Verdant Capital’s $13.5m investment in LOLC Africa
View(s):Verdant Capital has announced that its Verdant Capital Hybrid Fund (the Fund) has completed an additional investment of US$4.5 million in LOLC Africa Singapore Ltd (LOLC Africa).
This investment brings the total investment in LOLC Africa to $13.5 million. The investments are structured as holding company loans, and they are being directed towards LOLC Africa’s operating lending subsidiaries in Zambia, Rwanda, Egypt, Kenya, Tanzania, Nigeria, Malawi, Zimbabwe, Ghana, and the Democratic Republic of Congo, LOLC said in a media release.
Founded in 1980 in Sri Lanka, LOLC entered the African continent in 2018. Verdant Capital Hybrid Fund is the first external investor in LOLC Africa’s operations, reflecting the Fund’s catalytic investment approach. These investments are driving the expansion of LOLC Africa’s micro, small and medium enterprises (MSMEs) financing footprint across the continent.
LOLC is recognised as one of the top-performing global microfinance groups, and the Fund’s investment aligns with its strategy of picking the top performers in each theme or category. LOLC’s business model focuses on the “bottom of the pyramid”, increasing access to MSME financing and customer deposits, thereby advancing it financial inclusion objectives.
The Fund’s investment will provide LOLC Africa with more funding to support and expand the lending activities of its existing subsidiaries in Africa, primarily targeting MSMEs.
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