Connect with us

Business

African Development Bank and OCP Group provide $188 million for green investment in Morocco

Published

on

African Development Bank

$150 million from the African Development Bank, $18 million from the Canada – African Development Bank Climate Fund and $20 million from the Clean Technology Fund

Egalement disponible en FrançaisTambém disponível em Portuguêsتتوفر أيضا في العربية

RABAT, Morocco, February 20, 2024/APO Group/ — 

The African Development Bank (www.AfDB.org) and the OCP Group signed three loan agreements in Rabat totalling $188 million to help fund the OCP Group’s Green Investment Program supplying clean drinking water to the towns around three new desalinisation plants.

The construction of the new modular seawater desalination plants will be funded by the first loan of $150 million from the African Development Bank and the second loan of $18 million from the Canada – African Development Bank Climate Fund (CACF). Owned by the OCP Group, a global leader in soil fertility and plant nutrition solutions, the plants will have a total annual capacity of 110 million m3, and will provide an autonomous source of unconventional water to the OCP Group’s industrial and mining sites. Up to 75 million m3 of drinking water will be provided for the towns of Safi and El Jadida and the areas around the OCP Group’s Safi and Jorf plants, and over 1.5 million people will benefit.

The third loan of $20 million from the Clean Technology Fund (CTF), will be used to fund storage systems for energy generated from renewable sources, supplying the desalination plants and other OCP Group production units.

This funding is an example of the support that the African Development Bank, the CACF, and the CTF intend to contribute to combating climate change, both for adaptation and mitigation. It also aims to support the most vulnerable populations, among others, by supplying drinking water and creating jobs, including for young people and women, and in rural areas.

We greatly appreciate these loans, which represent a significant contribution to our 2023-2027 investment program of $13 billion

Key components of the OCP Group Green Investment Program, the projects form part of the Moroccan government’s Emergency Plan for Drinking Water Supply.

Director of the Industrialization and Trade Development Department at the African Development Bank, Mr Ousmane Fall, and Mr Karim Lotfi Senhadj, Finance Director of the OCP Group signed the agreements. Canadian government representatives were also present at the signing, acknowledging the CACF’s contribution and strengthening the shared commitment to combating climate change and women’s empowerment. Moreover, the finalization of this transaction represents the first non-sovereign funding signed by the CACF. It consolidates the long-term partnership between the African Development Bank and the Kingdom of Morocco in its efforts to confront the challenges of climate change.

“We are proud to be associated with this ambitious project, which provides a strategic response to the increase in hydric stress in Morocco. The project will also help to optimize water-resource management in the OCP Group’s industrial activities by using desalinated seawater,” explained the African Development Bank’s Country Office manager for Morocco, Achraf Tarsim.

“We greatly appreciate these loans, which represent a significant contribution to our 2023-2027 investment program of $13 billion. Our sustainability objectives aim to achieve 100 percent unconventional water by 2024, 100 percent renewable energy by 2027, self-sufficiency in green ammonia by 2032, and full carbon neutrality by 2040,” declared Karim Lotfi Senhadji, Finance Director of the OCP Group.

“We are pleased to see that this fund is being deployed effectively in Morocco to contribute to the response to climate challenges. We are delighted to be involved alongside our partners, the African Development Bank and the OCP Group,” commented Jean Touchette, adviser and head of cooperation at the Canadian Embassy in Morocco.

Over 180 operations in various sectors have been deployed by the African Development Bank in Morocco since 1978, totalling over EUR 12 billion.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Business

Verdant Capital Hybrid Fund completes an additional investment of USD 4.5 million in LOLC Africa

Published

on

LOLC

The investment will support LOLC’s global expansion strategy in Africa, by financing MSMEs, thereby fostering financial inclusion, employment creation, income generation, and economic growth

Verdant Capital (www.Verdant-Cap.com) is pleased to announce that its Verdant Capital Hybrid Fund (the “Fund”) has completed an additional investment of USD 4.5 million in LOLC Africa Singapore Limited (“LOLC Africa”). This investment brings the total investment in LOLC Africa to USD 13.5 million. This follows the initial investment of USD 9 million in LOLC Africa, completed in June 2023. Both investments are structured as holding company loans, and they are being directed towards LOLC Africa’s operating lending subsidiaries in Zambia, Rwanda, Egypt, Kenya, Tanzania, Nigeria, Malawi, Zimbabwe, Ghana, and the Democratic Republic of Congo.

