Green hydrogen, pharmaceutical expansions and $100mn in SME Financing
Industry and Investment News
Hi all,
it’s time again for our investment and industry news roundup covering Sub-Saharan Africa.
The highlights this week:
🌍💡 Feasibility study for “Project Nour” completed in Mauritania which could become one of the world’s largest green hydrogen projects
💊🏭 Nigerian AMA Pharmaceuticals launches second manufacturing plant to serve African markets with locally produced pharmaceuticals
🏦💰 The United Bank for Africa and the African Guarantee Fund have partnered to provide $100 million in new loans to SMEs across 20 African countries
Let’s dive in!
Investor news
😍 Good News:
Green Funds
Green Climate Fund announced an investment of $100 million for climate initiatives in Somalia.
The European Investment Bank aims for climate-related investments in Africa, funding e.g., Nairobi's bus system electrification and food security in Zambia.
The Green Climate Fund has pledged $309.3 million in climate investments to Madagascar, Somalia, and Ghana, as part of a $1.26 billion global climate financing initiative.
SME Funding
The United Bank for Africa and the African Guarantee Fund have partnered to provide $100 million in new loans to SMEs across 20 African countries.
Venture Capital
P1 Ventures has secured a second close of $35 million for its Fund II
XSML Capital has raised $98.7 million in the first close of its fourth fund, African Rivers Fund IV, aimed at providing growth capital to SMEs in Central and Eastern Africa.
IFC and Solcon Capital have formed a partnership to support growth in South Africa's deep tech sectors.
Industry News
🥑 Agriculture/ Food systems:
The World Bank has approved a $40 million grant to promote Climate Smart Agriculture technologies across various African countries.
Rwanda: KKOG Rwanda is the first local company to receive a license for 5 years to cultivate and export medical cannabis.
Ghana: The Africa Business Angel Network has invested in Ghana's Legendary Foods, which produces palm larvae to serve as a sustainable protein source.
South Africa: Agri-tech platform SwiftVEE has expanded from an online livestock auction platform to offering comprehensive agri-tech solutions, including white-label auction software and a digital agri-inputs platform.
🌳 Ecosystems
Lazard suggests that African nations could alleviate their debt by selling carbon credits from their extensive forests, including the Congo Basin and mangroves.
💡 Energy and infrastructure
Zambia: TDB has provided a $2 million loan to MPower Ventures to support the distribution of solar home systems in rural Zambia.
Nigeria: Microsoft and CFM have partnered to invest USD 18mn in private renewable power trading platform Konexa.
Mauritania: Chariot has completed a feasibility study for "Project Nour," a major green hydrogen project with a potential to become one of the largest of its kind globally producing 150 kt of green hydrogen annually.
South Africa: Enel Green Power South Africa has initiated the construction of three wind farms, set to supply 330MW of renewable energy to Sasol’s Secunda site, home to the world's largest oxygen production facility.
South Africa: Trina Solar is partnering with SOLA and WBHO to build 135MW solar plant powering operations at African Rainbow Minerals mine.
The African Commission On Nuclear Energy and US-based DeepGEO have signed an agreement aimed at expanding nuclear energy in Africa and establishing a fully autonomous African nuclear supply chain.
🏭 Industrialisation
Nigeria: AMA Pharmaceuticals, based in Kaduna, Nigeria, has launched its second pharmaceutical manufacturing plant, marking a significant expansion aimed at addressing healthcare needs across Africa.
Nigeria: Dangote Sugar Refinery is leading a revolution in Nigeria's sugar industry with its backward integration programme, aimed at creating a thriving sugarcane-to-sugar value chain.
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Thanks for reading,
Carolin