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Egypt lender buys Mayfair Bank stake for Sh3.7bn

Egypt lender buys Mayfair Bank stake for Sh3.7bn Egypt’s largest private lender, Commercial International Bank (CIB), will inject Sh3.7 billion ($35 million) into Mayfair Bank following its acquisition of a majority stake in the Kenyan tier three lender. The acquisition by CIB, which now controls 51 percent shareholding in the bank, will see the lender operate under the new name of Mayfair CIB Bank Limited as from May 1. According to Mayfair Chairman Anjay Patel, the new share subscription will strengthen the bank as the injected funds will be added to the institution’s capital base, and with all existing shareholders continuing in the establishment, the bank will be...

Transmara Sugar plans Sh4.7 billion electricity plant

Transmara Sugar Company plans to produce 25 megawatt (MW) of electricity at its Kilgoris factory for which it is negotiating approval to generate and supply with regulators. The miller, a subsidiary of Mauritian sugar producer Alteo, plans to invest Sh4.7 billion ($45 million) in the bagasse — the crushed cane stalks left after the sugar is extracted — plant. The plant is scheduled for completion in two years, Transmara Sugar chief executive said in interview. Mr Bhargava said the company plans to consume about 8MW of the electricity and sell the rest, about 17MW, to power distributor Kenya Power . "Our expression of interest for development of the biomass power...

APM Terminals Commissions Additional Cranes, Begins $80m Upgrade

L-R: David Skov, head of Terminals, Africa and Middle East region of APM Terminals; Hadiza Bala Usman, managing director, Nigerian Ports Authority (NPA); Onari Brown, executive director, Marine and Operations, NPA; and Martin Jacob, managing director, APM Terminals Apapa, at the commissioning of two new multimillion dollars state-of-the-art Mobile Harbor Cranes acquired by APM Terminals Apapa on Thursday. Hadiza Bala Usman, managing director of Nigerian Ports Authority (NPA),  Thursday commissioned two new multimillion dollars state-of-the-art Mobile Harbor Cranes (MHCs) acquired by leading global terminal operator, APM Terminals, to boost service delivery at the Apapa Port, Lagos. The new cranes were acquired as part of APM Terminals’ additional investment...

Facebook Invests US$5.7 Billion In Indian Telecoms Company

Tech companies have an interesting relationship with India. The country’s cheap data has meant that for smartphone manufacturers – getting their devices in the hands of as many Indians as possible has always been a priority. For social media and messaging companies, this cheap data has meant many Indians can utilise their applications unlike in many developing countries and one of the biggest beneficiaries of this is Facebook-owned WhatsApp. The instant messaging application is used by 400+ million users in India making the territory one of the most important to Facebook. This importance is set to grow with the tech giant, recently investing in Jio Platforms Ltd...

Free e-Guide to fundraising from GFA

How To Use Data In Perfecting Your Pitch To Global Investors Our awareness of existing barriers to funding currently experienced by African companies, has inspired the team at GetFundedAfrica (GFA) to develop a guide, which provides an overview of using data to pitch to global investors This guide aims to provide an understanding of the steps African business can follow in raising funds for growth and development and an understanding of what investors are really looking for. Click here to download the pdf file ...

GNI launches global Journalism Emergency Relief Fund for local news publishers

The Google News Initiative has launched a Journalism Emergency Relief Fund to deliver urgent aid to thousands of small, medium and local news publishers globally. The funding is open to news organisations producing original news for local communities during this time of crisis, and will range from the low thousands of dollars for small hyper-local newsrooms to low tens of thousands for larger newsrooms, with variations per region. Starting Tuesday 14 April, publishers everywhere can apply for funds via a simple application form available at https://newsinitiative. withgoogle.com/journalism- emergency-relief-fund/apply. Applications will close on Wednesday April 29, 2020 at 11:59 p.m. Pacific Time. “We’ve made this as streamlined as possible to...

Nigerian tech entrepreneurs crowdfunding for COVID-19 relief

Individuals from the likes of Paystack, Hygeia HMO, Zedvance, Accounteer, Future Africa, Hotels.ng, Zrosk and Bento, who describe themselves as “better angels” have launched We Are Together in response to the socio-economic issues being caused by efforts to prevent the spread of the virus in Nigeria.  Describing themselves as “tech entrepreneurs who cannot sit by and do nothing while the world falls apart”, the group said they are using technology developed for their companies and leveraging the power of networks to crowdsource a fiscal stimulus for Nigeria.  We Are Together accepts donations from donors and redistributes them directly to people in need of financial support. Nigerians in financial distress...

Seedstars reveals $100m Africa fund has made first investment

Emerging markets startup competition Seedstars‘ $100-million Africa fund has made its first investment, Seedstars co-founder Pierre-Alain Masson has revealed. Seedstars announced the launch of the fund to invest in African startups in collaboration with Paris based First Growth Ventures, in April last year. The fund aims to make investments of between $250 000 to $5-million in Series-A and Series-B deals. Speaking during a press conference earlier this month before the 2020 Seedstars Summit (which was held online due to the coronavirus), Masson said the fund had invested in a Kenyan company in the education sector. He did not provided any further details such as the name of the company, when...

AFDB-SEFA MANAGED FUND GRANTS $760K TO SET UP RENEWABLE PROJECTS IN AFRICA

getfundedafrica.com The African Development Bank-managed Sustainable Energy Fund for Africa (SEFA), has approved a $760,000 grant to Empower New Energy AS (EmNEW), to develop at least eight small renewable energy projects with capacity ranging from1-10 MW, towards bankability and construction.  The grant will support a broad range of project preparation and development activities, including technical feasibility studies, legal due diligence, environmental and social impact assessment, quality assurance and risk management. Through its Empower Invest fund, EmNEW invests in small and medium-scale renewable energy projects in Africa, with a focus on solar power, hybrid, and hydro technologies. Welcoming the approval, Terje Osmundsen, EmNEW’s CEO, said, “We are very excited...

Daily Digest Friday, Apr. 24, 2020

GFA's "Must attend" Web events happening 24-30 April. The Get Funded Africa team complied a list of online events that we hope most of you will attend while under quarantine at home. These event will not only be a chance to ask key business related questions during these uncharted times but it will be a great way for you to connect with other professionals from across the globe. Read more...

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