Tech

IFC partners SA health-tech group Lenmed Hospital to expand quality healthcare services in Africa

Published

4 months ago

June 19, 2024

The International Finance Corporation (IFC), a member of the World Bank Group, has entered into a partnership with South African health-tech startup, Lenmed Hospital Group, aimed at increasing access to quality healthcare, especially in underserved communities in South Africa, Botswana, Ghana, and Mozambique.

Under the terms of the partnership, IFC will provide Lenmed with an initial investment sum of R200 million senior loan to help help the company expand its healthcare services over the next four years through the acquisition of new facilities, the purchase of medical equipment, and by hiring and training additional medical staff.

Lenmed on its part, will also expand the number of beds in its hospital portfolio from 2,318 to almost 3,000.

Amil Devchand, Lenmed’s Chief Executive Officer (CEO), said the IFC’s loan is part of a larger, syndicated loan package with three other South African lenders, Rand Merchant Bank, Ashburton Asset Managers, and ABSA Bank, which runs into a total of R2.5 billion.

“The combined financing will also support Lenmed’s plans to expand into other African countries and help meet the company’s refinancing and working capital requirements,” said Devchand.

“In addition to financing, IFC will also help Lenmed improve its environmental and social standards and ensure sustainability across its operations.

“We are extremely excited to have concluded this significant debt package with IFC and our other funding partners, which underscores the confidence in both our Group and the work that we do.

“This additional capital will allow us to continue driving towards achieving our ambitious growth strategy while, at the same time, fulfilling our core purpose of creating healthier and more prosperous communities.”

Cláudia Conceição, IFC’s Regional Director for Southern Africa who also spoke on the partnership, said:

“Our investment in Lenmed will increase access to quality healthcare in South Africa and in other African countries, enabling more people to access the services they need.

“IFC complements public healthcare efforts by leveraging private sector funding and expertise to increase access and meet growing demand for services.”

Related Topics:Featured Funding Healthcare IFC.Investment Lenmed Hospital Group

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Tech

South Sudanese telcos increase tariffs as exchange rates soar

Published

3 days ago

October 23, 2024

Isaac Dachen

Telecommunication companies in South Sudan have been forced to increase their tariffs as a result of a hike in the official exchange rate.

Local media reports that the likes of MTN South Sudan, Zain South Sudan, and Digitel Holdings have jointly announced a tariff adjustment in response to an increase the official exchange rate following an agreement between the National Communications Authority (NCA) and the Bank of South Sudan (BOSS) to align telecommunications service prices with the official exchange rate.

The adjustment will occur in three phases from October to December 2024 with the first change taking effect on the night of October 18, followed by subsequent changes on November 18 and December 18, 2024.

In a joint communique, the telcos confirmed that notifications about the initial adjustment were distributed via various channels and the decision was made after considering the potential impact on customers and the telecom sector.

“Since the first phase began, operators have increased the cost of internet and mobile airtime subscriptions by 600 South Sudanese pounds,” a media platform reported.

“Thus, subscribers now pay SSP1,565 for 100 MB with Zain, SSP1,790 with MTN, and SSP1,835 with Digitel, rather than the previous SSP900.

Meanwhile, another report has also indicated that the parliament will address rising telecommunications tariffs once the committee investigating alleged malpractices within telecommunications companies has submitted its findings.

According to one lawmaker, these practices have significantly raised the cost of communication services in the country, affecting the general public.

Tech

Rwanda’s e-mobiility startup IZI expands electric bus fleet after getting grant from Green Fund

Published

5 days ago

October 21, 2024

Isaac Dachen

Rwanda’s e-mobility startup, IZI, has announced the delivery of five electric buses to Kigali, the country’s capital city, after obtaining a substantial grant from the Rwandan Green Fund.

IZI, a frontrunner in electric vehicle solutions which says it is on a mission to electrify Rwanda’s public transport sector, has, in just four months of operation, grown its initial fleet of five electric buses to an enviable height.

CEO of the startup, Alex Wilson, believes the grant is a testament to the success story of IZI.

“These results validate our E-Mobility-as-a-Service model. We’re not just reducing emissions; we’re proving that sustainable public transport is economically viable in Africa.

“Building on this success, IZI has secured an RWF 300,000,000 grant from the Rwanda Green Fund to deploy five additional electric buses in Kigali.

“These vehicles will represent the most advanced public transport in Rwanda to date, boasting features such as an independent intelligent driver’s cabin, air suspension balanced driver’s seat, full LCD dashboard, one-step entry, and a flat-floor design for improved passenger comfort,” he said.

He added that the success of IZI’s pilot has led to strong demand from other Rwandan public bus operators.

“IZI has now signed contracts with 4 leading transport companies for the deployment of over 100 buses, marking a significant expansion of its operations.

“Looking ahead, IZI plans to establish a state-of-the-art battery maintenance and repair facility in Kigali, supporting the entire EV ecosystem in Rwanda and positioning the country as a centre of innovation in the EV industry,” he added.