Category: CD Group Companies

Frontclear closes another local currency hedging transaction with Unibank and TCX in Azerbaijan

Posted on | by Elle Leontiev

Frontclear closes another local currency hedging transaction with Unibank and TCX in Azerbaijan July 2022. Frontclear arranged and structured an AZN/USD non-deliverable cross-currency swap (NDCCS) transaction with Unibank Commercial Bank OJSC (Unibank). This transaction has made it possible for Unibank to effectively convert their USD liabilities into AZN liabilities, making it possible to provide its clients with local currency financing. The NDCCS transaction is documented under a Master ISDA Agreement. The transaction helped to further clarify certain legal issues related to close-out netting in Azerbaijan, which were mitigated by effective Frontclear deal arranging and structuring.

“We are happy to execute another ISDA derivative transaction in Azerbaijan and further advance the development of Azerbaijan’s money markets. The transaction strengthens global markets players’ ability to access the Azerbaijani market and mitigate legal risks in the country. Our involvement continues to promote best practices such as margining in Azerbaijan.” – Andrei Shinkevich, Senior VP Frontclear

“We are pleased with the Frontclear partnership that allowed TCX to offer a way for Unibank to swap its USD liabilities into AZN, enabling Unibank to meet the demand of its customers for Manat funding. TCX is also a beneficiary of this partnership as Frontclear covered the credit and legal risks. Avenues are opened for TCX to venture into direct relationships with partners with more comfort in the future, serving the long-term relationship of the Fund.” – Jerome Pirouz, Senior VP Structuring,

TCX Chairman of the Management Board of Unibank CB Faig Huseynov stressed that the partnership with such authoritative organizations as Frontclear and TCX will create new opportunities for the bank’s customers:

“We are very pleased that the NDCCS transaction will open-up new opportunities for financing local business, which is one of the important targets in Unibank’s strategy. This agreement will provide more opportunities to provide our corporate clients with affordable and low-risk financial resources. Thus, Unibank will be able to increase its support for the development of the real economy.”

For media inquiries, contact: Ingrid Hagen, Frontclear | +31 20 531 4854 | [email protected]

Frontclear releases 2021 Impact Report

Posted on | by Elle Leontiev

Frontclear has released its 2021 Impact Report, which includes four country case studies and is focused on the strength of detailed diagnostics, such as Frontclear’s Money Markets Diagnostic Framework, to guide capital markets development priorities.

With a record guarantee issuance of USD 308 million, Frontclear’s guarantees facilitated USD 2,449 million in global interbank transactions in a difficult environment for frontier market banks.

Frontclear’s technical assistance activities, delivered in cooperation with global partners and local market participants and regulators, continue to bring about real progress in removing market development barriers.

Read the full report

Tradeclear – Unprecedented Times, Unprecedented Solution

Posted on | by Elle Leontiev

On the 15th of June 2022, the Deputy Governor of the Bank of Uganda (BOU) officially launched Tradeclear or Umbrella Guarantee Facility in Kampala, Uganda. Uganda is the first country to put in place this Frontclear-designed and structured practical framework within which to develop a more stable and inclusive interbank market among local banks. Tradeclear deepens the interbank market by mitigating credit risk on interbank transactions, introducing best practice GMRA and ISDA documentation, reforming the legal and regulatory framework, and building knowledge and capacity among market participants.

In Uganda, the legal and regulatory review on enforceability of the GMRA and ISDA is in final stages and should be completed soon and a number of banks are now ready to sign up to the Umbrella Guarantee Facility also known as Tradeclear. Today marks the beginning of a formal relationship that we believe should contribute to further transformation of the financial markets landscape in Uganda.

Michael Atingi-Ego, Deputy Governor of the Bank of Uganda

Unprecedented Times

The COVID-19 pandemic and resulting economic crisis pushed governments the world over to increase public debt to unprecedented levels. While this ensured that deeper negative economic consequences were staved off, many developing countries are now left in a precarious position. The fiscal positions of EMDC governments have deteriorated after providing extensive support for two years. The increased local liquidity has masked real risk levels and inadequately reflected in lower credit spreads for countries and counterparties. Banks in EMDC markets have shown caution in terms of extending new loans to the private sector. Rather, financial institutions have shored up their portfolios in government securities, thereby helping local governments to deal with higher deficits (from fiscal support initiatives) and lower collected revenues (from reduced economic activity). The impact of the pandemic on banks’ asset quality will only be known once loan restructuring and debt service grace periods end, when clients are expected to fully perform on their obligations again.


