BEIGE Capital secures funds from INCOFIN
BEIGE Capital Savings and Loans (BCSL) has secured a medium-term funding arrangement with a Belgium investment management firm, INCOFIN.
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The funding arrangement provides the opportunity for INCOFIN to introduce a debt investment of up to $5 million.
As a commitment to this process, INCOFIN has made an initial disbursement of $2 million to BEIGE Capital.
Impact investor
INCOFIN Investment Management (INCOFIN IM) has seven impact investing facilities totalling €325 million under management.
The deal was arrived at following an initial expression of interest by INCOFIN and the outcome of subsequent due diligence it conducted on the operations of BEIGE Capital.
Explaining the rationale behind the relationship, the Regional Director for Africa at INCOFIN, Ms Njeri M. Ngaruiya, said “we got introduced to BEIGE Capital Savings and Loans in 2012 and have since keenly observed the growth of BCSL and find their success story compelling. It is for this reason that we feel optimistic about this partnership and the future.”
Commenting on the subject, the Chief Executive Officer of BEIGE Capital Savings and Loans, Mr Mike Nyinaku, said his company was very excited about the relationship and that “we are also willing to do a lot more with INCOFIN in the near future as this partnership grows.”
Wide footprints
From its offices in Belgium, Colombia, Kenya and India, INCOFIN finances and supports organisations in over 40 countries.
In 2012, INCOFIN launched the Fairtrade Access Fund together with Fairtrade International and Grameen Foundation.