IFU and Symbiotics Provide $22.5M in Financing to Develop Financial Inclusion in Africa Through a Multi-Currency Bond
The Investment Fund for Developing Countries (IFU) established by the Danish Government has partnered with Symbiotics to provide debt financing to between 15 and 20 financial institutions in Africa through a multi-currency impact bond. The main impact objective of this investment is to foster development in Africa through employment and income creation. The debt can be provided in several local currencies.
The bond will finance loans to businesses and households via selected financial institutions in Africa. It will be issued by Micro, Small & Medium Enterprises Bonds S.A., a bond issuance program sponsored by Symbiotics.