International Finance Corporation (IFC) News

Ade Adeyemi, CEO, Ecobank Group

Ecobank's Ade Adeyemi: 'I believe a pan-African institution is good for the continent'

As CEO of the pan-African Ecobank, Ade Adeyemi is used to the logistical nightmare of criss-crossing the continent. It’s no simple matter getting from Lomé, Togo, where Ecobank is headquartered, to sit down with Euromoney Africa in Kigali, Rwanda.

Elo Umeh, CEO, Terragon Group

How Nigerian Tech Entrepreneur Elo Umeh Of Terragon Group Is Building An African Digital Powerhouse

Over the last 15 years, Africa has seen significant mobile telecoms growth and now data is being viewed as the ‘new oil’ on the continent.

Andile Ngcaba, Chairman, Convergence Partners

Convergence Partners, Google and the IFC commit $100 million to pan-African wholesale broadband provider CSquared

Convergence Partners recently signed an agreement with Google, the International Finance Corporation (IFC) and Mitsui & Co., Ltd. (Mitsui) to invest in CSquared, a broadband infrastructure company headquartered in Nairobi, Kenya.

Lidya

Leading Nigerian fintech startup Lidya closes $1.25M seed funding round

Lidya, a leading fintech platform based in Nigeria, announced in late March that it has closed a US$1.25 million seed funding round to further its mission of easing access to finance for small and medium enterprises (SMEs) across Africa.

Zoya Sisulu, ‎Head of Debt Primary Markets, South Africa, Standard Bank. Credit: Business Day (South Africa)

African debt capital markets resilient in face of growth challenges

Debt capital markets across Africa’s sub-regions have remained robust despite the macroeconomic and political challenges presented.

Chinelo Anohu-Amazu, Director General, Pension Commission of Nigeria (Pencom)

Africa still attractive to investors, says PenCom Head Chinelo Anohu-Amazu

Portfolio flows into Africa may be falling but this marks a readjustment in the way investors interact with the continent, says Chinelo Anohu-Amazu, Head of Nigeria’s National Pension Committee (PenCom).

Scatec Solar and Norfund sign power purchase agreement for Mozambique's first large-scale scale solar plant

Scatec Solar and Norfund sign power purchase agreement for Mozambique's first large-scale solar plant

In addition to this new 40 MW plant in Mozambique, Scatec Solar operates 200 MW of solar power plants in South Africa and Rwanda and has new projects under development across Africa, including in Mali, Nigeria and Kenya.

Africa Telecom and Tech IPO Pipeline Swells as Growth Companies Target Public Markets. Credit: sokopay.com

Africa Telecom and Tech IPO Pipeline Swells as Growth Companies Target Public Markets

From Nigerian fintech to East African fiber, several exciting and diverse companies are emerging as IPO contenders in Africa’s rapidly growing Technology, Media & Telecommunications (TMT) sector, according to specialist news provider TMT Finance.

Denis Duverne, Director, Deputy CEO, AXA

AXA expands Africa operations in joint venture with Lloyd's specialty group Chaucer

AXA is targeting the rapidly expanding market for African specialty insurance by partnering with Chaucer, a Lloyd’s specialty insurance group.

Sub-Saharan Africa & private equity approaches to enhancing economic development: ODI

Sub-Saharan Africa & private equity approaches to enhancing economic development: ODI (Infographic & Report)

Private equity has been the fastest growing flow to the region with a five-fold growth rate and more than $50 billion of inflows since 2008. Private equity now comprises approximately $12 billion annually and 20% of cross-border capital flows.

South Africa's largest REIT Growthpoint joins forces with Investec and IFC to invest in African real estate

South Africa's largest REIT Growthpoint joins forces with Investec and IFC to invest in African real estate

Growthpoint Properties, South Africa’s largest REIT and a JSE ALSI Top 40 Index company, has entered a joint venture with Investec Asset Management, in partnership with the International Finance Corporation (IFC), to make real estate investments in several African markets outside of South Africa.

