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# INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 43
- URL: https://www.techloy.com/infographic-startup-funding-in-africa-and-the-middle-east-week-43/
- Published: 2024-10-25T14:49:36.000Z
- Updated: 2024-10-25T14:49:36.000Z
- Description: Here are the venture funding activities we tracked in the Middle East and African region this week – including IHS Towers, BasiGo, Yellow Card, Prypco, Invygo, Pargo, Aya Data, and IZI.
- Author: David Adubiina
- Tags: / Startups, / Money, Tech in the Middle East, Tech in Africa

- Nigerian-founded telecom tower **IHS Towers** reels $439M loan to refinance debt and support operations
- Kenyan electric bus startup **BasiGo** acquires $42M to scale public transport
- Pan-African fintech startup **Yellow Card** closes $33M in Series C funding to drive global expansion
- UAE’s proptech **Prypco** receives $10M Seed round to support its growth and expansion
- Saudi Arabian mobility startup **Invygo** secures $8M Series A extension to pursue profitability
- South African e-commerce logistics startup **Pargo** banks $4M to expand into Egypt
- Ghanaian AI startup **Aya Data** gets $900,000 seed round to scale AI products
- Rwandan e-mobility provider **IZI** raises $222,000 funding to expand fleet in Rwanda

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### Nigerian-founded telecom tower IHS Towers reels $439M loan to refinance debt and support operations

IHS Towers, Africa’s largest telecom tower company headquartered in London, has secured a total loan of $439 million. This amount is split evenly, with half in South African Rand and the other half in US dollars, totalling $255 million, from an undisclosed source. 

Both portions of the loan carry an interest rate of 4.50%. The US dollar component is linked to the three-month Secured Overnight Financing Rate (SOFR). At the same time, the South African Rand portion is tied to the three-month Johannesburg Interbank Average Rate (JIBAR). 

Since its establishment in 2001 by Sam Darwish, IHS Towers has evolved from a start-up infrastructure company in Nigeria to a leading provider of communications infrastructure in emerging markets with over 40,000 towers across Africa, Latin America, and the Middle East. 

With this loan, IHS Towers plans to repay $430 million in debt from October 2022, ahead of its maturity in 2025\. This move will also help the company manage currency risks while supporting its operations across multiple regions.

![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/2024/10/MIDDLE-EAST---AFRICA-4.png)