- The African Development Bank (AfDB) has given the go-ahead for a US$10 million loan to the African Local Currency Bond Fund (ALCB Fund). The loan will grow the fund’s portfolio and promote the development of domestic capital markets across the continent. The fund was created in 2012 by German development bank KfW, which works on behalf of the German Federal Ministry of Economic Cooperation (BMZ).
- Microfinance investor SANAD has agreed a US$10 million loan to Egypt’s sixth largest bank, Banque du Caire, to increase its lending to small businesses. More than 2.5 million small businesses in Egypt are responsible for more than 90 percent of private sector jobs and 80 percent of Egypt’s gross domestic product.
- Rensource has raised US$3.5 million for renewable power subscriptions for Nigerians, half of whom lack reliable access to electricity. The Lagos-based firm develops home and business solar systems that hook up to Nigeria’s power grid.
- Global financial inclusion investor Accion will help Mozambique’s leading microfinance bank, Socremo, provide financial services to micro and small-to-medium sized enterprises (MSMEs). Accion plans to work with Socremo to install a new digital strategy that will help the business grow, launch new products and lower costs throughout the country.
- Investec’s wiGroup has received backing by Virgin Group and retail solutions provider Smollan, which together have acquired a stake in the Cape Town-based mobile loyalty software firm. Other investors include Investec Asset Management and Crossfin Technology Holdings.
- Dutch development bank FMO is co-investing with the European Bank for Reconstruction and Development (EBRD) using a €32 million loan to finance the operations of Turkish dried fruit producer Peyman Kuruyemiş. The investee firm is owned by British private equity fund Bridgepoint, and will build a new production facility in the north-western city of Eskişehir.
- FMO has agreed a syndicated loan for Access Bank of US$100 million with the help of French private sector development bank Proparco, the Norwegian Investment Fund Norfund, Finland’s Finnfund and the Swedish private finance development entity Swedfund. The loan is aimed at helping Nigerian farmers improve the production, processing and distribution of their crops.
- International Finance Corporation (IFC), a member of the World Bank Group, announced new financing of US$100 million to support SME service provider FNB’s lending operations, with a particular focus on female-owned businesses.