Afrimax raises $120M for Africa high-speed broadband network

Afrimax raises $120M for Africa high-speed broadband network

Mobile internet firm Afrimax Group has raised $120 million to fund the expansion of a high-speed broadband network in Africa, it said on Tuesday, the latest firm to jockey for position in the continent’s fast-growing consumer internet market.

Africa’s richest man plans to almost double the continent’s cement production by 2020

Africa's richest man plans to almost double the continent's cement production by 2020 (Infographic)

Africa’s cement wars are heating up. Dangote Cement, owned by Africa’s richest man, Nigerian billionaire Aliko Dangote, has revealed its agreement with a Chinese construction company to build cement plants in 11 countries.

Convergence Partners raises $200M for largest ever fund dedicated to Africa ICT infrastructure

Convergence Partners raises $200M for largest ever fund dedicated to Africa ICT infrastructure

Convergence Partners, an investment management firm focused on the African telecommunications, media and technology sector, has announced the successful final close of its Convergence Partners Communication Infrastructure Fund (CPCIF).

Arunma Oteh, former Director General of Nigeria's SEC and incoming World Bank Vice President and Treasurer

Former Director General of Nigeria's SEC Arunma Oteh appointed World Bank Vice President and Treasurer

World Bank President Jim Yong Kim today announced the appointment of Arunma Oteh as Vice President and Treasurer of the World Bank.

Solar plant

Mali to build West Africa's first industrial-scale solar plant

Mali has signed an agreement with a Norwegian renewable energy specialist to build west Africa’s first industrial-scale solar power plant, the company announced in a statement on Friday.

Tony Wainaina, Managing Partner, Fanisi Capital

Kenyan private equity firm Fanisi Capital pays $6M for minority stake in Tanzanian agro-processor

Kenya-based private equity house Fanisi Capital said on Thursday it had bought a stake in a Tanzanian agro-processing company for $6 million, expanding its footprint in the region.

The GCX buildout will be led by Eleni Gabre-Madhin, the CEO of Nairobi-based Eleni Exchanges.

Ghana Commodity Exchange (GCX) to be fully operational by June 2016

Smallholder farmers and other participants along Ghana’s agriculture value chain look set to rake in more returns on their investments following the launch of the Ghana Commodity Exchange (GCX).

Mitchell Elegbe, Group Managing Director, Interswitch

Nigeria's Interswitch considers IPO dual-listing on London Stock Exchange & Nigerian Stock Exchange for Africa expansion

Interswitch Ltd., which processes payments for banks and owns a brand of debit cards in Nigeria, is considering initial public offerings in London and Lagos next year as it plans an expansion into new African markets.

James Mwangi, CEO, Equity Bank

Kenya's Equity Bank to expand to the DRC via acquisition in first step outside East Africa

Kenya’s Equity Bank Group plans to expand its operations into the Democratic Republic of Congo by acquiring a 79 percent stake in ProCredit Bank Congo, its chief executive officer said on Tuesday.

Hurley Doddy, Co-Founder, Managing Director, & Co-CEO of Emerging Capital Partners (ECP)

Private Equity in Africa: Emerging Capital Partners' Hurley Doddy on myths of Africa & the arrival of PE megafirms

Fundraising in Africa reached a record $4 billion in 2014, but the demand for capital still far exceeds the supply, a panel of private equity executives told attendees of the Global Private Equity Conference hosted earlier this week by the International Finance Corp. and the Emerging Markets Private Equity Association.

Dapo Okubadejo, Partner & Africa Head, Deal Advisory & Private Equity, KPMG

Consumer demand will drive the next wave of private equity investments in Africa, says KPMG Partner Dapo Okubadejo

Though Africa has been described as the last frontier market for natural and mineral resources, market trends indicate that it is in fact meeting current needs of the 1 billion plus population and, the future demands of the rapidly emerging middle class consumers, that will drive the next wave of private equity investment on the continent.

Aliko Dangote, billionaire and chief executive officer of Dangote Group, pauses during a session at the World Economic Forum in Davos, Switzerland, on Jan. 22, 2015. Photographer: Jason Alden/Bloombergp

Africa's richest man Aliko Dangote courts Blackstone to boost Nigerian gas

Aliko Dangote, Africa’s richest man, plans to quadruple the supply of gas to Nigeria by building pipelines that may be backed by Carlyle Group LP and Blackstone Group LP, the world’s two biggest private-equity firms.

