Sanlam Emerging Market, subsidiary of South African Salam Group, has finalized the sale of an undisclosed volume of stake in its Kenyan subsidiary Sanlam Investment East Africa. The buyer’s identity has not been revealed but sources claim that it is a local partner. The South African insurer will get Ksh730 million ($7.2 million) from this operation. Two years ago, Sanlam acquired 75% of asset...

Vantage Capital, a South Africa based mezzanine fund, announced its disinvestment from Thebe Timrite, a South African mining services provider.   The mezzanine fund did not reveal the gain generated after six years in the mining service provider’s capital but, it indicates that it contributed to the elaboration of Thebe Timrite’s growth strategy. In 2013, the mining service provider...

On the sidelines of the World Bank-IMF Spring meetings, Canada announced a $1.1 billion commitment in temporary callable capital to support the African Development Bank. Canada’s announcement, to be approved by the Bank’s governors, was made by Maryam Monsef (photo), the Canadian Minister of International Development and for Women and Gender Equality. “I am happy to say that today,...

For the next two years, Egyptian fintechs will receive the support of the International Finance Corporation-IFC. A support programme was launched in that regard on April 8, 2019, in Cairo. The corporation will coach two fintech accelerators to improve their coaching, development and technical development skills with investment attraction as the end goal. The support programme will be jointly...

Incumbent operator Tunisie Telecom signed a memorandum of understanding with IT firm 3S for the launch of a LoRaWAN Internet Of Things (IoT) national network developed by LoRa Alliance. The agreement was signed by Mohamed Fadhel Kraiem, CEO of  Tunisie Telecom, and Adel Dahmani, deputy managing director of 3S, in the presence of Anouar Maârouf, Tunisia’s minister of IT and digital...

Northern Ireland based Devenish Nutrition invested $2.25 million to acquire 42% stake in the capital of Kenyan agribusiness Sidai Africa Ltd in the framework of its growth strategy in emerging markets. In 2018, Devenish was granted an €11 million credit line by the European Investment Bank for its expansion in many regions, Africa included.   Sidai Africa Ltd, which deems the...

Thousands of people in South Sudan have received relief from a food security project which is addressing the nation’s severe food and nutrition needs. The South Sudan Short-Term Regional Emergency Response Project (STRERP) was launched in December last year by the government with a $43.57 million grant from the African Development Bank. The World Food Programme is implementing the...

The African Union Development Agency-NEPAD in partnership with the German Government and the South African Department of Higher Education and Training (DHET)launched the Funding Window I, a call for proposals for large skills development investment projects proposed by domestic training entities in partnership with companies under the Skills Initiative for Africa (SkillsAfrica.org). This is...

Three partnership agreements were signed by Egypt and Côte d’Ivoire during the visit of Abdel Fattah Al-Sissi, Egypt’s president, in Abidjan yesterday April 12, 2019, in the health, culture and IT sectors. During the signing ceremony, Alassane Ouattara, president of Côte d’Ivoire invited Egyptian entrepreneurs to take advantage of incentives offered by his country’s investment code to...

Standard Chartered Bank reached an agreement with American authorities to refund the tune of $18 million to terminate a US financial law breach case involving its Zimbabwean subsidiary.    Indeed, some of the banking groups’ clients who were blacklisted by the US treasury department made financial transactions from the accounts lodged in Standard Chartered Bank Zimbabwe towards...