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Institutional Investors Are Yet To Show Real Interest In African Music Businesses

Africa’s unemployment crisis is a melange of confusing figures, low-paying jobs, seasonal low mean of livelihoods and the push to survive nonetheless. With the job market a lot smaller than the readily available labor force, many Africans have found respite in the creative industry. From music to comedy and acting to stand-up performance, the African entertainment industry, especially music, has ballooned over the years. Yet, institutional investors hardly back core African music businesses. Music Streaming Is Exempted The owner of a small business in the logistics sector can easily walk into a financial institution and ask for a loan to either scale or expand the enterprise. All things...

LBS FACULTY EUGENE OHU WINS $234K GRANT FOR VIRTUAL REALITY RESEARCH

Dr. Eugene Ohu, a faculty at Lagos Business School (LBS), Pan Atlantic University, has won a grant from Templeton World Charity Foundation, Inc (TWCF) to conduct a two-year virtual reality (VR) research. The grant was awarded under TWCF’s Global Innovations for Character Development (GICD) initiative. Dr Ohu intends to use the grant to explore the potentials of VR for character development in his research project title “Teaching Children Empathy and Compassion through Virtual Reality Games” Dr Ohu runs a Human-Computer Interaction (HCI) Lab at Lagos Business School, where he explores the implications of the immersive, interactive and perspective-taking characteristics of technologies like computers, mobile devices and virtual reality (VR)...

In Ghana, African Development Bank-funded training builds skills for the economy of the future – report

A six-year project to develop industrial skills among Ghana’s workforce has improved the engineering and manufacturing skills of young people, promoted economic competitiveness and contributed to an improvement in the quality of life of beneficiaries and a reduction in poverty, according to an African Development Bank report issued on 15 July 2020. The Development of Skills for Industry Project (DSIP) was implemented between 2013 and 2019 with $95.2 million in financing from the African Development Fund of the African Development Bank. Its goal was to support the Ghanaian government’s efforts to reform the Technical and Vocational Education Training (TVET) sector and enhance technical and professional schools’ capacity...

Nigeria’s Access Bank gets $50mln IFC loan

The International Finance Corporation, the private sector arm of the World Bank, has approved a loan worth $50 million to Nigeria’s Access Bank to help it support SMEs facing cash strain due to the coronavirus pandemic. The resource has a maturity of 12 months with an undisclosed interest rate. “The funds from the loan, made through IFC’s global COVID-19 fast-track financing support package, will allow Access Bank to provide increased trade financing and working capital to their business clients experiencing disrupted cash flows, hence supporting business activity and preserving jobs,” the international body said in a statement. The global COVID-19 fast track facility, launched in March 2020, is...

Daily Digest Wednesday, 22 July 2020

Funding In Africa African Development Bank set to join landmark $20 billion Mozambique LNG financing The African Development Bank has concluded its bid to co-finance the construction of Mozambique's integrated Liquefied Natural Gas (LNG) plant by signing a senior loan of $400 million for the transformational project. Read more Funding In Southern Africa Giraffe secures funding from Unicef innovation fund Founded in 2015, Giraffe is a South African mobile job matching platform that aims to reduce unemployment in emerging markets by enabling job seekers to easily create CV via cellphone for free. In addition, the platform allows users to connect with relevant job opportunities available in their area. Read more VALR...

Inviting African Startups for the NINJA Business Plan Competition in Response to COVID19

The Japan International Cooperation Agency (JICA) that coordinates official development assistance for the Japanese government in developing countries, has announced the launch of the NINJA Business Plan Competition for businesses emerging during the COVID-19 outbreak. NINJA is short for Next Innovation with Japan. The NINJA Business Plan Competition will target startups and organizations from 19 African countries. The application is open for startups/organizations in all sectors with a specific focus on emerging businesses in COVID-19-related fields including, but not limited to: Health: Online healthcare support; disease-testing solutions; medical data sharing and privacy protection solutions; distribution of drugs and medical equipment; IoT, including 3D printers, in the medical fieldDisaster management: Geo-tracking during...

African Development Bank set to join landmark $20 billion Mozambique LNG financing

The African Development Bank has concluded its bid to co-finance the construction of Mozambique's integrated Liquefied Natural Gas (LNG) plant by signing a senior loan of $400 million for the transformational project. The Mozambique LNG Area 1 Project, estimated to cost over $20 billion, is ranked Africa's single largest foreign direct investment to date. It comprises a global team of energy developers and operators, led by Total alongside Mitsui, Oil India, ONGC Videsh Limited, Bharat Petroleum, PTT Exploration, as well as Mozambique's national oil and gas company, ENH. With the signing on 15 July, the Bank joins a global syndicate of commercial banks, development finance institutions and export credit...

Giraffe secures funding from Unicef innovation fund

Giraffe has received grant funding from Unicef”s innovation fund and will utilise the funding to empower South Africa’s youth to become employable. Founded in 2015, Giraffe is a South African mobile job matching platform that aims to reduce unemployment in emerging markets by enabling job seekers to easily create CV via cellphone for free. In addition, the platform allows users to connect with relevant job opportunities available in their area. Giraffe has closed a grant funding round from Unicef’s innovation fund The additional funding will enable Giraff to develop a jobseeker content portal that can enable young individuals to up skill themselves, therefore, increasing their employability. The platform content...

VALR raises R57-million to advance cryptocurrency adoption

VALR, one of South Africa’s leading cryptocurrency exchange, announced today that it has raised R57-million (US$3.4-million) to advance the adoption of cryptocurrencies. The Series A equity round of funding was led by 100x Ventures, (the investment arm of 100x Group who are behind cryptocurrency derivatives trading platform BitMEX), with participation from 4DiCapital, and FNB CEO Michael Jordan and US-based company Bittrex. VALR has raised R57-million in funding Founded in 2018, VALR was established to bridge the gap between the traditional financial system and the new world of cryptocurrencies. In June 2019, VALR launched bitcoin-rand trading and has since grown to become one of South Africa’s leading bitcoin trading...

Daily Digest Tuesday 21 July 2020

Funding In North Africa Tunisia’s One Tech Holdings secures US$26m from IFC to expand production, supply of mechatronics products BVMT-listed OneTech received €23 million from the International Finance Corporation (IFC), to support its development in Tunisia, Morocco, and internationally. The financing will also be used to stimulate job creation and economic growth. Read more Funding In Africa EAIF anchors Helios Towers bond issue The Emerging Africa Infrastructure Fund (EAIF) has acted as an anchor investor in a bond issued in London on June 8, 2020 by HTA Group (HT), a whole owned subsidiary of Helios Towers. Read more GetFundedAfrica - Venture Capital Focus An insight into how Tokyo-based VC, Samurai Incubate Africa,...

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