Nigerian automotive technology startup Autochek has raised $13.1 million in seed funding to strengthen its auto loan processing platform and expand its presence in West Africa. The fundraising was led by TLcom Capital and 4DX Ventures and saw the participation of ASK Capital and Mobility 54 Investment SAS, the venture capital arm of Toyota Tsusho Corporation, among others. Mobility 54's...

The African Union (AU) announced it will purchase 110 million doses of covid-19 vaccine from the pharmaceutical company Moderna at the "lowest tiered price". The institution reached a deal to redirect doses initially destined for the U.S. to Africa. "This is important as it allows us to increase the number of vaccines available immediately. We urge other vaccine-producing countries to follow the...

For the second year running, SouthBridge co-hosts the Brazil Africa Forum 2021 with the Brazil Africa Institute. #BAF2021 will be held virtually on November 23rd and 24th with the theme “Natural Resources: Environmental Protection and Sustainable Development”. The event will delve into the natural resources’ agenda: discussing governance, new technologies, the changing role of...

The Nairobi Securities Exchange (NSE) has signed a partnership with the Konza Technopolis Development Authority (KoTDA) to connect Kenyan tech startups with potential investors. The agreement is part of the knowledge economy and innovation program of KoTDA's second strategic plan (2021-2025) for technology startups and SMEs. Both entities want to establish an ecosystem to effectively support...

Tanzania has unveiled a plan to expand its national fiber grid. TSh170 billion (S73.7 million) will be invested in the project, Prime Minister Kassim Majaliwa (pictured, right) announced during the 5th annual national ICT conference held in Arusha last October 20-22. The government plans to build an additional 4,244 km of optical fiber by the end of 2021 to bring the national grid to 12,563...

The Congolese government plans to collect about CFA1,935 billion, or $3.4 billion in revenues next year. This is about 17.2% higher than the amount estimated in the 2021 rectifying finance law. To achieve its objective, the government mainly bets on oil and tax revenues. Oil revenues are expected to jump by 16% from $1.8 billion this year and tax revenues are expected to jump by 15%...

Egyptian investment holding company Raya has completed the sale of its subsidiary BariQ, two years after the deal was announced. The transaction is part of the company’s strategy to exit assets that have become non-core.   Raya sold 6.5 million shares in BariQ for EGP496 million plus an additional EGP75 million, corresponding to a debt waiver, which makes a total of EGP571 million...

In plans to quickly move out of the Covid-19 pandemic, countries in Africa are stepping up initiatives to increase their vaccine production capacities. To support this ambition, pharmaceutical firm BioNTech has reached an agreement with Rwanda and Senegal to build its first vaccine production factories on the continent.   The firm announced in an October 26 statement that the construction...

Ahead of the COP26 climate conference in Glasgow, St. Andrew's Cathedral, the iconic city landmark, will host an exhibition featuring ChangeMakers, a campaign led by Climate Investment Funds. The African Development Bank is a partner of the campaign and implementing agency of Climate Investment Funds. The Bank nominated several climate champions from the continent who actively work in the field...

After a successful first bond issue in May, MTN Nigeria is repeating the experience. The telecom company, which is taking advantage of currently low bank interest rates, is planning various projects to support its digital transformation. Mobile operator MTN Nigeria is preparing a second fixed-rate bond issue. The company, which has received approval from the Securities and Exchange Commission...