The partnership aims to establish an EV assembly plant in Nairobi, a move projected to boost Kenya’s green transportation initiatives and create thousands of jobs.

According to Nishant Mishra, Afrigreen Automobile’s Global Head of Future Mobility, the assembly plant will commence operations within a month and is expected to produce between 5,000 and 6,000 EVs annually.

The vehicles will target both the Kenyan and wider COMESA markets.

The Principal Secretary for Investments, Trade, and Industry, Abubakar Hassan Abubakar, emphasized the venture’s positive impact on Kenya’s transport sector.

With a current EV fleet of approximately 4,000 against a total car population of 1.7 million, the assembly plant is seen as a crucial step towards a greener future.

The deal marks another significant entry of Chinese EV firms into the Kenyan market. Earlier this year, Chinese EV maker NETA invested in Moja EV Kenya, with plans to assemble 250 EVs monthly.

This development underscores Kenya’s growing interest in electric mobility and its potential to contribute to the country’s economic growth and environmental sustainability.

The investment will fuel the company’s growth and expansion across key markets in Africa and the Middle East.

Founded in 2020 by Mohamed El-Sonbaty, Abdelrahman Ayman, and Joan Manuel, Educatly aims to democratize access to higher education.

The platform connects students with over 130,000 programs from 1,100 universities worldwide.

With a user base exceeding three million students, Educatly is on track to reach seven million by the end of 2024.

“This funding is a testament to our mission of bridging the gap between students’ aspirations and available educational opportunities,” said El-Sonbaty, CEO of Educatly.

“We will use these funds to enhance our platform, expand our reach, and empower more students to achieve their academic goals.”

Educatly previously raised a $1 million pre-seed round in 2021 and operates research and development centers in Cairo and Dubai.

The company is committed to developing a world-class digital platform that provides students with seamless access to tailored higher education services.

Technology and Science Minister Felix Mutati made the announcement on July 19.

The project, funded by the World Bank’s International Development Association (IDA) and supplemented by commercial financing, aims to expand internet access, enhance digitally enabled services, and strengthen the country’s digital infrastructure.

“This initiative aligns perfectly with the government’s priorities,” said World Bank Managing Director Wengcai Zhang during a visit to Lusaka.

“By investing in broadband, last-mile connectivity, and digital public infrastructure, we aim to improve efficiency in both the public and private sectors.”

The DZAP will also focus on developing digital skills, supporting high-impact sectors, and addressing Zambia’s significant digital divide.

According to the Zambia Inclusive Digital Economy Status Report 2022, only 53 per cent of Zambians have access to the internet, highlighting the urgent need for digital transformation.

A Project Implementation Unit will be established within the Smart Zambia Institute to oversee the project.

The World Bank has also expressed support for Zambia hosting the World Skills Africa Competition in Livingstone next year.

The project is expected to receive final approval from the World Bank Board in March 2025. Until then, a $6 million advance will be used to fund preliminary activities.

The investment, comprising $5.6 million in equity and $2.5 million in debt, was led by Algebra Ventures with participation from existing investors Silicon Badia and the SANAD Fund for MSME. Camel Ventures and GlobalCorp provided the debt financing.

Founded in 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, Cartona connects buyers and sellers through a mobile app.
The platform currently boasts over 188,000 retailers and operates in 17 Egyptian cities.

The fresh capital will be used to expand Cartona’s operations in the fast-moving consumer goods (FMCG) and hospitality sectors, increase market share, and explore new markets in the Middle East and North Africa (MENA) region. 
Additionally, the debt financing will support working capital needs for local retailers.

“We are thrilled to secure this additional funding, which reinforces our position as a market leader,” said Mahmoud Talaat, CEO of Cartona. “This investment will enable us to accelerate our growth, enhance our platform, and deliver even greater value to our customers.”

Cartona has experienced rapid growth since its inception, expanding its reach from three to 11 Egyptian cities in just one year.

The company aims to cover all of Egypt’s governorates while continuously improving its product offerings and exploring new business verticals.