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Swiss headquartered impact investor Vital Capital has announced a new debt facility to provide loans to businesses to help them get through the coronavirus pandemic while continuing to offer essential services.
In an announcement yesterday, the investor said it would provide businesses with immediate access to capital in anticipation of a severe economic crisis that could result from the rapid spread of coronavirus in the region.
The Vital Impact Relief Facility will start with an initial $10-million in capital and will issue roughly 10 loans of about $1-million each with a duration of up to four years.
The investor said it also plans to open the facility to other investors to extend the available pool of capital.
The Vital Impact Relief Facility will start with an initial $10m in capital and issue 10 loans
The vehicle will primarily target companies involved in agro-industry and processing, healthcare, sustainable infrastructure and education, and is initially launching in Kenya and Uganda.
It will then expand into Vital’s target geographies including Ghana, Democratic Republic of Congo (DRC), Côte d’Ivoire, Angola and Senegal.
To co-lead these efforts and oversee this new vehicle, Vital Capital has hired Guido Boysen, who recently stepped down as CEO of Grofin, a leading Africa SME lender, has vast experience in creating and managing targeted debt facilities in Africa.
Vital Capital has been making targeted investments in sub-Saharan Africa since 2011, with the aim of improving the economic, personal and social well-being for people in low and middle-income communities throughout sub-Saharan Africa.
Featured image: geralt via Pixabay