In The Spotlight
Samaila Zubairu and Saad Al-Khalb signing the Mou. (Image source: AFC)
The Saudi Export-Import Bank (Saudi EXIM) and Africa Finance Corporation (AFC) have signed an MoU to collaborate on initiatives aimed at enhancing exports in the Kingdom of Saudi Arabia and AFC member companies
“The MoU with the Africa Finance Corporation comes as part of the bank’s commitment to enhancing international economic and trade relations,” remarked Saudi EXIM CEO, H.E. Eng. Saad Al-Khalb. “The agreement will cover several areas of cooperation, including exploring opportunities to support joint projects between companies in the Kingdom and the member countries of AFC, by providing credit solutions that support companies and institutions of all sizes and activities. It will also pave the way for local investors to benefit from promising investment opportunities in Africa, thereby enhancing the flow of non-oil Saudi exports to expand into various African markets, in line with empowering the non-oil national economy and creating a diverse and inclusive economy in line with Saudi Vision 2030.”
Confirmed on the sidelines of the 2024 IMF/World Bank Annual Meetings, the MoU will also promote the exchange of information, technical expertise and knowledge sharing between the two organisations.
Samaila Zubairu, president & CEO of AFC, added, "Strategic partnerships are vital for economic transformation, and in today’s world, no nation can tackle sustainable development alone. As such, AFC is pleased to partner with the Saudi Exim Bank, marking a major milestone in strengthening ties between Africa and Saudi Arabia. Leveraging our collective expertise and resources, we aim to contribute significantly to driving industrialization, facilitating trade and creating jobs for a dynamic economic ecosystem that benefits both regions.”
The Redstone plant will achieve its full capacity soon. (Image source: ACWA Power)
ACWA Power, a private water desalination company and leader in the energy transition, has confirmed that the Redstone Concentrating Solar Power (CSP) plant in South Africa has reached 50MW
In a statement released on 27 October, the company announced the 50MW milestone before indicating that the facility will achieve its full, 100MW capacity in the coming days. Delivered through a collaboration with Herlogas and SEPCOIII, the project is being synchronised with South Africa’s national grid and is expected to provide clean energy to nearly 200,000 households while reducing CO2 emissions.
ACWA Power has also indicated that the Kom Ombo Photovoltaic plant in Egypt has reached its full production capacity of 200MW. It is expected to support and cater to the power needs of around 130,000 households and offset 280,000 tons of CO2 per year.
Reinforcing Africa’s energy and water landscape
With these projects, ACWA Power has current investments of US$7bn in project costs across the continent.
“Our investments in Africa reflect our commitment to sustainable growth through strategic partnerships and leading-edge technology,” remarked Marco Arcelli, CEO of ACWA Power. “ACWA Power is not only a financial leader but also a responsible partner and a pioneer in shaping Africa’s energy and water future. We are eager to invest further where opportunities are most promising, bringing positive change to communities across the continent.”
The company harbours ambitions to triple its business size announced in 2023, leveraging its proven track record of delivering sustainable infrastructure to do so.
The report offers a vision of climate finance’s future. (Image source: Adobe Stock)
A new report by Climate Policy Initiative (CPI) has revealed that climate finance flows into Africa are far below what is required to meet the continent’s climate adaption and mitigation needs
The ‘Landscape of Climate Finance in Africa 2024’ report, commissioned by FSD Africa, sets out these damning findings that could lead to potentially catastrophic social and economic implications. According to the research, there was actually a 48% growth of climate finance to the continent in 2021/2022 from 2019/2020. This saw climate finance reach US$44bn, with private sector finance also doubling to reach US$8bn.
However, despite this move in the right direction, the research indicated that this is simply not enough, with a grave financing gap threatening Africa’s long-term sustainable development trajectory. Key findings from the report include:
• Climate finance was only 23% of the estimated finance required annually for countries to implement their NDCs and meet their 2030 climate goals;
• Finance from domestic actors made up only 10% of total climate finance and funding from African governments remains in decline (from US$1.bn in 2019/020 to US$1bn in 2021/2022);
• There is a huge regional imbalance in flow with the top ten countries receiving 50% of total finance and the bottom 30 receiving just 10%;
• Private finance comprises only 18% of total climate flows;
• Half of all private finance goes to South Africa, Egypt and Nigeria.
