Category: Cardano Development

At Building Bridges 2025, the BASE Foundation, Cardano Development, UNDP Rome Centre, and IMD convened nearly 100 experts to examine how targeted de-risking strategies can unlock private capital for climate and nature solutions in developing economies. Discussions highlighted persistent barriers: risks are often misperceived rather than mispriced, pre-investment support is poorly aligned with market realities, and weak risk-sharing and liquidity mechanisms deter large-scale commitments.

Participants identified a portfolio of proven tools—from guarantees and insurance to currency hedging and blended finance—that can unlock investment when deployed systematically.

Read the Report here

Strengthening leadership to accelerate venture development and expand impact in emerging markets

Cardano Development is pleased to announce the appointment of Jordy van der Drift and Niels Vermeijden as Venture Directors, as they join the organisation’s Senior Management Team. These appointments form part of a structured succession plan for CEO Joost Zuidberg, who is expected to transation into an advisory role at Cardano Development, in the coming two to three years.

In their new roles, Jordy and Niels will help drive Cardano Development’s venture development agenda and will become members of the Executive Committee alongside the existing leadership team. Their appointments underscore the organisation’s continued commitment to building and scaling innovative financial solutions that address structural financing gaps in frontier and emerging markets.

Niels Vermeijden brings extensive expertise in risk solutions, governance, and strategic execution, having a strong track record in building robust platforms at the intersection of finance and development. Jordy van der Drift contributes deep experience in venture building, blended finance, and institutional capital mobilisation, with a proven ability to develop and scale investment platforms focused on development impact.

Together, they offer highly complementary capabilities across venture development, capital mobilisation, risk solutions, and governance. Their addition strengthens Cardano Development’s ability to scale existing initiatives and originate new platforms, supporting growth across the group.

These appointments also represent an important milestone in Cardano Development’s long-term leadership development, to position the company for its next phase of sustainable growth and impact, as we continue to expand our development capacity and reinforce the institutional foundations.

Cardano Development looks forward to the journey ahead.

Amsterdam / Luxembourg / Paris – October 29, 2025 – The Octobre Liquidity Guarantee Facility (“OLGF”) is officially launched, representing a significant step forward in mobilising private capital for impact-driven initiatives in Emerging Market and Developing Economies (EMDEs).

The facility enables private investors to exit their holdings in EMDE private impact funds, providing a liquidity solution for traditionally illiquid investments. OLGF effectively bridges the gap between the long-term capital needs of impactful projects on the ground and the liquidity requirements of the majority of private investors. As a result, OLGF will contribute to accelerating the scale up of private sector participation in EMDEs in order to address the USD 4.3 trillion annual investment gap to reach the UN Sustainable Development Goals (SDGs).

OLGF will be available to private investors and asset managers, active across all EMDEs, for both private debt and private equity investments. The launch is backed by a EUR 108 million credit line provided by leading European bank Societe Generale, with the support of a guarantee by the European Commission through its EFSD+ program. This financing complements capital commitments from the Gordon and Betty Moore Foundation and the founding partners of OLGF.

OLGF was established in 2020, by a consortium comprising of Cardano Development (Netherlands), Innpact (Luxembourg), and Octobre S.A.S (France), with a shared mission to create innovative solutions that unlock private capital at scale for EMDEs & Impact.

Sylvain Goupille, Co-Founder of Octobre: “With this platform, we are empowering all types of private investors, from institutional players to retail and private banking clients, to direct more of their capital toward investments that not only generate competitive returns but also deliver meaningful impact.”

Marie-Aimée Boury, Head of Impact Based Finance at Societe Generale: “We are proud to support OLGF, a highly innovative tool enabling more private investors to fund impactful projects in emerging markets and developing economies. This is a strong example of how blended finance can bring concrete solutions to investors seeking to diversify into high growth markets with a clear contribution to the SDGs.”

About OLGF

The Octobre Liquidity Guarantee Facility is designed to catalyse private investment into high-impact sectors in emerging markets, by offering a new liquidity mechanism for otherwise illiquid investments. OLGF aims to accelerate the flow of private capital toward sustainable development, climate resilience, and inclusive economic growth. Octobre was co-founded by Cardano Development, experts in financial risk management and Innpact, the platform dedicated to structuring and managing impact-driven funds.

The world’s first climate-focused guarantee company is set to unlock billions in climate finance for developing countries by providing guarantees for institutional investors buying green bonds issued and listed on the London Stock Exchange (LSE) and green loans issued in the private credit market.

