The African Development Bank Group (AfDB) has made a $10mn equity investment in Dhamana Guarantee, a Kenyan enterprise that provides guarantees “to support sustainable growth enterprises.
Dhamana will also receive equity investments from County Pension Fund Financial Services (CPF), technical assistance support from and Financial Sector Deepening Africa (FSD Africa) and Cardano Development. Dhamana will support access to financing for key sectors including transport, water, renewable energy, and waste management.It is also, AfDB said in a statement on Wednesday, committed to catalysing green and sustainable financing into East Africa, providing credit guarantees to stimulate private institutional investment in infrastructure.”“Dhamana will demonstrate the value of such a facility in the East African market, opening up opportunities for investors and clients alike. Crucially, Dhamana will engage new partners and investors in our efforts to urgently address the climate crisis and accelerate delivery of the UN Sustainable Development Goals,” InfraCo Africa CEO Gilles Vaes, who represented Private Infrastructure Development Group (PIDG) said.
“Dhamana’s local currency guarantees will connect pools of untapped capital with East Africa’s real economy, making a tangible difference to people’s lives and offering local investors the opportunity to invest in Paris-aligned initiatives,” Dhamana CEO Christopher Olobo said.