Founded in 1980 in Sri Lanka, LOLC entered the African continent in 2018. Verdant Capital Hybrid Fund is the first external investor in LOLC Africa’s operations, reflecting the Fund’s catalytic investment approach. These investments are driving the expansion of LOLC Africa’s micro, small and medium enterprises (MSMEs) financing footprint across the continent. Additionally, the Fund’s Technical Assistance Facility (TAF), has offered financial support for LOLC Africa’s Social Ratings and Client Protection Pre-Certifications for its subsidiaries in Zambia and Egypt, with further Technical Assistance initiatives in the pipeline.

LOLC is recognised as one of the top-performing global microfinance groups, and the Fund’s investment aligns with its strategy of picking the top performers in each theme or category. LOLC’s business model focuses on the “bottom of the pyramid”, increasing access to MSME financing and customer deposits, thereby advancing it financial inclusion objectives.

The Fund’s investment will provide LOLC Africa with more funding to support and expand the lending activities of its existing subsidiaries in Africa, primarily targeting MSMEs. Furthermore, the investment will strengthen the capital bases of the existing and potentially new subsidiaries in Africa. LOLC’s expansion of the MSME lending model is not only about pursuing its commercial ambition but is also a commitment to sustainable and socially responsible growth. By extending tangible benefits to those communities at the bottom-of-the-pyramid, LOLC Africa promotes financial inclusion, job creation, income generation, and overall economic growth.

This investment represents a diversified exposure to multiple African markets as LOLC continues to scale its operations. The Fund’s investment is also yielding a return aligned with the Fund’s return target, reinforcing the value of supporting high-impact financial inclusion initiatives in emerging markets.

Suits & Advisors (“S&A”) acted as an advisor to LOLC on this transaction.

Distributed by APO Group on behalf of Verdant Capital

Continue Reading

Business

Ghana’s Downstream Regulator Joins Accra Investor Briefing to Advance Value Chain

Published

on

The Accra Investor

The Accra Investor Briefing will share insights into Ghana’s petroleum industry ahead of the African Energy Week: Invest in African Energies conference this September

ACCRA, Ghana, April 7, 2025/APO Group/ –With a goal to increase the share of liquefied petroleum gas (LPG) to 50% of the market by 2030, Ghana’s downstream regulator the National Petroleum Authority (NPA) is promoting private-led investment across the petroleum value chain. Strengthened policies and technology-driven strategies are already bolstering downstream productivity, but the NPA is seeking greater investment to strengthen fuel security and distribution across West Africa.

During the Invest in African Energies: Accra Investor Briefing on April 14, 2025, taking place at the Kempinski Hotel, the NPA’s CEO Godwin Kudzo Tameklo will outline strategies being implemented by the authority to strengthen the downstream value chain in Ghana. Tameklo is expected to highlight ongoing efforts to attract investment in downstream projects, while sharing an update on the country’s developments such as the Integrated Petroleum Hub, LPG expansion and broader infrastructure advancements.

As the downstream regulator, the NPA manages the importation and refining of crude in Ghana as well as the sale, marketing and distribution of refined petroleum products across the country. The NPA works to position the downstream sector as both a major contributor to domestic product growth and catalyst for long-term economic growth in Ghana. By leveraging technology and growth-centered policy, the NPA has led the growth of Ghana’s downstream industry.

With increased investment, Ghana stands to play a major part in enhancing fuel security across the broader West African region

In April 2024, the country witnessed a 15.4% growth in petroleum consumption, reaching 1,641 kilotons compared to 2023, as well as a 9% rise in gasoline consumption, reaching 588.5 kilotons. In 2024, LPG consumption also witnessed a surge, rising 7.25% throughout the year to reach 340 million liters. An increase in the adoption of LPG was largely attributed to the promotion of the Cylinder Recirculation Model by the NPA – a distribution system implemented in 2023 that allows residents and commercial consumers to utilize LPG through cylinder exchange. LPG adoption rose from 28.9% in 2010 to 60% in 2023, with LPG usage increasing from 18.2% in 2010 to 44.1% in 2023. Strategic LPG projects include the Puma Energy-owned LPG bottling plant in Tema – a $6 million facility with the capacity to deliver 1,200 cylinders per hour. A second plant is being developed by the Ghana Cylinder Manufacturing Company, with a capacity of 150 million cubic feet per day.

