Baobab Group secures $47million multi-currency loan

Plus: Actis to raise $104.6 million, Vantage Capitals new £25m investment,Kasha raises $21million in Series B.

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In today’s email Baobab Group secures a $47 million multi-currency loan, Infra Impact Investment Managers exceeds funding target. Kasha Global raises $21 million and more.

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Private Credit

Baobab Group receives $47.5 million multi-currency loan

The International Finance Corporation (IFC) an arm of the World Bank has officially approved a multi-currency loan to leading Financial Services provider Baobab Group. The transaction consists of six loan agreements worth $47.5 million that will be used to support local micro, small, and medium-sized enterprises (MSMEs) with banking products, savings solutions, and digital nano-loans. The Baobab Group operates in six sub-Saharan African countries: Burkina Faso, Ivory Coast, Madagascar, Mali, the Democratic Republic of the Congo (DRC), and Senegal.

Kasada secures $49.5 million loan

Hospitality-focused African private equity platform Kasada has secured a $49.5 million funding round for the renovation and modernisation of its leading hotel brand Crowne Plaza. The joint financing includes an  $11 million loan from International Finance Corporation (IFC), a $27.5 million guarantee from Multilateral Investment Guarantee Agency (MIGA), and another $11 million loan from Proparco.

SDX Energy gets $3.25 million to expand its Moroccan gas production.

British MENA-focused oil and gas exploration company SDX Energy has secured financing of $3.25 million to expand its Moroccan gas production. The company in a press release said that the new funding is part of a convertible loan, of which an initial amount of $2 million will be used to reduce outstanding debt to the European Bank for Reconstruction and Development or EBERD.

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Sovereign Debt

Ethiopia Signs USD 400 Million Financing Deal with World Bank.

The World Bank and Ethiopia have signed a $400 million financing agreement to boost human capital development in the East African nation such as improving the learning outcomes and nutrition services for youth according to the Ministry of Finance disclosed.

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Private Equity

Vantage Capital invest $25 million in Kenya based Water Solution provider.

Vantage Capital an Africa Fund Manager has announced a $25 million investment in Kenya-based sanitation and water solution provider Aquasantec. The transaction is a combination of mezzanine debt and ordinary shares, with the fund manager having a majority stake in the company. Aquasantec provides water and sanitation solutions in six East African countries.

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Venture Capital

Health Platform Kasha raises $21million in Series B

East African health and wellness digital platform Kasha Global has raised a $21 million Series B financing led by Knife Capital in collaboration with Finnfund, Altree Capital, Tim Koogle, Pam Scott, Beyond Capital, Bamboo Capital, Five 35 Ventures and others.

Terragon raises $9 million in Series B

Africa’s leading data and cloud martech companies Terragon, has secured $9 million in Series B funding to build its cloud-based capabilities and offer ML and AI enterprise communication services.

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Fundraising

Infra Impact Investment Managers exceed $115m fundraising target

South Africa-based specialised infrastructure and investment management firm Infra Impact Investment Managers, has exceeded its fundraising target for its Infra Impact Mid-Market Infrastructure Fund 1, managed by Infra Impact Investment Managers, has exceeded its fundraising target by reaching its final target of R2.15bn ($115m).

Amethis receives €20 million from Swedfund

Sweden's development finance institution Swedfund has agreed to invest €20 million in Amethis Fund III, an African fund targeted at developing Africa's private sector with investments in key industries leading to job creation and tax revenues.

IFC invests $25 million in Metier Capital’s 3rd Growth Fund.

The International Finance Corporation (IFC) an arm of the World Bank has made an equity investment of $25 million in Metier Capital Growth Fund III (MCGF III) managed by Metier Private Equity International and is expected to invest 40 per cent of the funds outside South Africa. It will also co-invest up to $15 million, alongside the fund in select companies, targeted at supporting mid-market companies in sectors such as telecommunications, fast-moving consumer goods, healthcare, non-banking financial services, and manufacturing.

Evercare to raise $50 million to fund hospital expansion across Africa

US-based private equity fund Evercare is to raise $50 million before the end of 2023 through its $100 million Evercare Africa Fund I, which is managed by Texas Pacific Group (TPG). The new investment will fund the expansion and improvement of their hospital facilities in Kenya and Nigeria.

Actis to raise $104 million for Kenya’s Garden City Mall and business park venture

Leading Private equity fund Actis aims to raise $104.6 million (Sh14.7 billion) through an even split of debt and equity sale in its Kenya-based Garden City Mall and Business Park on Thika Road. The firm is seeking an investment worth $74.6 million (Sh10.5 billion) concerning the mall, split into $37 million for debt and $37.6 million in a secondary equity sale.

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Exits

AfricInvest exits Promamec

AfricInvest Group has announced its exit from Morocco-based medical devices producer and distributor Promamec in a sale to Vantage Capital Fund Managers( Pty) Ltd

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