As the pandemic’s impact on different sectors abates and the reduction in economic activity is reversing quickly, the massive liquidity and cost-push impacts of substantial reallocations of labor during COVID-19 are likely to lead to higher inflation. Frontier market central banks must be confident of their monetary policy toolbox when targeting this surge in inflation. Yet most face stubbornly inefficient transmission mechanisms. The existence of perceived and real counterparty credit risk segments the market and all but halts interbank activity and the flow of liquidity among banks. In addition, the absence of a legal and regulatory regime that supports close-out netting is a constraint to market development as it exposes the market participants to undue credit and liquidity risks in repo and derivative transactions.

In these ever-changing market circumstances, local bank access to global capital markets, and deepening domestic capital markets, remains as urgent as ever. Continued market access to diversified sources of domestic and international funding is central to managing heavy debt burdens and ensuring optimal allocation of capital in the economy.

Market Segmentation in Frontier Markets

Under normal market conditions, let alone in a crisis, (perceived) counterparty credit risk quickly dislocates banking relationships. Without access to the interbank system and in particularly repo, banks hoard liquidity as a primary risk mitigator. Larger banks experience lower borrowing costs and often only trade with one another. Smaller players, who often play an outsized role in serving SMEs, are locked-out or have high borrowing costs despite overall liquidity in the market. The financial system’s overall financial soundness and role to effectively extend loans and financial products to the real economy, suffers.

Unprecedented Solution

Banks rely on interbank markets to deal with immediate liquidity concerns and to transmit changes in monetary policy. Interbank lending is where banks borrow and lend to each other using financial instruments such as repurchase agreements (repos) and hedge balance sheet risks through derivatives. Central banks rely on the same interbank market to transmit their monetary policy signals. The segmentation of the interbank market due to counterparty credit risk concerns impairs both these mechanisms. Tradeclear©, an Umbrella Guarantee Facility (UGF), is a systemic approach to reducing a counterparty credit risk for the participants that allows for an inclusive and liquid interbank market, solving the market segmentation and repair monetary policy transmission.

In a Tradeclear all interbank transactions among eligible banks in a country are guaranteed. This mitigates counterparty credit risk and allows liquidity to flow among tiers in the system, while simultaneously building-up operational experience with best practice documentation (GMRA and ISDA) and transaction knowledge (e.g. margining, collateral management). Tradeclear© reflects pre-CCP market infrastructure solution and a secure approach to a more inclusive interbank market.

In a Tradeclear, Frontclear guarantees the payment of early termination and unwind values upon default of a participating bank, mitigating counterparty credit risk and settlement risk. Key expected benefits for the market includes an increased number of trading lines for each participating bank and thus reduced interbank segmentation between the different bank tiers. This should lead to improved pricing, reduced reliance on central bank facilities, improved market resilience to shocks, improved secondary bond market liquidity, development of an interest rate benchmark and yield curve and improved monetary policy transmission. Participating banks receive ongoing capacity-building support through the Frontclear Academy and gain access to the Tradeclear guarantee platform which provides valuation and collateral management capabilities to banks who have not yet developed these systems internally.

UNECA / Frontclear Partnership

The United Nations Economic Commission for Africa (UNECA) and Stichting FTAP (Frontclear Technical Assistance Programme, a Foundation) have formed a partnership to support African countries to address the adverse effects of the pandemic on national debt and financial markets. The direct purpose is to strengthen their local financial institutions, financial system and investor base (both domestic and international), which will not only help governments mobilize more funding for economic recovery and building back better, but also help build financial resilience towards future shocks. One of the activities supported by the partnership is the Tradeclear© Feasibility Study. Central Banks from African markets such as the Bank of Zambia, have signed the request to work with the local market and the partnership, to develop a Tradeclear© structure customized to their market, idiosyncratic features. The Zambia effort was kicked-off in a Lusaka workshop in late May 2022. The Study will consider local demand dynamics, legal & regulatory framework, clearing and settlement system and market knowledge, with a proposed model by close 2022.