Rate of growth "too slow"
“Climate change has the potential to cause Africa major and unprecedented economic disruption and reverse gains made in the recent past,” said Mark Napier, chief executive officer of FSD Africa. “To counter all actors must invest in a more sustainable future. Climate finance is the key element which will determine Africa’s ability to adapt to, mitigate, and develop through, a changing climate. This report by the CPI provides policymakers and decision makers on the continent with a survey of the climate finance landscape as it is now, and as it can – and must – develop in the future.”
In order to do so, the report also provides recommendations to address the gap and accelerate funding such as:
• Establishing an ambitious enabling environment to mobilise capital;
• Strengthening coordination between investors and development financiers to scale-up private sector investment through concessional resources;
• Maximising the impact of mitigation and adaptation investments by stronger integration of climate and development objectives into national policy development and long-term strategies.
• Seeking out and investing in the numerous business opportunities for green, resilient growth in Africa, taking advantage of growing pools of concessional finance and guarantees, while integrating climate risk management from the outset into decision-making.
“It is encouraging to see more climate finance flows in Africa, but the rate of growth is too slow,” surmised Barbara Buchner, global managing director of Climate Policy Initiative. “Public policy and investment must be targeted effectively, and private capital, both domestic and international, can no longer sit on the sidelines. Otherwise, the significant economic opportunities currently available across the continent will be overshadowed by severe economic losses and catastrophic social consequences.”
Climate neutrality is one of the key topics of bauma 2025. (Image source: Messe München GmbH)
bauma, one of the world’s leading construction and mining machinery trade fairs that is run on a three-ear cycle, is returning 7-13 April 2025 at the Trade Fair Center Messe München, Germany
This year, the event is looking to answer how construction processes be as climate-neutral as possible in the future, a pertinent topic in the modern age as the world strives to reach net zero goals.
A statement from bauma has outlined some of the key areas progress can be made, and where the event in Germany will focus on:
• Process automation: “As the international construction machinery industry has already been vigorously driving forward this development for decades, for example, through increasingly economical components, much has already been achieved in this regard,” said Joachim Schmid, managing director in the construction machinery and building material plants division at the German Mechanical Engineering Industry Association (VDMA).
• Digitalisation: At bauma, opportunities around digitalisation and automation will be clear with digital solutions enabling better planning of machines. Developing more sophisticated machine-to-machine communication can ensure more efficient production chains, while smart sensors can monitor machine status. These are but some of the advantages being realised which bring tangible benefits such as avoiding idle times and increasing energy consumption.
• Alternative drive concepts: In addition to the use of electric motors, many companies are focusing on developing and testing hydrogen-power construction machinery. Such concepts – in addition to alternative fuels like HVO – have great potential for reducing greenhouse gases. “Because alternative drive concepts are currently so relevant for manufacturers and users, we are dedicating a separate key topic to this technology segment at bauma 2025,” surmised Nicole Schmitt, bauma exhibition director.
• Continuing the conversation: According to the bauma organisers, to make sure a transformation to climate-neutral construction succeeds, then discussions between industry stakeholders need to be maintained. At bauma, machine manufacturers, construction companies, politicians, researchers, and everything in-between will be represented and encourage to partake in the dialogue and drive the industry forward.
Multiple variants of Grandoreiro are accounting for global banking trojan attacks across the world. (Image source: Adobe Stock)
Kaspersky, a global cybersecurity and digital privacy company, has raised the alarm bells around the worrying Grandoreiro banking trojan which has been causing havoc around the world
According to the firm, Grandoreiro has been active since 2016 and has targeted more than 1,700 financial institutions and 276 cryptocurrency wallets across 45 countries this year alone. This accounted for around 5% of banking Trojan attacks this year and the newly-discovered light version variant is also proving cause for concern, having already targeted around 30 banks in Mexico.