The Green Guarantee Company (GGC), developed by the Development Guarantee Group, which was co-founded with Cardano Development, celebrated the launch of its operations with a Market Closing Ceremony at the LSE this past Friday. GGC will use guarantees to help borrowers in developing countries improve their credit ratings to access global capital markets like the LSE.
The company is receiving capital from the United Kingdom’s Foreign Commonwealth & Development Office (FCDO) through its MOBILIST programme, the Green Climate Fund, the Nigeria Sovereign Investment Authority (NSIA), the United States Agency for International Development (USAID) with Prosper Africa, and Norfund.

GGC will leverage an initial $100 million from these investors to provide up to $1 billion of guarantees underpinned by an investment grade rating of BBB/Stable from Fitch Ratings. Initially, it will focus on private credit and the LSE green bond market but plans to expand to other major exchanges. It will seek to raise additional capital from the private sector as it scales its operations, targeting a guarantee capacity of $5 billion or more by 2035.

GGC’s cover will prioritise green infrastructure, renewable resources, alternative energy, and clean transportation. Guarantees will be prioritised for issuers from countries eligible for official development assistance in Africa, Asia and Latin America, including India, Indonesia, Brazil, Bangladesh, Philippines, Egypt, Vietnam, and Kenya.

Guarantees are pivotal to enable developing countries to access long-term hard currency debt financing to combat climate change. By helping to improve the credit ratings of assets to above investment grade, guarantees enable borrowers in developing countries to access a far bigger pool of capital at a lower cost.
GGC also plans to support borrowers in delivering a high standard of reporting on the climate impact of the green bonds and loans it guarantees. The company will work with issuers to build their capacity to deliver quality and consistent reporting to help make green bonds and loans from developing countries an attractive asset class deserving of larger allocations in global climate debt portfolios.

Christopher Marks, Director at GGC, says: “GGC will provide pivotal support to enable issuers from developing countries to gain the financing they need to combat the impact of climate change on their populations, particularly the poorest. This support is critical as both increased fiscal pressure post-pandemic and downward pressure of sovereign ratings of developing countries will limit their private sectors’ access to global debt capital markets at a time when climate action is becoming increasingly urgent.”

Andrew Mitchell, UK Minister of State in the FCDO, says: GGC’s ambition to unlock $1 billion in climate finance is a clear illustration of the powerful role that public markets can play in mobilising the capital needed to realise the climate transition in emerging markets. The UK’s recent International Development White Paper highlighted the need for greater investment in these markets, including from the private sector. MOBILIST’s investment in GGC delivers that vision by mobilising new sources of finance through new vehicles that can crowd in new investors at scale. The UK is proud to support GGC through MOBILIST and as one of the largest donors to the GCF.

Henry Gonzalez, Deputy Executive Director of GCF, says: “GGC will make a fundamental contribution to GCF’s mission to mobilise global capital at scale for climate finance. GCF is proud to be an anchor investor in this unique institution. This will further unlock global debt and guarantee markets for climate action, supporting the most vulnerable communities across the developing world.”

Gillian Caldwell, USAID’s Chief Climate Officer, says: “We need to use all of the tools available to us to crowd in climate finance to the places that need it the most, and investment grade guarantees are one of the most powerful tools we have. USAID is proud to be supporting GGC in catalysing climate finance into developing economies.”

British Robinson, Coordinator of Prosper Africa, says: “GGC – an example of the kind of systemic change the development finance system needs to meet our global climate responsibilities – a privately-run company entirely focused on accelerating the de-risking of climate investments. GGC crowds in large pools of capital that can fund adaptation and mitigation projects needed across Africa.”

Aminu Umar-Sadiq, Managing Director and CEO of NSIA, says: “As a long-term investor of Nigeria’s sovereign wealth, our strategy is underpinned by our adoption of sustainable investment opportunities that uphold environmental stewardship. Given the global urgency of positive climate action, our alignment with GGC will further expand access to climate adaptive solutions, particularly within emerging markets. This re-affirms our focus on creating shared value for the people and the planet.”

Cathrine Kaasen Conradi, Investment Director at Norfund, the Norwegian Government’s Investment Fund for Developing Countries, says: “Norfund is proud to play a role in establishing GGC. We believe this model has the ability to mobilise considerable capital for investments that mitigate or adapt to climate risks. GGC has the right team, the right instrument, and a promising capital structure to achieve their ambitious goals.”

Boo Hock Khoo, Chairman of The Development Guarantee Group, says: “Climate financing from developed to developing countries will be central to the success of the world’s collective efforts to keep global warming to 1.5 degrees. Greater mobilisation of long-term pension, insurance, and other global institutional capital will be needed. This makes the creation of an investment grade guarantor backing climate-focused debt instruments to these investors via the world’s major financial markets is both timely and critical.”