An Invitation

Deep and efficient domestic government debt markets help provide resilience to shocks in times of financial turbulence and convey multiple economic benefits. These markets mitigate currency pressures and are central to broader capital market development, facilitating appropriate pricing of risk, allowing participants in financial markets to better manage their portfolios. In turn, these factors help boost a country’s long-term economic growth potential and ability to weather external shocks.
A participatory and liquid interbank market is key to the development of local currency government debt markets. Frontclear, through programmes like Tradeclear, continually strives to support local governments and banking sector counterparties, to develop their interbank and money market. The International Capital Market Association (ICMA) is a long-standing partner in this effort, combining with Frontclear to review and reform legal and regulatory frameworks in frontier markets. We welcome all ICMA members to join in these efforts to the benefit of global market stability and resilient financial markets (Sustainable Development Goals 8 ad 17).

About Frontclear

Frontclear is an Amsterdam based development finance institution. Frontclear is funded by European development finance institutions, including the European Bank for Reconstruction and Development (EBRD), the Dutch development bank FMO, the Financial Sector Deepening Africa (FSDA), the French development bank Proparco, The Currency Exchange Fund (TCX), the UK’s Foreign, Commonwealth and Development Office (FCDO) and the German Ministry of Development Cooperation (BMZ). Frontclear’s guarantees are counter-guaranteed by KfW, a AAA-rated German development Bank. Frontclear’s development mandate is focused on catalyzing more stable and inclusive financial markets in emerging and frontier markets through the provision of financial guarantees to cover counterparty credit risk. Frontclear also offers technical assistance to develop the financial infrastructure, legal environment as well as the skills and capacity of the local market participants.

GuarantCo provides Société Générale Cameroun and Société Commerciale de Banque Cameroun with USD 38.4 million XAF equivalent guarantee to finance TollCam and support infrastructure development in Cameroon

GuarantCo provides guarantee to Société Générale Cameroun and Société Commerciale de Banque Cameroun with USD 38.4 million XAF equivalent guarantee to finance TollCam and support infrastructure development in Cameroon

Posted on | by Elle Leontiev

GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided a USD 38.4 million (XAF equivalent) guarantee solution to Société Générale Cameroun (SG) and Société Commerciale de Banque Cameroun (SCB), a subsidiary of Attijariwafa Bank Group to finance TollCam, a project company established by Egis and Fayat. The financing comprises a 14-year combined liquidity extension and partial credit guarantee to support debt for the modernisation, operation and maintenance of 14 toll plazas across Cameroon.

The project is being developed by the sponsors under a 20-year PPP agreement with the Government of Cameroon (GoC). The combined guarantees will help SG and SCB provide XAF 32.5 billion (circa USD 52.5 million) of long-term debt arranged by Société Générale Côte d’Ivoire to support the toll development project.

This is the first financing agreement solely focussed on toll plaza infrastructure in Africa and is expected to be replicated across other toll sites on the continent. The project will lead to significantly higher toll revenue collection via more secure and efficient toll gates, collections, and payment systems but without increasing the toll price or changing traffic flows. The extra revenues will benefit the GoC’s Road Fund which will invest in further development of the road network in Cameroon. It is also the first road related PPP in Cameroon and may lead to further involvement of the private sector in the development of the road network in the country.

There are regulatory constraints in Cameroon that limit lending to a maximum tenor of seven years, which is insufficient for the long-term debt requirements of infrastructure projects. GuarantCo’s liquidity extension guarantee provides the required support for lenders to double the tenor of their facilities from seven to 14 years, thus enabling the viability of the TollCam project. GuarantCo is also offering a 75 percent partial credit guarantee during the last seven years of the project as an additional risk mitigant for the lenders.

The project contributes to Sustainable Development Goal (SDG) 17.1 – Strengthen domestic resource mobilisation to improve domestic capacity for tax and other revenue collection and SDG 9.1 – Develop quality, reliable, sustainable and resilient infrastructure, including regional infrastructure, to support economic development and human well-being.

Layth Al-Falaki, CEO GuarantCo, said: “We are delighted to have closed our third transaction in Cameroon and to support the Government to further their road development ambitions in the country. TollCam is a first of a kind infrastructure project with much potential to be replicated in other African countries. This is our second liquidity extension guarantee in Africa, after Kékéli Efficient Power in Togo, and we are hoping to implement similar solutions in other countries to help unlock much needed long-term infrastructure financing.”

Philippe Serain, President TollCam said: “TollCam is very proud to be fully involved into the automatic tolling of the main Cameroon roads with 14-year local currency funding which will be a great landmark for the whole African continent.”

