AgDevCo, an investor in smaller agribusinesses in Africa, is receiving a funding package of USD 90 million from three development finance institutions (DFIs): USD 50 million in equity from the UK-based CDC Group, USD 20 million in equity from Norway’s Norfund and USD 20 million in debt from the US International Development Finance Corporation (DFC). The organizations
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MICROCAPITAL BRIEF: Commercial Bank of Ceylon (ComBank) Secures $50m Loan from CDC Group to Promote SME Lending, Climate Projects in Sri Lanka
The CDC Group, a UK-backed development finance institution formerly known as the Colonial Development Corporation, recently agreed to lend USD 50 million to the Commercial Bank of Ceylon (ComBank) to fund loans to small and medium-sized enterprises (SMEs) as well as climate projects that “support Sri Lanka’s commitment to the Paris Agreement.” Sri Lanka’s goals related to climate change include
MICROCAPITAL BRIEF: CDC Group, Habib Bank Limited (HBL) Agree to $50m Risk-sharing Facility to Boost Trade, Supply Chains in South Asia, Africa
CDC Group, a development finance institution backed by the UK government, recently announced a risk-sharing facility valued at USD 50 million in partnership with Habib Bank Limited (HBL) UK, a subsidiary of Pakistan-based HBL. The facility aims to boost HBL UK’s ability to
MICROCAPITAL BRIEF: CDC Updates Environmental, Social, Governance (ESG) Toolkit for Financial Services Providers, Adding Climate Component
CDC Group, a development finance institution backed by the UK government, recently launched an updated environmental, social and governance (ESG) toolkit to assist financial services providers (FSPs) in addressing common ESG challenges such as corruption, money laundering, and gender-based harassment and violence. It is targeted at
MICROCAPITAL BRIEF: CDC, Futuregrowth Participate in $36m Funding Package for Divercity Urban Property Fund to Build 2,500 Sustainable Housing Units in South Africa
The CDC Group, a development finance institution backed by the UK government, has announced a commitment of ZAR 500 million (USD 36 million) from it and other investors to the Divercity Urban Property Fund, a for-profit entity based in South Africa that invests in high-density urban areas. The funding is designated for
MICROCAPITAL BRIEF: CDC Group Announces $50m Risk-sharing Facility with Absa Bank to Boost Lending to Households, MSMEs in Africa
CDC Group, a development finance institution backed by the UK government, recently announced a risk-sharing facility of USD 50 million in partnership with Absa Bank Limited, which is based in South Africa and operates in 14 African countries. Under the agreement, CDC will
MICROCAPITAL BRIEF: CDC, FinnFund Lend $25m to Kashf Foundation for Microfinance for Women in Pakistan
The CDC Group, a development finance institution owned by the UK government, recently disbursed USD 25 million to Kashf Foundation, a Pakistani microfinance institution, in the form of a senior, unsecured term loan. The loan is 40-percent funded by FinnFund, a development finance institution controlled by the government of Finland.
Kashf Managing Director Roshaneh Zafar stated, “We are
MICROCAPITAL BRIEF: Agritech CropIn of India Raises $20m in Equity from Investors Including ABC World Asia, CDC Group, Pratithi Investment Trust
CropIn, an agricultural technology (agritech) firm based in India, recently raised USD 20 million in its Series C funding round. The lead investor is ABC World Asia, a private equity firm headquartered in Singapore. ABC World Asia CEO David Heng said the investment
MICROCAPITAL BRIEF: Stanbic IBTC of Nigeria to Borrow $75m from CDC Group for On-lending in Sectors with Significant SME Supply Chains
The CDC Group, a development finance institution owned by the UK government’s Department for International Development, recently agreed to lend
MICROCAPITAL BRIEF: CDC Group of UK Investing $2.6b in Africa Over 2 Years; $387m Announced for MSMEs, Mid-caps, Renewable Energy, Technology
The CDC Group, a development finance institution owned by the UK government’s Department for International Development, has committed to investing GBP 2 billion (USD 2.6 billion) in African businesses over the next two years. This follows its recent announcement
MICROCAPITAL BRIEF: CDC, Omidyar Network, Accel Lead $21m Equity Funding Round for Indifi Technologies, Lender to SMEs in India
