Investors update: Tanzania’s hydropower project secures $300m funding from AfDB and EU

Tanzania’s hydropower project pulls $300m AfDB, EU funding

Highlights

• Tanzania’s government, the African Development Bank, and the French Development Agency (AFD) have signed agreements for two development project loans worth $300 million. 
• The funds will finance the construction of the 87.8-megawatt Kakono Hydropower Plant located in Kagera region, which also received a grant of $39 million from the European Union.
• The plant is expected to serve 4 million people and increase the service coverage rate by around 7% of the population as well as have a major impact on the economic development of the zone.

Source: ABC

Our Takeaway

Infrastructure financing is a critical component of development in Africa, where inadequate infrastructure has long been a barrier to economic growth and social development. While advancing Tanzania’s economic development goals, the agreement also highlights the increasing availability of such financing opportunities on the continent, as international institutions like the AfDB and the AFD continue to invest. These investments are critical to addressing Africa’s infrastructure deficit, unlocking economic potential, and improving the quality of life for millions of people.

---

Mastercard edtech fellowship selects 12 SA edtech startups

Highlights

• South African edtech incubator Injini has announced the 12 startups selected for the first Mastercard Foundation EdTech Fellowship Programme.
• Founded in 2017, Injini, a member of the UVU Africa Group, is a registered non-profit company that exists for the sole purpose of improving educational outcomes in Sub-Saharan Africa.
• The fellowship will provide startups with direct grant funding, product quality evaluation and certification, skills development, coaching and mentorship, and market access through Injini’s network across the education innovation landscape. 

Source: Disrupt Africa

Our Takeaway

The past few years have seen a rise in the adoption of edtech innovation in Africa. With hundreds of millions of students in primary and secondary schools, technology presents a massive opportunity for improving education access and quality on the continent. Available projections indicate that the African edtech market will grow into a multibillion-dollar industry, driven by increasing demand for online learning solutions, e-books, and educational apps. However, significant challenges remain for players in the space, such as access to funding and route-to-market which incubators like Injini’s can help address.

---

Tunisia’s CoaChess raises $191k pre-seed from Omicrone

Highlights

• Tunisia-based gaming platform CoaChess has raised a $191,000 pre-seed funding round from Omicrone to revolutionize the chess world via AI-powered tools.
• Founded in 2021 by Iheb Kaabi, CoaChess allows chess players of all skill levels to play and learn the game through advanced learning techniques aimed at further developing players’ skills.
• The recent pre-seed funding round brings the company one step closer to achieving its goals. With the funding, the company can take its innovative tools to the market and improve the game for good. 

Source: Wamda

Our Takeaway

Having a combination of the world’s fastest-growing young population and increasing digital connectivity puts Africa in a pole position to become the leading video gaming market over the next decade or more. Sub-Saharan Africa is the fastest-growing region worldwide for mobile gamers; its gamers increased to 186 million in 2021 from 77 million in 2015 with 95% on mobile phones. Also, the industry generated nearly $600 million in revenue in the same year. Many startups have emerged to tap into the huge and fast-growing market set to grow further, riding on improving internet access and affordable devices.