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The Mauritius Commercial Bank Limited signs a USD 20M term loan facility with Bank of Kigali Plc to support its strategic growth objectives

The participation of MCB in large-scale cross-border operations, as well as the acceleration of its Bank of Banks initiative, demonstrate its international diversification. MCB is a socially responsible institution committed to promoting the principles of sustainable development and adheres to the Equator Principles and United Nations Global Compact.

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PORT LOUIS, Mauritius, July 29, 2021/ — A USD 20M loan has been successfully signed between The Mauritius Commercial Bank Limited (MCB) (www.MCB.mu) and Bank of Kigali Plc on 26 July 2021. The aim of this loan is to provide additional liquidity to Bank of Kigali Plc over a 1-2 year period, to facilitate execution of its lending strategy. Despite the challenging market conditions, Bank of Kigali Plc maintains strong financial performance and continues to attract the support of financial institutions, showcasing investors’ confidence in the bank.

The loan proceeds will be used mostly to fund their general corporate projects. Bank of Kigali Plc remains a systemically important bank in Rwanda and injection of the funds into the economy will likely boost growth and development.

This transaction is one among the many partnership areas MCB and Bank of Kigali Plc have had over the years. The two institutions have established an excellent relationship and the interactions span across various spectrums of normal banking activities and more specialised advisory services around Capital Markets and Consulting.

“The USD 20M term loan from The Mauritius Commercial Bank Limited will increase Bank of Kigali’s liquidity and support our efforts in financing the economic recovery of our customers who have been affected by the Covid-19 pandemic, especially Small and Medium Enterprises.” said Dr. Diane Karusisi, Bank of Kigali CEO.

Alain Law Min, CEO, MCB Ltd: “I am confident that the USD 20M term loan from MCB will greatly help Bank of Kigali’s endeavours to support the local entrepreneurs in their effort to build back the local economy. I am also pleased that this transaction will further strengthen the long standing relationship between our respective organisations.”

Anbar Jowaheer, Head of Financial Institutions and Syndication confirms that: “At MCB, and as an African Bank, we are proud to support other African Financial Institutions in accelerating their growth strategy through our Bank of Banks initiative. As a proactive partner, we are committed to uphold strategic collaboration with our African clients.”

MCB, with a standing of more than 183 years, remains a key player within the African landscape. It has subsidiaries and Representative Offices across the continent, along with a broad network of African correspondent banks.

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Energy

Sahara Foundation Promotes Clean Energy With Sahara Impact Fund

The Sahara Impact Fund will provide seed funding of $5,000 each for successful finalists, including incremental funding access based on impact, reach and sustainability matrices targeted at supporting young social entrepreneurs in Africa.

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Sahara Foundation, the corporate citizenship vehicle of energy and infrastructure conglomerate, Sahara Group, has launched the 2nd Cohort of the Sahara Impact Fund (SIF) and the Governance Unusual Program to support social innovators  creating solutions that increase access to clean energy and promote sustainable environments.

 The project reinforces Sahara Group’s commitment to bringing energy to life responsibly by connecting social innovators with opportunities that will enhance their contribution to eradicating energy poverty and enhancing environmental sustainability. The SIF is a strategic partnership involving Sahara Foundation, Ford Foundation, LEAP Africa and Impact Investors Foundation.

The Sahara Impact Fund will provide seed funding of $5,000 each for successful finalists, including incremental funding access based on impact, reach and sustainability matrices targeted at supporting young social entrepreneurs in Africa. In addition, the Fellows will have mentoring sessions with business leaders at Sahara Group and other private sector partners, to scale up clean energy and sustainable environment innovations.

The inaugural cohort of the SIF produced Fellows from Cameroon, Nigeria, Rwanda and Malawi who are spearheading transformative solutions through their businesses. According to Damilola Asaleye, Co- founder- Ashdam Solar “The learnings from the Sahara Impact Fund fellowship have become a daily guide for my organization to achieve our strategic plans of providing access to clean and affordable energy for all in Nigeria.”

“In addition to the seed capital, which was a great boost to my business, I have also built professional networks with like-minded passionate entrepreneurs from all over Africa,” said Ghislain Irakoze , Founder, Wastezon, Rwanda.