FSD Africa Investments commits £8m to finance a new class of asset allocators in Africa

Posted on | by Elle Leontiev

Tapping the Capabilities of Africa’s Emerging Class of Capital Managers to Address a Systemic Gap in Finance for Small and Growing Businesses.

Nairobi, 9 June 2022 – FSD Africa Investments (FSDAi), the investment arm of FSD Africa, has announced an £8 million investment to support a new class of investors who are financing Africa’s small businesses and consider gender equity a key driver of financial performance.

In partnership with the Collaborative for Frontier Finance (CFF), and the Facility Manager, a Joint Venture of Cardano Development and Total Impact Capital Europe, FSDAi will provide the critical anchor funding for a new special purpose vehicle, Nyala Venture.

Nyala Venture will bridge the funding gap left by other institutions, by targeting a new class of capital providers serving small and growing businesses, particularly those which are led by women or are applying a gender lens investment strategy in Nigeria, Ghana, Kenya, Senegal, South Africa, and Uganda.

Small and medium-sized enterprises (SMEs) are one of the key growth engines of emerging-market economies, absorbing up to 70% of the labour market and generating 40% of gross domestic product. However, access to finance is often cited as the single largest constraint to growth. The International Finance Corporation and others have long documented that emerging enterprises across Africa are starved for capital in the USD50,000 to USD500,000 range – the “missing middle”.

Women-led businesses, which account for at least a quarter of entrepreneurs on the continent, predominately fall into this “missing middle” category and, in particular, have been adversely impacted by this dearth of capital to grow their enterprises.

To date, the combination of risk, size, collateral, and governance makes small and growing businesses unattractive propositions for traditional financial institutions and local banks. Similarly, it has been a challenge for institutional capital, development finance institutions and multilateral development banks to finance these smaller businesses consistently and at scale.

Through its investment in Nyala Venture, FSDAi is providing highly catalytic capital to address this gap. The new facility will leverage the experience and skills of African capital providers, many of which are founded and led by women themselves, who deliberately prioritise financing these “missing middle” stage enterprises. These asset allocators are an emerging class of indigenous capital providers that look to meet the financing needs of Africa’s small and growing enterprises. These fund vehicles apply innovative approaches and alternative investment structures specifically befitting the local business environment.

Along with addressing the funding gap faced by small and growing businesses, especially women-owned, FSDAi’s investment in Nyala Venture will demonstrate through its early stage support the critical role that this investment class will play in driving capital markets in Africa. In addition to its investment, FSDAi is funding the development of the Frontier Capital Learning Lab, which will document and share the learnings of these local capital managers and their small business portfolios over the coming years.

Nyala Venture will be highly flexible with its investment funds to meet the innovative approaches of these local capital providers. Funds will be available in the form of debt or equity. The investment activities of Nyala Venture will be managed by two highly respected impact investing firms, Cardano Development and Total Impact Capital.

Building on the leading support of FSDAi, Nyala Venture intends to raise additional capital to create a USD50-75 million fund over the coming 18 months.

Commenting on the investment:

Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments, said: “This new class of asset managers have better networks and embedded boots on the ground, enabling them to play a huge role in supporting and growing local businesses. Our support to them is part of our journey to discovering new investment avenues through which we could impact the overlooked but critical sectors of Africa’s economy and tap into the opportunity presented by women as investors and founders. “

Drew von Glahn, Executive Director, Collaborative for Frontier Finance, said: “The role that SMEs play in the creation of jobs and driving more resilient economies is well documented. Nyala, by working with these local capital managers, will not only provide the necessary capital to grow and sustain Africa’s emerging businesses, it will also demonstrate to the broader marketplace the critical role that women capital managers are playing in the continent’s finance innovation.”

Bart Schaap, Managing Director, Nyala Venture, said: “I believe the new investment facility will unlock opportunities in a new class of capital providers that has to date often been disregarded. By treading on uncharted paths, I am confident that we shall demonstrate the appropriateness of these Capital Providers for channeling funding to small and growing businesses in the African context.”

Jessica Espinosa Trujano, CEO of 2X Collaborative, said: “Nyala Venture will help drive and inform new investment vehicles targeting women-led small and growing business on the continent. With women-led businesses accounting for about a quarter of enterprises on the continent, we need better and more effective tools to overcome the funding gap they face.”

