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ADF secures $8.9bn to record highest in 50-year history. 2 other stories and a trivia



This line-up of stories will help you discover the latest happenings around the tech world today

1. ADF secures $8.9B to record highest in 50-year history

The African Development Fund has announced $8.9 billion to support low-income African countries.

President of the African Development Bank Group, Akinwumi Adesina, disclosed this on his Twitter handle as seen by Ripples Nigeria on Friday.

According to Adesina, the development partners of the African Development Fund (ADF) agreed to commit a total of $8.9 billion to the 2023 to 2025 financing cycle.

This funding is the largest replenishment in the history of the Fund.

“I am impressed by the huge commitment and efforts of the ADF donor countries in stepping up support for Africa’s low-income countries, especially at this time of great economic, climate, and fiscal challenges,” said Adesina.

According to the Former Nigeria’s Minister of Agriculture and Rural Development, the fund will address the continent’s needs, including recovery from the COVID-19 pandemic, adverse effects of climate change, debt, and economic vulnerabilities, among others.

Tech Trivia: Which of the following commands is typically located in the Edit menu?

A. Print

B. Save

C. Undo

D. Minimize

Answer: see end of post

2. South Africa’s Energy company secures $13M to empower small businesses

South African fuel giant Astron Energy has announced allocating a R220 million (approximately $13 million) development fund to empower small businesses in the fuel giant’s value chain.

READ ALSO:TechNigeria: A weekly digest of what went down in Nigeria’s tech space

The company’s Chief executive, Thabiet Booley, confirmed the development in a statement on Friday.

As per the statement, the company operates the second-largest petroleum retail network in South Africa, with over 800 Caltex retail service stations.

“The launch of the AEDF is the next major step for us as a company which is committed to making a meaningful difference in the communities in which we operate,” noted Booley.

Ripples Nigeria gathered that Astron Energy recently achieved Level 1 BBBEE for the fourth year.

3. Synatic secures $2.5 million seed extension funding

A South African local data automation and integration startup, Synatic, has announced securing $2.5 million seed extension funding to expand its market reach in the United States.

Brendon Jones, Chief Executive Officer of Adansonia Fund Manager Private Limited and Director of APEO, confirmed in a release on Friday.

Adansonia PE Opportunities VCC (APEO) is an African opportunities permanent capital structure based in Singapore.

Allan Gray E-Squared Ventures and UW Ventures co-led the seed extension funding as the company prepares for Series A funding in 2023.

“As data continues to cause a multitude of problems for companies of various sizes, our investment in Synatic will help the company further expand globally, allowing organisations to seamlessly connect their systems and utilise their data,” says Jones.

APEO says it seeks to invest in mobile technologies-oriented businesses and growth in demand for fast-moving consumable goods.

Trivia Answer: Undo

Undo is a command included in most software programs. It is typically located at the top of the Edit menu and has the standard shortcut “Control+Z” in Windows and “Command-Z” in Mac OS X.

By Kayode Hamsat

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