Oikocredit Injects $10 Million in AfricInvest to Boost African SMEs

Oikocredit Injects $10 Million in AfricInvest to Boost African SMEs

By Staff Writer, 02 July 2024

Social impact investor Oikocredit has committed $10 million in funding to AfricInvest Private Credit (APC), marking their first collaboration aimed at bolstering small and medium-sized enterprises (SMEs) across Africa.

This strategic partnership is set to enhance access to credit for underserved SMEs. APC, known for providing medium to long-term loans, often supports businesses that find it challenging to obtain financing from conventional institutions due to insufficient collateral.

Oikocredit's investment will enable APC to broaden its lending activities, reaching more companies across various African nations.

"We’re proud to partner with Oikocredit," said Kouraiech Belhajali, CEO of APC. "This funding will enable us to continue supporting underserved businesses in Africa, extending our reach and target market. With this capital injection, we aim to significantly enhance our impact on economic growth, job creation, and financial inclusion."

Lewis Nyaga, an investment officer at Oikocredit, expressed similar enthusiasm, stating, "We’re thrilled to announce this partnership with AfricInvest and this crucial debt facility designed to strengthen African SMEs."

Source: Empower Africa

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