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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YouTube appoints Addy Awofisayo as Head of Music, Sub-Saharan Africa

SUB-SAHARAN AFRICA –  YouTube has announced the appointment of Addy Awofisayo as Head of Music, Sub-Saharan Africa for YouTube and YouTube Music. Addy will be in charge of YouTube Music’s business and partnership teams in Sub-Saharan Africa, and she will report to the Head of Music, YouTube EMEA. Addy Awofisayo, incoming Head of Music, Sub-Saharan Africa said: “Music is a powerful medium of expression and a tool that exports African cultures to the world’s stages. I am excited about my new role and the opportunities that are available to creators and…

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CDC commits US$50m to expand digital connectivity in Sub-Saharan Africa

SUB-SAHARAN AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, has announced commitments totalling US$50.9 million to expand digital infrastructure, boost rural connectivity and accelerate digital technology access for rural and underserved communities across sub-Saharan Africa. The capital will support the continued growth of the ICT sector in the continent, helping to boost the development of necessary infrastructure and providing rural and underserved communities with access to affordable mobile connectivity. The first investment is a US$40 million commitment to Convergence Partners Digital Infrastructure Fund (CPDIF), managed…

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Facebook Marketplace rolls out to 37 countries across Sub-Saharan Africa

SUB-SAHARAN AFRICA – Facebook has announced the launch of Marketplace to 37 countries and territories in Sub-Saharan Africa. Currently available in South Africa, Ethiopia, Kenya and Nigeria, Marketplace is a convenient destination where people can discover, buy and sell items from others in their local communities, simply by tapping on the Marketplace icon to browse and search for items or filter by distance or category. Commenting on the launch, Facebook Director of Public Policy Africa Kojo Boakye said, “Increasing the availability of Marketplace to 37 more countries and territories in…

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Sustainable Power Solutions gets US$40m from Gridworks to expand clean energy supply

SOUTH AFRICA – Distributed renewable energy company Sustainable Power Solutions (SPS) is receiving US$40 million from Gridworks Development Partners and New GX to expand the supply of clean energy to commercial and industrial (C&I) customers in sub-Saharan Africa. Gridworks Development Partners, an investment company of CDC Group, a company, which specializes in the financing of electricity networks, is contributing US$22 million to SPS’ capital while the remaining funds are being provided by New GX, a wholly black-owned and managed investment holding company in South Africa. These equity investments will enable…

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2Africa Consortium announces new cable branches

SUB-SAHARAN AFRICA – The 2Africa consortium, comprising of China Mobile International, Facebook, MTN GlobalConnect, Orange, Saudi Telecom Company, Telecom Egypt, Vodafone and WIOCC, has announced the addition of four new branches to the 2Africa cable. The branches will extend 2Africa’s connectivity to Seychelles, the Comoros Islands, and Angola, and bring a new landing to south-east Nigeria. The new branches join the recently announced extension to the Canary Islands. 2Africa, which will be the largest subsea cable project in the world, will deliver faster, more reliable internet service to each country…

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Fintech Uncap launches funding for early-stage founders

SSA – Uncap, a fintech that uses a digital solution to make funding accessible to every good entrepreneur across Sub-Saharan Africa has launched an innovative financing and growth platform to give early-stage entrepreneurs access to capital. The funding is open to registered limited companies in Kenya, Uganda, Rwanda, and Nigeria. Businesses seeking funding between US$10,000 and US$50,000 should be operational for more than 12 months and up to 4 years. The start-ups must have a product or service in the market with a track record of revenues for at least…

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Niral Patel to lead Google Cloud operations in Sub-Saharan Africa

SSA – Google has appointed former Oracle South Africa Managing Director  Niral Patel as head of its cloud operations in sub-Saharan Africa. His official title is regional director at Google Cloud, which is the world’s third-largest cloud computing infrastructure provider after Amazon Web Services and Microsoft Azure. He will be based in Johannesburg. “He will have overall responsibility for the company’s sales strategy and continued development of its go-to-market sales operations,” Google said in a statement. “Patel will be focused on supporting the growth and scale of Google Cloud customers across…

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Shell Foundation and Odyssey Energy picks five firms to power healthcare facilities in SSA

SUB-SAHARAN AFRICA – The Shell Foundation and Odyssey Energy Solutions’ Powering Health platform have selected five electricity providers for a pilot program to electrify several healthcare facilities in sub-Saharan Africa. The companies will install solar photovoltaic systems in these facilities. The companies were selected based on their experience in implementing solar PV electrification projects, their ability to complete the work within 3 to 10 months of receiving the funds, or their ability to obtain more than 50% of the funds needed to implement the project from other financial partners. The…

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IFC backs Kasada Capital to support the hospitality sector in Sub-Saharan Africa

SSA – Kasada Capital Management (Kasada), the investment platform within Kasada Group dedicated to hospitality investments in Sub-Saharan Africa, has announced that IFC will form a partnership with Kasada Hospitality Fund LP by providing senior loan financing to accelerate Kasada’s strategy of building a strong and resilient hotel portfolio across sub-Saharan Africa. IFC will extend up to US$160 million of debt funding to Kasada, backing its plan to support the hospitality sector and instill globally recognized ESG practices in its hotels. The first loan granted by IFC, in collaboration with…

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