The facility aims to narrow Africa’s substantial trade finance gap, which is estimated to be between $100 and $120 billion.

This latest agreement continues a longstanding partnership between BII and Absa, which has delivered significant trade liquidity to countries such as Ghana, Nigeria, Kenya, Uganda, Tanzania, and Mozambique, supporting over $1 billion in trade volumes since 2019.

This new facility targets critical sectors across the continent, including agriculture, fast-moving consumer goods (FMCG), and healthcare.

It emphasizes sustainable and inclusive funding for small and medium-sized enterprises (SMEs) and businesses led by women and young entrepreneurs.

The initiative also qualifies for the 2X Challenge, an impact investment standard that promotes gender equality, inclusive leadership, and social progress.

UK Development Minister Anneliese Dodds highlighted the partnership’s importance, stating:

“This facility demonstrates BII and Absa’s shared commitment to address Africa’s estimated $100 billion trade financing gap, fostering sustainable and inclusive economic growth.”

Admir Imami, Director of Trade & Supply Chain Finance at BII, echoed the sentiment, noting:

“Our partnership with Absa is rooted in a mutual goal of advancing inclusive economic development, particularly for SMEs and women-led businesses. By combining BII’s support with Absa’s cross-border expertise, we aim to improve access to trade finance and the flow of essential goods across Africa.”

Charles Russon, Absa Group’s Interim Group Chief Executive Officer, added:

“Our reach across Africa and beyond positions us to facilitate the capital and trade finance needed by African businesses to scale. Through strategic partnerships, we are fostering sustainable growth and new opportunities in emerging markets, strengthening Africa’s economic ecosystem.”

The agreement was formalized at the World Bank Annual Meetings in the presence of Nick O’Donohoe, BII CEO, Anneliese Dodds, and Charles Russon.

Backed by notable institutions including the African Development Bank Group (AfDB) and the European Investment Bank (EIB), the fund aims to catalyze African entrepreneurship and foster job creation, with a specific focus on opportunities for youth and women.

The firm closed the fund for the first time in 2022 at €26 million, with initial backing from the AfDB and EIB.

Additional support for the final close came from new investors such as the Mastercard Foundation Africa Growth Fund, Tunisia’s ANAVA fund, the endowment fund of Ghana’s Ashesi University, the U.S. International Development Finance Corporation (DFC), and the World Bank’s International Finance Corporation (IFC).

Founded by Fatoumata Bâ, Janngo leverages technology and funding to establish digital ecosystems in high-growth sectors.

It aims to empower African SMEs and provide growth pathways for youth and women in the workforce.

With women-led companies comprising 56% of its portfolio, Janngo is tackling the region’s gender gap within the entrepreneurial landscape.

Notable investments include Nigeria’s Sabi, a B2B eCommerce platform, underscoring the firm’s commitment to supporting female-led ventures.

Bâ has emphasized Janngo’s commitment to impact-driven investment, noting that Africa, while having the highest global rate of female entrepreneurship, receives only a small share of global VC funding.

She highlighted that although venture capital funding in Africa has grown from $150 million a decade ago to around $4 billion to $5 billion today, Africa’s share remains at only 1%-2% of global funding—a figure that does not align with the continent’s population share of 17%.

Bâ remarked, “If we believe tech is critical to economic development in Africa, we should have proportional access to VC.”

Since its inception in 2018, Janngo’s portfolio has included over 30 investment rounds across 21 startups, including Series B follow-on investments.

The firm allocates between €150,000 and €5 million to startups in sectors such as healthcare, logistics, financial services, retail, agritech, mobility, and the creator economy and maintains offices in Abidjan, Mauritius, Tunis, and Paris.

In March 2024, Janngo’s Startup Fund (JCSF) also received a €4 million ($4.3 million) equity investment from Tunisia’s “ANAVA” fund, designated for francophone African startups and female-founded businesses.

Through this deal, Helios will gain a 49% stake in Raya Foods, signaling confidence in the company’s potential to expand its manufacturing and export capabilities globally.

Raya Foods, Egypt’s second-largest exporter of frozen fruits and vegetables, is already exporting to over 50 countries, with a strong foothold in Europe and the Americas.

The company aspires to lead the Egyptian market as its top exporter of frozen goods and become the first in Egypt to manufacture and export freeze-dried fruits and vegetables.

