Browsing: small businesses

SEACOM

SEACOM secures $207M funding to boost broadband, cloud services

Investing
  • The funding will see SEACOM grow its broadband cable network and cloud-based product offering in sub-Saharan Africa. 
  • Under the new deal, IFC will provide a $207 million long-term loan to SEACOM. 
  • The funding will support SEACOM to become the next-generation cloud-based IT service business. 

SEACOM has partnered with the International Finance Corporation (IFC) to increase the access to broadband IT services for small and medium-sized businesses across Africa. The partnership will see SEACOM, a digital infrastructure and IT services company, grow its broadband network and cloud-based offerings in sub-Saharan Africa.

IFC will offer SEACOM a $207 million loan, which includes $70 million from IFC’s own financing. A total of $42.24 million co-financing will come from institutional investors through IFC’s Managed Co-Lending Portfolio Program. Another $94.76 million will be mobilized from Nedbank Limited and Mauritius Commercial Bank.

SEACOM expanding cloud-based services

“Access to affordable, good-quality internet is central to economic …

www.theexchange.africa

Kenya: Stanbic Bank provides women entrepreneurs with over $58.5 million in three years

Business
  • Stanbic Bank has revealed that it has empowered over 45,000 women entrepreneurs in the last three years
  • Under its DADA initiative, the bank further revealed it had provided innovative solutions to women amounting to KSh 6.9 billion  ($58.5 million) in lending
  • As a way of supporting women growth, the bank has been providing training and capacity building which have so far benefitted more than 17,000 women

Kenyan-based lender Stanbic Bank has revealed that it has empowered over 45,000 women entrepreneurs in the last three years.

The bank further revealed it had provided innovative solutions which have enabled Dada’s access KSh 6.9 billion  ($58.5 million) in lending.

The bank has additionally provided credit guarantee schemes to the tune of over KSh 1 billion ($8.4 million) and over KSh 40 million ($339,587) in grant funds.

Under the credit guarantee scheme, the bank is working with the African Guarantee Fund (AGF) and the …

A port. The Dubai Chamber’s ‘Why Africa?’ initiative is focusing on East Africa and explores key economic indicators and their analyses in the continent. www.theexchange.africa

‘How to Export’ within, under AfCFTA training programme launches

Industry and Trade

The training programme was launched during the Intra-African Trade Fair 2021 (IATF2021), taking place in Durban, South Africa from November 17 to 21. For previously under-represented populations, the training programme strives to break down barriers to commerce.
The AfCFTA’s ‘How to Export with the AfCFTA training programme’ was designed with African businesses in mind. Small enterprises will be equipped with the tools they need to take advantage of the new trading climate and the AfCFTA’s operationalization.
In 2020, Afreximbank and ITC begun a trial programme in Côte d’Ivoire, Nigeria, and Rwanda as a test of this new programme concept. There were around 1,500 applications for the course within the first few days of its release, indicating a strong degree of interest in its subject.…