in Malawi. The financing is part of the long-term EUR 25 million (US$24.7m) scheme aimed to accelerate agricultural investment in the country. The facility, which has been provided through the…

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

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.…

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JCM Power secures US$24m guarantee from MIGA for solar photovoltaic plant

MALAWI – The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, has issued guarantees of US$24 million for the new 20-megawatt Golomoti solar photovoltaic plant in Malawi. Developed by JCM Power, the solar energy facility is controlled via a special purpose vehicle, JCM Golomoti UK Limited. The guarantees by MIGA will be for equity and shareholder…

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Fintech startup Yellow receives US$23m loan to expand its footprints

MALAWI – Yellow, a fintech startup which finances alternative energy in Malawi and Uganda, has received a US$23 million loan to expand its footprint. SA startup Lion’s Head Global Partner, a London-based private investment bank specialising on emerging and frontier countries, especially Africa, led the funding round Founded in 2017 by Michael Heyink and Maya Stewart, the startup uses an…

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Spear Capital pumps in additional investment in Arkay Plastic to drive expansion plan

MALAWI – Southern African plastic manufacturer Arkay Plastics has received additional investment from International private equity firm Spear Capital to facilitate its expansion in new territories through its Malawian operations. Spear invested in Arkay Zambia and Mozambique’s operations in 2020, and despite the persistence of a COVID-19-related global economic downturn and the negative impact of geopolitics on the business environment,…

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Malawi’s Ethanol Company to construct plant that converts ethanol waste into fertilizer and electricity

MALAWI – Ethanol Company (EthCo), Malawi’s ethanol distiller, has announced the construction of a plant that will convert waste from its facilities into fertilizer and electricity. The goal is to reduce its impact on the environment. The project was announced by Lusubilo Chakaniza, the managing director of Ethanol Company (EthCo). It involves the construction of a unit dedicated to the…

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Bolloré Logistics Malawi successfully completes logistics for the Golomoti Solar project

MALAWI – Bolloré Logistics Malawi, the transport and logistics business unit of Bolloré Transport & Logistics, has implemented the transportation for the Golomoti Solar project. This is by conveying an all-inclusive shipment of 221 TEUS of solar panels, batteries and equipment from China to Malawi. Relying on its expertise in this field, Bolloré Logistics was able to be part of…

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NBS Bank partners Mastercard and Network International to launch digital payment platform

MALAWI – Mastercard and Network International has announced a strategic partnership with NBS Bank plc in Malawi re-affirming their shared commitment to drive the adoption of digital payments and support emerging markets’ transition to a cashless economy. This will be the first implementation of an innovative digital payment’s platform launched by Mastercard and Network International last year. NBS Bank will…

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EIB, EU partner with First Capital Bank to transform access to finance for agricultural businesses

MALAWI – The European Investment Bank (EIB) and the European Union confirmed a new cooperation with First Capital Bank to transform access to finance for agricultural businesses across Malawi. The impact of the new €12.5 million (US$14.18m) EIB financing to First Capital Bank, will be enhanced by both specialist best practice agricultural investment technical assistance and European Union contribution of…

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Quantel Renewable Energy commences construction of 50 MWp Solar Plant

MALAWI – Quantel Renewable Energy, the US-based independent power producer, has announced the commencement of the construction phase for the 50 MWp Bwengu solar PV power plant in Malawi. Quantel Renewable Energy is developing the project through a consortium that includes Danish energy company Frontier Energy, and Sri Lankan firm Vidullanka Plc. The solar energy facility will be located in…

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