Joost Zuidberg, CEO of Cardano Development, says: “Cardano Development is delighted to mark the launch of GGC, established by the Development Guarantee Group, which was co-founded with Cardano Development. At Cardano Development, we recognise the indispensable role that guarantees play in facilitating access to long-term debt financing, in particular to mobilise the much-needed additional private capital resources required to tackle climate change in developing countries and contribute to enhanced capital market interest and ultimately ensure lasting economic growth in these regions.”

On July 24, 2024, Cardano Development and its affiliated entities, TCX Fund and ILX Fund, solidified their commitment by becoming signatories to the Operating Principles for Impact Management (OPIM). These principles serve as a comprehensive framework guiding investors in the creation and execution of their impact management systems. By adhering to these principles, Cardano Development and its associated funds ensure that considerations for societal and environmental impact are seamlessly integrated throughout the entire investment process.

The OPIM is instrumental in fostering responsible investing practices, emphasizing the importance of aligning financial goals with positive social and environmental outcomes. This commitment reflects Cardano Development’s dedication to making a tangible difference in the communities and environments it serves.

For those interested in delving deeper into the specifics of these principles, read the updated OPIM disclosure statment here and TCX’s Verification Statement provide detailed insights into the implementation and verification processes.

To learn more about the Operating Principles for Impact Management and their broader implications for sustainable investing, our readers are encouraged to visit www.impactprinciples.org/. This platform offers valuable resources and information for investors who are seeking to understand and incorporate impact considerations into their investment strategies, and continue to make a positive impact in the investment space.

It is with great pleasure Cardano Development (CD) is announcing the launch of its first ever Impact Review and Trends 2022 document. In this review, we showcase how CD is contributing to accelerating financial sector development through our unique pathway to change.

To contribute to a better society and environment, and to ensure we meet the United Nations Sustainable Development Goals (SDGs), it’s essential for us to have an impact logic in place. And it’s just as vital to reflect on that strategy, to ensure we really are making a difference.

Most financial development investors quantify impact in terms of jobs created and CO2 emissions avoided. Although some of the Cardano Development group companies follow this impact logic, we realize our impact has a more systemic knock-on effect within local financial markets. It is not a clear-cut process to quantify and attribute to our work alone. By discussing some of our case studies we look backwards at our impact and forwards at financial market trends to illustrate how we directly and indirectly promote the acceleration of financial market development and align with the Sustainable Development Goals.

Ultimately, we have the ambition to further quantify our impact, for now, this review represents an important step in the right direction as we seek to measure and illustrate our impact in a meaningful and accurate way.

“Cardano Development’s first Impact Review really gives unique insights into how its team is utilising a range of financial instruments to open up capital markets for investment and rising to the biggest challenge in meeting the Sustainable Development Goals, mobilising institutional and private capital to finance the SDGs.

I believe potential investors and the wider development finance community can take away a vital understanding of the perceived risks that hold back large-scale investments in these developing countries and understand how they can be a part of the solution to bridge the financing gap.”

– Alice Chapple, Director Impact Value

“At Cardano Development creating an impact in frontier and emerging financial markets has always been a part of our DNA. Since 2007, our team has been driven by a shared belief that finance is an essential ingredient to inclusive, sustainable and resilient economic growth. And I’m pleased to say with the support of development banks, donors and partners we have mobilised $2.5 billion into these markets through our financial innovations.”

– Joost Zuidberg CEO Cardano Development

If you have any questions or enquiries, please contact [email protected].

7th November 2022

Sharm El Sheikh, Egypt: On the opening day of COP27, InfraCo Africa, part of the Private Infrastructure Development Group (PIDG) has announced that it will invest US$15m into a newly established guarantee company, alongside a US$5m commitment from Cardano Development. The announcement was made as part of a KES 500bn package of new investment from the UK to support Kenya’s leadership on climate change.

Established by InfraCo Africa and Cardano Development with support from PIDG and FSD Africa, the new company is modelled on InfraCredit Nigeria and InfraZamin Pakistan, aiming to unlock local capital into sustainable infrastructure and projects that improve climate mitigation and adaptation and deliver on the SDGs. InfraCredit Nigeria is an infrastructure guarantee facility established in 2017 by PIDG company GuarantCo and the Nigeria Sovereign Investment Authority. InfraCo Africa became InfraCredit’s third investor in 2020. PIDG has sought opportunities to replicate this innovative model in other geographies, including establishing InfraZamin Pakistan. FSD Africa has also extended grant funding to Cardano Development valued at nearly US$297,000 for the establishment of the new guarantee company, and GuarantCo is exploring the possibility of providing a contingent capital facility to the company in the near future.

