LimeVest Partners, an Egyptian private equity firm focused on mid-cap companies, secures a $10 million commitment from the US financial institution Overseas Private Investment Corporation (OPIC).This operation, which is the US company’s first investment in a private equity firm in Egypt, will be injected into LVP Health Holding Ltd, an investment vehicle managed by LimeVest, to support...

The Sino-French company Weidong Cloud Education Group announced it will support the Congolese TIC’Sup project which aims to digitize higher education in the country. A partnership was signed in that regard by Congo’s higher education minister, Bruno Jean Richard Itoua, and Weidong’s Vice President. Under the terms of the agreement, Weidong is expected to provide teachers and students at...

The French Development Agency (AFD) is giving the Republic of Benin $41.5 million to renovate the lacustrine town of Ganvié. The agreement was inked Thursday by Benin’s minister of finance, Romuald Wadagni, the French Ambassador to the country, Véronique Brumeaux, and the AFD’s MD, Adrien Haye.The sum is split into about $37.6 million of credit and $3.8 million of grant. With...

Snapplify, a South African e-learning startup, raised $2 million to expand its activity and enter new markets, on the continent and beyond. The money was mobilized from Knife Capital, a South African investment fund dedicated to innovative projects, and investment fund Hlayisani Growth Fund. “We are excited to have Knife Capital and Hlayisani on board to enable this vision, particularly...

Women-led Solar Sister partners with US energy company Palmetto to connect 10 million people in Africa over the next five years, the company announced this week. According to Katherine Lucey (pictured), MD of Solar Sister, this partnership with a company with similar goals in terms of access to clean energy, will democratize sustainable energy among grassroots populations. “I am particularly...

The government of Benin adopted this week its Finance Act for 2020. The new budget of 1,986.9 billion CFA Francs ($3.3 billion) is 5.8% higher than the 1,877 billion CFA Francs ($3.1 billion) adopted in 2019.Budget deficit is expected to be 1.8% of GDP next year, 0.4% down the deficit in 2019. According to authorities, welfare spending estimated at $776 million in 2019, should further...

The trade deficit Africa recorded in exchanges with the European Union (EU) dropped by 95.2 % between 2015 and 2018, according to data provided by the European Commission.While Africa suffered a €21 billion deficit in exchanges with the EU in 2015, the figure significantly shrunk to only €1 billion in 2018. This is way below the $14 billion deficit recorded with Russia and...

The Sierra Leonean microfinance institution A Call to Business Savings and Loans (ACTB) will receive $1.5 million from the Dutch Development Finance Fund (FMO) as the Fund’s first commitment to the West African country’s financial sector. The 3-year credit line will be used to finance micro-entrepreneurs and small businesses in Sierra Leone. It will be provided via Massif Fund, an...

The investment fund dedicated to renewable energies in Africa, Empower New Energy, announced it has mobilized a Series A financing of $8 million to fund small renewable energy projects on the continent. Targeted projects are plants of 1 to 10 MW that struggle to get financing through traditional mechanisms. Under this strategy, Empower has already spotted a number of solar, hydroelectric...

“Energy, passion and a lot of young people who care about nutrition” will underpin the Scaling Up Nutrition (SUN) Movement’s newest phase, alongside stronger private sector engagement, members of the Lead Group heard on Tuesday. The meeting of the group’s leaders took place at the UNICEF headquarters in New York on the sidelines of the UN General Assembly. The participants met to decide...