Metro Africa Xpress Inc. (“MAX”) - the largest vehicle subscription platform for low-to-zero emission vehicles in Africa, announces it has raised $31 million of new capital, in the first close of a Series B funding round. Subsequent closes are expected in the next few weeks. Proparco, through the Digital Africa Bridge Fund, joins as a new investor.

By granting a USD 85 million Facility Agreement to United Bank for Africa (UBA), Proparco supports a major African bank’s financing capacities towards SMEs, and supports the development of UBA’s subsidiaries in several African countries.

A financing package from IFC and Proparco will help Dolidol, a Moroccan manufacturer and distributor of polyurethane (PU) foam and bedding products, expand its production and sales to Nigeria, and green its operations in Morocco, creating hundreds of direct and indirect jobs in those countries.

A financing package announced today from IFC and Proparco for digital infrastructure provider WIOCC Group will fund WIOCC’s expansion strategy in three African countries, enhancing the continent’s digital infrastructure and connectivity and supporting economic growth.

Proparco and First City Monument Bank (FCMB) signed a NGN 2 billion risk-sharing facility agreement, which will cover up to NGN 4 billion worth of loans granted by FCMB to Nigerian micro, small and medium-sized enterprises (MSMEs).

UBA is the first beneficiary of AFD Group’s (AFD and its private sector financing arm Proparco) new EURIZ guarantee mechanism. The partnership signed with UBA will help the Pan-African bank further increase its support to entrepreneurs and MSMEs contributing to sustainable economic development on the continent.

Access Bank, a major player in the Nigerian banking sector, has just received a US$100 million loan from the Dutch development bank, FMO. Proparco has put up US$25 million of this amount. This credit facility will enable Access Bank to finance agricultural businesses and to boost a sector that is key to Nigeria’s economic and social development.

Proparco has just allocated a portfolio guarantee to United Bank for Africa (UBA) to facilitate access to loans for Nigerian SMEs. Proparco’s operation will specifically contribute to financing SMEs in the education sector and SMEs set up by women.

Proparco announced a $20M Trade Finance Guarantee Facility for Coronation Merchant Bank (CMB). This will enable Coronation Merchant Bank to establish and deepen partnerships with correspondent banks, thereby increasing access to trade finance in Nigeria.

Lagos, 28 September 2023 - Proparco, a French development finance institution, is proud to mark 15 years of operations in Nigeria with a total of USD 1B invested over the period. Since its inception in Nigeria in 2008, Proparco has focused its efforts on partnering with local and pan-African financial institutions, investment funds, growth stage companies as well as startups within the renewable energy, agribusiness and tech space. The goal of these investments is to improve the lives of Nigerians by providing access to essential needs such as electricity and financial services.

Proparco preceded the AFD by opening their office in Lagos a few months prior to them, in september 2007. However, the banking crisis in 2008 led to its closure in september 2010. It reopened in January 2013 in response to the growing economic and political weight of Nigeria in the region, as well as the numerous challenges to development the federation of 36 states is confronted with.

Proparco is committed to supporting the development of Advans' digital strategy through technical assistance granted for the implementation of pilot projects. These will improve Advans' service offer to its customers.

With the support of the European Union (EU), PROPARCO invests USD 3 million equity in RENSOURCE (Holdings), a key player in the renewable energy sector in Nigeria. This is the first investment made by Proparco in partnership with the EU under the Africa Renewable Energy Scale-Up facility (ARE Scale-Up).

Proparco and the European Union (EU) are supporting a major Nigerian bank, First City Monument Bank Ltd (FCMB), through the financing of a €325,000 technical assistance (TA) program. This TA program will enable the bank to develop its non-financial services offer, aimed at improving the financial inclusion of local Very Small and Medium Enterprises (VSEs) and women entrepreneurs, and to support them in their entrepreneurial process.

The investment will allow West Africa’s fastest growing C&I solar provider to accelerate its regional expansion.