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Top Nigerian banker Akinwumi Adesina cleared after corruption probe

Ash Shaţrah The president of the African Development Bank (AfDB) has been cleared of corruption charges after a review by an independent panel. The US, one of the bank's biggest shareholders, insisted on a new inquiry in April after an internal review cleared Akinwumi Adesina. Whistle-blowers had accused the Nigerian of giving contracts to friends and appointing relatives at the bank. Mr Adesina is set to be re-elected for another five-year term in August. The 60-year-old banker, a former minister of agriculture in Nigeria, will be the sole candidate in the election. A charismatic speaker, who is known for his elegant suits and bow ties, he has led the bank...

TechCabal Live with Tokunboh Ishmael

Topic : Building in Africa This Friday, July 31st, for the 6th episode of "Building in tough times" we are interviewing, Tokunboh Ishmael - co-Founder and Managing Director of Alitheia Capital whose portfolio companies include MAX, Lidya and Tomato Jos. Alitheia Capital is one of the continent's most prolific local investors. Ms Ishmael has a 20-year experience spanning investment banking, private equity investing, technology and new business development on and off the continent. She will answer questions including: How do founders navigate the unique regulatory risks of building in Africa?How should startups react and what perspectives should they keep in mind during and after the ongoing health and economic...

Zimbabwe’s MoneyMart Finance are among 50 finalists in Jack Ma’s “Africa’s Business Heroes” initiative

Africa’s Business Heroes (ABH), is a competition set up by Alibaba Group co-founder Jack Ma under his African Netpreneur Prize Initiative (ANPI). ABH wants to identify entrepreneurs making an impact in their communities and to build an inclusive economy for the future. The 2020 edition had 22 000 applicants from twenty-one countries, half of the applicants were female and in a wide range of fields including, artificial intelligence, e-commerce, health, renewable energy fashion and ICT. From the pool of applicants ABH has narrowed them down to 50 finalists. Among those finalists is Zimbabwean financial solutions company Money Mart Financing. What is Money Mart Financing? Money Mart Financing is a micro-finance business that is run by Ethel...

Opinion: The Open Secret to Reopening the Economy

Anne O. Krueger argues that areas that eased their initial COVID-19 lockdowns and now have surging infection rates are a testament to all that has gone wrong in the pandemic. The lesson from day one still holds: until the virus is defeated, there can be no return to normal. The future of the world economy is becoming clearer. At the outset of the pandemic, there were lively disagreements over whether the lockdown and other measures were warranted, or whether the economic costs were too high. Now, it is increasingly evident that economic activity will resume fully only after lockdown restrictions have been given time to work. Otherwise, COVID-19 will continue...

Venture Capital 4 Africa calls for African startups looking to raise US$150k – US$1M

VC4A is calling for African startups looking to raise between $150K and $1M. In collaboration with technical partner AWS Activate, and network partners AfriLabs and ABAN, VC4A will be hosting the exclusive Venture Showcase – Seed in November as part of a virtual gathering of Africa-focused early-stage investors. Via this campaign VC4A will select 10 innovative early-stage startups to showcase their business to the world. A requirement is that you are based in Africa and your tech-enabled solution is already on the market, you are able to show some traction and you have expansion plans in mind. Since 2017, VC4A has showcased growth-stage startups as part of the annual Africa Early...

Daily Digest Wednesday, 29 July 2020

Funding In East Africa Rwandan food distribution company GET IT clinches investment from US investor VestedWorld According to a report by Africa Private Equity News, GET IT is one of the largest distributors of fresh produce and dry goods in Rwanda and the East Africa region, supplying most of the leading hotels and restaurants. Read more Funding In North Africa Egypt’s Furniture Startup Drowzy Secures Six-figure Funding From UAE Angel Investor A ‘strategic’ angel investor from the United Arab Emirates has made a six-figure investment in Cairo-based direct-to-consumer (D2) furniture and home accessories startup Drowzy, the startup said in a statement without disclosing the exact size of investment. Read...

The Gambia, Sierra Leone, Liberia and Ghana Receives Grants for Covid-19

As the spread of Covid-19 across Africa grows, there are concerns that the continent may suffer great economic losses unless interventions aimed at mitigating impacts of the pandemic are launched across the board. This was behind the ongoing disbursement of millions of dollars from the African Development Bank of multi-country grant for COVID-19 response in Gambia, Liberia and Sierra Leone and also Ghana. The grant from the African Development Fund (ADF) aims to mitigate the impact of COVID-19 in The Gambia, Liberia and Sierra Leone, known collectively as the GLS countries – by providing budget support to help fund each country’s COVID-19 crisis response. Marie-Laure Akin-Olugbade, AfDB’s Director General for West Africa The multi-country grant...

Morocco’s Central Guarantee Fund (CCG) Sets Up Exceptional Additional Financing In Support Of Startups

In order to assist startups in this difficult time, the Caisse Centrale de Garantie (CCG), which manages the Innov Invest fund, has set up exceptional additional financing for the benefit of startups.  Here Is What You Need To Know This exceptional device by CCG should notably benefit startups that have received financing under the Innov Invest fund and are unable to obtain bank loans.It should be noted that startups eligible for this funding must be active and have order books, materialized by contracts concluded.  It should be noted further that this funding is in the form of an honor loan that can be distributed by support structures labeled category 2...

Egypt’s Furniture Startup Drowzy Secures Six-figure Funding From UAE Angel Investor

A ‘strategic’ angel investor from the United Arab Emirates has made a six-figure investment in Cairo-based direct-to-consumer (D2) furniture and home accessories startup Drowzy, the startup said in a statement without disclosing the exact size of investment. Here Is What You Need To Know Although the identity of the angel investor was not disclosed, the investment was, at least, in excess of $100k. The startup also met the strategic angel investor at the ongoing STEP 2020 Dubai, a fundraising bootcamp program for startups from emerging markets.The financing will be used to accelerate the growth, widen the catalogue of products, disrupt the global market, hire more resources and launch...

Rwandan food distribution company GET IT clinches investment from US investor VestedWorld

Rwanda based food distribution and logistics company, GET IT has obtained an investment from Chicago-based impact investor VestedWorld. According to a report by Africa Private Equity News, GET IT is one of the largest distributors of fresh produce and dry goods in Rwanda and the East Africa region, supplying most of the leading hotels and restaurants. The company uses off-grid cold-storage facilities to prevent spoilage of food from its own farm and other suppliers during transit. The storage facility was an investment in an InspiraFarms facility that includes 60m2 of cold storage and a 45m2 produce reception area with docks for direct loading from and onto trucks. The fresh food...

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