Browsing: International Finance Corporation (IFC)

• International Finance Corporation targets specific projects in Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa.
• IFC’s $30 million (Sh4.8 billion), own-account investment will help Africa Infrastructure Investment Fund 4 Partnership (AIIF4) exceed its final close target of $500 million (Sh80.4 billion).
• A pan-African infrastructure private equity firm called the Africa50 Infrastructure Acceleration firm I is raising up to $500 million for investments

Kenya is among six African countries that International Finance Corporation (IFC) will pump $30 million (about KSh4.8 billion) equity investment to fund works on essential infrastructure.

The fund, managed by Africa Infrastructure Investment Managers (AIIM), part of the Old Mutual Group, will support projects in the telecoms, renewable energy, and transport sectors across Africa but with a specific focus on Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa.

In the telecoms sector, the fund will focus on financing data centers, fiber networks, and communications towers. In …

The new three-year benchmark is priced with a spread of SOFR MS+25 basis points, equivalent to +12.5 basis points over the three-year US Treasury note.

The new standard pays a semi-annual coupon of 3.625 per cent. Morgan Stanley, Citi, Wells Fargo Securities, and TD Securities served as the joint lead managers for this transaction.

IFC achieves another outstanding result in the capital markets! Utilising the robust USD SSA primary market following the summer, the new three-year benchmark was oversubscribed by more than 2.4 times, with both a highly diversified and high-quality final order book.

IFC has succeeded in ensuring that its global annual outing encapsulates the broadest possible investor attention through coherent excellence in execution.…

The new anti-coal policy that Equity has implemented comes at a time when the nation is getting ready to begin mining the commodity after significant quantities were discovered in Kitui County’s Mui Basin.

“Through with this equity investment, Equity Group undertakes to refrain from providing any financing for coal-related endeavours, including the construction or expansion of coal-fired power stations and coal mines., and transportation assets used exclusively for coal,” IFC and Equity said in a joint statement. “This equity investment” refers to the equity investment made by Equity Group.

Any utility firm that derives more than 20 per cent of its energy or revenues from coal by producing 10 million tonnes or more of coal or has an installed coal-fired capacity of 5,000 megawatts or more will not be eligible for financing from this bank. One of the most important companies that rely on coal as a source of manufacturing …

The International Finance Corporation (IFC) and the Uganda Bankers Association (UBA) partnered to train financial institutions and small and medium-sized enterprises (SMEs) in Uganda.

The International Finance Corporation (IFC) noted that the training for 32 financial institutions will equip them with knowledge, tools, and techniques to help them meet the current economic challenges.

About 500 SMEs will receive the six weeks online training which will help them navigate the challenges of lockdowns and reduced trade.

Also Read: Kenyan headquartered DPO Group to be acquired by Dubai based Network International for $288 Million

To help banks assess the impact of COVID-19 on their portfolio and support their risk mitigation, the webinar training for financial institutions include stress testing topics.

The SME webinars will cover topics such as accessing finance during crises, communicating with stakeholders, adjusting business plans, digital sales, marketing and promotion.

Early this year in March, IFC launched an $8 …

If there is one sector that receives great attention in Africa, then it must be the small and medium enterprises (SMEs) area. Over the years, governments and multilateral agencies have identified the great role played by the SMEs in providing jobs, services and contribution to domestic economies.  

A National Economic Survey report by the Central Bank of Kenya (CBK) two years ago indicated that SMEs constitute 98 percent of all businesses in Kenya, create 30 percent of jobs annually as well as contribute 3 percent of the GDP.  

The situation is similar in the rest of the continent as well as worldwide. According to World Bank, SMEs represent about 90 percent of businesses and more than 50 percent of employment worldwide. Formal SMEs contribute up to 40 percent of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included.  

 SMEs are less likely …

Uganda’s Umeme has secured a $70 million syndicated loan from the International Finance Corporation (IFC), Dutch Development Bank (FMO), Standard Chartered Bank and Stanbic bank.

From the loan $28 million was from IFC, $10 million from FMO, $16 million from Standard Chartered Bank and $16 million from Stanbic bank.

Umeme chairman, Mr Patrick Bitature said the loan would partly be used to undertake capital investments to get electricity from Uganda’s newest dams.

“The planned investments are aimed at expanding the network to uptake the new generation, improve reliability and create access,” he said.

Also Read: IFC $22M partnership with Investment Funds for Health in Africa

Mr Bitature said the loan would also be utilised to prioritise Umeme’s investments in five other areas such as upgrading its network, extending power to industrial parks, building the backbone for more electricity connections to be supplied, reducing energy losses and accelerate prepayment metering.…

International Finance Corporation (IFC), a member of the World Bank Group, announced that it will co-host the AFRICA CEO FORUM 2020.

IFC’s support for the event shows its increasing commitment to help Africa’s governments, businesses, and entrepreneurs overcome challenges, increase trade, create jobs and drive innovation.

The Africa CEO Forum will be held on March 9 to 10 next year in Abidjan, Côte d’Ivoire.

It is the leading international conference dedicated to supporting private sector-led growth on the continent.

The upcoming 8th edition of the AFRICA CEO FORUM will focus on regional integration, the impact of technological advances, infrastructure development and jobs.

It will also cover other areas relevant to unlocking the continent’s economic potential and helping improve lives.

IFC which has co-hosted the FORUM since 2018, is at the centre of discussions on these and other development topics which will help drive economic transformation in the …

Equity Bank is in the final stages of completing its takeover of the Banque commercial du Congo (BCDC).

The acquisition follows an agreement with the majority shareholder—George Arthur Forrest and family to acquire all the 625,354 shares (66.53 per cent) owned by the Belgian at a cost of $105 million.

The government of the Democratic Republic of Congo owns 25.53 per cent while other minority shareholders own the remaining 7.94 per cent shares.

The price of the transaction includes dividends declared after January 1, 2019, in respect of the financial year ending December 31, 2019, transpiring to dividend price per share of $ 167.9 per share.

In a statement, Equity Bank Chief Executive James Mwangi said the acquisition provides more motivation for it to push ahead with its 2024 dream of converting into a pan African bank.

“This is an opportunity for the Group to take further steps towards …

The International Finance Corporation (IFC) will inject $25 million into a new sea cable project that the Western Indian Ocean Cable Company (WIOCC) is executing.

IFC’s investment will be in form of equity to partly fund the $235 million new sea cable project located in the east and west coast of Africa and the development of strategically located data centres across the continent.

Telkom Kenya owns nine per cent stake in WIOCC, making it among the largest shareholders in the company. George Mokogi Telco’s Managing Director for carrier services division sits on WIOCC board.

WIOCC included the project as part of the financial years 2019 to 2021 capital expenditure plan which means IFC funding will boost the plan whose cost was mainly to be bared by the shareholders.

World Bank investment arm said with IFC joining it is expected to provide equity that is not available in the market and …

Equity Bank says branches are making it easy for SMEs to access products that are right for them

 Equity Bank continues to enhance its Small and Medium-sized Enterprises (SME) offering through its supreme banking branches, as the bank embraces new technology and ways of working to meet the retail customer needs.

Thanks to the growing adoption of digital banking which has seen banks shift from brick and mortar expansion (branches), the space at banking halls has enabled SMEs to largely access supreme banking which has been targeting high net worth individuals.

Currently, 96 per cent of transactions at Equity are being done on digital platforms, the Nairobi Securities Exchange (NSE) listed lender has reported.

READ:Banks in Kenya battling for digital lending space

“This has allowed the bank to transform the branches into advice-giving arms.  This branch based venture offers preferential services customized banking solutions with exclusive privileges and unrivalled …