Among the countries that have been affected by Grandoreiro is a number from the African continent, including Algeria, Angola, Ethiopia, Ghana, Côte d'Ivoire, Kenya, Mozambique, Nigeria, South Africa, Tanzania, and Uganda.
An evolving threat
After assisting an INTERPOL-coordinated action, which has led to Brazilian authorities arresting operators behind a Grandoreiro banking trojan operation, Kaspersky discovered that the group’s codebase has been split into lighter, fragmented versions of the trojan, to continue its attacks. This is what has caused problems for financial institutions in Mexico this year. The creators likely have access to the source code and are launching new campaigns using the simplified legacy malware, Kaspersky has reported.
“All the recent developments underscore the evolving nature of the threat. Fragmented and lighter versions may represent a trend that could extend beyond Mexico and into other regions, including beyond Latin America,” said Fabio Assolini, head of the Latin American Kaspersky Global Research and Analysis Team (GReAT). “However, we believe that only some trusted affiliates have access to the malware source code to develop such lighter versions. Grandoreiro operates differently from the traditional ‘Malware-as-a-Service’ model we are accustomed to. You won’t find announcements on underground forums selling the Grandoreiro package; instead, access to it appears to be limited.”
Multiple variants of Grandoreiro, including the new light version and the primary malware, are accounting for global banking trojan attacks across the world, making it one of the most active threats worldwide, according to Kaspersky.
The company also analysed the newer samples of the primary Grandoreiro from 2024, and observed new tactics. It records mouse activity to mimic real user patterns, aiming to evade detection by machine learning-based security systems that analyse behaviour. By replaying natural mouse movements, the malware aims to trick anti-fraud tools into seeing the activity as legitimate.
Grandoreiro has also adopted a cryptographic technique known as Ciphertext Stealing (CTS), which Kaspersky has never seen being used in malware. In this case, its aim is to encrypt the malicious code strings.
To protect from financial malware, Kaspersky security experts recommend key steps organisations can take including to enable a Default Deny policy for critical user profiles; provide cybersecurity awareness training to staff; and use protection solutions for mail servers with anti-phishing capabilities such as Kaspersky Security for Mail Server.
For individuals, Kaspersky recommends vigilance (never open suspicious-looking messages, only install applications from a reliable source, refrain from approving rights or permissions without ensuring they match the applications feature set) and to make sure of a reliable security solution such as Kaspersky Premium.
The Menengai Geothermal Project will be developed in five phases with the goal of developing 465MW of geothermal steam equivalent. (Image source: GDC)
The Geothermal Development Company, a government-owned company that is mandated to execute surface geothermal development, has announced the groundbreaking of the third geothermal power plant at the Menengai Geothermal Project
Set to take place on 24 October and presided over by Kenyan President William Ruto, the groundbreaking has been described as an important step in the country’s transition to clean and reliable energy. Further, it underscores Kenya’s commitment to sustainable energy generation and enhancing the country’s energy mix.
The groundbreaking of the 35MW power plant by OrPower 22, the third independent power producer (IPP) at the site in the eastern sector of the Menengai Caldera, is the next step in the delivery of the wider project that has a long-term goal of developing 465MW of geothermal steam equivalent.
Phase 1 of the Menengai projects targets to generate 105MW and will be met through the three IPPs on site. The first, Sosian, started to generate 35MW in late 2023 while Globeleq is currently the second power plant which will also generate 35MW.
According to the Geothermal Development Company, the delivery of the third power plant promises wide-ranging benefits, such as lower electricity costs (power from the Menengai Geothermal Project is the most competitively priced at 7 $cts/ kWh). Moreover, there will be job opportunities unlocked as it progresses, while boosting economic growth.
Successfully implementing PPP projects requires a nuanced understanding of financial, legal, and operational complexities. (Image source: Synergy Consulting)
Synergy Consulting explores why government and institutional clients should invest in public-private partnership (PPP) capacity building and how Synergy Academy can help
As governments and institutions seek to address complex infrastructure and service delivery challenges, Public-Private Partnerships (PPP) have emerged as a critical solution. PPPs offer a collaborative approach that leverages the expertise, efficiency, and resources of the private sector to meet public needs. However, successfully implementing PPP projects requires a nuanced understanding of financial, legal, and operational complexities. This is where capacity building becomes crucial.
