London, 28 October 2024 - The ALCB Fund has successfully closed a 7-year US$ 20 million loan with FMO, the Dutch Entrepreneurial Development Bank. This is the second investment of FMO, following an initial investment of US$ 10 million in 2017.
The transaction was completed in alignment with FMO’s commitment to Sustainable Development Goals #10 (Reducing Inequalities). Proceeds have been earmarked for 50% to be deployed across Least Developed Countries (LDCs).
Juan Jose Dada Ortiz, Director, Financial Institutions, FMO said: “We’re thrilled to see the tremendous progress the ALCB Fund has made since our initial investment. We appreciate their continued dedication to investments in economic inclusion and green sectors, as well as the substantial focus on investments in LDCs (60% as atSep-24). FMO looks forward to our continued collaboration with the ALCB Fund, as we work together to achieve the Sustainable Development Goals.
Brock Hoback. Fund Lead of the ALCB Fund, Cygnum Capital, said: “since inception, the ALCB Fund has invested over USD 370 million across 18 African countries, with a co-investment multiple of 9.5x. This has only been possible through the continued support of our development partners including FMO. In addition to its investment, we also appreciate FMO’s role in providing technical support to further strengthen the Fund’s client protection assessment criteria, leveraging the development bank’s robust expertise for a critical component of our investment process.”
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