- FMO, the Dutch development bank, has issued currency linked notes for the first time in Pakistan Rupi and Myanmar Kyatt with the help of The Currency Exchange Fund (TCX). FMO will act as a catalyser for lending in these currencies, which fits FMO’s strategy of promoting local currency business. TCX facilitated the swap of these notes to US dollars.
- FMO has also signed a US$25 million facility of seven years with a five year grace period to Access Bank Ghana, the second largest subsidiary of our long-term partner Access Bank PLC. The bank is the 12th largest bank in Ghana by assets with around US$680 million under management. The facility includes a US$3.5 million pilot line to support its female SME clients via the W initiative.
- A.P. Moller Capital’s Africa Infrastructure Fund has had its second close with total commitments reaching US$865 million with target fund size of US$1.0 billion.
- International Finance Corporation (IFC), and Crédit Agricole‘s CIB to expand its trade finance activities by lending an additional US$510 million to support health, education and other key services, including infrastructure projects in emerging markets.The two institutions have closed a Synthetic Risk Transfer transaction, which comprises an investment by IFC of US$85 million investment in credit risk protection on a US$2 billion portfolio of Crédit Agricole CIB’s emerging market trade finance and corporate loans.
- IFC has also announced the launch of a three-year, US$1.2 million project to build capacities of entrepreneurs in Kenya, called the Kenya Small and Medium Enterprise Road Construction Project. The project has received funding from IFC and Japan to train SMEs on business and contracts management in the roads sector.
- Helios and Gemcorp have backed communications holding company Africell with a US$116.3 million debt deal led and structured by Lintel Capital.
- Germany’s development finance institution DEG has teamed up FMO, Austria’s OeEB and France’s Proparco, as well as the Global Climate Partnership Fund, to provide training to banking officials from Dutch-Bangla Bank, Eastern Bank and Mutual Trust Bank and others. DEG will co-finance the training measures via its Business Support Services programme
- African sector-focused private equity fund management firm. Phatisa has partially exited Kanu Equipment Limited (Kanu), generating an IRR in excess of 50 percent. Phatisa has raised a further US$20 million of capital to expand Kanu’s plan for growth. Kanu specialises in branded capital equipment and distribution of high-quality spare parts and reliable repair services.