Pearl Uzokwe, Director, Sahara Foundation, said the Sahara Impact Fund and Governance Unusual program will reinforce ongoing conversations around increasing entrepreneurial capacity and inspiring a paradigm shift in governance through individual responsibility. “We are delighted to lead and join the quest of ensuring that no one is left behind when it comes to energy access and shore up expertise and capacity towards providing global solutions for environmental sustainability. We urge social innovators across Africa to apply to be part of this movement today,” she said.

Uzokwe said applications for the SIF are open from 9th May 2022 to 30th May 2022. “Full details of the application process are available across our social media platforms @iamsaharafdn and the Ujana Hub at www.ujanahub.com. Enquiries can also be sent to sahara.foundation@sahara-group.com,” she added.

The maiden edition in 2021 exposed the ten (10) social innovator fellows to blended capacity building sessions in the form of workshops, webinars, immersion sessions, facility tours, cohort meetings, mentoring sessions, one-on-one strategy & finance sessions and Fire chat sessions.

Since inception, Sahara Foundation has implemented various projects across its locations in Africa, Europe, Asia and the Middle East, impacting the lives of over 2,000,000 beneficiaries, with youth accounting for over 50% of the beneficiaries.

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Energy

Asharami Synergy Targets 30% Aviation Fuel Market Share To Enhance Economic Growth

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Asharami Synergy Limited, a Sahara Group Downstream Company, is investing in technology and innovative solutions to enhance its capacity to fuel seamless economic growth through operations in the aviation fuel market.

Asharami Synergy Limited, which is Nigeria’s first indigenous energy company to operate as an independent Aviation Fuel Marketer, controls about 25 percent market share in the industry, operating as the preferred aviation fuel market for local and international airlines.

Foluso Sobanjo, Head, Sahara Downstream Business, at a press briefing in Lagos, said investments in infrastructure, human capital transformation, quality, health,  safety, and environmental sustainability continues to drive service excellence in the organisation.

He said Asharami Synergy would leverage its technology driven supply chain efficiency across the Downstream value chain to deliver distinctive value and innovative solutions in the market. “We have been at the forefront of Oil and Gas enterprise in the West African region for over twenty years.”

In addition, “Asharami Synergy has a formidable presence in the sector, providing best-in-class fuel procurement and distribution solutions by utilizing innovative technology and improved efficiency across the downstream supply chain. Our quest for increased market share is borne out of our commitment to transforming the sector and spurring economic development,” Sobanjo said.

Asharami Synergy operates in four countries in the Africa and has a combined storage capacity of 81 million litres of Aviation fuel otherwise known as ATK.

The company has over 30 million litres storage capacity for ATK across various locations in Nigeria as well as a fleet of ultramodern bowsers spread across various locations, fueling the development and growth of the national and sub-regional economy by providing seamless access to safe and reliable ATK.

Sobanjo said “safety first and always” is the mantra that drives operations in Asharami Asharami Synergy, a development that has earned the company multiple International Standard Organisation certifications.

He said being a strategic partner of the International Air Transport Association (IATA) gives Asharami Synergy a global credibility that is driven by a statutory self-responsibility that propels its business operations in compliance with the highest global standards.

“Asharami Synergy has several ISO certifications; ISO 9001:2015 (Quality), ISO 14001:2015 (Environmental) and ISO 45001:2018 (Occupational Health and Safety). This reinforces our commitment to bringing energy to life responsibly in all our operations. Our mantra is Safety First, Safety Always, ensuring that the health and safety of our employees and other stakeholders remains top priority in all business operations,” he added.

Asharami Synergy is a vertically integrated and foremost downstream company in the West African region with established and formidable presence in the sector, providing best-in-class fuel procurement and distribution solutions by utilizing innovative technology and improved efficiency across the downstream supply chain for over twenty years.

The company emerged from a consolidation of Sahara Group Downstream Companies with interest in procurement, storage, and distribution of white products across Nigeria.

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Business

Video: Oppo Reno 7 Launch

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Did you miss the big launch? Here is Bahati the singer and his wife during the Monday virtual launch of the Oppo Reno 7 phone in Kenya.

The colourful launch gives  the phone a leverage in the market ahead of the rest.

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