For more information, please contact:


Nelson Karanja
Director, Communications & Engagement
FSD Africa
[email protected]
About FSD Africa Investments

FSD Africa Investments (FSDAi) is the investing arm of FSD Africa, a specialist development agency working to reduce poverty by strengthening financial markets across sub-Saharan Africa. Based in Nairobi, FSD Africa’s team of financial sector experts work alongside governments, business leaders, regulators, and policymakers to design and build ambitious programmes that make financial markets work better for everyone. FSDAi invests in financial firms and intermediaries whose strategies could lead to transformative change in financial markets. Established in 2012, FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya, and FSDAi as a Kenyan investment company. Both are funded by UK aid from the UK government. 

About Nyala Venture

Nyala Venture is a catalytic financing and support facility. With a priority for Gender Lens Investing, Nyala aims to contribute to strengthening economies by providing capital and capacity building services to Local Capital Providers (LCPs), which are best equipped to strengthen Small and Growing Businesses (SGBs), the most important business segment in any economy.

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, financial support and corporate governance oversight.  Cardano Development works with reputable partners including foundations, governments, impact investors, institutional investors and commercial partners. 

GuarantCo provides Axis Bank with a USD 200 million INR equivalent credit guarantee to accelerate the e-mobility eco-system in India

Posted on | by Elle Leontiev

GuarantCo, part of the Private Infrastructure Development Group, and Axis Bank, the third largest private sector bank in India, have signed a framework guarantee agreement to provide the latter with an USD 200 million INR equivalent guarantee, allowing mobilisation of funds between USD 300 and 400 million in local currency to finance the e-mobility ecosystem in India.

The climate mitigation guarantee will be utilised to accelerate the Electric Vehicle (EV) eco-system in India through capex financing of a wide range of entities engaged in manufacturing, distribution and servicing of electric vehicles, batteries and charging infrastructure.

This guarantee-backed debt funding is a first of its kind initiative in India which is expected to accelerate the development of the EV ecosystem in the country. Each qualified loan made by Axis Bank to the underlying borrowers will be partially credit guaranteed with a maximum tenure of up to 10 years. Loan proceeds within the framework agreement will be used for greenfield capital expenditure in EV infrastructure under three categories:

  • Manufacturing and distribution of EVs, batteries, components and charging infrastructure
  • Services based on EV usage and/or to the EV sector
  • Finance companies providing financing for the purchase of electric vehicles by consumers

The transaction is Paris-aligned and will contribute to SDG 13 (Climate Mitigation) and SDG 11 (Make cities inclusive, safe, resilient and sustainable) and reduction of emissions and improving of air quality SDG 9 as well (Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation). EV adoption in India is crucial to addressing multiple challenges, including urban air pollution but the progress has hitherto been constrained, with less than 1 percent penetration by a range of other factors including lack of financing. The agreement can help improve the efficiency of the EV infrastructure sector by supporting the entry and expansion of private sector players into the market and the introduction of innovative technology.

Through the provision of financing for EVs across the value chain, it is anticipated that a larger range and volume of EV models will be produced and made accessible. In turn, this will mean better offerings based on EVs being positioned at attractive prices. Lower prices and better net fuel economy are expected to make EV’s commercially more viable than internal combustion engines, thus driving demand amongst both consumers and service providers. These benefits supported by longer-term government plans and subsidies to push EV growth will help developing the Indian market, thereby ensuring significant climate change mitigation.

The collaboration between Axis Bank and GuarantCo was first announced by the UK Prime Minister Boris Johnson during COP 26 in Glasgow in November 2021 as part of the UK Clean and Green Initiative and is of considerable political importance. The signing of the transaction has also been included in the UK India joint statement issued Friday 22nd April 2022, following the UK PM’s visit to India (refer to paragraph 22).

Layth Al-Falaki, CEO of GuarantCo, said:

“We are very excited to have closed this transaction with Axis Bank and will utilise this climate mitigation guarantee capacity to increase our clean green initiatives in line with PIDG’s climate strategy.  This guarantee framework is our largest transaction since our inception in 2005 and we are confident that it will make a significant contribution in accelerating Electric Vehicle usage in India and as a result significantly reduce carbon emissions.”

Philippe Valahu, CEO of PIDG, said:

“The urgency of climate action requires innovative solutions that enable the private sector to invest, and following on from the commitments delivered at COP26, we are delighted that that this agreement with Axis Bank has been signed.”