Key reasons why governments and institutional clients must invest in PPP capacity building:
• Enhanced project design and implementation: PPP projects often involve long-term contracts and intricate risk-sharing arrangements. Without adequate training, public sector officials might struggle to design and implement effective partnerships. Capacity building ensures that they can develop sound project frameworks, from feasibility studies to contract management, reducing the risk of project delays or failures.
• Improved risk management: A critical component of PPPs is risk allocation between the public and private sectors. Proper capacity building equips government agencies with the skills to assess and mitigate risks associated with infrastructure projects, such as financial, operational, and regulatory risks. This enhances the chances of project success while safeguarding public interests.
• Efficient resource utilisation: PPPs aim to deliver value for money through efficient resource use. By strengthening capacity, government and institutional clients can optimise financial structuring, negotiate favorable contract terms, and ensure that public investments are used effectively.
• Sustainability and long-term benefits: A well-structured PPP contributes to sustainable development by aligning with long-term policy objectives such as economic growth, environmental conservation, and social inclusion. Capacity building ensures that public sector teams are equipped to pursue these goals, enabling projects that benefit society over the long-term.
• Strengthened institutional framework: Capacity building also helps improve the institutional frameworks within which PPPs operate. This includes enhancing regulatory environments, building cross-departmental collaboration, and developing standardised processes that can be replicated for future projects.
How Synergy Academy can help
Synergy Academy, under the banner of Synergy Consulting Infrastructure and Financial Advisory Services, offers tailored training programmes designed to empower government officials and institutional clients. Here is how Synergy Academy makes a difference in comparison with some of the traditional offerings:
• Expert-led webinars and training programmes;
• Comprehensive coverage of PPP and project finance;
• Collaboration with leading institutions;
• Building long-term institutional capacity.
This article is authored by Synergy Consulting IFA.
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In the final webinar of its African Review-hosted 2023 campaign, Convergent Group explored its modern, eco-friendly concrete solutions for African projects
Such solutions – delivered to cut maintenance costs by eliminating hazardous silicate products – were showcased by company experts in the form of Jean-Claude Biard, SEO of Convergent Group SA; Mputu Schmidt, former CEO of Convergent Group SA and founder of Bondeko MB (exclusive distributor of Convergent Group in Africa); Carlos Garcia, technical and sales for ADI Group (Spanish distributor for Convergent Group); and Amritpal Singh Sura, external consultant for flooring treatments, former distributor of Convergent products in the Middle East.
“A number of projects we were doing in the Middle East required protection,” remarked Sura. “Longevity of protection requires a system which basically impregnates and becomes a densified surface as opposed to something which is topical and lifts off due to moisture migration. I found that being exposed to Convergent, it was important to stay focused on those systems in the Middle East. Jean-Claude, Mputu and I met several times in Dubai and there was emphasis on providing systems which were affordable and still ending up having a robust, lasting longevity of product. So you are not spending money all the time in order to maintain the finishes which you have already paid for.”
Over the course of the session, the participants guided the audience through the potential of cutting-edge lithium silicate technology for enhancing the protection of concrete surfaces, maximising cost-effectiveness and meeting sustainability targets.
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In a comprehensive webinar hosted by African Review, a panel of professionals associated with Convergent Group explored new generation lithium silicate technology and why it is emerging as the optimum solution for concrete floor protection.
Robert Daniels, editor of African Review, was joined by Jean-Claude Biard, CEO of Convergent Group; Mputu Schmidt, former CEO of Convergent and founder of Bondeko MB, an exclusive distributor of Convergent; Hicham Sofyani, president of Texol; Carlos Garcia, technical and sales for ADI Group; and Marc Puig, commercial manager of Comace Import.
Each providing a unique angle, the panellists combined to provide a masterclass around concrete treatments and the increasing challenges around them, explaining to attendees how to choose the right formula for their requirements and touching on issues such as why lithium densifiers are better than sodium and potassium densifiers.
Throughout the session, those watching were treated to informative case studies showcasing how Convergent eco-friendly products are increasing abrasion resistance, raising ease of maintenance, and ensuring the highest quality gloss retention.
By the end of the webinar, a majority of attendees (many of which had not had much experience with Convergent) expressed their interest in using the company’s new generation lithium silicate technology with the rest indicating their desire to learn more about Convergent and its products. Watch the webinar, in full, to discover why viewers were convinced and learn more about advanced floor care solutions for your operations.
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Presenting on an African Review-hosted webinar, Martin Provencher, global industry principal for mining, metals and materials at AVEVA, explored the digital transformation of mining operations and its impact on sustainability.
“Sustainability is becoming a key aspect for mining operations,” remarked Provencher. “If we look at the latest EY research on the top ten business risks and opportunities for mining and metals globally in 2023, ESG remains at the top. Of course, most companies have environmental goals or are expected to reach a net zero emission by 2050, which is a pretty aggressive target. Many of them are targeting 30% reduction by 2030; seven years from now. So there is a lot of action that needs to take place quickly to get there. It is possible to get there, but we need to make sure we are doing this correctly.”
Fast becoming a huge part of ESG initiatives is fleet electrification where particular progress is being made in underground mines. While some countries are certainly more advanced than others here, Provencher noted that 40% of total emissions from the mining industry come from diesel trucks, making EVs a very attractive low-hanging fruit for companies to pursue.
There are, however, a number of challenges associated with bringing in electric vehicles which remains a barrier for introduction. One of the predominant reasons, is the limited range of EVs against diesel counterparts. To mitigate this, Provencher continued, data management is key and ensuring a strong grasp of real-time information coming in will show operators when machinery needs to be charged, allowing them to plan effectively for maximum efficiency on site.
Indeed, this is but a small advantage that digitalisation can bring to the mining industry as it grapples to meet ESG goals while achieving production targets. By getting a better grip of their data and using it to empower tools such as artificial intelligence, advanced analytics and machine learning, companies can achieve tangible benefits such as reduce downtime, enhance worker safety, cut operating costs and, of course, ensure compliance with environmental regulations and targets.
Through the course of the webinar, Provencher outlined this in more detail and explored AVEVA’s suite of cutting-edge software solutions, specifically designed to help mining companies make progress on their digitalisation journey and empower their operations.
Watch the full webinar, completed with detailed case studies and an insightful Q&A session.
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Convergent, in association with African Review, has held a detailed webinar exploring the usage and effectiveness of lithium silicates and densifiers over traditional methods of concrete surface management which often struggle to meet the increasing challenges posed by concrete surface management.
Convergent experts including Mputu Schmidt, CEO of Convergent; Carlos Garcia, product manager end-user solutions, construction chemicals, Spain and Portugal for the RD Group; Matteo Mozzarelli, CEO of concrete Solutions Italia; and Jean-Claude Biard, global senior executive for the Convergent Group, presented across the session.
Together, they delved into the latest cost-effective application methods for long lasting finishing of concrete that can help reduce maintenance costs and avoid unexpected repair action. In addition, they examined the advancements in technologies that can sustain increased abrasion resistant stains and ensure gloss retention to the highest quality.
As part of the webinar, the representatives explored case studies including a case in DRC where a medical centre had been constructed with a low-quality concrete floor. The customer was considering completely replacing the floor but instead, Convergent put forward a special treatment with its 244+ Pentra-Sil lithium hardener, densifier and sealer. With this solution, Convergent can increase the hardness of a surface by up to 40% and therefore saved the customer significant recuperation costs over a complete replacement. Convergent were happy to report that the solution was perfect for the facility and the customer was pleased to avoid the extra construction work that would have been required for a complete replacement.
Watch the full webinar, including more information about Convergent’s innovative solutions.
