Finance

ResponsAbility Investments backs Women entrepreneurs in emerging markets with $175 mln

Thursday, 18 July 2019 14:42
ResponsAbility Investments backs Women entrepreneurs in emerging markets with $175 mln

(Ecofin Agency) - Switzerland-based asset manager, ResponsAbility Investments AG, is disbursing $175 million to support about 30,000 small and medium-sized enterprises (SMEs), as well as entrepreneurs (mainly women) in emerging markets.

The sum was raised through the issuance of U.S. Dollar dominated-debt securities maturing in 3 years to institutional investors such as Overseas Private Investment Corporation (OPIC), the US development finance agency; Alecta, the Swedish private sector pension management company; and Calvert Impact Capital, a US investment company.

According to Tracey Webb, OPIC’s Vice President for structured Finance and Insurance, the partnership between her institution and ResponsAbility will contribute to expand access to financing for micro entrepreneurs and small business owners, especially women.

Financial needs for SMEs in Africa is valued at up to $140 billion per year, according to data from the African Finance Company (Cofina).

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