Healthtech startup Viebeg Technology secures US$1 million to deliver on its platform

RWANDA – Viebeg Technologies, a Rwandan health-tech startup, that provides high-quality medical supplies and equipment throughout Central and East Africa through an innovative data-driven procurement platform, has received a total of US$1 million in funding. The funding is from the Rwanda Innovation Fund (RIF), managed by Angaza Capital. “We are thrilled to invest in VIEBEG, with a mission to enable proper care for millions, VIEBEG’s team is utilizing advanced technologies and extensive knowledge to establish a sustainable revolution in a sector that is in a dire need of viable solutions,”…

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Rwanda’s KIFC launches US$250m fund to invest in economic and social transformation

RWANDA – The Kigali International Financial Centre (KIFC) has announced a US$250 million Virunga Africa Fund I to invest in vital sectors that will drive economic and social transformation across the African continent. The two anchor investors in the fund are the Qatar Investment Authority (QIA) and Rwanda Social Security Board (RSSB). The Fund is managed by Admaius, an independent investment firm comprising one of the most experienced pan-African investment teams working on the ground. “Virunga Africa Fund I affirms our belief that international investors are increasingly seeing the huge…

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Electric motorcycle company Ampersand secures US$9m from DFC to boost its operations

RWANDA – Ampersand Rwanda Ltd, Africa’s first electric mobility and financing company, has received a US$9 million credit facility from the U.S. International Development Finance Corporation (DFC) to help boost its operations in Rwanda and Kenya. This credit facility adds to Ampersand’s US$4 million financing from the venture capital fund Ecosystem Integrity Fund (EIF) and Total Energies in April. By 2022, the Rwandan mobility startup hopes to produce “thousands of electric motorcycles” for sale on the Rwandan and Kenyan markets. This is its first operation in Africa in the field…

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BioNTech to start building mRNA vaccine factory in Africa in mid-2022

RWANDA – German biotech company BioNTech has signed an agreement with the Rwandan government and Institut Pasteur de Dakar in Senegal on the construction of the first mRNA vaccine manufacturing facility in Africa starting in mid-2022, to help the continent ease health inequalities compared to other world regions. BioNTech, which developed the western world’s most widely used Covid-19 vaccines with partner Pfizer, will initially build a production line with 50 million doses annual capacity, which could be also used for Covid-19 vaccines, it said in a statement However, the partners…

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RwandAir and Qatar Airways ink a milestone codeshare agreement

RWANDA – RwandAir and Qatar Airways have signed a comprehensive codeshare agreement to offer travelers more choice, enhanced service, and greater connectivity to more than 65 destinations across Africa and the rest of the world. As part of the deal, the Rwandan flag carrier will also launch new non-stop flights between their Kigali hub and Doha in December 2021. The agreement benefits travelers from across the globe who fly with both airlines, which expands each carrier’s route network. Customers can enjoy the simplicity of buying connecting flights on both airlines…

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Rwanda Coding Academy receives US$7.1m support from Koica

RWANDA – The Korea International Cooperation Agency (KOICA) has signed a Record of Discussion (R/D) with the Ministry of Finance and Economic Planning and the Ministry of Education for the implementation of the Rwanda Coding Academy (RCA) Capacity Development Project worth US$ 7.1 million. The Government of Rwanda will provide the counterpart funding of US$ 800,000 for the project, making the total value of project US$ 7.9 million. The signing ceremony was virtually held in observance of the current health measures to prevent the spread of COVID-19 and the R/D…

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Beyond Capital Ventures makes its maiden investment in health tech startup Viebeg Technologies

RWANDA – Newly launched impact venture capital firm Beyond Capital Ventures has announced its first investment in Viebeg Technologies, a health tech startup that deploys technology to offer medical supplies of high-quality medical supplies and equipment throughout Central and East Africa through an innovative data-driven procurement platform. Beyond Capital Ventures joins its co-investment partners Beyond Capital Fund and Eckenstein Geigy Stiftung in Viebeg’s pre-seed funding round. Beyond Capital Ventures General Partner Eva Yazhari will join Viebeg’s Board of Directors. Viebeg Technologies was founded in 2018 by Chief Executive Officer Tobias…

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Rwanda and Luxembourg launch waste recycling project in Kigali

RWANDA – The government of Rwanda and Luxembourg have launched a waste recycling and management project that will recycle, improve city solid waste control and hazardous waste management in Kigali city. Codenamed “Waste to Resources”, the three-year project aims at adopting integrated sustainable waste management methods including waste segregation, transfer, sorting, treatment, recovery, and disposal, in an integrated manner and business models to increase the capacity of the waste management system. The launch of the waste to resource project follows Memorandum Of Understanding (MoU) signed between the Ministry of Environment…

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KCB Group completes acquisition of Banque Populaire du Rwanda

RWANDA – KCB Group Plc has completed the purchase of a majority stake in Banque Populaire du Rwanda Plc (BPR) after acquiring shares previously owned by Arise B.V and Mauritius-based Atlas Mara Limited. The transaction has already received the necessary approvals in Kenya and Rwanda, removing the last hurdle in the acquisition process. KCB acquisition becomes effective from 25th August 2021 This now makes the Kenyan lender the majority shareholder in BPR with effect from 25th August 2021. According to KCB Group Chief Executive Officer and Managing Director, Joshua Oigara,…

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IFC, Rwanda Capital Markets Authority and Central Bank partner to boost access to long-term finance for SMEs

RWANDA – To support the development of Rwanda’s capital markets, IFC, the National Bank of Rwanda and Rwanda’s Capital Markets Authority (CMA) have announced a four-year partnership that will help expand access to long-term local currency finance in Rwanda for key sectors such as housing, agribusiness, and smaller businesses. Liquid, diverse and well-regulated local capital markets are an essential source of local-currency financing for the government, financial sector participants, and end-users such as small businesses. Under the Rwanda Capital Market Development project, IFC will advise the National Bank of Rwanda,…

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