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Pakistan’s first local currency venture capital fund launched
Pakistan is launching its inaugural local currency venture capital fund to bolster the nation’s tech sector and support startups. Lahore-based Sai Venture Capital Private is leading this effort, intending to secure $10 million primarily from local investors. The fund has already invested in enterprises serving developed markets and startups in key sectors such as health, agriculture, and education.
Canada – African Development Bank Climate Fund approves $36.3 million in support to climate adaptation on the continent
The Canada-African Development Bank Climate Fund (CACF), dedicated to backing gender-affirmative climate change initiatives in Africa, has sanctioned $36.3 million for two private sector ventures fostering climate adaptation in the continent. This funding includes $18.3 million allocated for the enhancement of Port Autonome de Cotonou in Benin and another $18 million to aid the construction of three seawater desalination plants as part of the Green Investment Program of the OCP Group, provided as concessional loans to the private sector companies involved.
Read the original article here: https://afdb.africa-newsroom.com/press/canada–african-development-bank-climate-fund-approves-363-million-in-support-to-climate-adaptation-on-the-continent?lang=en
Absa and AfDB agree US$150mn trade finance facility
The African Development Bank (AfDB) has approved a trade finance facility of US$150 million to support Absa Group, a South African lender, in expanding its social and sustainable financing efforts. Additionally, the AfDB has agreed to provide about US$90 million in sustainability-linked loans and invest US$53.8 million in Absa’s inaugural social bond issuance. The trade finance facility aims to enhance access to funding for businesses, enhance trade facilitation in low-income nations, and promote intra-Africa trade, as stated by the AfDB.
Read the original article here: https://www.gtreview.com/news/africa/absa-and-afdb-agree-us150mn-trade-finance-facility/
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