Swedfund Boosts Financial Inclusion in Côte D’Ivoire with $5 Million Investment in Bridge Bank Microfinance

Swedfund Boosts Financial Inclusion in Côte D’Ivoire with $5 Million Investment in Bridge Bank Microfinance

(IN BRIEF) Swedfund has announced a significant investment of USD 5 million in Teyliom Finance’s subsidiary, Bridge Bank Microfinance, as part of its mission to enhance financial empowerment for micro, small, and medium-sized enterprises (MSMEs) in Côte D’Ivoire. This investment, directed towards advancing financial inclusion and supporting female entrepreneurs, marks Swedfund’s first venture in Côte D’Ivoire since the establishment of its regional office in Abidjan. Through collaboration with BluePeak, Swedfund’s total investment in the initiative amounts to USD 25 million, aiming to stimulate job creation and promote economic participation among women in the region. Bridge Bank Microfinance is committed to maintaining responsible lending practices, ensuring client protection, and fostering the growth of MSMEs through tailored offerings for female entrepreneurs.

(PRESS RELEASE) STOCKHOLM, 12-Feb-2024 — /EuropaWire/ — Swedfund invests USD 5 million in a loan to Teyliom Finance, a subsidiary of Teyliom Group, a leading pan-African group active in five industries, across twelve countries. The investment is directed towards Bridge Bank Microfinance to strengthen financing for micro, small and medium sized enterprises (MSMEs) and is expected to enhance financial empowerment of women in Côte D’Ivoire.

Bridge Bank Microfinance (BBM) advances financial inclusion in critically underserved sectors. The growth of MSMEs is expected to support direct and indirect employment as well as income generating activities. BBM also has the ambition to address a gap in the market by developing specific offerings to female entrepreneurs and women led MSME clients.

This is the first investment in Côte D’Ivoire since Swedfund opened its regional office in Abidjan, our second in Africa. Through this investment we aim to further contribute to MSME financing, which in turn can spur job creation and female participation in the economy, says Kitanha Toure, Head of Swedfund’s Regional Office for West Africa, Abidjan.

Bridge Microfinance will maintain its focus on responsible lending and will certify its client protection practices via the Client Protection Pathway during the tenor of Swedfund’s loan. The certification covers factors such as pricing (interest rates), data protection, transparency of terms and conditions and to responsible debt collection.

Swedfund co-invests with BluePeak, a Private Credit fund which Swedfund is invested in since 2022, and the combined investment amounts to USD 25 million.

About Teyliom Finance

Founded in 2006, Teyliom Finance is part of the Teyliom International Group, which operates across various sectors in West Africa. Bridge Bank, Teyliom Finance’s main subsidiary is the 10th largest bank in Côte D’Ivoire, providing banking solutions to more than 10,000 corporate, SMEs, and retail clients through 14 branches in Côte D’Ivoire and one branch in Senegal.

About Swedfund

Swedfund is Sweden’s development finance institution with the mission to contribute to poverty reduction through sustainable investments in developing countries. Our investments in the private sector contribute to a growing number of jobs offering decent working conditions and increases access to essential products and services like electricity and healthcare. Climate and gender are themes that permeates our investment process.

Swedfund invests in energy & climate, financial inclusion and increased access to capital for micro, small and medium-sized companies as well as healthcare and digitalization.

We are part of Swedish development corporation, and we measure and report all our results. As a state-owned company, Swedfund is managed by the Ministry of Enterprise and Innovation. We are financed through reflows from the portfolio and capital injections from the development assistance budget. The return from the portfolio finances our operations and we reinvest reflows from our portfolio in new projects, i.e. we recycle our capital injections.

For more information: please visit www.swedfund.se/en| www.edfi.eu

Media Contact:

Karin Kronhöffer
Director, Strategy & Communication
karin.kronhoffer@swedfund.se
+46 72 050 31 91

SOURCE: Swedfund International AB