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IFC, Proparco, Helios partner to support Africa’s sports, entertainment industries

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The International Financial Corporation (IFC) has announced partnership plans with French development finance institution, Proparco, and Helios Sports and Entertainment Group to support and drive the expansion of sports and entertainment industries in Africa.

Makhtar Diop, the Managing Director of IFC, who disclosed the partnership in a statement, said the IFC, a member of the World Bank Group, is on the verge of concluding plans with Proparco, a subsidiary of the Agence Française de Développement Group (AFD Group), and the Helios Group to strengthen its support for the sectors in Africa.

“A partnership with Helios Sports and Entertainment would offer an opportunity for IFC and Proparco to jointly address a long history of limited financing in Africa’s creative sectors, including sports and entertainment, and catalyze private sector development in the region.

“The African sports and entertainment are promising routes to accelerate growth and scale innovation on the continent.

“Africa is a key market in IFC’s creative industries strategy, targeting many verticals, such as e-commerce, arts and craft, fashion, audiovisual content, technology, and now sports and entertainment.

“Joining forces with partners like Proparco and Helios will lead to scalable opportunities to transform the creative economy in Africa, encourage local talent and drive homegrown development.

“The partnership would focus on exploring joint investment opportunities that can help grow economies and support jobs in the region through sectors that have the potential to bring dynamism, youth employment, value-added exports, and that also can strengthen ancillary sectors such as tourism, real estate, creative economies, and media,” Diop said in the statement.

Françoise Lombard, Chief Executive Officer, Proparco, who also commented on the impending partnership, said by supporting private partners such as Helios Sports and Entertainment Group, Proparco is stepping-up its commitment to cultural and creative industries as well as celebrating Africa’s creativity.

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Huawei launches cloud service in Nigeria

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Global technology company, Huawei, has launched its first African hyperscale local cloud service in Nigeria, making it the first international cloud provider to offer such services in the country.

The CEO of Huawei Nigeria, Chris Lu, who unveiled the new local cloud in Lagos on Wednesday, said it was powered by Tier 3+ data centres, providing ultra-fast services with a latency of just 15 milliseconds.

According to Lu, this will ensure that data storage and computing resources remain within Nigeria, benefiting local businesses and sectors, particularly fintech companies that require strict adherence to data protection laws.

At the launch event, themed “Leap Now With A Better Cloud,” Lu emphasised the company’s dedication to supporting Nigeria’s digital economy.

He noted that the initiative was a significant milestone towards meeting the country’s data protection regulation, and alignment with the Nigeria Data Protection Commission’s objectives to limit cross-border data transfer and have data kept within the country.

“With disruptive technology, we can transform our daily lives, our industries, and our economy. Not knowing where your data is stored is terrifying,” Lu said.

“The Huawei local cloud ensures your data and that of your customers are safely protected. Our local cloud provides better latency, better services, and ensures data sovereignty for our customers.

“Huawei’s is offering enhanced data sovereignty, reduced latency, and bolstered support for local businesses.The service aims to support Nigerian startups, SMEs, and the broader tech ecosystem and aligns with Nigeria’s regulatory environment and digital transformation goals.”

Beyond cloud technology, Huawei has invested heavily in Africa’s tech ecosystem, forming partnerships with governments and private entities to drive digital transformation.

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SunCulture partners Turaco to empower Kenyan farmers with affordable climate insurance

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Kenyan solar-powered irrigation solutions startup, SunCulture, has joined forces with leading mass-market insurtech company, Turaco, to launch a platform called “SunCulture Protect”, aimed at providing enhanced protection to small holder farmers using SunCulture’s pay-as-you-go (PAYG) devices.

According to Samir Ibrahim, the CEO of SunCulture, the partnership between two leading Kenyan tech companies will address the urgent need for risk mitigation tools, such as insurance, for the most vulnerable populations, enabling and expanding access to healthcare.

“As the impact from climate change escalates, the frequency and intensity of extreme weather events are expected to rise, negatively affecting health outcomes and pushing millions of Africans into poverty,” Ibrahim said.

“At SunCulture, our mission has always been to help small holder farmers grow more food and improve their livelihoods.

“Partnering with Turaco allows us to extend our commitment by not only providing sustainable energy solutions but also offering financial security and peace of mind to our customers and their families,” he said.

He also stated that SunCulture Protect offers essential health and life coverage, safeguarding customers and their families against unforeseen medical expenses and risks that are exacerbated by extreme weather events.

Ted Pantone, CEO of Turaco, who also commented on the partnership, said he believed affordable insurance should be accessible to everyone, especially those that are the most vulnerable to the impacts of climate change.

“Our partnership with SunCulture enables us to provide essential coverage that not only protects livelihoods but also fosters long-term resilience among small holder farmers,” he said.

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