To further strengthen distribution, the NPA is leveraging innovative technology and policies that enhance efficiency and profitability across the downstream sector. These include the introduction of a new transparent automatic price adjustment formular, transitioning from an annual regulated pricing model; a zero-tolerance policy for toxic fuel and an increase in low sulphur fuels; as well as technology-based mechanisms such as the petroleum marking scheme, bilk road vehicle tracking project, electronic cargo tracking system and enterprise relational database management software. These mechanisms support efficient monitoring and ensure optimized quality and quantity of petroleum products in Ghana.

Beyond domestic petroleum distribution, Ghana is strengthening regional exports. In 2024, the NPA signed an agreement with Senegal and The Gambia to enhance petroleum product exports. Ghana already exports petroleum to regional neighboring, including Mali, Niger, Burkina Faso, Ivory Coast and Togo. According to the NPA, the volume of petroleum exports to regional countries from Ghana amounted to 385,154,100 liters. Over 5,000 service providers are registered in Ghana, delivering over four million metric tons of petroleum products annually.

“Ghana is a strong example of the role natural gas and associated LPG production plays in Africa. Through targeted policies, technology-driven mechanisms and a commitment to low-cost, reliable fuels, the NPA is leading the charge towards a more sustainable future in West Africa. With increased investment, Ghana stands to play a major part in enhancing fuel security across the broader West African region,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber

Continue Reading

Business

APO Group Revolutionises Press Release Distribution by Integrating Telegram, Boosting Mobile Accessibility Across Africa

Published

on

APO Group

APO Group is committed to ensuring that Africa’s stories are shared even more widely and in a manner that is convenient to the continent’s growing mobile population of journalists and news consumer

JOHANNESBURG, South Africa, April 7, 2025/APO Group/ –APO Group (www.APO-opa.com), the award-winning pan-African communications consultancy and press release distribution service, is pleased to announce the integration of Telegram, the popular mobile instant messaging service, into its press release distribution channels. This exciting new development, which sees the company’s press releases available on the mobile app, further cements APO Group’s position as Africa’s premier digital PR and communications firm, with unmatched reach and engagement in the online space.

With an annual dissemination rate of over 10,000 press releases to more than 250 news websites and 450,000 journalists and bloggers across the continent and globally, APO Group is committed to ensuring that Africa’s stories are shared even more widely and in a manner that is convenient to the continent’s growing mobile population of journalists and news consumers.

Telegram gives these users direct access to the press releases published on APO Group’s www.Africa-Newsroom.com platform, enabling them to instantly share relevant real-time updates and exclusive content with their target audiences. Like the web platform, Telegram subscribers can choose their preferred language channel – English, Arabic, French, or Portuguese – providing bespoke, tailored access to APO Group’s press releases in mobile format.

With close to 53 million downloads (https://apo-opa.co/3FWfLWh) in Europe, the Middle East, and Africa in 2024, Telegram has rapidly gained traction amongst the region’s users, fundamentally transforming how news is consumed. Incorporating Telegram into its already comprehensive press release distribution channels supports APO Group’s vision of delivering state-of-the-art communications solutions for Africa and the world.

“At APO Group, we’re not only committed to sharing positive and compelling narratives about the African continent; we also want to make it as easy as possible for journalists to republish our content, enhancing exposure for our clients through a channel that is widely accessible and easy to use, with an unlimited audience size. Tailored functionality ensures that information is relevant, topical, and presented in a user-friendly manner,” explained APO Group CEO Bas Wijne.

Innovation and digitalisation are key focus areas for us at APO Group when it comes to enhancing our press release distribution services

“Innovation and digitalisation are key focus areas for us at APO Group when it comes to enhancing our press release distribution services. Telegram presents us with a unique opportunity to further enrich our advanced distribution service, offering journalists a wider range of options to access and share Africa’s stories. This aligns with how the market is evolving, how users are evolving, and how the mobile market is growing.”

In addition to its comprehensive online Africa Newsroom press release distribution platform and the newly launched Telegram mobile news-sharing channel, APO Group is working to provide additional innovative mobile solutions to its clients and the African media in the near future, broadening distribution options even further.

Subscribe to APO Group’s Africa Newsroom Telegram channels using the following links:

English: https://t.me/Africa_Newsroom

French: https://t.me/Africa_Newsroom_FR

Arabic: https://t.me/Africa_Newsroom_AR

Portuguese: https://t.me/Africa_Newsroom_PT

Distributed by APO Group on behalf of APO Group

Continue Reading

Trending