Tag Archives: $1 billion
$1 billion: Latest News
Peter Pedroncelli, 6:37 pm AFKI Original
History was made in 2016 when Africa could finally celebrate its first startup unicorn, with the Africa Internet Group, now known as Jumia Group, being valued at over $1 billion in February last year. In doing so, it became the first privately owned startup to gain unicorn status, joining an elite group of 150 or so companies around the globe. The company is based in Lagos, Nigeria, and operates as a subsidiary of Millicom International Cellular S.A, using a sales approach similar to Amazon.
Dana Sanchez, 3:11 pm
The Gambian village of Sareh Pateh, population 4,000, turned on solar street lights for the first time Sunday, thanks to Akon’s $1 billion line of credit. “I want to leave a legacy,” the Senegalese-American Akon told reporters in Banjul. “Africans work harder in everything and they work harder to live and to sustain themselves.” Akon spent part of his childhood in a Senegalese village with no electricity before moving to the U.S. In 2011, Forbes ranked him fifth out of 40 Most Powerful Celebrities in Africa. He says he’s a businessman first and a musician second.
Makula Dunbar, 1:06 pm
A project led by Pan African Minerals to develop the Tambao manganese project in Burkina Faso will cost up to $1 billion, the chairman of holding group Timis Corporation said on Thursday, a day after receiving the government’s green light. The manganese mine in the north of Burkina Faso, near the border with Niger and Mali, is thought to contain over 100 million tonnes of the metal, used in steel production.
Makula Dunbar, 6:31 pm
Although the country’s civil war ended more than two decades ago, the state of the power sector and network remains damaged, a Reuters Africa report revealed. Most people in the country source energy from diesel generators, a habit that can be pricey. Reuters also noted that in spite of development following the 27-year war, which came to an end in 2002, infrastructure progression is stagnant as electricity is the backbone of many sectors.
Makula Dunbar, 10:09 am
Kenya is considering raising more than $1 billion in its planned debut Eurobond sale that will take place by the end of this year, Treasury Principal Secretary Kamau Thugge said. The government plans to use part of the proceeds to help repay a $600 million syndicated loan that falls due in May
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