The Redstone plant will achieve its full capacity soon. (Image source: ACWA Power)
ACWA Power, a private water desalination company and leader in the energy transition, has confirmed that the Redstone Concentrating Solar Power (CSP) plant in South Africa has reached 50MW
In a statement released on 27 October, the company announced the 50MW milestone before indicating that the facility will achieve its full, 100MW capacity in the coming days. Delivered through a collaboration with Herlogas and SEPCOIII, the project is being synchronised with South Africa’s national grid and is expected to provide clean energy to nearly 200,000 households while reducing CO2 emissions.
ACWA Power has also indicated that the Kom Ombo Photovoltaic plant in Egypt has reached its full production capacity of 200MW. It is expected to support and cater to the power needs of around 130,000 households and offset 280,000 tons of CO2 per year.
Reinforcing Africa’s energy and water landscape
With these projects, ACWA Power has current investments of US$7bn in project costs across the continent.
“Our investments in Africa reflect our commitment to sustainable growth through strategic partnerships and leading-edge technology,” remarked Marco Arcelli, CEO of ACWA Power. “ACWA Power is not only a financial leader but also a responsible partner and a pioneer in shaping Africa’s energy and water future. We are eager to invest further where opportunities are most promising, bringing positive change to communities across the continent.”
The company harbours ambitions to triple its business size announced in 2023, leveraging its proven track record of delivering sustainable infrastructure to do so.
GridOS deployed in a utility control room setting. (Image source: GE Vernova)
The Menengai Geothermal Project will be developed in five phases with the goal of developing 465MW of geothermal steam equivalent. (Image source: GDC)
Tshegare Moletsane, SANRAL’s transformation officer, explaining the importance of the scheme. (Image source: SANRAL)
The South African National Roads Agency SOC Limited (SANRAL) has unveiled a new Contractor Development Programme (CDP)
The new initiative is part of the organisation’s Horizon 2030 Strategy and Transformation Policy which aims to foster the growth of black industrialists across the construction value chain. Specifically, the new CDP is targeted at supporting black contractors in the Northern Cape and was introduced to the local community by Lehlohonolo Memeza, chief corporate affairs officer at SANRAL.
“If an infrastructure doesn’t have pillars, it will collapse,” commented Memeza. “We’ve seen we can’t operate if we don’t make transformation our centre and stronghold, so it’s been elevated to a pillar, and this Contractor Development Programme accompanies it.”
The CDP is aimed at addressing the challenges faced by contractors in the ‘missing middle’ of Construction Industry Development Board (CIDB) grades, focusing on grades 5CE to 7CE. These contractors often face difficulties in securing work, obtaining experience and developing their businesses. The programme aims to bridge these gaps by providing contractors with access to SANRAL projects, as well as critical support such as training, mentoring and financial assistance.
Tshegare Moletsane, SANRAL’s transformation officer, added, “An industrialist is vital to us because we don’t want a situation where, when part of the construction value chain encounters challenges, the Contractor Development Programme, and ultimately SANRAL, suffers.”
He continued, “A black industrialist is a producer. You are not going to be constrained by anybody, you are going to produce to your maximum. We really want you guys in the next five years to match the big fives, to really resource you, to give you a platform that you can really prove yourselves and grow. That’s a mindset that we want to move you away from being a subcontractor mentality to really start playing with the big boys. We really need your support and your focus.”
A more inclusive construction industry
Through the programme, SANRAL aims to improve the overall performance of contractors in terms of financial viability, innovation, competitiveness, quality and employment practice. It is also designed to increase the participation of black women, people with disabilities, youth, and military veterans in SANRAL projects in order to create a more inclusive construction industry.
This was praised by Thandi Solo, a representative of the South African Women in Construction organisation (SAWIC) and a contractor, who said, “I appreciate SANRAL for the good work you are doing by actively prioritising transformation, particularly by targeting women.”
The new programme could help contractors take advantage of the flurry of construction activity being spearheaded by SANRAL in South Africa. Last month, the organisation suggested it expected to award a further R3.8bn (approx. US$212mn) by the end of the year. Click here to learn more about this story.
