Nigeria gets $1.5m for AI | OpenAI gets $4bn Credit Line

Today’s Menu ☕️

💰 ARISE IIP raises $443 million from FEDA and AFC for industrial park expansion across Africa
🤖 OpenAI Secures $4 Billion Credit Line After $6 Billion Fundraising to Fuel AI Expansion
📱Tanzania suspends media company's online platforms for 30 days
🤖 Nigerian Government Accelerates AI Revolution with New $1.5 Million Initiative
🎬 AMAKA Studio Secures $2 Million to Boost the Global Creator Economy

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💰INFRASTRUCTURE

ARISE IIP raises $443 million from FEDA and AFC for industrial park expansion across Africa

ARISE Integrated Industrial Platforms (ARISE IIP), a prominent developer and operator of industrial parks in Africa, has successfully secured $443 million in fresh capital to support its expansion initiatives across the continent. The bulk of this new funding comes from a substantial $300 million investment by The Fund for Export Development in Africa (FEDA), the developmental branch of Afreximbank.

This investment grants FEDA a considerable ownership interest in ARISE IIP, establishing a key strategic alliance between the two organizations. In addition to FEDA’s contribution, Africa Finance Corporation (AFC), a principal shareholder in ARISE IIP, has bolstered the capital raise with a $143 million investment.

This latest influx of capital continues a history of financial collaboration between ARISE IIP and Afreximbank, which has seen the latter provide over $2 billion in debt financing for ARISE IIP’s various projects throughout Africa over the last 12 years. Following this round of investment, ARISE IIP’s total equity capital has now surpassed the $1 billion mark.........continue reading

🤖 ARTIFICIAL INTELLIGENCE

OpenAI Secures $4 Billion Credit Line After $6 Billion Fundraising to Fuel AI Expansion

OpenAI has secured a significant financial boost by establishing a $4 billion revolving line of credit from leading global banks, including JPMorgan Chase, Citigroup, Goldman Sachs, and Morgan Stanley. This credit facility adds to OpenAI’s recent $6.6 billion fundraising, providing the company with access to over $10 billion in liquidity. This substantial financial support is designed to fuel the company’s ambitions of scaling its artificial intelligence (AI) technology, allowing for increased investment in infrastructure, talent, and operational expansion.

In a statement on Thursday announcing the credit facility, Sarah Friar, OpenAI’s Chief Financial Officer, “This credit facility further strengthens our balance sheet and provides flexibility to seize future growth opportunities. We are proud to have the strongest banks and investors in the world supporting us.”.......continue reading

🤖 ARTIFICIAL INTELLIGENCE

Nigerian Government Accelerates AI Revolution with New $1.5 Million Initiative

The Nigerian government, through the Ministry of Communications, Innovation, and Digital Economy, is taking significant steps to advance Artificial Intelligence (AI) in the country. Minister Dr. Bosun Tijani recently announced the launch of a $1.5 million initiative aimed at supporting AI development, which will take place on October 7th in Abuja. This initiative is funded by Luminate, a global foundation focused on empowering people with information and rights to influence decisions that shape their lives.

This announcement follows the launch of a N100 million AI fund in collaboration with Google. However, the initial fund received criticism from the tech community for being too small to significantly impact the AI revolution. Addressing the concerns, Dr. Tijani clarified that the N100 million fund is just one part of a larger, more strategic effort. The $1.5 million from Luminate complements this, and further initiatives are underway to pool both local and international resources to develop AI technology in Nigeria........continue reading

📱SOCIAL MEDIA

Tanzania suspends media company's online platforms for 30 days

Tanzania's communications regulator has suspended the digital platforms of a local media company over the publication of what it called restricted content, a move one opposition group said was aimed at muzzling media that is critical of the government.

Tanzania Communications Regulatory Authority (TCRA) said late on Wednesday it had suspended online content licences for Mwananchi Communications Ltd for 30 days, saying it had published content on Oct. 1 that damaged the country's image.

It did not say what the restricted content was......continue reading

🎬 CREATIVE ECONOMY

AMAKA Studio Secures $2 Million to Boost the Global Creator Economy

AMAKA Studio has successfully raised $2 million in seed funding, marking a major milestone in its mission to empower Black and African creators worldwide. The funding round was led by Equitane, formerly known as Africa Transformation and Industrialization Fund (ATIF), alongside notable partners such as Morgan Stanley Inclusive Ventures Lab and Silverbacks Holdings.

AMAKA Studio was founded in 2021 by Adaora Oramah, with the mission of creating a digital platform that empowers Black and Pan-African creators. Originally focusing on stories centered around Pan-African womanhood, the platform has since evolved into a media-tech space. It provides tools and resources for creators to monetize their work and engage with brands.

The investment will be channeled into expanding AMAKA’s creator platform, AMAKA Gigs, which aims to streamline the process of connecting brands with creators. This initiative will help creators not only showcase their talents but also secure commissions, improving transparency and financial equity. The platform will also integrate enhanced payment solutions, enabling creators to receive seamless compensation for their work, a key issue in the global creator economy............continue reading

OTHER STORIES

• MultiChoice announces 4.7% increase in DStv subscription fees in Kenya……read more

• Lesaka Technologies finalizes $96 million purchase of fintech firm Adumo…….read more

• NBA Africa crowns four startups as winners of Triple-Double Accelerator program……read more

• AfDB grants Comoros $10.5 million for new data center construction….read more

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