Tag: FMO

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

Frank

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

Frank

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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Solar kits firm M-Kopa seeks US$3m funding from FMO to finance growth

Frank

KENYA – M-Kopa, the Kenyan platform which provides digital financial services and solar systems and devices, is negotiating a US$3 million expansion financing with the Dutch Development Finance Bank (FMO). “The proposed facility increase of US$3 million will add up to the existing receivables facility with M-Kopa Kenya. This will allow the company to continue its growth trajectory and provide more products to its customers,” FMO said in a note. Half the amount will come from Access to Energy Fund, which is an FMO-managed vehicle dedicated to financing energy projects in developing…

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Equity Group and FMO sign US$50m loan guaranty facility to support entrepreneurs

Frank

KENYA – Equity Bank has entered into a partnership with the Netherlands development bank FMO with the signing of a NASIRA loan portfolio guarantee facility to support Kenyan entrepreneurs. The US$50 million facility is the second NASIRA guarantee signed with Equity with the support of European Union funding. With the funding, Equity Bank Kenya will further support Kenyan entrepreneurs during these challenging times with a special focus on micro, small and medium enterprises (MSMEs), it said in a press statement. The FMO funding will provide a NASIRA loan portfolio guarantee…

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Fintech startup Nomanini raises US$1.5m funding round to scale its offering

Frank

SOUTH AFRICA – Fintech startup Nomanini of South Africa, has raised a new round of funding worth US$1.5 million from new and existing investors to grow its team, invest in product development and scale its offering. Founded in 2010, Nomanini has developed a platform that enables informal merchants and micro-entrepreneurs in emerging markets to distribute digital goods such as airtime and prepaid electricity. The startup, which also offers micro-loans to merchants and operates in markets such as Ghana and Mozambique, raised a US$4 million funding round led by Standard Bank, and completed by Goodwell Investments, an…

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ACF secures US$115m funding led by FMO to expand its operations in Africa

Frank

AFRICA – Agri Commodities and Finance (ACF), a trading companies of Export Trading Group (ETG), has secured US$115 million syndicated loan facility from FMO, FinDev Canada, and OeEB to improve and expand its operations in Africa. FMO acted as lead arranger in this syndicated facility that will indirectly support an estimated 600,000 smallholder farmers and the communities, while also contributing to more sustainable and climate-resilient agricultural practices across the continent. The syndicated loan facility will allow ETG to strengthen and expand its operations across the agricultural value chain. Improved processing…

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Equity Group signs US$100m credit facility with European lenders to support MSMEs

Frank

KENYA – Equity Group Holdings has signed a US$100 million loan facility to support Micro, Small, and Medium Scale Enterprises (MSMEs) during the three years the Covid-19 pandemic is expected to adversely affect the business operating environment as a result of the adoption of Covid-19 coping and containments measures.   The Kenyan lender has signed the facility with leading European development banks namely, Team Europe, Germany’s DEG, the Netherlands FMO and the UK’s CDC Group. To cushion businesses from Covid-19 crisis, Equity launched an offensive and defensive approach to support customers to…

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Equity Bank receives US$50m from FMO for SME lending

Frank

KENYA – Equity Bank Kenya has secured US$50 million from the Dutch Development Bank (FMO) for onward lending to small and medium-sized firms hit by the Covid-19 pandemic. Announcing the long-term funding, whose interest rate was not disclosed, FMO said the facility would uplift Equity Bank’s lending to the perceived risky small enterprises, who have been hard hit by the economic effects of the pandemic thus lowering their ability to save and tap loans. “We are very happy to be able to support Equity Bank Kenya in weathering the Covid-19…

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FMO’s MASSIF invests US$0.3m in Women’s Investment Club for economic growth of Africa

Frank

WEST AFRICA – MASSIF, the financial inclusion fund managed by FMO on behalf of the Dutch government, has made a follow-on investment of €0.25 million (US$0.3m) in Women’s Investment Club (WIC) Capital. Launched in March 2019 by the Women’s Investment Club (WIC) Sénégal, WIC Capital is the first investment fund that exclusively targets women-led companies in Senegal and Côte d’Ivoire. The Fund brings together both local and international institutional and individual investors, who pool their resources to invest in women-owned Micro Small and Medium Enterprises (MSMEs) in Senegal and Côte…

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FMO signs US$598k convertible note to ZIZ Energie to improve green energy access

Frank

CHAD – FMO, a Dutch Entrepreneurial Development Bank, has signed an €500,000 (US$598,280) convertible note through its Ventures Program to ZIZ Energie (ZIZ), a privately-owned integrated power company in Chad. The investment is part of a €2 million (US$2.39m) convertible round in a co-investment with Energy Access Ventures (EAV) and marks the start of a larger investment round that aims to allow ZIZ to scale its operations and improve green energy access to households and smaller businesses in secondary towns across the country. ZIZ was established in 2006 by Chadian…

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