🏭 AFC Secures $300 Million India-Focused Loan

Today’s Menu ☕️

• AFC Secures $300 Million India-Focused Loan to Accelerate Infrastructure Development

• Andela Partner With CNCF to Train 20,000 Africans in Cloud-Native Tech

• MultiChoice to finalize sale of 60% stake in NMS Insurance Services to Sanlam by end of November

• Incofin invests $3 million in Spouts International to expand access to clean water in East Africa

• Orange Egypt fuels Africa’s startup ecosystem with $52.7 million investment

• Ten startups selected for African final of Latitude59 competition, winner to pitch in Estonia for €1 million prize

If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa.

🏭 INFRASTRUCTURE

AFC Secures $300 Million India-Focused Loan to Accelerate Infrastructure Development

In a bid to strengthen global partnerships, the Africa Finance Corporation (AFC) has closed a $300 million India-focused syndicated loan. This marks a key milestone in AFC’s strategy to diversify its international investor base and mobilize global capital to drive transformative infrastructure projects across Africa.

The syndicated loan, celebrated at a commemorative event in Dubai, introduced a new group of lenders from India, underscoring AFC’s position as a leading investment-grade-rated development financial institution. Bank of Africa UK PLC (BOA UK) played a pivotal role as the sole mandated lead arranger and bookrunner, coordinating a syndicate of seven prominent Indian banks.

The funds raised will be channeled into key infrastructure projects, aligning with AFC’s mission to catalyze economic growth and industrialization on the continent. These projects will address critical needs in sectors such as energy, transportation, and industrial development, paving the way for long-term socioeconomic progress......……continue reading

☁️ TECHNOLOGY TRAINING

Andela Partner With CNCF to Train 20,000 Africans in Cloud-Native Tech

Andela and the Cloud Native Computing Foundation (CNCF) have unveiled a groundbreaking partnership to train over 20,000 Africans in cloud-native technologies, a strategic response to the growing demand for cloud-native professionals globally. The initiative, launching in 2025, aims to equip participants with Kubernetes and Cloud Native Associate (KCNA) and Certified Kubernetes Application Developer (CKAD) certifications, recognised as benchmarks for expertise in cloud-native ecosystems.

The training will be delivered at no cost, with participants completing the program in six to nine months. Andela will select trainees from its expansive talent marketplace, which comprises over 150,000 tech professionals, predominantly from Africa. This move aligns with a broader goal to address the estimated 7.5 million unfilled cloud positions worldwide by 2025. By focusing on Africa’s burgeoning developer population, the program seeks to unlock significant employment opportunities while addressing the global tech talent deficit.....……continue reading

📺 MEDIA

MultiChoice to finalize sale of 60% stake in NMS Insurance Services to Sanlam by end of November

MultiChoice is set to finalize the sale of a 60% stake in its insurance business, NMS Insurance Services (NMSIS), to insurer Sanlam by the end of November. In a joint statement issued today, the companies announced that all conditions precedent to the transaction have been fulfilled, including approvals from the Competition Tribunal and the Prudential Authority. As a result, the transaction has now become unconditional.

The transaction will become effective on 30 November, at which point MultiChoice will receive an upfront cash consideration of R1.2 billion for its stake in NMSIS. Additionally, there is a potential performance-based cash earn-out, measured as of 31 December 2026, which could provide MultiChoice with up to an additional R1.5 billion.......continue reading

🚰 WATER TREATMENT

Incofin invests $3 million in Spouts International to expand access to clean water in East Africa

Incofin, through its Water Access Acceleration Fund (W2AF), has announced a significant $3 million investment in Spouts International, a prominent East African manufacturer and distributor of ceramic water filters under the Purifaaya brand.

This funding is intended to support Spouts’ mission of expanding access to clean water across the region and enhancing its carbon credit program. Spouts’ ceramic water filters offer an affordable and sustainable solution for providing safe drinking water. These filters eliminate the need for boiling water, a common practice in Africa that heavily relies on firewood and charcoal, contributing to deforestation and carbon emissions...……continue reading

💰 INVESTMENT

Orange Egypt fuels Africa’s startup ecosystem with $52.7 million investment

Orange Egypt is making significant strides in Africa’s startup landscape with a substantial investment of $52.7 million aimed at fostering a youth-centric technological revolution. This investment follows closely after the telecom giant inked an agreement with the Egyptian government to initiate the second phase of its 5G licensing rollout.

To date, over 40 startups have secured funding, with the majority being Egyptian enterprises. This influx of capital is a significant boost for Egypt’s burgeoning entrepreneurial ecosystem and brings the country closer to solidifying its position as a leading startup hub in Africa....……continue reading

OTHER STORIES

• Ten startups selected for African final of Latitude59 competition, winner to pitch in Estonia for €1 million prize…….read more

• Telkom reports 1.9% revenue increase to R21.3 billion, driven by mobile and fibre services …...read more

• Egyptian supply chain tech startup Qara secures $2.6 million to expand into Saudi Arabia…….read more

• WaterEquity unveils $100 million fund to boost climate-resilient water solutions in Africa and emerging markets…..read more

• Kenya unveils UK-Kenya AI Challenge Fund to propel ethical AI development…….read more

Do you know you can join and follow us on our WhatsApp Channel?