Finance | - Part 170

AXA buys 8% stakes in Africa Internet Group at US$84 million …

LAGOS, Nigeria, Capital Markets in Africa — French insurer AXA plans to invest 75 million euros (US$84 million) in Africa Internet Group (AIG), the owner of online retailer Jumia. AXA and AIG view Africa as a fast developing market for financial services and insurance products, benefiting from strong fundamentals such as low penetration rates, rise in middle class, urbanization as well as the youth of its population. The deal will give the AXA, an 8…

IFC Investment Boosts Egypt’s Energy Infrastructure, Port Sector

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Cairo, Egypt, Capital Markets in Africa —IFC, a member of the World Bank Group, is providing a financing package of $144 million to Sonker Bunkering Company, SAE, to help develop vital new energy infrastructure and boost the performance and competiveness of Egypt’s ports. IFC’s financing – including a loan of up to $70 million, $52 million mobilized from partners, and $22 million in mezzanine financing – will go toward the development of Egypt’s first private…

IFC Invests in CIEL Healthcare to Develop Pan-African Healthcare Network

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Nairobi, Kenya, Capital Markets in Africa — IFC, a member of the World Bank Group is investing $6.75 million in Mauritius-based CIEL Healthcare Limited (CHL) to help the company acquire and operate a chain of hospitals across sub-Saharan Africa. The hospitals will offer high-quality, modern medical services, reaching an additional 150,000 patients per year. CHL launched its network in Uganda through the acquisition of International Medical Group (IMG) in July 2015. CHL aims to support…

IFC Invests in Co-op Bank to Support Entrepreneurs and Housing Finance in Kenya

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Nairobi, Kenya, Capital Markets in Africa — IFC, a member of the World Bank Group, announced today that it will provide a $105 million loan to the Co-operative Bank of Kenya (Co-op Bank) to support lending to small and medium businesses, women entrepreneurs and the housing sector. The second largest bank in Kenya by total assets, Co-op Bank has 143 branches across the country and a subsidiary in South Sudan. Small and medium enterprises account…

Sub-Saharan Africa: Long-term debt inflows rise 34%, China biggest bilateral creditor.

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Lagos, Nigeria, Capital Markets in Africa — The newly released 2016 edition of the International Debt Statistics (IDS) shows that external borrowing by countries in the Sub-Sahara Africa, excluding South Africa, has risen rapidly and been marked by a distinct change in borrowing patterns and creditor composition. Disbursements of long-term debt increased 34 percent in 2014 (to $54 billion), triple the comparable figures for other low- and middle-income countries, with private creditors accounting for 60 percent (50…

FMO supports inclusive finance in Africa

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HAGUE, Netherlands, Capital Markets in Africa — The Dutch development bank, FMO, has provided a five year loan for USD 10 million from the MASSIF fund to VisionFund International (VFI), a global microfinance organisation. This transaction will especially benefit rural communities and female clients from VisionFund’s African microfinance institutions (MFIs). In addition, FMO has also provided a USD 275,000 Capacity Development (CD) grant to support VFI with an innovative approach to disaster resilient microfinance. VFI…

Multinational companies see long-term growth potential in Nigeria — Moody

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Lagos, Nigeria, Capital Markets in Africa — Multinational companies operating in Nigeria remain committed to participating in the long-term growth of Africa’s biggest economy and most populous country. This is despite the current environment of a continued low oil price and slowing economic expansion, Moody’s Investors Service said in a report published today and titled “Nigeria — Multinational Companies: Long-term Growth Strategies Resilient Despite Weak Oil Price Environment”. Large companies are sticking to their long-term…

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