Tayo Oviosu, CEO, Paga

21 Nigerian tech CEOs at the top of their game

Here are 21 of the country’s tech entrepreneurs who are at the top of their game and are making serious waves in the tech space.

Ayisi Makatiani, Managing Partner & CEO, Fanisi Capital

Kenyan $50M private equity fund Fanisi Capital invests $2.1M in European Foods Africa

Kenyan private equity house Fanisi Capital said on Thursday it had invested $2.1 million in a mid-sized local food distribution and processing firm that sells pizzas, berries and fresh juice.

Solar power plant

Three exciting developments in the solar power space in Africa

The new year may only be a few months old, but 2015 has already ushered in a number of exciting developments in the solar power space in Sub-Saharan Africa.

Bob Diamond, Co-Founder, Atlas Mara & Former CEO, Barclays

Former Barclays CEO Bob Diamond could gain millions from new African investment venture

Bob Diamond, ousted as boss of Barclays last year after the Libor-rigging scandal, potentially stands to reap millions of pounds from a new stock market venture set up to acquire financial services companies in Africa.

Private Equity in Africa: The Promise and the Challenge

Private Equity in Africa: The Promise and the Challenge

Established African firms and new entrants, small and large, are raising a substantial amount of capital for private investments in Africa.

IHS Towers

IHS Nigeria secures $200M financing

IFC has announced a commitment of USD 200 million to help IHS Nigeria expand its tower portfolio and create mobile infrastructure that will improve service quality for operators and consumers in Nigeria.

German Vegarra, Africa Head of Industry, International Finance Corporation (IFC)

Africa has the fastest growing private equity market in the world: German Vegarra, Africa Head of Industry, International Finance Corporation (Video)

Private equity flows into Africa have increased at a rate of 40% annually since 2011, making Africa the region with the fastest growing private equity market globally, according to German Vegarra, IFC Africa’s Head of Industry.

Board Room

Private equity looks to African investors

Fundraising by Africa-focused private equity has rebounded after the global financial crisis, buoyed by support from the international development finance institutions.

Seven Energy

IFC invests $50M in Nigeria's Seven Energy debt issuance

The International Finance Corp. bought almost 13 percent of the debt sold by Seven Energy International Ltd., a Nigerian oil and gas company, with some proceeds earmarked for a pipeline in Africa’s biggest economy.

Tower sharing in Africa

Helios Towers Africa Raising almost $1B for regional expansion

Helios Towers Africa, the owner of telecommunications towers in three countries on the continent, is raising almost $1 billion in capital to expand in the region, Chief Financial Officer Andres de Orleans Borbon said.

Providence Equity Partners

PE Firm Providence Equity Enters Africa with Investment in Helios Towers Africa

Helios Towers Africa (“HTA”), the leading, independent telecommunications towers company in Africa, announces that it has raised $630 million in new equity resources from existing and new shareholders.

Konza Techno City, Kenya

Billion dollar tech cities - Ghana's Hope and Kenya's Konza Techno: Boon or bane to Africa's tech movement?

The governments of Ghana and Kenya are committing billions of dollars to building tech capitals Hope and Konza in the hopes of positioning themselves as ICT hubs in the region.

Credit Report

For Africa and its entrepreneurs, credit bureaus the path to growth

When Joyce Musonda wanted to start a business two years ago selling kitchen tiles from her backyard in an up-and-coming district of Zambia’s capital of Lusaka, she braced herself for a battle to find a start-up loan.

Jason Njoku

Top 10 Tech CEOs In Nigeria

Drawing from statistics of Nigeria’s rebased GDP figures, information and communication technologies (ICT) and its sub-sectors are key drivers of Nigeria’s impressive economic growth.

Paul Kagame

Paul Kagame’s Singapore of Africa Economy Rewards Debt: Africa Credit

Fourteen years of Rwanda rule by Paul Kagame, whose forces ended the 1994 genocide that killed at least 800,000 people, is rewarding bond investors with record low yields amid the fastest economic growth in East Africa.