IFC and FMO partner with I&M Bank to support SMEs in Kenya

KENYA – To help smaller businesses across a range of sectors in Kenya access financing for working capital, expansion, and to weather the effects of COVID-19, IFC and FMO, the Dutch entrepreneurial development bank, have announced a loan to I&M Bank Limited of US$50 million. With IFC contributing US$30 million and FMO contributing US$20 million, the loan will strengthen I&M Bank Ltd.’s regulatory capital position, allowing the bank to boost economic activity in Kenya by lending to small and medium-sized enterprises mainly in the trade, manufacturing and construction sectors.  As…

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IDH Farmfit Fund’s US$118.7m gets contribution from FMO, Rabobank for small-scale farmers in Africa

AFRICA – IDH Farmfit Fund, the catalyzing smallholder finance facility of IDH has received financial support from the Dutch development bank FMO and Rabobank, each investing €10 million (US$11.8m). The IDH Farmfit Fund, with backing from public and private organizations, makes it possible to provide financing for small-scale farmers in developing countries. By covering any initial losses on loans, the fund allows banks to provide financing for this sector with ease, acting as a bridge between small-scale farms and financial services. It also invests in innovative companies that develop solutions…

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REGMIFA secures US$10m additional funding from FMO to support growth of MSME

AFRICA – Dutch-based entrepreneurial development bank FMO has invested a further US$10 million in REGMIFA, the Regional MSME Investment Fund for Sub-Saharan Africa and a public-private partnership advised by Symbiotics SA. This additional funding will support the growth of Africa’s MSME sector and foster economic development through employment creation, income generation and poverty alleviation. The investment will finance loans to businesses and low- and middle-income households via more than 50 selected financial institutions. The investment in class B-Shares for a maturity of seven years will increase the fund’s total assets…

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FMO appoints Michael Jongeneel as the CEO, announces other reappointments

GLOBAL – FMO, the Dutch entrepreneurial bank, has announced the appointment of Michael Jongeneel as the bank’s chief executive officer (CEO). He will officially take office on September 1, replacing Linda Broekhuizen. “Michael has a very compelling background which will undoubtedly be valuable for FMO. He brings extensive, relevant experience both stemming from his time at Triodos and through his work with financial services companies all over the world,” Dirk Jan van den Berg, Chairman of the Supervisory Board of FMO, said. “He appreciates the dynamics of impact investing and…

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Greenlight Planet secures US$5m additional funds from FMO for deployment of solar home systems

AFRICA – Greenlight Planet Inc, a company engaged in providing solar solutions in Africa is set to secure an additional US$5 million from Dutch development finance institution FMO. Greenlight Planet will use the finance for the deployment of Greenlight solar home systems in sub-Saharan Africa. “Greenlight will provide access to electricity to people at the bottom of the pyramid. Increased access to energy contributes to household productivity, economic growth and powering small businesses,” FMO said. The line of credit is in addition to an existing facility of US$10.75 million obtained…

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GreenYellow secures US$25m loan from FMO for development of solar plant

BURKINA FASO – French renewable energy developer GreenYellow, a unit of the Casino Group, has secured a €21 million (US$25.57m) loan by Dutch development bank FMO for its solar power plant in Nagréongo, Burkina Faso. The money will be given in three tranches of €7.9 million (US$9.62m), €7 million (US$8.52m), and €6.1 million (US$7.43m), by FMO’s Fund for Access to Energy. “We look forward to contributing to a substantial increase in production capacity from renewable resources in Burkina Faso, at lower costs,” said Huub Cornelissen, director of energy at FMO.…

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DFC, FMO launch US$75m financing facility for SMEs and new investment

AFRICA – United States International Development Finance Corporation (DFC) and FMO, the Dutch entrepreneurial development bank, have announced the DFC-MASSIF COVID-19 Response Co-Financing Facility. The US$75 million facility seeks to bring liquidity to financial intermediaries to support micro-, small- and medium-sized enterprises impacted by the COVID-19 crisis and promote new investment to support economic sustainability in developing countries. It is also focused on low-income countries and underserved groups like women, youths, and entrepreneurs active in agriculture or rural areas. “As the COVID-19 pandemic continues to adversely affect financial markets, especially…

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Private equity Ascent Capital raises US$102m to invest in SMEs across East Africa

KENYA – Private equity fund Ascent Capital has raised from US$102 million from the World Bank and top sovereign funds for investment in local companies across Eastern African. The capital was raised from the World Bank Group’s private sector arm, the International Finance Corp (IFC), the UK government-owned finance agency, the CDC Group, Dutch development financier FMO, and the French development finance institution, Proparco alongside other high net worth investors. The fund said it will invest between US$5 million and a maximum of US$19.5 million in firms across growth sectors…

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IPP Acwa Power secures US$500m funding for its Redstone solar power plant in Northern Cape

SOUTH AFRICA – Saudi Arabian independent power producer (IPP) Acwa Power, has raised US&500 million from the African Development Bank (AfDB), Absa Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance to finance the construction of Redstone concentrated solar power plant (CSP). Following the announcement of the fundraiser, construction work on the 100 MW capacity facility is set to begin. The announcement is an important milestone for this concession granted to Acwa Power…

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Interact Climate Change Facility secures US$60m from FMO, OeEB and Swedfund

AFRICA – FMO, OeEB and Swedfund have agreed to invest €50 million (US$60.38m) to the Interact Climate Change Facility (ICCF), a co-financing facility providing financing to climate-related investments in emerging markets. FMO, a Dutch development bank, will commit €20 million (US$24.15m) while OeEB, the Development Bank of Austria, will provide €15 million (US$18.11m) and Swedfund, a Sweden’s Development Finance Institution, will commit €15 milion (US$18.11m). ICCF offers co-financing for its funders for senior loans, mezzanine debt and guarantees with a maximum tenor of 18 years. The funding capacity of ICCF…

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