The CDC Group, the UK’s development finance institution, recently invested USD 15 million as part of a USD 21 million fundraising round for Indifi Technologies, a digital lender to small and medium-sized enterprises (SMEs) in India. Two US-based investors, Omidyar Network and Accel, also
MICROCAPITAL BRIEF: CDC, FinDev Canada, Mastercard Foundation, OPIC, PROPARCO Sponsoring 2X Invest2Impact Competition, Offering $1m to “High-potential” Women Entrepreneurs in East Africa
A group of development finance institutions (DFIs), along with the Canada-based Mastercard Foundation, recently announced they will sponsor the 2X Invest2Impact business competition with the aim of supporting “the growth of high-potential, women-owned businesses [in East Africa] to increase their commerciality and impact.” The DFIs co-sponsoring the competition include the following government-backed institutions: CDC Group, a UK-based organization formerly known as the Commonwealth Development Corporation; FinDev Canada; the US government’s
MICROCAPITAL BRIEF: Equator Raises $62m for ShoreCap III from AfDB, CDC, EIB, KfW, OeEB to Invest in Financial Inclusion in Africa
Equator Capital Partners, a US-based manager of “impact” funds, recently announced the first close of its third ShoreCap fund, which will invest in African firms offering services such as microcredit, microinsurance, leasing, housing finance, and banking for small and medium-sized enterprises. Equator is seeking to raise a total of USD 150 million for ShoreCap III to invest over 10 years in about
MICROCAPITAL BRIEF: India’s Aavishkaar Bharat Fund Attracts $95m for Impact Investing from Investors Including CDC, SIDBI, Munjal Family Office (Hero Corporation), TIAA
Indian fund advisor Aavishkaar recently completed the first close of the Aavishkaar Bharat Fund, with commitments of INR 6.2 billion (USD 95 million), of which it has INR 5.9 billion (USD 92 million) in hand. The fund will support businesses in India that further Aavishkaar’s mission to “enhance livelihoods and reduce vulnerabilities for the low-income population” in “a range of sectors, namely agriculture, dairy, education, energy, handicrafts, health, water and sanitation, technology for development, microfinance and financial inclusion.” Aavishkaar will seek to do this while generating a
MICROCAPITAL BRIEF: Islamic Development Bank’s ICD, Gabon’s CDC to Launch Fund Aimed at Growing SMEs in Central Africa
The Islamic Corporation for the Development of the Private Sector (ICD), a development finance institution of the Saudi Arabia-based Islamic Development Bank (IsDB), and the Caisse des Dépôts et Consignations Deposit (CDC), a financial institution backed by the government of Gabon, recently announced that they have signed a memorandum of understanding for the creation of a private equity fund to support small and medium-sized enterprises (SMEs) in Gabon and elsewhere in Central Africa.
MICROCAPITAL BRIEF: Bajaj Group, CDC, CX, Newquest Place $96m in India’s Ujjivan as Elevar, Lok, Sequoia, Wolfenson, Others Exit
Ujjivan, a microfinance lender primarily serving women in urban areas recently raised the equivalent of USD 48 million in a set of transactions that reportedly comprise the largest microfinance deal in India’s history.
MICROCAPITAL BRIEF: Utkarsh Micro Finance, Advans SA Land $24m in Equity from CDC, Lok Capital, Aavishkaar Goodwell India, International Finance Corporation, Norwegian Microfinance Initiative
The Commonwealth Development Corporation (CDC), a development finance institution owned by the UK government, has announced that it has made an equity investment of USD 11 million in Utkarsh, a northern Indian microfinance institution (MFI) [1].
MICROCAPITAL BRIEF: CDC, Creation Investments, DEG, International Finance Corporation (IFC), FMO Acquire 40% Equity Stake in India’s Equitas for $51.4m
The Commonwealth Development Corporation (CDC), which is owned by the UK government; Creation Investments Capital Management (Creation Investments), a US-based alternative investment management company; Deutsche Investitions-und Entwicklungsgesellschaft GmbH (DEG), a German development finance institution offering long-term project and company financing; the International Finance Corporation (IFC), the private-investment arm of the World Bank Group; and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank, recently announced that they will invest a total of INR 325 cores (USD 51.4 million) to acquire 40 percent of the shares of Equitas Holdings, an Indian microfinance lender.