GroFin Launches Fund to Support Growth of Small and Growing Businesses in Africa
KAMPALA, Uganda, September 14, 2015 / PRNewswire — Wednesday 23 September 2015 will mark the official launch of the GroFin Small and Growing Businesses (SGB) Fund in Africa that aims to catalyse sustainable job creation through supporting small and growing businesses in Ghana, Nigeria, Uganda, Zambia, Kenya, South Africa, Rwanda, Tanzania, and Egypt.
The Fund was co-created by GroFin, a pioneering SME development finance organisation and Shell Foundation, an independent charity, based on their 11 year track record of providing vital support to under-served SGBs in Africa and the Middle East, together with the German development bank KfW, a seasoned founder of structured funds. Active partners of the Fund include the Norwegian Investment Fund for Developing Countries, Norfund, and the Dutch government through the Dutch Good Growth Fund (DGGF). Over the next two years, with grant funding from the German government through KfW, GroFin plans to expand the Fund’s support to SGBs to three more African countries.
The GroFin SGB Fund seeks to address the different market barriers faced by African entrepreneurs with an integrated solution of patient growth finance, tailored business support, and access to markets. Based on the viability of an entrepreneur’s business and growth plans, and not the availability of collateral, entrepreneurs will be able to access loans ranging from US$100,000 to US$1.5 million for a period between two and six years.
The launch, to be held at the Kampala Serena Hotel from 11:00 to 13:00, will host international representatives of the public, private and non-governmental sectors interested in learning how efforts such as the GroFin SGB Fund can spur inclusive economic growth through supporting Africa’s SME sector. Notable guests include The Honourable Shem Bagaine, Uganda’s Minister of State for East African Affairs, Mr. Guenter Nooke, the German Chancellor’s Personal Representative for Africa and the German Federal Ministry for Economic Cooperation and Development (BMZ) Commissioner for Africa, Dr. Peter Blomeyer, German Ambassador to the Republic of Uganda, Dr. Klaus Mueller, Director of KfW Development Bank, and Mr. Hans Peter van der Woude, Head of Development Cooperation and Economic Affairs of the Netherlands Embassy in Uganda.
Featured speakers include Shell Foundation’s Mr. William Kalema, Norfund’s East Africa Regional Director Mr. Kjartan Stigen, Mr. Anton Koonstra on behalf of the Manager of DGGF, GroFin Group CEO Jurie Willemse and GroFin Investment Director for East Africa, Walter Ogwal.
Communications and Business Manager, Shell Foundation
Laura Knierim – email@example.com or +49-69-7431-6334 Project Manager KfW
Inger B-A Nygaard – Inger.firstname.lastname@example.org or +47-22-01-93-93
Communication Manager, Strategy and Analysis, Norfund
Manager Investor Relations, Business Development, Triple Jump on behalf of DGGF