AFRICA – Norsad Finance Limited, an impact investor providing structured financing solutions to mid-market growth companies in Southern Africa, has provided a long-term debt facility to Nova Pioneer Education Group, a regional education group with a footprint in sub-Saharan Africa.
The facility will help fund the expansion of some of its existing property sites to accommodate new learners.
“The funding from Norsad contributes meaningfully to the ability of Nova Pioneer to deliver on its mission and we look forward to building a partnership with Norsad that delivers positive impact across Africa through education,” Chinezi Chijoke, Founder and CEO of Nova Pioneer Education Group said.
Nova Pioneer Education Group operates a total of 13 independent schools (Grade K to Grade 12) in South Africa and Kenya and has a total of 4,400 learners. Founded in 2014, the group intends to grow its footprint to the rest of sub Saharan Africa.
Using its teaching methods that inculcate critical thinking and innovation, the schools’ academic model is based on students learning by creating and exploring, rather than memorizing and hence producing graduates ready for 21st century jobs. Other significant investors in Nova Pioneer include Toronto listed Fairfax Africa Holdings Corporation.
“We are delighted to partner with Nova Pioneer as an education platform which we would like to support in its regional growth and achieving its vision which is linked to our purpose of building a better Africa,” Oteng Sebonego, Investment Director at Norsad, lead in the transaction said.
The firm has a 30-year track record of investing in Southern Africa and is backed by the Nordic Development Finance Institutions (namely Norfund, Finnfund, Swedfund and IFU) and SADC Developmental financial institutions.
Quality and affordable education is an important social infrastructure and hence partnering with a regional education group such as Nova Pioneer is a tremendous step in Norsad’s journey towards achieving their purpose of building a better Africa.
Quality education is a UN Sustainable Development Goal (SDG 4) as it is instrumental to reducing inequalities and poverty for future generations. Norsad endeavours to invest in companies and sectors that are aligned with the SDGs.