(Ecofin Agency) - The investment is made two years after eco.business entered the Kenyan agricultural sector.
Impact investment fund eco.business announced, Wednesday (August 31), a US$15 million loan to Ghanaian bank Fidelity. The fund will be on-lent to actors in the Ghanaian agribusiness value chain, we learn.
“This strong partnership with the eco.business Fund [...] will boost the growth of the agricultural sector. This reinforces Fidelity Bank’s continuous support for the growth of agribusinesses in the country. In addition to the funding, we will also provide capacity building to customers in the agribusiness value chain,” said Julian Opuni (photo), MD of Fidelity Bank Ghana.
The senior loan is eco.business’s first investment in Ghana. Apart from providing capital, its financing will help improve agriculture practices and food security in the country.
Fidelity Bank Ghana explains that the loan will strengthen its ability to support more SMEs in the agribusiness sector in Ghana, where agriculture accounts for a significant share of GDP and employment.
Let’s note that the first investment made by eco.business was in the Kenyan agricultural sector in 2020.