AFRICAN CENTURY LIMITED
Status: Completed investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
African Century Ltd (“ACL”) is a Zimbabwean leasing company. ACL was founded in October 2010 by an existing Zimbabwean client of FMO and its largest shareholder, UK-based investment company African Century. In its first two years of operations, ACL set up a team of 12 employees and built a good quality portfolio of USD 17 million; the company has been profitable since its first year. It provides financial lease, primarily for motor vehicles to SMEs.
What is our funding objective?
ACL will receive a USD 8 million loan from MASSIF with a four year tenor. The loan will be used for on-lending in the form of financial leases to SMEs.
Why do we fund this investment?
Zimbabwe continues to lack adequate access to finance, a situation that has made it difficult to, among others, start up a leasing company. This transaction fits well within FMO’s and MASSIF’s strategy of building a comprehensive financial system in one of the world’s poorest countries and creating access to finance for SMEs.
- Region
- Africa
- Country
- Zimbabwe
- Sector
- Financial Institutions
- Effective date
- 12/14/2012
- End date
- 12/8/2017
- Total FMO financing
- USD 8.00 MLN
- Funding
- MASSIF
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B