Browsing: KfW Development Bank

Green energy
    • Energy industry experts and policymakers are meeting in Nairobi for the International Energy Agency 9th Annual Global Conference on Energy Efficiency, the first time the conference is being hosted in Africa.
    • European Commissioner for Energy Kadri Simson and Kenya’s Cabinet Secretary of Energy and Petroleum Davis Chirchir launched the Green Resilient Electricity System Program for Kenya.
    • The Green Resilient Electricity System Program will support Kenya’s goal of a complete transition to 100per cent clean power generation by 2030 and it will boost Kenya’s sustainable energy future.

    The green energy economy strategy seeks to build on the country’s current economic strengths to secure a more sustainable future. Kenya’s ambitious plan to fully transition to 100 per cent clean power generation by 2030 has received a major boost, with the European Union backing the initiative.

    This comes as leaders, energy industry experts, and policymakers meet in Nairobi for the International Energy Agency’s

Mauritian private equity fund Shorecap
  • The acquisition by Shorecap III, LP of 20 percent shareholding in Credit Bank has been approved by Central Bank of Kenya.
  • Credit Bank was licensed by CBK as a non-banking financial institution in 1986 under the name Credit Kenya Limited. It converted to a fully-fledged commercial bank in 1995.
  • Credit Bank specializes in provision of banking services to small corporates and Micro, Small and Medium-sized Enterprises (MSMEs). It has a market share of 0.5 percent as at March this year.

Mauritian private equity fund Shorecap III, LP has received the nod to acquire a 20 percent stake in Kenyan tier three lender, Credit Bank, in the latest mergers and acquisitions in the country.

The industry regulator, Central Bank of Kenya (CBK), announced the acquisition on Monday, with an effective date of June 15, this year.

This follows CBK’s approval on April 24, 2023, under Section 13(4) of the Banking …

The role of Public Development Banks in supporting the post COVID 19 crisis recovery in emerging and developing countries

A global coalition of public development banks today emphasized the urgency of immediate resources for Africa’s recovery post-Covid 19. Together, they committed to deepening cooperation to boost investment opportunities across the continent.

Participants in the meeting, hosted by the African Development Bank, brainstormed on joint actions that could help boost a strong and inclusive recovery in Africa. This would be recovery grounded in a dynamic private sector. The African Association of Development Finance Institutions co-organized the meeting in collaboration with the International Development Finance Club, which is hosted by the Agence Française de Développement.

The meeting was held virtually and follows the first Finance in Common Summit held in November 2020. At that summit, public development banks committed to work together to support the transformation of the global economy and society towards sustainable and resilient development.

During the three principal sessions of the meeting, heads of public development banks and …

DEG invests EUR30mn into AfricaGrow Fund for SMEs

Deutsche Investitions- und Entwicklungsgesellschaft mbH is supporting African small and medium-sized enterprises and start-ups to gain access to long-term financing more easily. It has committed EUR30mn to the AfricaGrow fund of funds, managed by Allianz Global Investors. KfW Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), together with Allianz Global Investors, has set up this fund of funds that will invest into African private equity and venture capital funds.

The AfricaGrow Fund is designed as a fund of funds for promoting small and medium-sized enterprises (SMEs) and start-ups primarily in countries associated with the G20 Compact with Africa (CwA). The AfricaGrow Fund aims to have a catalytic effect on the emerging and dynamic SME and start-up ecosystem and thus promote jobs and income across the CwA countries.

David Weiss, lead investment manager for DEG’s investment in the fund, explains: “DEG specializes in mobilizing …