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Tag: DFI

Phatisa, DFIs acquire stake in South African-based citrus and fresh-produce exporter Lona Group

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SOUTH AFRICA – Phatisa, together with a consortium of leading development finance institutions (DFIs), has acquired a significant minority stake in South African-based citrus and fresh-produce exporter, Lona Group, for an undisclosed sum. The DFIs co-investors led by led by Phatisa’s US$143 million Food Fund 2, include British International Investment (formerly known as CDC Group), Norfund, and Finnfund – all…

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CDC grants US$100M loan to FirstBank to support women and SMEs in Nigeria

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NIGERIA – UK’s Development Finance Institution (DFI) CDC has granted a US$100 million finance facility to First Bank of Nigeria (FirstBank), to support women-owned and led businesses and SMEs in Nigeria. The funding demonstrates a shared mission to spur sustainable, productive, and inclusive growth in Nigeria. The deal will support FirstBank to deliver financial solutions that help to address the…

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Telecoms company NuRAN Wireless secures US$15m loan facility for its project expenditures

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DRC – NuRAN Wireless Inc., a specialist rural telecommunications company, has announced that it has secured US$15 million in senior secured credit facility with a development finance institution (DFI). The purpose of the Loan Facility is to finance a portion of NuRAN’s planned US$30 million of expenditures linked to the installation of network infrastructure roll-out promoted by NuRAN in 120…

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CDC Group commits US$50m to 100MW renewable power project in South Africa

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SOUTH AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, has announced a US$50 million project finance direct debt investment to ACWA Power’s Redstone Concentrated Solar Power Project in South Africa. The investment marks CDC’s re-entry into the South African market in direct investment. The project will provide 200,000 South African households with clean and reliable…

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Agricultural Finance Corporation taps NOCK’s George Kubai to be its new Managing Director

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KENYA – Development finance institution Agricultural Finance Corporation (AFC), has appointed George Kubai as its new managing director effective April 2021. Prior to his appointment, Mr Kubai was the General Manager, Downstream Operations at the National Oil Corporation of Kenya (NOCK). The new boss takes over from the lender’s Corporation Secretary Mrs Rose Ochanda who has been the acting Managing…

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Gridworks seeks US$35m in funding for off-grid project in DRC

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DRC – Gridworks, a company dedicated to developing and investing in transmission, distribution, and off-grid electricity infrastructure primarily in Africa which is developing the “Essor A2E” solar project with the Eranove group and the AEE (Association of Energy Engineers) is seeking capital for its launch. The project will enable the electrification of vulnerable populations in the Democratic Republic of Congo…

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Financial institution FinDev Canada CEO set to step down after completing its start-up phase

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GLOBAL – Development Finance Institute Canada (FinDev Canada), a financial institution that supports inclusive private sector growth and sustainability in developing markets has announced that its CEO, Paul Lamontagne, is stepping down. “I’m leaving FinDevCanada after successfully completing its start-up phase. DFI is now globally recognized as a gender-lens investor. As its first CEO, I wish to thank our Team,…

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Ghana COCOBOD launches US$600m syndicated loan facility to boost sector operations

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GHANA – The Ghana Cocoa Board (COCOBOD) has officially launched the US$600 million syndicated loan facility which it signed with some Development Finance Institutions (DFI) to finance key components of the organisation’s productivity enhancement programmes. The loan facility aims to implement production, warehousing and processing interventions, adding value to Ghana’s cocoa sector. According to a statement by COCOBOD, the institutions providing…

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lDCZ avails funding for local industry to bolster investments

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ZIMBABWE – The Industrial Development Corporation of Zimbabwe Limited (IDCZ) has begun availing loans to industry in a move set to revive some faltering firms as well as start up several greenfield bankable projects. According to The Herald, the funding will see successful companies getting anything between US$1 million and US$5 million and will attract a nominal interest of 15…

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