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Afreximbank and Uganda Development Bank sign project preparation financing agreement

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3 months ago

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Afreximbank

The implementation of the agreement is expected to help accelerate economic growth in Uganda through increased private sector investments in the targeted sectors

CAIRO, Egypt, August 12, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and the Uganda Development Bank (UDB) have signed a Joint Project Preparation Facility Framework Agreement to provide early project preparatory financing and technical support services to public and private sector entities. This is aimed at boosting Uganda’s industrialization and export development activities.  

Under the terms of the framework agreement, Afreximbank and UDB established a joint project preparation facility to unlock investments in priority sectors, such as, energy, transport and logistics, special economic zones/industrial parks, manufacturing, agro-processing, hospitality and tourism, mining, solid minerals and service sectors.

The facility will assist in de-risking projects and rapidly advance their development from concept stage to bankability by covering the preparation of feasibility studies, project development and advisory services, and related costs. The two Banks aim to mobilize up to US$ 25 million in the form of project preparation funds for investments in Uganda.

Afreximbank intends to work alongside UDB to prepare quality, bankable projects to attract investments from both the public and private sector

Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank (Afreximbank), signed the agreement on behalf of Afreximbank while Mr. Samuel Edem Maitum, Director of Credit, UDB signed on behalf of his organisation on 14 June 2024 in Nassau, The Bahamas.

Commenting on the execution of the agreement, Mrs. Awani stated: “The JPPF is a critical collaborative tool through which the Bank and its partners pool resources to prepare bankable projects, given that one of the major challenges in developing projects was moving commercially viable projects to financial close. “Through this partnership, Afreximbank intends to work alongside UDB to prepare quality, bankable projects to attract investments from both the public and private sector.” She added that the JPPF will be instrumental in catalysing and mobilizing downstream investments.

Mr. Maitum noted that several transformative project ideas remain unimplemented in Uganda due to the limited availability of technical and financial support to ensure Bankability.

He stated that UDB’s collaboration with Afreximbank through the Joint Project Preparation Facility “shall unlock several transformative private and public sector-led projects. The collaboration shall also enable the flow of capital to the jointly prepared projects.”

He extended appreciation to Afreximbank for the collaboration opportunity and confirmed UDB’s commitment towards ensuring the success of the initiative.

The implementation of the agreement is expected to help accelerate economic growth in Uganda through increased private sector investments in the targeted sectors and to help position Uganda as an attractive investment destination through the supply of a steady stream of investment ready projects.

Distributed by APO Group on behalf of Afreximbank.

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OPPO Elevates ColorOS 15 with Microsoft’s Advanced AI Productivity Features

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4 minutes ago

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November 22, 2024

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OPPO

SHENZHEN, CHINA – Media OutReach Newswire – 21 November 2024 -OPPO has strengthened its cooperation with Microsoft to deliver advanced AI productivity features to ColorOS 15, OPPO’s next-generation smart device experience.a

“To deliver advanced AI experiences, we are incredibly proud to partner with Microsoft, a pioneer in the field. At the cutting edge of global AI development, Microsoft lays a strong foundation for ColorOS 15’s language features. These save OPPO users time and headspace, ensuring meaningful, advanced AI productivity tools are always just a tap away”.—Nicole Zhang, General Manager of AI Product at OPPO
 
ColorOS 15’s AI Speak uses Microsoft’s advanced AI productivity features, reading web pages aloud so users can consume content hands-free while reducing their screen time. These ultra-intelligent models also power OPPO Documents’ translation features and the Voice Translate application, breaking down language barriers in seconds.

Microsoft’s AI capabilities enhance ColorOS 15 with practical, time-saving features, including accurate audio transcription within the new Recorder and Notes apps, boosting organisation and delivering time-saving benefits.

ColorOS 15, featuring Microsoft’s advanced AI capabilities, will debut at the global launch of OPPO’s upcoming Find X8 Series.
 



 

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Yellow Card Secures Crypto Asset Service Provider Licence in South Africa

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1 day ago

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November 21, 2024

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Yellow Card

Stablecoin adoption is surging throughout Africa, with sub-Saharan Africa having the highest adoption rate in the world at 9.2%

JOHANNESBURG, South Africa, November 20, 2024/APO Group/ — 

Yellow Card (www.YellowCard.io), Africa’s leading stablecoin-based infrastructure provider, has been issued a Crypto Asset Service Provider (CASP) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.  

Commenting on the FSCA’s decision to issue the licence to Yellow Card Financial South Africa, Chris Maurice, Yellow Card’s co-founder and CEO, said, “The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent.This achievement reflects our dedication to providing secure, compliant and transformative solutions for our customers both in South Africa and across Africa.  

