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Sovereign Debt
Egypt Receives $820 Million From IMF's Extended Fund Facility (EFF) Deal.
Egypt has secured $820 million as the second tranche of the International Monetary Fund's (IMF) loan program.
Ecobank Repays $500 million 5-year Eurobond Debt.
Ecobank Transnational Incorporated (ETI) repaid a 5-year, $500 million Eurobond loan that matured last week.
Marco and Market Matters?
- Kenya's remittance grew by 19% in the first quarter of 2024 to $1.2 billion (KES 158 billion) compared to the recorded inflow during a similar period in 2023.
- Morocco is projected to grow by 3.1 per cent?in 2024 and 3.3 per cent?in 2025, as reported by the International Monetary Fund?(IMF).
- Malawi’s inflation rate for March 2024 fell by 1.7 per cent to 31.8 per cent from 33.5 per cent due to easing food prices.
- South Africa's consumer inflation rate fell to 5.3 per cent?in March from 5.6 per cent?in February due to food inflation reduction.
Banking Essentials
- Bloom Africa Holdings Limited (BAHL), a West African-focused financial services platform, has secured an investment from Afreximbank’s impact investment subsidiary, the Fund for Export Development in Africa (“FEDA”).
Infrastructure Finance
- Tanzania has secured a $200million loan from the World Bank International Development Association for the development of the second phase of the Tanzania Intermodal Rail and Development Plan.
Deal Flow?
M & A?
- Kazi Capital, the 100% black women-owned and managed investment firm through its Kazi BBGR Fund, has acquired a 40% equity stake in Figment, the South African Fintech company.
- Vuna Partners, a South Africa-based SME-focused private equity investor, has acquired a 40% equity stake in family-run frozen food producer Ferreira Fresh.
- Rutam Finance will acquire 43.3% and 100% of Sun International's loan account in?Tourist Company of Nigeria?(t/a Federal Palace Hotel) for $14,55 million.
- M&C Saatchi Plc has sold its equity stake in M&C Saatchi South Africa through a management buyout valued at Abel at ￡5,6 million.
Technology, Media and Telecoms
- Pula, a Kenya-based insurtech that provides agricultural insurance to small-holder farmers, has secured a $20 million series B funding round led by BlueOrchard's InsuResilience strategy fund, the International Finance Corporation, Hesabu Capital and the Bill & Melinda Gates Foundation.
Agric-Business
- C?te d'Ivoire-based packaging company Nouvelle Mici Embaci (NME) has secured a €2 million equity investment from Ghana-based Injaro Investment Advisors, a private capital fund manager, through its Injaro Ghana Venture Capital Fund (IGVCF).
- Kuapa Kokoo Ghana, the Kumasi-based?Fairtrade-certified cocoa farmers organisation, has secured $2.4 million as working capital investment from Sahel Capital, the food and agriculture-focused private equity investment firm through its Social Enterprise Fund for Agriculture in Africa (SEFAA).
- Forna Health Foods, a female-founded and female-led social business (Aunt Porridge), has secured an equity and mezzanine financing facility from Inua Capital, an SME-focused impact fund, through its GLI impact fund.
GP/LPs Activities
- The UK's development finance institution, British International Investment (BII), has made a $15 million commitment to InsuResilience Investment Fund Private Equity II, a climate insurance private equity fund managed by BlueOrchard Finance that provides climate insurance solutions in emerging economies.
- Leading private-debt impact investment manager Acre Impact Capital has completed the first closing of its Export Finance Fund I, with commitments of $100 million from a group of investors such as Trimtab Impact and Ceniarth, European Investment Bank and FSD Africa Investments, at a target size of $300 million.
- The Egyptian-American Enterprise Fund (EAEF) has committed $50 million to the Tanmiya Capital Ventures (TCV) Fund II
- SME-focused impact fund Inua Capital, through its GLI impact fund, has invested in Forna Health Foods (Aunt Porridge)
- Spark+ General Partner, a clean-cooking investment fund, has completed the second and third closes of its Spark+ Africa Fund, which has assets under management of $64 million.
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