4 African Business June 2024
Business Intelligence News
US Vice President Kamala Harris has announced a new partnership to bring internet access to more than 80% of the African continent by 2030, up from around 40% today, writes Ariane Djellal. As well as the launch of the Partnership for Digital Access in Africa, Harris also unveiled an initiative to give 100m Africans and agricultural businesses access to the digital economy. The African Development Bank, Mastercard, and other organisations will help form the Mobilizing Access to the Digital Economy Alliance (MADE). The alliance will start a pilot program to give digital access to 3m farmers in Kenya, Tanzania and Nigeria, before expanding elsewhere.
Microsoft woos African startup companies with ‘A I Fe s t ’
Microsoft has launched its first African Startups AI Fest as it looks to build ties with startups on the continent. Led by the organisation’s Africa Transformation Offi ce, the events will bring together founders, entrepreneurs, business decision-makers, engineers and developers in the startups space from across the continent. The inaugural event, scheduled for 6 June in Johannesburg, South Africa, aimed to showcase the transformative power of AI and how startups can use it to take their ideas global.
Mobilising access to the digital economy for 1 0 0 m i n A f r i c a
New electricity transmission lines agreed for Mozambique
UK power investor Gridworks and the Mozambican electricit y utilit y Electricidade de Moçambique have announced an agreement to deliver a new independent power transmission project. Gridworks will develop and invest in Phase II and III of the Chimuara-Nacala project, which includes a 400 kV transmission line from Alto Molócuè to Namialo, 272 km in length; a 220 kV transmission line from Namialo to Nampula, 98 km long; and a 220 kV transmission line covering the 90 km from Namialo to Nacala-à-Velha. There will be two new substations at Namialo and Nacala-à-Velha and the Nampula substation will be expanded.
European Investment Bank has €25m for medium companies
The European Investment Bank (EIB Global) has invested €25m into Amethis Fund III, a pan-African fund providing private equity growth capital to mediumsized companies. With the new financing Amethis, which has a presence in Nairobi, Abidjan, Casablanca and Cairo, will target companies supplying goods and ser vices to low- and middle-income populations in Africa. The target sectors include healthcare, business ser vices such as logistics and IT, manufacturing and distribution including agribusiness and fastmoving consumer goods, non-banking financial services, and services related to infrastructure and e n e r g y.
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