Swedfund Project Accelerator cooperates with Escom Malawi in developing the Eastern Backbone transmission grid upgrade project. By improving the grid, more people and industries can get reliable access to power.
Micro, small and medium-sized companies (MSME’s) create 4 out of 5 jobs in emerging economies. Yet, in developing countries, around 200 million MSME’s lack access to finance, especially companies owned by women. Today Swedfund announces an investment up to 15 MUSD in Accion Digital Transformation Fund, focusing on the digital transformation of financial institutions in developing countries.
The Swedish development finance institution, Swedfund, invests a total of MUSD 45 in two private credit funds to support sustainable economic growth and gender equality.
Swedfund invests 20 MUSD in Serengeti Energy, a Sub-Saharan independent power producer which develops, constructs, owns and operates grid-connected renewable energy resources in a region that is currently heavily dependent on fossil fuels.
Swedish Development Finance Institution Swedfund announces an additional investment of 4.45 MUSD in African Rivers Fund 3 (ARF 3) increasing Swedfund’s total commitment to 14.45 MUSD. ARF 3 primarily provides loan & equity financing to small and medium-sized companies in DRC (Democratic Republic of Congo), Uganda and Angola.
The limited access to credit for micro-entrepreneurs has been further worsened by the pandemic. At the same time, they are the second biggest employers in India and contribute to about 30% of the country’s GDP. Against that background the Swedish development finance institution, Swedfund, invests 20 MUSD in a long-term, senior unsecured loan to Five-Star Business Finance Limited (Five-Star).
Investment in digitalisation in developing countries is central to reducing both financial and digital gaps. Hence, the Swedish development finance institution, Swedfund, invests in a fund focusing on developing young companies and supporting entrepreneurs working with digital business models spun out of local needs in Africa. The investment of USD 10 million is made in TIDE Africa Fund II.
Swedfund today reaffirms its support to HealthQuad II, an innovation fund that supports companies with digital business models in the health sector, by making an additional USD 5M commitment. The purpose is to create long-term positive effects that reach India's large and growing population.
Healthcare infrastructure in Sub-Saharan Africa is insufficient to meet the healthcare needs of its 1.1 billion population. Swedfund now commits EUR 5M in debt funding to Medical Credit Fund II, a fund that provides financing to small and medium-sized enterprises within the health sector in Sub-Saharan Africa.
Following the successful signing of the Memorandum of Understanding between the GoU, represented by the MEMD, and Swedish Government, represented by the Swedish Embassy in Kampala, a number of initiatives have been proposed to support the Ugandan energy sector.
Swedish development finance Institution, invests in one of India’s leading microfinance institutions. The investment emphasizes the support to financial inclusion in rural India when contributing to women’s economic empowerment.
The pandemic has caused a multidimensional crisis that requires a multidimensional response. In many cases, development is regressing, jobs are lost and poverty is increasing, with huge consequences for people in developing countries. Swedfund’s publication of its Integrated Report serves to highlight the challenges ahead, but also the opportunities that exist and our achievements so far.