BOD3 3D Construction Printer with Material Delivery System Onsite. (Image source: COBOD)
The RogueX2 features a lithium-ion battery, electric drive actuated lift, and tilt kinematics with no hydraulics. (Image source: Bobcat)
With the funding secured construction of the Koné project will be getting underway. (Image source: Adobe Stock)
Montage Gold has entered into a final documentation with Wheaton Previous Metals International Ltd. And Zijn Mining Group Co Ltd. in order to unlock financing for the Koné gold project in Côte d’Ivoire
“Today’s announced US$825mn funding package for the construction of our flagship Koné project in Côte d’Ivoire provides significant funding headroom, ahead of launching our construction, as it increases our liquidity sources to approximately US$970mn," Martino De Ciccio, CEO of Montage. "Moreover, it is the culmination of an exhaustive financing process which generated strong interest given the high-quality nature of our project coupled with management’s proven construction track record.
“With the financing milestone now achieved, we look forward to soon launching the construction of our Koné project, which is set to become West-Africa’s next sizable, long-life, low production-cost gold mine, and poised to unlock value for all stakeholders.”
Randy Smallwood, president and CEO of Wheaton Precious Metals Corp., added, “With essential permits in place coupled with its impressive scale, we believe the Koné Project stands out as one of the premier gold assets in Africa and we are very pleased to partner with Montage to deliver a full financing package for its development. Supported by strong shareholder backing from the Lundin Group and Zijin Mining, the Koné Project is expected to significantly boost Wheaton’s near-term annual gold production and further strengthen our peer-leading growth trajectory.
"We look forward to collaborating with Montage’s outstanding team, whose extensive experience in West Africa had driven remarkable progress in de-risking the project and advancing it towards construction.”
The new announcement is the next step in the mine’s rapid progress towards construction. In July, the Council of Ministers of Côte d’Ivoire awarded the mining permit for the project to Montage. Click here to learn more.
Around 9,900 attendees were present at Mining Indaba 2024. (Image source: Alain Charles Publishing)
BME’s mobile manufacturing units at the Dryden Innovex manufacturing plant. (Image source: Omnia)
BasiGo aims to deliver 1,000 electric buses in East Africa within the next three years. (Image source: BasiGo)
BasiGo, a provider of electric bus solutions in sub-Saharan Africa, has successfully secured US$42mn in new funding to help scale the electrification of public transport in sub-Saharan Africa
The new capital will support the company in its core ambition of delivering 1,000 electric buses in East Africa in the next three years. A sizeable chunk of this will be used to increase manufacturing capacity at its E-Bus assembly line in Kenya. Additional funds will also be dedicated to expanding the Pay-As-You-Drive offering to new vehicle types and to improve BasiGo’s technology platforms such as Jani.
Significant investment in electrification
The new funding for BasiGo has come from a number of different sources. Primarily, it includes a US$24mn in Series A funding and US$17.5mn in debt facilities from British International Investment (BII) and the US Development Finance Corporation (DFC). The equity funding round is led by Africa50 and marks the most significant investment from an African fund in an e-mobility company according to BasiGo. The equity round also features co-investments from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxi Ventures, and Susquehanna Foundation.
“Since we founded BasiGo in 2021, our mission has been to create the future of clean, electric public transport in Africa,” explained Jit Bhattacharya, CEO of BasiGo. “We are thrilled to have Africa50, a premier African infrastructure investment fund, recognise the potential of our mission. The combined equity and debt investment into BasiGo validates our business model and enables BasiGo to focus on scale and profitability. With BII's support to expand our E-bus model in Rwanda, we are ready to deliver hundreds of modern, emissions-free electric buses across East Africa.”
Raza Hasnani, managing director and head of infrastructure investments at Africa50, remarked, “We are delighted to conclude Africa50’s first investment in the e-mobility space to support the greening of the public transport sector in Kenya and Rwanda. We believe BasiGo is well positioned to scale in East Africa and beyond given its world class engineering and operations teams, strong value proposition to transport operators and the calibre of strategic and financial partners assembled by the founders.”
Electric vehicles in East Africa
BasiGo’s operations in Rwanda began in December 2023 and now consist of six pilot electric buses running inside Kigalo as well as inter-city routes to nearby towns. As per the new debt facility from BII, the company plans to launch commercial deliveries of e-buses in the country and has already received more than 300 reservations from bus operators.
