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Rwanda’s exports on Alibaba platforms grow by 124%

Rwanda’s exportation through Alibaba platforms increased by 124% in 2019 according to information from Alibaba. The Chinese e-commerce giant opened its doors to Rwanda products in 2018 when the electronic world Trade platform (eWTP) deal was signed between the two parties. The eWTP aims at opening markets for small businesses in Africa to take part in cross-border electronic trade. Thanks to the deal, Alibaba has availed Rwandan products to Chinese consumers online, in addition to promoting the country’s tourism packages in the Asian nation. Coffee has arguably been the most outstanding products from Rwanda in China, though chili is also coming up in that line. There are several brands of...

China eyes African prospects to iron out trade tension with Australia

Investing in largely untapped iron ore sources in Africamight be Beijing’s answer to diversifying import sources Growing Sino-Australian diplomatic and trade disputes have led to Chinese import bans on certain Australian products, but iron ore – Australia’s biggest export to China – has largely been kept out of the fray. Although China did impose new import procedures that could potentially hold up shipments, Australian iron ore exports to China have actually been rising, and a Chinese ban on Australian iron ore is generally thought of as unlikely given China’s dependence on the world’s largest producer for this key commodity. China sources two-thirds of its iron ore from...

The Gambia Electricity Restoration and Modernization Project Receives Funding

The government of the Republic of The Gambia has received US$ 43M worth of funding to support the implementation of its Electricity Restoration and Modernization Project abbreviated as GERMP. The funds were received from the International Development Association (IDA), a subsidiary of the World Bank Group, through its 18th replenishment “thereby increasing the Bank’s initial financing envelope for the West African country by 20 per cent”. The over US$ 121M project is also financed by the European Union (EU) and the European Investment Bank (EIB). The Gambia Electricity Restoration and Modernization Project (GERMP) The Gambia Electricity Restoration and Modernization Project (GERMP) was approved back in 2018. Its main objective is to increase the availability...

Daily Digest Thursday, 9 July 2020

Funding In Southern Africa Zambian fintech startup receives $1-million investment Loans are tailored to either personal, business, or for women. The investment will enable Lupiya to further its goals in fostering financial inclusion through its service offered, with a focus on ensuring women are able to participate in the economy through its financial inclusion strategy. Read more Funding In West Africa Replacing CFA with Eco ‘challenges the sovereignty’ of Nigerian naira The Francophone countries coming together to replace the colonial currency, the CFA Franc with the Eco, may be “a major step forward and a positive thing,” says Andrew S. Nevin, Chief Economist, Read more Latest News...

Robin Hood foundation launches new initiative aimed at funding nonprofits run only by people of color

The new Robin Hood initiative, titled the "Power Fund," is looking to back these groups in the wake of the coronavirus pandemic and nationwide protests since George Floyd's death. Moore, the CEO of the foundation, told CNBC in an interview that Robin Hood is already dedicating $10 million in seed capital to the fund and are seeing support from at least two financial institutions.  A foundation led by Army combat veteran and best-selling author Wes Moore is launching a new fund dedicated to financing nonprofit organizations that are solely run by people of color.  The new Robin Hood initiative, titled the "Power Fund," is looking to back these...

Replacing CFA with Eco ‘challenges the sovereignty’ of Nigerian naira

The Francophone countries coming together to replace the colonial currency, the CFA Franc with the Eco, may be “a major step forward and a positive thing,” says Andrew S. Nevin, Chief Economist, Nigeria Clients and Markets Leader at PricewaterhouseCoopers (PwC). But for Nigeria, the eventual uniformed adoption of the single currency challenges the sovereignty of its naira. It may be why the biggest economy in Africa has been reluctant to adopt the Eco, according to analysts who are studying the economic and political implications of the single currency on the continent. “I can’t see Nigeria agreeing to answer the Eco because, in effect, you’d be losing your own...

Microsoft to distribute $20M in grants to non-profits, offers free skills training via LinkedIn

Microsoft to distribute $20M in grants to non-profits, offers free skills training via LinkedIn The COVID-19 global health pandemic has had an almost immeasurable negative impact on the wider economy. Specifically in the job market, there have been millions of job losses, and in the US alone unemployment numbers like these have not been seen since the Great Depression. Now, tech companies are slowly stepping up to try to address the crisis, and the latest development on that front comes from Microsoft. The company today announced a wide-ranging, global portal for free skills training for people who are out of work. And alongside that, Microsoft said it plans to...

Zambian fintech startup receives $1-million investment

Lupiya, a Zambian based microfinance startup has received an investment of $1-million from Enygma Ventures, a US venture capital (VC) fund. Founded in 2015, Lupiya is an online marketplace for microloans. It is a branch-less, innovative digital microfinance platform that leverages technology to make the process of borrowing simpler and easier so that people and businesses located across the country even in rural, remote areas can access financial services. Lupiya has recieved an investement of $1-million from Enygma Ventures Loans are tailored to either personal, business, or for women. The investment will enable Lupiya to further its goals in fostering financial inclusion through its service offered, with a focus...

Daily Digest Wednesday, 8 July 2020

Funding In East Africa “GET IT,” Local Start-up secures additional venture capital funding Lauren Russell Nkuranga, the founder of GET IT, a commercial food distribution service company based in Rwanda, says that investors still have appetite for the country despite Covid-19 pandemic. Nkuranga’s startup completed its Series A funding – the first significant round of venture capital financing Read more Funding In Africa Africa attracted $338mln in private equity investments in June 2020  Companies operating in Africa raised a total of $337.7 million in private equity investments in June 2020, we learned. This does not include the asset management subsidiary of Investec (Ninety One) and the $597 million fund...

“GET IT,” Local Start-up secures additional venture capital funding

Lauren Russell Nkuranga, the founder of GET IT, a commercial food distribution service company based in Rwanda, says that investors still have appetite for the country despite Covid-19 pandemic. Nkuranga’s startup completed its Series A funding – the first significant round of venture capital financing – last month from Chicago-based impact investor VestedWorld. Earlier this year, Chandaria Capital, the professional early-stage investment arm of the Chandaria Group of companies based in Kenya also announced an investment in GET IT. “This is an indication that investors are still interested in Rwanda despite Covid-19,”she said in an interview with Business Times.  While the conversation with investors began before the pandemic, the...

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