6 African Business May 2021
Cameroon signs three-year framework with ITFC
Business Intelligence Deals Five hundred and seventytwo private equity and venture capital investments in technology worth $6.5bn occurred in Africa between 2015 and 2020, according to the African Private Equity and Venture Capital Association. The top investment destinations in technology were in South Africa, Egypt, Nigeria and Kenya. Ninety-seven investments in healthcare in Africa worth $1.3bn were recorded over the same period, with Nigeria, Morocco, Egypt, South Africa and Ghana top by share of volume. The total value of final closed funds in Africa was $18.1bn.
Cameroon has signed a $750m fi nancing agreement with the International Islamic Trade Finance Corporation (ITFC). The three-year framework will deliver $250m annually to facilitate the imports of key commodities in energy and mining, and support the health sector with medical supplies and equipment. It will also facilitate exports of agricultural commodities such as cotton, soy, and others.
Telecoms group Millicom to complete Africa exit
US-based emerging markets telecoms group Millicom will complete its exit from Africa this year after agreeing to sell its Tanzania operations to Madagascarbased operator Axian and its stake in AirtelTigo, a joint venture with India’s Airtel, to the government of Ghana. Over the past four years Millicom has sold its operations in the Democratic Republic of Congo, Rwanda, Senegal, and Chad as it pivots to Latin America, the source of 95% of its revenues.
African PE and VC tech investments t ot a l $6.5bn over fi v e y e a r s
France ready to grant Sudan $1.5bn bridge loan
France is prepared to grant a bridge loan of up to $1.5bn to clear Sudan’s arrears to the IMF, according to its special envoy to Sudan, which will allow Khartoum to secure further debt relief on around $50bn in external debt. Ambassador JeanMichel Dumond told a panel hosted by Chatham House in April that France, Sudan’s second biggest bilateral creditor, will off er “whatever will be needed for the reimbursement of the IMF”. Sudan hopes to qualify for the Highly Indebted Poor Countries debt relief initiative in June.
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