“We are delighted to support BasiGo as it expands into Rwanda,” surmised Seema Dhanani, head of office, Kenya and coverage director, East Africa at BII. “This marks a significant step in electrifying the local public transport sector, reducing pollution, and combating climate change impacts. This is in line with our priority of supporting e-mobility to foster sustainable economic growth.”
e-transport solutions are becoming an increasingly attractive option in East Africa with a number of companies seeking to support this blossoming sector. Leading EV energy tech company Ampersand, for example, has just opened a large manufacturing facility in Nairobi to help meet the increasing demand for electric motorcycles in the country. Click here to learn more about this story.
The agreement reportedly represents one of the largest contracts signed by Turkish contractors abroad. (Image source: Adobe Stock)
The appointments have been made in line with the next phase of its reimagine transformation. (Image source: JLR)
Samaila Zubairu and Saad Al-Khalb signing the Mou. (Image source: AFC)
The Saudi Export-Import Bank (Saudi EXIM) and Africa Finance Corporation (AFC) have signed an MoU to collaborate on initiatives aimed at enhancing exports in the Kingdom of Saudi Arabia and AFC member companies
“The MoU with the Africa Finance Corporation comes as part of the bank’s commitment to enhancing international economic and trade relations,” remarked Saudi EXIM CEO, H.E. Eng. Saad Al-Khalb. “The agreement will cover several areas of cooperation, including exploring opportunities to support joint projects between companies in the Kingdom and the member countries of AFC, by providing credit solutions that support companies and institutions of all sizes and activities. It will also pave the way for local investors to benefit from promising investment opportunities in Africa, thereby enhancing the flow of non-oil Saudi exports to expand into various African markets, in line with empowering the non-oil national economy and creating a diverse and inclusive economy in line with Saudi Vision 2030.”
Confirmed on the sidelines of the 2024 IMF/World Bank Annual Meetings, the MoU will also promote the exchange of information, technical expertise and knowledge sharing between the two organisations.
Samaila Zubairu, president & CEO of AFC, added, "Strategic partnerships are vital for economic transformation, and in today’s world, no nation can tackle sustainable development alone. As such, AFC is pleased to partner with the Saudi Exim Bank, marking a major milestone in strengthening ties between Africa and Saudi Arabia. Leveraging our collective expertise and resources, we aim to contribute significantly to driving industrialization, facilitating trade and creating jobs for a dynamic economic ecosystem that benefits both regions.”
The report offers a vision of climate finance’s future. (Image source: Adobe Stock)
The transaction marks a significant milestone as the first investment under the Africa Resilience Investment Accelerator. (Image source: BII)
Ampersand aims to deploy five million e-motorcycles by 2033. (Image source: Ampersand)
Ampersand, a leading electric vehicle (EV) energy tech company, has opened a large manufacturing facility in Nairobi, enabling it to meet the increasing demand for electric motorcycles in the country
The new 21,000 sq m factor is three times larger than the previous site and boasts an additional 100 staff members. It will allow the company to assemble up to 60 electric motorcycles each day, tripling its production capacity in the country.
“Our new Nairobi factory is a major step forward in both scale and impact,” remarked Josh Whale, CEO of Ampersand. “It reflects our dedication to providing sustainable, affordable EV solutions that directly benefit riders and the environment. With this expanded capacity, we’re in a stronger position to support the electrification of Africa’s commercial motorcycle transport and to scale Ampersand’s proven business model.”
A sustainable transport solution
The new expansion swiftly follows the company’s announcement that it had raised total equity of US$21.5mn (over the course of a year) in a demonstration of the appetite for e-mobility solutions in the region.
Each sustainable e-motorcycle from the company avoids at least 2 mt of CO2e per bike per year and, on average, reportedly increases customer income by 45% annually. According to Ampersand, the enhanced Kenyan operation – in combination with its successful model in Rwanda – is laying a strong foundation for its continued expansion in East Africa and for achieving its goal of deploying five million electric motorcycles by 2033.
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