Incofin Investment Management signed a multi-million dollar debt investment in EFC Uganda Limited through its agro-focused fund agRIF. USD 1 Million has recently been disbursed.
EFC Uganda is one of the fastest-growing microfinance institutions in Uganda. Shem Kakembo, EFC Uganda’s Managing Director said: “We are grateful to Incofin for their confidence and belief in our business. Their cooperation and investment in EFC Uganda is an important milestone for our company. I am positive that they will add considerable value to our business and that together we should be able to ensure our continued profitable growth combined with a focus to redefine our social impact mission and culture as we make a tangible difference in the lives of our entrepreneurial clients.”
Myrtho Vlastou, Debt Director Africa at Incofin noted: “We are happy to have inaugurated this partnership with EFC Uganda, a company that has demonstrated its high growth potential and capacity to empower MSMEs in Uganda with qualitative services. Driven by the opportunity to make a difference beyond investment, Incofin will also support EFC Uganda in strengthening its social performance management.”
Licensed and supervised by the Bank of Uganda, EFC Uganda is committed to contributing to the development of Uganda’s private sector by providing financial services for the underserved MSME segment comprising micro, small and medium-sized enterprises. EFC Uganda is driven by its mission of offering financial services to MSMEs on a sustainable basis while contributing to the country’s goals of wealth creation and poverty reduction.
Edward Burbidge, CEO of I&M Burbidge Capital – the lead transaction advisor said: “We are pleased to have advised on this transaction for our client, EFC Uganda. It is a fantastic business with enormous potential. We are delighted to have arranged financing with Incofin.”