PIDG’s CEO Philippe Valahu said, “We are pleased to announce our anchor investment into this new guarantee company during the important COP27 summit. As well as addressing Kenya’s and East Africa’s infrastructure access gap, the new company will issue guarantees to projects that are Paris aligned, helping to link flows of finance with global efforts to mitigate and adapt to the climate crisis.” He continued,  “This innovative model of local currency guarantees has proven to be successful in Nigeria – where InfraCredit Nigeria has issued circa NGN 114 bn worth of local currency guarantees in its first five years of operations – and also in Pakistan, where InfraZamin Pakistan recently issued its first guarantee.”

The initial focus of operations will be in Kenya. Kenya holds significant wealth in pension, life insurance and private wealth funds. However, Kenyan infrastructure projects and other cash-flow-based investments are largely reliant on US dollar-denominated bank loans, loans which seldom offer the length of tenor required for successful developments and which expose borrowers to currency exchange risk.

InfraCo Africa’s Chief Investment Officer, Claire Jarrett said, “The new guarantee company seeks to issue up to US$100m of local currency guarantees in its first few years of operations. Kenya’s capital markets are developing quickly and it is hoped that access to local currency guarantees will enable institutional investors such as pensions and insurance funds to invest into high-quality assets whilst also supporting businesses to secure the finance needed for them to deliver vital new infrastructure, underpinning economic development across the country.”

Joost Zuidberg, CEO Cardano Development added, “Cardano Development is proud to act as a catalyst for making emerging and frontier markets more investible, through our incubating activity and investment into the new guarantee company. With climate change at the top of the global agenda, our expertise, alongside our partners InfraCo Africa and PIDG, will help fast-track the flow of climate friendly finance into key sectors, through local currency guarantees.“

Mark Napier, CEO FSD Africa, and Board Member of the GFANZ Africa Advisory Board said, “The mandate of the new guarantee company is well aligned to critical climate finance initiatives such as the Glasgow Financial Alliance for Net Zero’s (GFANZ) objective of addressing sector-wide challenges associated with the net-zero transition helping to ensure high levels of ambition are met with credible action. FSD Africa is committed to supporting local currency bond markets in Africa as well as local currency credit enhancement facilities as they play an important de-risking role. This role is pivotal in the mobilisation of climate finance from both local and international owners of capital to African economies that require different sources of capital to fund their green growth.”

The Private Infrastructure Development Group (PIDG:) PIDG is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of opportunity, accountability, safety, integrity and impact. Since 2002, PIDG has supported 190 infrastructure projects to financial close which provided an estimated 220 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC www.pidg.org.

InfraCo Africa: InfraCo Africa is part of the Private Infrastructure Development Group (PIDG) and seeks to alleviate poverty by mobilising investment into sub-Saharan infrastructure projects. It does this by investing directly into early-stage projects and by providing project development leadership. Through its investments arm, InfraCo Africa can also provide equity to close a financing gap and start construction or fund innovative solutions that need support to scale-up, to pilot new products or enter new markets. InfraCo Africa is funded by the governments of the United Kingdom (through FCDO), the Netherlands (through DGIS) and Switzerland (through SECO). To find out more visit: www.infracoafrica.com.

Cardano Development: Cardano Development (CD) is an incubator and fund manager, established in 2007. Through careful risk-management analysis in data poor settings, CD identifies scalable solutions that can help to make frontier financial markets more inclusive, investible, and sustainable to unlock lasting economic value. CD creates scalable solutions for currency, credit, and liquidity risks in these markets. With over USD 6 billion assets and USD 2.5 billion capital under management, CD supports eight scale-up funds: TCX, GuarantCo, Frontclear, BIX Capital, ILX Fund, IMFact, AGRI3 Fund and Nyala Venture. As well as six start-ups: NASASA CD, Octobre, Social Infra Ventures, The Development Guarantee Group, The Green Guarantee Company and new guarantee company with ongoing management services and corporate governance oversight. For more information please visit: www.cardanodevelopment.com.

Amsterdam, 11 October 2022 – Diago Dièye has today joined Nyala Venture as Managing Director. She combines robust finance and investment experience with a strong network in the SGB (small and growing businesses) and LCP (Local Capital Providers) ecosystem. Diago’s previous position was Chief Operating Officer and Program Director of an impact investment fund that finances SGBs. She most recently co-structured and deployed a USD 30 million Access to Finance Program, which led to the financing of more than 600 SGBs and 11,000 micro-entrepreneurs, through 15 LCPs.