Ahmed Khalil, CEO of Raya Holding, hailed the investment as a strategic milestone, reflecting investor trust in Raya’s vision for growth.

“This investment aligns with our objectives to expand across various sectors and increase foreign currency revenue through one of our fastest-growing subsidiaries. With this new freeze-drying facility, Raya Foods is poised to diversify products, boost production, and enhance exports,” Khalil remarked.

Omar Abdelaziz, CEO of Raya Foods, added that the company’s partnership with Helios marks a transformative phase.

“Securing $40 million from Helios highlights Raya Foods’ rapid growth over the last five years and our potential for sustained progress. This investment will help us cement our position as Egypt’s largest frozen food exporter, with our annual production now reaching 50,000 tonnes. The addition of a second facility will further support our mission to lead in freeze-dried exports,” Abdelaziz stated.

Raed Barkatis, Helios Investment Partners’ head of consumer and healthcare, expressed optimism about the collaboration, describing it as a mutual growth opportunity.

The investment underscores a growing trend of international interest in Egypt’s food production sector, positioning Raya Foods for greater influence in the global market while contributing to the country’s economic growth.

The investment round was led by Pangea Africa Limited, with contributions from Root Capital, RDF Ghana, and the SEFAA Fund, managed by Sahel Capital.

This capital infusion is set to enable Oyster Agribusiness to expand its reach, directly impacting more smallholder farmers and enhancing sustainable agricultural practices across Ghana.

Founded in 2018, Oyster Agribusiness provides crucial support to smallholder farmers through access to sustainable agricultural inputs, improved agronomic practices, and a stable market for their produce.

Leveraging technology, the company powers its input distribution system and boosts yields using specialized tools like seeders and drones for efficient planting and spraying.

Oyster Agribusiness has already demonstrated a strong track record, having invested over GH¢60 million ($3.8 million) into the livelihoods of 4,500 smallholder farmers over the past five years.

To date, it has successfully cultivated more than 20,000 acres of farmland and supplied over 25,000 tons of produce to both local and international markets.

Commenting on the funding, CEO Edmond Kombat noted:

“This investment is a testament to the impact we’ve made with smallholder farmers and the tremendous potential we see in scaling our operations.”

“Together, we are working toward a more sustainable, inclusive, and resilient agricultural ecosystem in Ghana.”

Oyster Agribusiness’s progress aligns with Ghana’s growing agricultural sector, which has a projected market size of $3.40 billion in 2024 and is expected to reach $3.87 billion by 2029, marking a compound annual growth rate (CAGR) of 2.65%.

Agriculture remains a cornerstone of Ghana’s economy, and Oyster’s tech-driven, climate-resilient solutions contribute significantly to advancing the sector’s sustainability.

Since its inception in September 2013, Angel Fair Africa has established itself across major African cities, including Johannesburg, Lagos, Accra, Abidjan, Maputo, and Cape Town.

This year, the event returns to Nairobi for the first time since 2016, hosted at the Two Rivers International Finance and Innovation Centre.

Organized by Chanzo Capital in partnership with Startupbootcamp AfriTech, MEST Africa, Antler, iHub, and GrowthAfrica, the forum will connect investors with promising ventures seeking capital.

The event’s opening day will spotlight early-stage startups in need of angel, pre-seed, and seed funding.

Among the 10 startups selected, Kenya is represented by VunaPay, NoMa, and Zopa254. Ghana has two entrants, BenBen and Lastmal, while South Africa’s Ejoobi and Hitherroad are also in the mix. Uganda’s Karaa, Mozambique’s Goodbite, and Nigeria’s Wenzo complete the lineup.

The second day will shift focus to scale-ups requiring capital at the seed, Series A, and Series B levels to support their expansion.

Kenya leads this category with five ventures: Check-Ups Med, Chumz, Save App, EpiCenter Africa, and Twiva.

Additional scale-ups include Ivory Coast’s MojaRide and DigiTech, Ghana’s PayAngel, Tanzania’s KilimoFresh, and Nigeria’s HouseAfrica.

All participating startups and scale-ups have undergone preliminary training and screening through programs conducted by Angel Fair Africa’s partners, such as iHub, MEST Africa, and Startupbootcamp AfriTech.