BEIGE Capital secures $5m medium term funds from INCOFIN

BEIGE Capital Savings and Loans (BCSL) has secured a medium term funding arrangement with INCOFIN; a Belgium based Investment Management Firm.

The Funding agreement provides the opportunity for INCOFIN to introduce a debt investment of up to $5 million as well as an opportunity to introduce equity investment of an amount to be agreed upon within the next three years.

As a commitment to this process, INCOFIN has made an initial disbursement of $2 million to BEIGE Capital.

The deal was arrived at following an initial expression of interest by INCOFIN and the outcome of subsequent due diligence conducted by INCOFIN on the operations of BEIGE Capital.

Speaking on the rationale behind the relationship, the Regional Director Africa for 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 CEO of BEIGE Capital Savings and Loans, Mike Nyinaku, said: “We are very excited about this relationship and we are also willing to do a lot more with INCOFIN in the near future as this partnership grows.”

BEIGE Capital Savings and Loans Ltd (BCSL) is the leading Savings and Loans Company in Ghana. BEIGE Capital Savings and Loans is a member of The BEIGE Group, a financial services provider.

INCOFIN has seven impact investing facilities totaling EUR 325M under management.

From its offices in Belgium, Colombia, Kenya and India, INCOFIN finances and supports organisations in more than 40 countries.

In 2012 INCOFIN launched the Fairtrade Access Fund together with Fairtrade International and Grameen Foundation.

Source: GNA