Donors Launch New Microfinance Fund for Sub-Saharan Africa

Leading financial institutions launched on May 5 a new microfinance fund for small businesses in sub-Saharan Africa. Dubbed REGMIFA, the fund is expected to development a wide range of financial services and instruments, including equity financing and long-term debt, for microfinance firms in sub-Saharan Africa.

The initial USD100 million capital of the fund includes a USD15 million contribution from the European Investment Bank. Other investors include the KfW Development Bank, the World Bank, the Belgian Investment Company, German Ministry for Economic Co-operation and Development, Development Bank of the Netherlands, European Commission, EuropeAid, French Development Agency and the Norwegian Microfinance Initiative.

The African Development Bank, Spanish Agency for International Development Cooperation, and the Spanish Ministry of Foreign Affairs also contributed to the fund.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.