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Paris, December 8, 2014 - FMO, Proparco (the French development finance institution) and DEG (the German development finance institution) have signed a 12-year senior loan facility of USD 189m with the Aga Khan Fund for Economic Development SA (AKFED). PROPARCO acted as a Lead Arranger of this transaction.
AKFED is an international development organization and member of the Aga-Khan Development Network (AKDN) that aims at promoting entrepreneurship and building economically sound enterprises in the developing world. AKFED operates as a network of affiliates with more than 90 project companies. It is active in 17 countries, focusing where sufficient foreign direct investment is lacking. It also makes investments in states that are fragile and complex, such as Afghanistan, to assist reconstruction in post-war context.
AKFED has proven over the years its capacity to sustain and support critical industries such as aviation in Africa and tourism, whilst building up fundamental industries such as infrastructure, telecommunications, energy, agribusiness, banking, etc. Through its action, AKFED has consistently demonstrated the vital role the private sector has to play in development – a principle to which the three development finance institutions are committed.
The loan will be dedicated to funding projects mainly in Africa as well as South and Central Asian projects, in the main sectors areas of AKFED such as finance, infrastructure, tourism, and African aviation. It will support economic and social development in these regions, contributing to improving revenues, employment, access to essential services and ultimately people’s wellbeing.
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 6.6 billion, FMO is one of the largest European bilateral private sector development banks. www.fmo.nl
About AKFED
The Aga Khan Fund for Economic Development (AKFED) is an international development agency dedicated to promoting entrepreneurship and building economically sound enterprises in the developing world. AKFED operates as a network of affiliates with more than 90 separate project companies employing over 30,000 people, with revenues of US$ 2.3 billion in 2010. The Fund is active in 16 countries. http://www.akdn.org/akfed
About Proparco
Proparcois a development finance institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility. www.proparco.fr
About DEGDEG, a subsidiary of KfW, finances investments of private companies in developing and transition countries. As one of Europe’s largest development finance institutions, it promotes private business structures to contribute to sustainable economic growth and improved living conditions. www.deginvest.de