Tech

Afreximbank invests $1.4b in Ammonia, Urea fertiliser plant in Angola

Published

5 months ago

August 3, 2024

Pan-African multilateral financial institution, African Export-Import Bank (Afreximbank), says it has committed $1.4 billion to support the establishment of an Ammonia and Urea Fertilizer (AMUFERT)
plant in Soyo, Angola.

Afreximbank will act as the lead arranger and financial advisor for the project, with Angolan conglomerate OPAIA Group and state-owned Sonangol P&P Natural Gas (Sonagas) serving as sponsors.

While making the announcement in a statement, Executive Chairman of African Energy Chamber (AEC), NJ Ayuk said this initiative represents a milestone in Africa’s pursuit of energy security and agricultural self-sufficiency.

“The AEC supports this project as it aligns the common goal of advancing industrialization and sustainable economic growth across the continent,” said Ayuk.

“AEC commends Afreximbank’s critical contribution to structuring the project’s financial framework and recognizes the significant roles played by OPAIA Group and Sonagas.

“OPAIA Group’s expertise and resources are crucial for the successful implementation of the plant, while Sonangol P&P’s provision of essential resources and technical support underscores the collaborative effort necessary for the project’s success.

“Afreximbank’s $1.4 billion investment in the AMUFERT fertilizer plant is a strategic and transformative move for Angola.

“This initiative not only addresses critical gaps in agricultural self-sufficiency but also underscores the interconnected role of energy in driving sustainable agricultural development.

“The involvement of OPAIA GROUP and Sonagas is pivotal to the project’s success and will set a new benchmark for industrial growth and economic resilience in Angola.”

The completion of the AMUFERT plant, with its full production capacity of 3,870 tonnes of fertilizer per day, with production expected to start early 2027, is expected to dramatically reduce these imports and will not only be economically beneficial but is also critical for the country’s food sovereignty.

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

2 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

3 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation