Finance | - Part 170

Africa Internet Group, parent of Jumia, secures over €300M funding

LAGOS, Nigeria, Capital Markets in Africa —- Africa Internet Group, the parent company of Jumia the online retailer, has secured over €300M in funding. This new round of investment is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs. In a statement, AIG said that the funds will significantly strengthen its balance sheet, enabling the company to leverage the significant growth of Jumia and to capitalise on…

Investec Closes its Second Africa Private Equity Fund at US$295 Mill

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Johannesburg, South Africa, Capital Markets in Africa — Investec Asset Management, one of the largest investors in Africa, has successfully closed its sophomore fund, the Investec Africa Private Equity Fund 2 (IAPEF 2) at $295mn. The investor base includes pension funds, endowments, Fund of Funds and development finance institutions from across the US, Europe, the UK and Africa. As with its first African fund, IAPEF 1, launched in 2008, IAPEF 2 will focus broadly on…

Ethiopia to build 4 Agro-Processing industrial Parks

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ADISS ABABA, Ethiopia, Capital Markets in Africa — Ethiopia plans to construct four Agro-processing industrial parks at a cost of US$30 billion, construction is scheduled to start in September 2015, according to Foreign Affairs Ministry, Ethiopia. The decision was announced after meeting between Prime Minister Hailemariam Desalegn, federal, regional government officials. This is in-line with the country’s Growth and Transformation Plan (GTP), which aimed to transform Ethiopia to an industrialized economy and increase the per…

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

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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…

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