Browsing: financing

• The 1,028km highway will connect economic capitals of five West African countries, part of Ecowas economic block.
• Estimates show the project will cost $15.1 billion and is part of the Trans-African Highway Network.
• ECOWAS Heads of State want to speed up the construction of the highway..

The African Development Bank and the Economic Community of West African States (ECOWAS) Heads of State now want to speed up the construction of the highway between Abidjan and Lagos.

This was realized after the 1st round table of development partners and major regional and international DFIs on the financing of the Construction of the Abidjan–Lagos Corridor Highway, in Abidjan, Côte d’Ivoire.

The round table aimed at providing the main regional and international development finance institutions with the latest information on this major regional project.

Abidjan-Lagos road design

The meeting also served as an awareness-raising platform and “soft market test” for the project, …

Djibouti is set to receive a $120 million loan from the African Export-Import Bank (Afreximbank) in a deal targeting projects that will accelerate the country’s economic growth. 

The financing, which will go to Djibouti’s Great Horn Investment Holding (GHIH) to execute projects in the country’s Damerjog Industrial Development Free Trade Zone,  is part of a total facility amount of $155 million. The remaining $35 million will be financed through Banque pour le Commerce et l’Industrie Mer Rouge of Djibouti. …

• IFC and the Sovereign Fund will identify high-impact infrastructure projects in strategic sectors in Morocco.
• They will work closely with stakeholders to structure them into viable projects, respecting the best environmental, social and governance standards.
• IFC will also support the establishment of an Infrastructure sub-fund of the Mohammed VI Fund for Investment open to Moroccan and international partners.

A cooperation between the Mohammed VI Fund for Investment and the IFC has been established to find and fund sustainable infrastructure projects in Morocco.

One of the most important segments of the Moroccan economy is the infrastructure industry. Large capital investments are necessary, necessitating more private sector investment alongside public investment.

Infrastructure projects in Morocco

In accordance with this agreement, the Sovereign Fund and IFC will find high-impact infrastructure projects in Morocco industries.

“IFC is supporting the Government of Morocco to mobilise private investment in the infrastructure sector. This new partnership signed …

A total of six banks from the Middle East and Asia have raised a combined $625 million in syndicated loan to finance Africa’s infrastructure under the African Finance Corporation (AFC). 

Through the AFC, Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank and Industrial Bank of Korea Limited joined the syndicate as first-time lenders throwing their weight behind the leading infrastructure solutions financier in Africa. …

• The deal will revamp the financing of imports of oil, sugar, wheat, cement, construction equipment, vehicles, and consumer goods. 
• It will also support the purchase, processing, storage, and transportation of fisheries and mining products for export.
• IFC will also provide advisory support to Banque Populaire de Mauritanie (BPM), strengthening its corporate governance capacity.

Businesses across Mauritania are set to receive enhanced financial support following the International Finance Corporation’s (IFC) move to provide the Banque Populaire de Mauritanie (BPM) with $10 million a trade credit line. 

The trade facility will help BPM scale up lending to businesses to finance imports of oil products. Further, importers of sugar, wheat, cement, construction equipment, vehicles, and consumer goods will benefit. 

IFC loan to revamp export trade

The facility will also support the purchase, processing, storage, and transportation of fisheries and mining products for export.

Despite having vast natural resources, Mauritania faces challenges such as …

• Financing will create more jobs, and reduce national expenditure on the importation of milk and dairy products. It will also improve the nutritional status of Nigerians.
• The credit scheme also seeks to reduce protracted conflict between farmers and herders as well as drive investments in the industry.
• Ministry of Agriculture says plan will improve security and foster harmonious existence between farmers and herders.

Livestock farmers across Nigeria are set to benefit from a $10.8 million credit scheme that seeks to enhance their business value chains and attract more investors in the sector.

According to the Minister of Agriculture and Rural Development, Mohammad Mahmood Abubakar, the $10.8 million credit scheme targeting livestock farmers, will be run by the Bank of Agriculture. 

Mr Abubakar said Nigeria is committed to reforming the livestock sector with notable programmes such as the National Livestock Transformation Plan, and Livestock Productivity Resilience and Support Plan, among others.…

• M-KOPA enables underbanked customers in select African markets to access a broad range of products and services without collateral or a guarantor.
• M-KOPA has raised $190 million over the past decade
• M-KOPA is known majorly for its pay-as-you-go (PAYG) financing model that allows customers to build ownership of appliances over time by paying an initial deposit followed by flexible micro-payments
• M-KOPA is looking to expand its flexible daily and weekly payments model by scaling financial services products such as health insurance, cash loans and BNPL merchant partnerships

M-KOPA began commercial sales in Kenya in October 2012 following 2 years of piloting and development.

The young startup expanded to Uganda a year later and commenced operations in Tanzania in late 2014. 

The company, led by co-founder and CEO Jesse Moore started with solar-power home systems targeted at lower-income and rural customers without electricity in Kenya, Tanzania and Uganda.

Known majorly for …

Equity Bank Kenya and AGCO have signed a partnership agreement that will see their customers get up to 80 per cent financing.

AGCO is an American Company which owns the Massey Ferguson brand.

The credit is payable within 48 months on the Massey Ferguson tractors and accompanying implements.

Mechanising farmers

Equity Bank Kenya Associate Director- Credit, Sam Ndung’u, indicated that the Bank is partnering with AGCO, one of the biggest agricultural machinery companies globally to enable farmers mechanise affordably.

Through the sole franchise holder, FMD East Africa, financing will be provided to both businesses and individuals for Massey Ferguson tractors and complimenting implements.

“We share a common goal with AGCO which is to empower SMEs and especially those in the agribusiness value chain from farmers, to processors, with the aim of assisting in the achievement of food security on the continent,” said Ndung’u.

He added that this partnership will go …