Further strengthening its SME portfolio, Incofin IM participated in a syndicated senior loan facility of 54m USD to Fidelity Bank Ghana (Fidelity). The facility was led by FMO and comprises of A-loans (FMO & BIO), and B-loans, of which Incofin invested 3m USD.
The Managing Director of Fidelity, Mr. Jim Baiden, expressed his optimism in the investment being able to go long way to help Ghana’s SME sector. “FMO and Fidelity have had a long-standing partnership based on our mutual interest in developing the SME sector and this facility signifies our growing relationship with development financiers; our new partnership with BIO, Oikocredit, Incofin and Symbiotics is expected to broaden our coverage of SME financing in Ghana” he stated.
Fidelity is the fourth largest bank in Ghana by deposits and assets and has seventy-five (75) branches and over one hundred and ten (110) ATMs nationwide. It was adjudged the reigning Bank of the year and the Most Socially Responsible Bank in Ghana at the 2016 Ghana Banking Awards.
Fidelity Bank Ghana was issued with its universal banking license on June 28th 2006, making it the 22nd bank to be licensed by the Bank of Ghana under the new Banking Act, 2004 (Act 673). Fidelity is owned by individual and institutional Ghanaian and foreign investors including Africa Capital, SIC Life, SSNIT, KTH Africa Investments, Amethis Finance Netherlands B. V., ERES Invest Cooperatief U. A., and also by its senior executives. Fidelity has two corporate affiliates: Fidelity Asia Bank Limited (FABL), and Fidelity Securities Limited (FSL).
About FMO
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 9.8 billion, FMO is one of the largest European bilateral private sector development banks. (www.fmo.nl)
About Incofin IM Incofin
Investment Management (www.incofin.com) manages impact investment funds and is a global leader in rural and agricultural finance. It is an AIFM licensed fund manager, advising and managing >850M USD of assets. Its flagship funds include Incofin CVSO, agRIF, Rural Impulse Fund II and Rural Impulse Fund I. It is headquartered in Belgium and has a network of 5 regional offices and representations. It has a team of over 45 experienced staff with in-depth knowledge of rural finance and private equity.
