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News 3 mins Read 25 Jan 2024 Brussels

EDFI MSME Platform Guarantee Programme Supporting Swedfund Investment in Apollo Agriculture

Farmer - Apollo Agriculture

EDFI Management Company (EDFI MC) facilitated Swedfund’s, Sweden’s development finance institution, impactful investment in Apollo Agriculture, a Kenyan agri-fintech company, through its MSME Platform, using EU guarantees. This investment will help Apollo strengthen food security and climate resilience for smallholder farmers in Kenya.

Guarantee Programme Empowers Development Impact

EDFI MC manages the EDFI MSME Platform guarantee programme, an innovative financial instrument established under the EU’s EFSD+. This marks the first instance where Swedfund has leveraged an EFSD+ guarantee, a key component of the EU’s Global Gateway Initiative. By managing this guarantee through the EDFI MSME Platform programme, EDFI MC allows Swedfund to extend its reach and support to smallholder farmers in Kenya.

“Supporting Swedfund’s impactful investment through the EDFI MSME Platform guarantee programme reinforces our joint commitment to the 2030 Agenda and sustainable agriculture,” said Rodrigo Madrazo, Chief Executive Officer of EDFI MC. “Our catalytic role in managing this guarantee allows us to unlock additional resources and encourage investments in high-risk and high-impact sectors like agriculture, ultimately fostering greater development impact.”

Empowering Farmers and Boosting Food Security

Swedfund’s USD 5 million loan empowers Apollo Agriculture to deliver a comprehensive solution to Kenyan farmers:

  • Essential Inputs: Access to high-quality seeds, fertilizer, and other products tailored to local needs.
  • Financial Inclusion: Access to finance for inputs to increase production..
  • Climate-Smart Solutions: Drought-resistant seeds, blended fertilizer, and insurance to build resilience.
  • Expert Knowledge: Agronomic training and support to optimize yields.

Collaboration for a Sustainable Future

Swedfund’s investment is part of a broader Team Europe effort alongside ImpactConnect, a program funded by Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by DEG. In addition to it this the MSME This collaborative approach exemplifies the importance of international partnerships in driving positive change.

About EDFI Management Company:

EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria.

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The EDFI MSME Platform, managed by EDFI Management Company, is a joint EDFI guarantee facility under the EU’s EFSD+ and open to EDFI-member pillar-assessed institutions. It is a risk-sharing mechanism to foster financing from European DFIs to local financial institutions. The final goal is to address financial constraints faced by MSMEs, supporting jobs, economic opportunities, skills and entrepreneurship.

About Swedfund:

Swedfund is Sweden’s development finance institution with the mission to contribute to poverty reduction through sustainable investments in developing countries. Swedfund is fully owned by the Swedish state and managed by the Ministry of Finance. It is financed through annual capital injections from the Ministry for Foreign Affairs as well as from portfolio reflows. Swedfund is one of 15 members of the Association of European Development Finance Institutions (EDFI).