KCB Bank secures US$150m credit for SMEs and green projects

KENYA – Kenya Commercial Bank has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those run by women. US$101.7 million of the money will come from the International Finance Corporation (IFC) while Belgian Investment Company for Developing Countries (BIO) will provide US$22 million and Sanad fund, which finances SMEs in the Middle East and sub-Saharan Africa, and Symbiotics, the investment platform targeting companies in emerging markets, will contribute US$15 million and US$11.2 million respectively. “This support from IFC and our…

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Phatisa Food Fund 2 reaches its final close following investments from group of DFIs

AFRICA – Phatisa Food Fund 2 (PFF 2), a sector-specific African private equity fund manager, has reached a US$143 million final close following an US$82 million joint commitment from a group of development finance institutions (DFIs). The DFIs include CDC, Norfund, Finnfund, FinDev Canada, and BIO which committed to the Fund’s final close with US$30 million, US$20 million, US$15 million, US$10 million and US$7 million, respectively. “We are pleased to welcome this multinational group of investors to Phatisa Food Fund 2, a fund focused on increasing investment in the undercapitalised…

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Alterfin secures funding to bolster investment in small holder farming

GLOBAL – Alterfin, a Belgian social investor targeting has secured funds from AgriFi and BIO amounting to US$7.1 million to enhance investment in smallholder farming in developing countries.  AgriFI, the Agriculture Financing Initiative funded by the EU, and BIO, are reported to have each invested about US$3.55 million in the Belgian social investor. “AgriFI’s senior unsecured loan of €3m should enable Alterfin to grow its portfolio mainly in Africa and Asia, explained Guillaume Simões, AgriFI Investment Officer at EDFI Management Company. Simoes further explained that the investment will allow the…

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Belgian private investors participate in The SDG Frontier Fund first closing of US$28m

AFRICA – The SDG Frontier Fund has reached its first closing at €25.3 million (US$28.78m) with the participation of nine Belgian private investors together with BIO, the Belgian Investment Company for Developing Countries. The SDG Frontier Fund (referring to the Sustainable Development Goals of the United Nations), targets to reach €50 million (US$56.8m) in subsequent closings. “The SDG Frontier Fund further strengthens the dynamism of Belgian Development Cooperation. It joins forces with private investors by leveraging classical development aid. The SDG Frontier Fund comes at a critical time to continue…

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I&P, BIO form ACEP Group to help Microfinance Providers in select Africa states transform into digital institutions

AFRICA – Investisseurs & Partenaires (I&P) and Belgian Investment Company (BIO) have created the ACEP Group to consolidate microfinance institution affiliates of ACEP (Agence de Crédit pour l’Entreprise Privée) international in Burkina Faso, Cameroun, Madagascar, and Niger. ACEP Group has already acquired controlling stakes in ACEP Burkina Faso, ACEP Madagascar and ACEP Niger and is aiming to acquire ACEP Cameroun as well. According to a report by Micro-Capital, the consolidation of ACEP activities is aimed at maintaining the MFIs’ commitments to their social missions. The unification of ACEP is also…

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