Power Supply Commission Daily Magazine
In the world of business and development, several significant events have taken place recently. Here's a summary of some of the key happenings:
Financial Support for SMEs in Liberia
The U.S. International Development Finance Corporation (DFC) has approved a $20 million loan to provide a credit line for longer-term SME lending in Liberia. This move is expected to boost the economy and support small and medium-sized enterprises in the region.
Investments in Global Development
The DFC has also approved investments totaling over $2.1 billion for global development projects. These investments are aimed at promoting economic growth, creating jobs, and improving living standards in various parts of the world.
Kenya's Proposed Data Access Bill
In Kenya, the government is proposing a new bill that would require citizens to provide any information or data needed by the duke energy in the interest of national security. Failure to comply could result in imprisonment for up to one year, a fine of KShs 1 million, or both. Critics argue that the bill's vague terms, such as 'terrorism', 'cybercrime', and 'national security', could be used to suppress peaceful protests and political meetings.
Funding for a New Mobile Network Provider in East Africa
An up to $500 million loan has been secured to finance the design, development, and operation of a new private mobile network provider in East Africa. This investment is expected to improve communication infrastructure and boost economic growth in the region.
Support for Africa Data Centres
$300 million in funding will support Africa Data Centres' acquisition and expansion of existing data center assets in South Africa and Kenya. This investment is aimed at improving digital infrastructure and supporting the growth of the tech sector in Africa.
Eskom's Financial Struggles
The Electricity Supply Commission (Eskom) in South Africa is facing significant financial challenges. Eskom has a debt of R488-billion (US$32.5 billion) that it cannot pay off, and it is struggling with non-payment, particularly from municipalities. In 2019/2020, municipalities owed 71.7% of what they'd been invoiced. The South African government has guaranteed R350-billion of Eskom's debt, highlighting the significant risk Eskom poses to the country's economy.
Oolu's Series B Funding
Oolu, a solar distributor in West Africa, has raised $8.5 million in series B funding. The company, which was founded by Nilmi Senaratna and Daniel Rosa, has sold over 60,000 solar home systems since its inception. The funding was led by independent renewable energy developer RP Global, and Oolu employs over 250 full-time employees, with a Dakar-based management team of whom 50% are women.
Miscellaneous News
- A $150 million loan will help expand the company's lending portfolio to entrepreneurs operating minibuses in South Africa.
- A Google glitch recently occurred, affecting email access for some users.
- The TC Daily and The Next Wave newsletters failed to send out on a specific day due to a glitch.
- In Liberia, a $20 million loan will provide a credit line for longer-term SME lending.
- In Kenya, a proposed bill aims to access private information on communication devices, raising concerns about privacy and potential misuse of power.