Diago is a seasoned professional with over 15 years of experience spent between the US, the UK and Senegal in the financial services industry. As a specialist in Corporate Finance, particularly for SGBs in frontier markets, she has been focusing on delivering capital to SGBs for the past 10 years.

Nyala Venture is a joint venture between Cardano Development and Total Impact Capital Europe, with offices in Senegal and the Netherlands. As a Fund Manager, Nyala Venture recently launched its GBP 8 million maiden fund, the FSDAi Nyala Facility (Facility), backed by Financial Sector Deepening Africa Investments (FSDAi) as an anchor investor and in partnership with the Collaborative for Frontier Finance (CFF).

The Facility will target a new asset class of LCPs serving SGBs, particularly those which are gender-smart in sub-Sahara Africa. Building on the Facility, Nyala Venture intends to raise an additional fund of up to USD 80 million over the coming 18 months to back more LCPs in Africa.

Diago’s rich and wide-ranging experience and strong educational background makes her the right person to lead the effort of investing, learning and capital raising. Her appointment also demonstrated Nyala Venture’s commitment to gender lens investing that will also be lived at the investment committee and board of the fund.

Bart Schaap, Managing Director, Nyala Venture: “I very much look forward to supporting Diago in her role as Managing Director. We are complementary in many aspects, and I am excited to see where we can bring Nyala Venture together. The team is delighted to have been able to hire such a talented person to lead Nyala into the next phase.”

Diago Dièye, Managing Director, Nyala Venture: “I am grateful and honoured for this opportunity to lead Nyala Venture with Bart, as we deliver much needed capital to African SGBs. I am delighted to further engage with the SGB and LCP ecosystem, continuing our mission of building sustainable and robust businesses across the African continent.”

Anne-Marie, Chidzero, Chief Investment Officer, FSDAi: “I am delighted to have Diago join the Nyala Venture team in time to implement the Facility and drive the strategy of growing this new asset class. In providing this Facility, FSDAi hopes to accelerate capital flows into SGBs especially those focused on closing the gender gap. We are excited to have Diago join Nyala Venture team to drive this important work and look forward to seeing this nascent asset class grow.”

For more information, please contact: [email protected]

About Nyala Venture

Nyala Venture is a Fund Manager, set up as a joint venture between Cardano Development and Total Impact Capital Europe. The German Federal Ministry for Economic Cooperation and Development (BMZ) contributed to the seed capital of Nyala Venture. As a Fund Manager and through the various funds it raises, Nyala Venture aims to contribute to boosting local economies by providing capital and capacity strengthening services to Local Capital Providers (LCPs), with a priority for Gender Lens Investing, which are best equipped to finance and support Small and Growing Businesses (SGBs), the most important business segment in any economy.

About FSD Africa Investments

FSD Africa Investments (FSDAi) is the investing arm of FSD Africa, a specialist development agency working to make finance work for Africa’s future. FSDAi deploys early-stage, risk-bearing capital to unlock green economic growth, benefiting both people and planet. Our investments are catalytic, serving to crowd-in larger volumes of private capital, and patient, with long-term horizons. We use a range of equity, debt and grant-based investment instruments specifically designed to accommodate early-stage commercial risk, drive high market development impact and generate acceptable risk-adjusted financial returns on investment. FSDAi’s distinctive approach focuses on backing ambitious management teams with innovative financing solutions that fill a critical gap in the existing financial system – gaps requiring an investor with appetite for proof-of-concept investment risk. In this way, innovation potential and scalability lie at the heart of each and every investment decision we make.

About Cardano Development

Cardano Development (CD) is an incubator and fund manager, established in 2007. Through careful risk-management analysis in data-poor settings, CD identifies scalable solutions that help to make frontier financial markets more inclusive, investible, and sustainable to unlock lasting economic value. CD creates solutions for local currency, credit, and liquidity risks in these markets. With over USD 6 billion assets and USD 1.5 billion capital under management, CD supports its scale-up funds and a number of start-ups with ongoing management services,

Cardano Development hereby reaffirms its status as a Signatory to the Operating Principles for Impact Management.

The Impact Principles are intended to be a framework for investors for the design and implementation of their impact management systems, ensuring that impact considerations are integrated throughout the investment lifecycle. 

Cardano Development has updated its Operating Principles for Impact Management Disclosure for 2022. You can read the disclosure statement here.

Read more about the Impact Principles www.impactprinciples.org/.