Amitabh Chaudhry, MD and CEO of Axis Bank, said:

“The e-mobility framework with GuarantCo re-affirms our commitment towards achieving the Sustainable Development Goals, by providing an enabling environment to plug-in the funding gaps for capacity building in the sunrise sector of e-mobility. This will help players tackle challenges, harness the great potential and numerous opportunities in this space. This partnership, underpinned with a focus on creating a more inclusive, equitable economy and a healthier planet, strengthens our position as an ESG leader and also helps achieve an important milestone in our sustainability journey.”

Cardano Development joins forces with “Social Infra Ventures”, a new social infrastructure platform for Africa

Posted on | by Elle Leontiev

Cardano Development (CD) has joined forces with a team of experienced affordable housing specialists to build a highly impactful social infrastructure and investment platform, dedicated to Africa. Social Infra Ventures (SIV) will build a bridge between impact investors and investment opportunities in the social infrastructure space, contributing to closing the vast SDG-funding gap.

CD sees this new venture as an excellent entry into the affordable housing and sustainable community world due to the significant human development potential that the platform presents. The new venture also provides a great opportunity to strengthen and increase the capacity of local capital markets and the real economy in the frontiers, paving the way for inclusive and resilient economic growth.

SIV deploys a multi-asset strategy with a team which has a wealth of experience, local knowledge and presence.The SIV team has worked together since 2005, and delivered 800.000 sqm, 13.000 residential units (of which 90% affordable). However, the development does not stop at housing, SIV will also build clinics, schools, student accommodation, hotels, retail and office space, to create well-rounded green, inclusive and sustainable communities.

The team believes that its passion for developing innovative and creative investment solutions is a fundamental element to achieving success. With professional excellence and commitment to the highest ethical standards, SIV is dedicated to creating long-term value through best-in-class investment strategies designed to strengthen communities in Africa.

Cardano Development and SIV are grateful to The German Kreditanstalt für Wiederaufbau (KfW), on behalf of the German Federal Ministry for Economic Cooperation and Development, for their support during the incubation and development phase of SIV.

Daniel Font, Social Infra Ventures, COO and CEO North Africa

“Joining forces with CD to create SIV is the perfect combination, SIV will provide scalable and replicable financial solutions to deliver essential social infrastructure. Africa’s population is predicted to double to 2.5 billion by 2050, this will make it the most populated region on earth. SIV is delighted to be working with CD to develop green, inclusive and sustainable communities for Africa’s future generations by providing affordable housing for rent or sell and social facilities.”

Joost Zuidberg, Cardano Development, CEO

“Cardano Development is delighted to be part of the Social Infra Ventures platform and support the tightening of the currently ever-increasing affordable housing gap in Northern Africa and beyond, SIV provides a unique opportunity to work towards closing this gap. We would like to thank the German Kreditanstalt für Wiederaufbau (KfW), one of the world’s leading promotional banks, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) who provided the critical early-stage financing to support the creation of Social Infra Ventures.”

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, financial support and corporate governance oversight. Cardano Development works with reputable partners, including foundations, governments, impact investors, institutional investors and commercial partners. www.cardanodevelopment.com.

For further information, please contact:
Maria-Pia Kelly
Investor Relations (Social Infra Ventures)
[email protected]

Results-based financing brings clean cooking and water solutions to Africa’s poorest

Results-based financing brings clean cooking and water solutions to Africa’s poorest

Posted on | by Cardano@admin

impactInvestor has published an interview with BIX’s Managing director Jeroen Blüm and director Bernadette Blom.

The pair explain how the concept for BIX came about and how BIX Capital aims to improve living conditions for those at the bottom of the wealth pyramid, providing debt financing to SMEs offering clean cooking, energy and water solutions to low-income households in sub-Saharan Africa.

Mobilising Capital Debt into Emerging Markets through the ILX Fund

Mobilising Capital Debt into Emerging Markets through the ILX Fund

Posted on | by Elle Leontiev

ILX Fund, co-founded by Cardano Development is on a mission to mobilise capital into emerging markets.

The Impact Investor has published an expert interview with ILX Fund CEO, Manfred Schepers. The content seeks to understand how the fund plans to bridge the gap between institutional investors’ desire to raise their sustainability profile in emerging markets, and the need for a greater mobilisation of private capital towards SDG-focused projects.

Read more here