The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent

Stablecoin adoption is surging throughout Africa, with sub-Saharan Africa having the highest adoption rate in the world at 9.2%. In South Africa alone, where the number of total users of crypto assets is estimated to amount to 5.8 million people, stablecoins have experienced growth of 50% month over month since October 2023, displacing bitcoin as the country’s most popular cryptocurrency.  Yellow Card is excited to play a pivotal role in this financial revolution in South Africa. 

Yellow Card, which launched in South Africa in 2020, has facilitated over US$3 billion in transactions in the last several years and now operates in 20 countries across the continent. The company recently completed a US$33 million Series C financing, led by Blockchain Capital and existing investors, including Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc. (Square/Cash App), reflecting strong investor confidence in its mission.   

As the stablecoin landscape continues to evolve, Yellow Card is committed to leading the charge in making digital assets accessible and secure for businesses across Africa. With the recent licensing and funding, the company plans to expand its B2B offerings by enhancing its stablecoin rails, upgrading infrastructure, and advancing its B2B API and Widget. These efforts will empower businesses with seamless solutions for liquidity management and their general operations. 

To learn more about Yellow Card, visit: https://YellowCard.io/. 

Distributed by APO Group on behalf of Yellow Card Financial.

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Telecoming and MTN Partner to Launch cloud gaming in South Africa

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1 day ago

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November 21, 2024

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MTN Cloudplay will allow MTN users in South Africa to access a wide range of cloud-based video games, providing a high-quality gaming experience without the need for downloads or high-end gaming consoles

JOHANNESBURG, South Africa, November 20, 2024/APO Group/ —

  • Both companies extend their collaboration to introduce cloud gaming in South Africa.
  • MTN Cloudplay aims to revolutionize digital entertainment with affordable, high-quality gaming access.

MTN, Africa’s leading telecommunications operator with over 290 million subscribers across the continent, announces the launch of Cloudplay, a revolutionary new cloud gaming service, with Telecoming (www.Telecoming.com), a sportech company specializing in developing and distributing mobile experiences for sports and entertainment. This project marks a new milestone in the ongoing collaboration between the two companies.

MTN Cloudplay: A Game Changer

MTN Cloudplay will allow MTN users in South Africa to access a wide range of cloud-based video games, providing a high-quality gaming experience without the need for downloads or high-end gaming consoles. The service will allow customers to stream high-end PC games to their mobile phones, enabling them to play anywhere, anytime.

This service seeks to democratize access to high-quality mobile gaming for the whole family; including various genres which include retro games and exciting popular gaming titles with multi-device gameplay, at an affordable price of only R79 per month.

Jason Probert, General Manager for Digital Services at MTN South Africa shared his thoughts on the collaboration:

Customers can use their existing Steam licenses on the service, and have access to more than 300 games on the service for only R79 per month

“We’re thrilled to launch MTN Cloudplay in South Africa. We’re committed to enabling our customers to enjoy the benefits of a modern connected life and the advent of 5G means that it is now possible to stream and play games without the need for a PC or console. Customers can use their existing Steam licenses on the service, and have access to more than 300 games on the service for only R79 per month.”

Alí Karaosman, MEA Director of Telecoming says “It is very exciting for us to extend our collaboration with MTN, bringing our nearly decade-long experience in this market and supporting the operator in this innovative digital entertainment offering, we are convinced that MTN Cloudplay will revolutionize the way users in South Africa enjoy video games. For Telecoming, this partnership with MTN is a strategic step in our mission to bring esports and innovative digital services to Africa. We are committed to continuing to develop technological solutions that enhance digital leisure for people in the region.”

Service Details

MTN Cloudplay is available to all MTN users in South Africa since November 2024. With a vast library of over 340 games from over 50 publishers, this cloud gaming service offers an unmatched gaming experience on any device.

MTN Cloudplay is accessible to MTN subscribers. Users can visit https://Cloudplay.MTN.co.za to explore the platform and enjoy a wide selection of gaming titles.

Highlights

  • Extensive Game Library: Enjoy classics like Contra, PacMan and Mortal Kombat and modern hits like Hogwarts Legacy and Borderlands 3.
  • Bring Your Own License (BYOL): Access games you’ve purchased on Steam, such as Grand Theft Auto V and Fallout 4.
  • Multi-Device Access: Play on any device and switch seamlessly between them.
  • Low Latency: Experience responsive gameplay with minimal lag.
  • Subscription: Available directly on https://Cloudplay.MTN.co.za or via the MTN Play https://Play.MTN.co.za website for R79 per month.

Distributed by APO Group on behalf of Telecoming.

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