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- Swedfund commits $15 million to TLG Capital’s AGIF II to help African SMEs.
- The fund targets SMEs dealing with monetary stress, providing versatile debt options.
- AGIF II goals to protect and create jobs throughout sectors like manufacturing and agriculture.
Swedfund, Sweden’s growth finance establishment, has invested $15 million in TLG Capital’s Africa Development Impression Fund II (AGIF II) to bolster small and medium-sized enterprises (SMEs) throughout Africa. This contribution is a part of a broader $75 million first shut of the fund, together with investments from the Worldwide Finance Company (IFC), Norfund, and Bpifrance.
AGIF II is designed to offer versatile, long-term debt financing to viable SMEs experiencing short-term monetary misery. By partnering with native banks, the Fund provides loans with phrases and rates of interest tailor-made to assist these companies recuperate and develop sustainably.
“To guard present jobs and to create new ones is essential for poverty discount. For African SMEs to outlive and develop, it is vital that there’s a functioning market with the best, fit-for-purpose monetary companies addressing various native challenges.”
The Fund’s revolutionary construction combines debt financing with fairness participation and ensures from native banks, enabling SMEs to entry capital that conventional banking methods won’t present. This method helps enterprise restoration and contributes to job preservation and creation, notably within the manufacturing, healthcare, agriculture, and telecommunications sectors.
In Nigeria, the Fund has already recognized potential beneficiaries. For example, Terra Aqua, an aluminium recycling firm in Ogun State, is about to obtain $7.5 million in debt financing, contingent upon assembly environmental, social, and governance (ESG) benchmarks. This funding is anticipated to create 200 direct and 752 oblique jobs, highlighting the Fund’s influence on native economies.
AGIF II builds upon the technique of its predecessor, Africa Development Impression Fund I, and goals to succeed in a complete fund dimension of $200 million. By specializing in SMEs, the Fund seeks to deal with the financing hole many small companies face, thus fostering inclusive financial progress throughout the continent.
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