Dutch investment fund Massif Fund, managed by FMO on behalf of the Dutch Ministry of Foreign Affairs, has invested $2.7 million in Nasira, a program that supports young, female, and migrant entrepreneurs in Sub-Saharan Africa and countries neighboring Europe.

The money will be used to help the companies continue their activity during this global pandemic context. “Whilst the COVID-19 pandemic is a public health crisis in the first instance, the related economic impact is also a grave concern. The poorest people will be hit the hardest and inequality will rise. With the expansion of the NASIRA guarantee, we are very pleased we can further our outreach to small and medium-sized businesses and the communities that depend on them in Africa and the EU Neighbourhood,” says Linda Broekhuizen (pictured), Chief Investment Officer of FMO.

In a study published in March this year, Finactu said the pandemic will lead to high collapse among small businesses in Africa. Those most at risk are companies operating in the hotel, film, and air transport sectors.

Chamberline Moko