Africa Peering and Interconnection Forum (AfPIF) is an annual event that serves as a platform to develop the African Internet
PORT LOUIS, Mauritius, February 7, 2019/ — The Internet Society (www.InternetSociety.org) and African IXP Association (AFIX) have announced that they will hold the 10th annual Africa Peering and Interconnection Forum (AfPIF) in Port Louis, Mauritius from 20-22 August, 2019 in collaboration with the local host, Rogers Capital.
AfPIF is an annual event that serves as a platform to develop the African Internet. It brings key infrastructure, service, and content providers together in order to improve network interconnection, lower the cost of connectivity, and increase the number of users in the region. First held in 2010, the event was created to address the realization that most of Africa’s Internet traffic is sourced or exchanged outside the continent.
Over 400 participants attended last year’s AfPIF in Cape Town, South Africa including providers of international, regional, and sub-regional transport, transit, and content as well as more than 20 Internet Exchange Point (IXP) operators. This year’s attendance is expected to exceed that.
“Removing barriers to content availability and distribution will have significant impacts on the Internet in Africa. It will help to make existing international content more accessible,” explained Michuki Mwangi, Senior Development Manager for Africa at the Internet Society. “AfPIF is the only event in Africa focused on building the Internet by building relationships. It plays a key role in bringing together different parties to increase local traffic exchange across the continent,” he added.
Kyle Spencer, Co-Coordinator of the African IXP Association said “our target is to localize 80% of Africa’s Internet traffic by 2020, and I believe we’re well on our way. Packet Clearing House reports that Africa currently sees the highest growth of domestic bandwidth production in the world, registering a 92% increase from 410 Gbps to 786 Gbps within the last 12 months — and our internal industry benchmarking data corroborates this. It’s an exciting time for Africa, and we look forward to building on this momentum in Mauritius.”
We are pleased to host AFPIF 2019 in Mauritius especially with the special privilege that this year’s event will coincide with the celebration of its 10 years of existence. As a diversified and sophisticated business hub for the region, we believe Mauritius may help open new business perspectives for the AFPIF delegates. We are looking forward to welcoming the delegates in August 2019 and to providing our support for the development of Internet Infrastructure in Africa.’ – Dev Hurkoo, Managing Director, Rogers Capital-Technology
Distributed by APO Group on behalf of Internet Society (ISOC).
Ecobank Transnational Incorporated debut $450 million Eurobond oversubscribed
The proceeds will be used for Ecobank Transnational Incorporated (ETI)’s general corporate purposes and to refinance existing Holdco obligations
LOME, Togo, April 18, 2019 – Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group, is pleased to announce that it has successfully raised $450 million in its debut Eurobond which was oversubscribed.
The Global Offering is a 5-year unsecured note (144A/RegS) listed on the main market of the London Stock Exchange. The bond matures in April 2024 and was issued with a coupon pricing of 9.5% with interest payable semi-annually in arrears.
The proceeds will be used for ETI’s general corporate purposes and to refinance existing Holdco obligations.
Investor interest was global, including United Kingdom, United States, Europe, the Middle East, Asia, and Africa.
On this debut Eurobond issuance, Mr. Ade Ayeyemi, Group Chief Executive Officer of ETI, stated: “This is another first for Ecobank and I’m very excited at the prospects for the Group as we continue the second phase of our 5-year ‘Roadmap to leadership’ strategy. Our efforts toward greater operational and capital efficiency are paying off, and this offer is another example of the measures we are taking to strengthen our institution and deliver value for all of our stakeholders”.
The Group Chief Financial Officer, Mr. Greg Davis, also commenting on this Eurobond said: “The success of this Eurobond reflects appetite from high quality and real money institutional investors globally and the trust that continues to be conferred on our institution and the markets we have chosen to participate in.”
World Bank okays project worth $200 mln to support SMEs in Egypt
CAIRO – 18 April 2019: The World Bank gave its final approval to a new project worth $200 million for supporting reforms aimed at securing further jobs for young people and women in Egypt.
The project is meant to increase the volume of credit to small and medium-sized enterprises (SMEs), for being a key source of economic growth.
In a statement released on Thursday, Minister of Investment and International Cooperation Sahar Nasr said the project comes within the framework of ongoing cooperation between the Investment and International Cooperation Ministry and the Micro, Small & Medium Enterprise Development Agency (MSME), with a view to backing entrepreneurs, especially women.
