AfDB Fund Board approves US$37.2 million for non-sovereign operations in Kenya, Sudan and Senegal
Abidjan, Cote d'Ivoire (PANA) - The Board of Directors of the African Development Fund (ADF), the concessional window of the African Development Bank (AfDB) Group, on Wednesday approved credit risk participation by the Private Sector Credit Enhancement Facility (PSF) for projects in Kenya, Sudan and Senegal.
The agreement covers operations cumulatively valued at US$37.2 million and includes a corporate loan to support an East African agribusiness firm’s domestic and regional expansion, and two lines of credit targeting SME borrowers.
Launched in 2015 by the ADF, the PSF provides credit risk participations in low-income countries, and is well on its way to building a US$1.5 billion portfolio of exposures.
The approval of these operations brings the PSF’s total portfolio to US$733.25 million, comprising risk exposures in 47 operations amounting to roughly US$2.6 billion of total NSO loans.
“We continue to advance the African Development Fund’s mission to strengthen development impact by creating opportunities for the private sector to invest in low-income countries,” said PSF Administrator Cecile Ambert.
The approved operations were selected because of their high potential to increase food production, deepen regional trade, and spur job creation, particularly for women and young entrepreneurs.
-0- PANA VAO 15Jan2020
