Societe Generale will allocate nearly €4bn ($4.34bn) of additional capital to Africa by 2016, aiming to accelerate its revenue growth to approximately 7% per year, according to the French banking group’s strategic plan.
The Government of the Republic of Côte d’Ivoire and the Islamic Corporation for the Development of the Private Sector (ICD) have signed an agreement to setup a CFA 300bn Sukuk Program.
Fairfax Financial Holdings, a Toronto-based financial services holding company, has acquired a 7.15% stake in Africa Reinsurance Corporation (Africa Re) for $61m.
Russian authorities are looking to strengthen economic ties with Sub-Saharan Africa by increasing Russian business and trade, according to the annual executive meeting held by the Coordinating Committee for Economic Cooperation with Sub-Saharan Africa (AfroCom).
Canada and Burkina Faso have signed a foreign investment promotion and protection agreement (FIPA) to protect Canadian businesses and provide new investment opportunities.
IFC, a member of the World Bank Group, and the Japan International Cooperation Agency (JICA) will streamline lending procedures for joint investments to provide much-needed financing to private companies in emerging markets and boost economic growth and jobs.
Citi Senegal granted Microcred Senegal, a regulated deposit–taking microfinance institution in Senegal, a loan of $2.5m (FCFA 1.45bn) to drive and promote the development of the microfinance sector in Senegal.
IFC, a member of the World Bank Group, will lend up to €90m ($94.96m) to support Afriflora Group, a large-scale rose grower and distributor based in Ethiopia.
IFC, a member of the World Bank Group, has invested $13.5m in the West Africa Ventures Fund (WAVF) to promote food security, economic recovery and job creation in Liberia following the protracted Ebola crisis.
The Dutch development bank FMO has closed a R100m ($8.39m) 4-year senior LCY loan with Rand Trust Financiers (RTF), a specialist debtor finance and debtor administration business with a 100% focus on SME’s in South Africa.
AVIC International, Industrial & Commercial Development Corporation of Kenya and the Co-operative Bank of Kenya, have provided $155m of funding in debt and equity in Two Rivers Development, a project of Centum Investment Company.
The UK’s development finance institution CDC has invested $15m in Miro Forestry, a sustainable timber business which operates in Sierra Leone and Ghana.
IFC, a member of the World Bank Group, has provided a $4.5m loan to Goodlife Pharmacy to help the company open a chain of 80 pharmacies across Kenya and East Africa.
The World Bank Group has approved $5m financing in both IDA credits and grants for the Public Sector Strengthening Project in the West African nation of Guinea-Bissau.