“Our partnership with the World Bank Group aims to enable women and young people to become successful entrepreneurs. This investment provides several opportunities for improving Egyptians’ standard of living, through creating jobs and establishing a strong foundation for the country’s economy,” the statement quoted Nasr as saying.
The project targets increasing seed capital and early-stage capital, as well as capital risk available to innovative startups facing higher risks and newly-established SMEs with great potential for growth and job creation, the statement read.
ِUnder the project, around USD 50 million will be directed to private-managed risk management institutions, such as investment funds, business accelerators, venture capital funds and investment companies, for the purpose of outlining the initial stages of the Egyptian investment system, the statement noted.
For her part, Marina Weiss, Regional Director of the World Bank office in Egypt, Yemen and Djibouti, said “Egypt has shown a strong commitment to reforming its economy. Its reforms have begun to bear fruit, enabling the private sector to secure jobs which is an integral part of achieving a sustainable and overall growth”.
Also, she added that the WB is proud to support entrepreneurs across the country, notably women and young people.
The new program hinges on the success of the existing project “Promoting Innovation for Financial Inclusion”, which enables SMEs to get access to funding and promotes job creation in the private sector nationwide.
Vantage Capital exits Thebe Timrite
Thebe is one of South Africa’s leading black-owned investment companies, managing assets of over R6 billion ($420m)
JOHANNESBURG, South Africa, April 18, 2019 – Vantage Capital, Africa’s largest mezzanine debt fund manager, announced today that it has fully exited its investment in Thebe Timrite (“Timrite”), a leading black-controlled supplier of mining support products and services in South Africa. Vantage provided an R89m ($6,3m) mezzanine debt facility to fund the 100% acquisition of Timrite by Thebe Investment Corporation (“Thebe”) and the Timrite management team in 2013, as well as to fund expansion capital expenditure. Thebe is one of South Africa’s leading black-owned investment companies, managing assets of over R6 billion ($420m).
Mokgome Mogoba, Associate Partner at Vantage Capital, said, “the investment we made in Thebe Timrite demonstrates the support we provide to black-controlled businesses and our commitment to transformation in South Africa. Furthermore, it highlights the faith that we have in the resilience of the South African mining sector and the employment opportunities it creates. This was the second time we had partnered with Thebe as we had previously supported Thebe’s investment in Safripol, another successful investment.”
Luc Albinski, Managing Partner at Vantage Capital, added, “Vantage was an active participant in many board discussions over the past six years at Timrite, helping to shape the growth strategies of the company during a difficult time in South Africa’s mining sector. It was a privilege to engage with Timrite management and Thebe as the company diversified its product range through world-class R&D, introducing new products into the market that have made our mines safer.”
Nonhlanhla Mabusela, CEO of Thebe Timrite, said, “we are grateful to have partnered with Vantage Capital during both strong and turbulent times within the mining sector in recent years. Vantage’s funding did indeed play a key role in facilitating black ownership in the underground roof support market, placing Timrite miles ahead of its peers in its transformation targets.”
Sizwe Mncwango, CEO of Thebe said “We would like to express our deepest gratitude to Vantage Capital for the partnership and support afforded to Thebe in steering the company over the last 6 years. The exit by Vantage Capital allows Thebe to become a sole shareholder of Thebe Timrite and we are excited about the future of this business.”
To date, Vantage Capital has successfully exited nine investments generating proceeds of R2.6bn ($190m) across its three generations of mezzanine debt funds and achieved an aggregate money multiple of 2.0x.
Vantage Capital Group
- NGOs - SDGs1 day ago
UNDP And Sahara Group Join Forces To Promote Sustainable Energy And SDGs In Africa
- Technology3 hours ago
KuBitX Creates Africa’s first usable Stable Coin among other milestones
- Business Home22 hours ago
World Bank okays project worth $200 mln to support SMEs in Egypt
- Health1 day ago
Destination Universal Health Coverage: Can PPPs be the vehicle to get us there?
- Business Home1 day ago
Vantage Capital exits Thebe Timrite
- Logistics3 days ago
United picks Cape Town for resumption of African services
- Aviation3 days ago
Ethiopian Airlines to add JFK flights in late 2Q19
- Economy3 days ago
Egypt, UN discuss activating $1.2B strategic agreement