Swedfund makes additional investment in African Rivers Fund 3 for financing SMEs

AFRICA – Swedish Development Finance Institution Swedfund has announced an additional investment of US$4.45 million in African Rivers Fund 3 (ARF 3). This increases Swedfund’s total commitment to US$14.45 million. ARF 3 primarily provides loan & equity financing to small and medium-sized companies in DRC (Democratic Republic of Congo), Uganda and Angola. “Small and medium-sized companies need access to long-term…

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IFC partners Egypt’s MSME Finance Federation to expand access to finance for micro-businesses

EGYPT – International Finance Corporation (IFC) has partnered with Egypt’s Medium, Small, and Micro-Enterprise Finance Federation to expand access to finance for micro-business across Egypt. Through the partnership, IFC and the Egyptian MSME Finance Federation will provide training, coaching, and mentoring to 41 of Egypt’s smaller MFIs. The training will be on corporate governance, credit methodology, risk management, internal audits,…

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COFINA taps Oracle financial services to enhance digital capabilities for SMEs in Côte d’Ivoire

CÔTE D’IVOIRE – Compagnie Financiere Africaine (COFINA), an Africa-based financial group in Côte d’Ivoire has tapped Oracle Financial Services to enhance its banking systems. COFINA is focused on mesofinance, a relatively new concept that offers small loans starting from 1,000 Euros specifically for small and mid-sized businesses (SMEs). With the Oracle Banking portfolio, COFINA will bring next-generation digital capabilities to…

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Stanbic Bank secures US$8.68m from AGF to support SMEs across the country

KENYA – Kenyan Small and Micro Enterprises (SMEs) are set to benefit from an KSh1 billion (US$8.68m) loan portfolio guarantee facility issued to Stanbic Bank Kenya by the African Guarantee Fund (AGF). The facility which targets women-owned businesses, as well as those in the sustainable energy sector is expected to impact thousands of SMEs across the country in the next…

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IFC, African and European Partners launch Alliance to support private sector growth in Africa

AFRICA  – International Finance Corporation (IFC), African and European partners have launched Alliance for Entrepreneurship in Africa to support private sector growth in Africa. The Alliance will combine and focus the technical and financial strengths of its members to improve Africa’s business environment and support the growth and success of small and medium-sized enterprises (SMEs), women in business, and young…

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US grants US$35M loan to Tunisian Small and Medium size Enterprises

TUNISIA – The US embassy has launched a financial US$35 million support scheme to Small and Medium Size Enterprises (SMEs) that have difficult access to loans to grow their activities in Tunisia. The financing follows a partnership agreement between USAID, Arab Tunisian Bank (ATB), and US International Development Finance Corporation. The program will expand and accelerate commercial lending to SMEs…

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CDC grants US$100M loan to FirstBank to support women and SMEs in Nigeria

NIGERIA – UK’s Development Finance Institution (DFI) CDC has granted a US$100 million finance facility to First Bank of Nigeria (FirstBank), to support women-owned and led businesses and SMEs in Nigeria. The funding demonstrates a shared mission to spur sustainable, productive, and inclusive growth in Nigeria. The deal will support FirstBank to deliver financial solutions that help to address the…

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Crowdinvesting platform ecoligo gets US$5.6m from Oikocredit to power 15 SMEs in Ghana and Kenya with solar

KENYA – Social impact investor Oikocredit is providing a loan of €5 million (US$5.6 million) to ecoligo, a provider of “solar-as-a-service” solutions for commercial and industrial businesses in emerging markets. The funds will enable ecoligo to provide clean energy to around 15 companies and organizations in Ghana and Kenya, with additional benefits of companies achieving significant cost savings. With this Oikocredit’s investment,…

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GTBank Kenya receives US$15m facility from IFC for SME lending

KENYA – The International Finance Corporation (IFC), a member of The World Bank Group, has announced that it has extended a US$15 million loan to Guaranty Trust Bank (Kenya) Ltd, a subsidiary of the Guaranty Trust Group, for lending to local businesses in the country. GTBank Kenya said it will provide access to finance mainly to small and medium-sized enterprises…

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CDC Tunisia to oversee newly launched investment fund for SMEs in the country

TUNISIA – Tunisia has launched an investment fund “InnovaTECH” intended to guide financing for innovative or technological Tunisian SMEs with growth. It’s a 125 million dinar (US$43 million) investment fund aimed at funding innovative Tunisian SMEs or high-growth technologies. The Tunisian government has given the Caisse des Depots et des Consignations (CDC), the Fund’s sponsor (ANCHOR INVESTOR), responsibility for the…

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