​Swedfund supports SMEs in East Africa with EUR5mn

22 May 2020

In order to support small and medium-sized companies following the Covid-19 outbreak the Swedish Development Finance Institution, Swedfund, now increases the liquidity available to these companies by lending 5 million EUR to Platcorp, a financial institution providing credit to private individuals and small and medium-sized companies, in Kenya, Uganda and Tanzania.

- It is urgent for us as a Development Finance Institution to strengthen the financial resilience of companies and protect jobs in developing countries .The Platcorp Group has a broad and efficient platform for providing access to financing for small and medium-sized companies in East Africa, which makes it possible for us to reach and support several companies which is in line with our mission, says Maria Håkansson, CEO Swedfund.

Platcorp was founded in 2003 in Kenya and expanded to Uganda in 2004 and Tanzania 2008. Platcorp has a loan portfolio across the three countries of $160million. In 2019 Platcorp disbursed approximately 826,000 loans to its clients. Platcorp is a leading provider of SME financing and payroll lending in East Africa.This is the second loan from Swedfund to Platcorp, with the first loan issued in 2018.

With support from Swedfund’s facility for Technical Assistance, Platcorp has further developed its sustainability capabilities, among other things, by introducing a group-wide Environmental and Social Management System.

-END-

« Back to Member News

Deal documentation can drive change and positive outcomes. Weeam Ben Rejeb @FinDev_Canada explores how transaction… https://t.co/T7mGgb5fWJ

AVCA CEO @Abi_Mustapha discusses trends in AVCA's latest Venture Capital in Africa report, and highlights how start… https://t.co/tAikFZwQky

#AVCAMemberNews: @convergence_ has announced the successful first close of its third fund, the Convergence Partners… https://t.co/CFwDzuXtd3

#AVCAMemberNews: Dutch entrepreneurial development bank @FMO_development invests US$10mn in Regional MSME Investmen… https://t.co/cmEGQnlzPl

2020 brought an influx of innovation to various industries in Africa despite the pandemic. This presented a lot of… https://t.co/Jjzn09QEh0

;