Nigeria-Morocco Gas Pipeline moves forward
Nigeria, Morocco and the Economic Community of
West African States (Ecowas), have signed a memorandum of understanding for the Nigeria-Morocco Gas Pipeline megaproject. The memorandum attests to the commitment of Ecowas and all the countries crossed by the gas pipeline to contribute to feasibility and technical studies, the mobilisation of resources and execution of the project, which will supply gas to all the countries of West Africa and will open a new channel of export to Europe. Sixteen countries, including 14 ECOWAS member states, are involved.
Proparco invests $10m in Mauritian insurer MUA
Proparco, the private financing arm of Group Agence Française de Développement, has announced a $10m equity investment in
MUA Ltd, a regional insurer with operations in Mauritius, Kenya, Uganda, Rwanda, Tanzania, and the Seychelles. The issue of 4,175,482 new ordinary shares of MUA to Proparco was held on 16 September, expanding MUA’s shareholding beyond Mauritius. Proparco will appoint one board member to the board of directors of MUA.
Cameroon and AfDB set up Agricultural Sector Development Fund
Cameroon has signed an agreement with the African Development Bank for the establishment of an Agricultural Sector Development Fund. The fund will be part of the implementation of the Agricultural Value Chain Development Project, and will provide medium-term resources to microfinance institutions in Cameroon, so that they can extend flexible medium-term loans (two to four years) to enterprises in the agricultural value chain. The Project will endow the Fund with €13.12m ($13.02m), in addition to a partial credit guarantee of €4.58m for risk sharing with commercial banks.
African Women Impact Fund launches with $60m commitment
The African Women Impact Fund, launched to enable and promote women-owned and women-led funds, has announced its first commitment of $60m to provide capital to women business owners and fund managers across Africa.
The AWIF, which aims to raise $1bn over 10 years for women fund managers, is an initiative of the UN Economic Commission for Africa and the lead sponsor is Standard Bank. Of the $69.1 trillion of financial assets under management globally, less than 1.3% are managed by women and people of colour.